Huanchuang Technology (06802) has opened its subscription period from September 22 to September 25, 2026, offering 11.5888 million H shares globally. The Hong Kong public offering accounts for approximately 10% of the total, while the international placement covers around 90%, with an additional overallotment option of about 15%. The offer price is set at HK$58.85 per share, with each board lot comprising 100 shares. Trading of the H shares is expected to commence on the Stock Exchange of Hong Kong at 9:00 a.m. on September 30, 2026.

The company is dedicated to developing spatial perception products with a primary focus on the robot vacuum cleaner segment. Leveraging AI technology, Huanchuang Technology has built an intelligent spatial perception system that supplies both algorithms and hardware to robot vacuum manufacturers. Since its inception, the company has shipped over 39 million units cumulatively. In 2025, total shipments of LiDAR and linear laser sensors surpassed 10 million and 5 million units, respectively, underscoring its strong market position in spatial perception technology and confirming robust demand for its products in the robot vacuum spatial awareness sector.

During the track record period, the company's revenue grew from RMB 332.1 million in 2023 to RMB 613.5 million in 2025, representing a compound annual growth rate of 35.9%. Revenue also rose from RMB 131.8 million in the three months ended March 31, 2025, to RMB 195.9 million in the three months ended March 31, 2026. Meanwhile, the company recorded net profits of RMB 2.2 million in 2025 and RMB 7.8 million in the three months ended March 31, 2026, respectively.

Assuming the overallotment option is not exercised and based on the offer price of HK$58.85 per share, the net proceeds from the global offering are estimated at approximately HK$615.4 million. Of this amount, around 65.0% will be allocated to enhancing research and development capabilities to strengthen core technologies and sensor product development. Approximately 25.0% of the net proceeds will be directed toward upgrading manufacturing capacity, while the remaining 10.0% will be used for working capital and general corporate purposes.

Where the funds will flow

In addition, the company has entered into cornerstone investment agreements with several investors. Under these agreements, the cornerstone investors have agreed, subject to certain conditions, to subscribe for, or procure their designated entities to subscribe for, the applicable number of offer shares at the offer price, totaling approximately HK$110 million. The cornerstone investors include Golden Link Worldwide Limited, whose shares are wholly owned by BYD Company Limited's (01211.HK, 002594.SZ) wholly-owned subsidiary BYD (H.K.) Co., Limited, as well as Taiwan Zhongrun Optoelectronics Co., Ltd., a wholly-owned subsidiary of Jiaxing ZMAX Optech Co., Ltd. (688307.SH).