Market intelligence indicates that TRANSWARP (06727) has completed its subscription process, which ran from September 11 to 16, with the stock slated to begin trading on September 21. By 11 a.m. on September 16, margin financing for the offering had reached approximately HK$2.08 billion, translating to an oversubscription of 47.7 times when measured against the HK$42.74 million allocated to the public offering segment.
Per the issuance schedule, TRANSWARP plans to list 14.011 million H-shares, with 5% designated for public subscription in Hong Kong. The indicative price band ranges from HK$49 to HK$61 per share, aiming to raise up to HK$850 million in gross proceeds. Each board lot comprises 100 shares, setting the minimum application cost at HK$6,161.5.
Regarding fund allocation, 30% of the net proceeds will be directed toward enhancing and refining research and development capabilities across the entire product and solution stack, driving full-chain technological upgrades through an "AI x Data" approach. A further 20% is earmarked for upgrading and expanding the product and solution portfolio. Sales channel development and team-building efforts in key markets both domestically and internationally will receive 15%, while another 5% is allocated to boosting commercialization capacity and brand visibility. Strategic investments account for 20% of the funds, with the remaining 10% reserved for working capital and other general corporate purposes.
According to the prospectus, TRANSWARP stands as one of China's pioneering enterprises dedicated to AI and big data infrastructure software development. The company delivers enterprise-grade AI infrastructure software and services covering the full data lifecycle, from integration, storage, and governance to modeling, analysis, mining, and circulation. Through years of independent innovation, the firm has built a next-generation AI infrastructure software suite, including big data and cloud-based platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), artificial intelligence platforms tailored for large language models and machine learning operations (LLMOps and MLOps), as well as a knowledge platform (TKH). Collectively, these offerings form an end-to-end solution spanning data-to-knowledge and model-to-application workflows, empowering enterprises across various sectors to accelerate intelligent transformation and reshape their competitive advantages.
Financially, TRANSWARP recorded revenues of approximately RMB 491 million, RMB 371 million, and RMB 447 million for the fiscal years 2023, 2024, and 2025, respectively. During the same periods, the company reported net losses of roughly RMB 289 million, RMB 344 million, and RMB 245 million.