China National Technology IPO Tomorrow: Net Fundraising of HK$940 Million, Loss of RMB118 Million in 2025

Ledi Network | Lei Jianping | March 22

Guomin Technology Co., Ltd. (referred to as “Guomin Technology,” stock code: “02701”) will be listed on the Hong Kong Stock Exchange tomorrow.

Guomin Technology’s offering price is HKD 10.8 per share, issuing 95 million shares, raising a total of HKD 1.026 billion; after deducting listing expenses of HKD 82.1 million, the net proceeds are HKD 944 million.

Cornerstone investors in Guomin Technology include Guohua Life, Harvest Oriental II, Ms. Dai Wanqin, An Jiangbo, and Xingwangda Capital, with a total subscription of HKD 140 million.

Guohua Life subscribed HKD 50 million, Harvest Oriental II HKD 40 million, Ms. Dai Wanqin HKD 30 million, and An Jiangbo and Xingwangda Capital HKD 10 million each.

Guomin Technology is already listed on the A-share market. As of Friday’s close, its stock price is RMB 21.79, with a market capitalization of RMB 12.7 billion. Once listed on the H-share market, Guomin Technology will form an “A + H” dual listing.

Annual revenue of 1.36 billion, net loss of 118 million

According to the prospectus, Guomin Technology’s revenue for 2022, 2023, and 2024 was RMB 1.2 billion, RMB 1.037 billion, and RMB 1.168 billion, respectively; gross profit was RMB 426 million, RMB 18.01 million, and RMB 182 million; gross profit margins were 35.6%, 1.7%, and 15.6%; net losses during these periods were RMB 18.93 million, RMB 594 million, and RMB 256 million.

In the first nine months of 2025, Guomin Technology’s revenue was RMB 958 million, compared to RMB 821 million in the same period last year; gross profit was RMB 183 million, up from RMB 156 million last year; net loss was RMB 75.75 million, compared to RMB 166 million last year.

Adjusted net profit for 2022, 2023, and 2024 was RMB 119 million, - RMB 591 million, and - RMB 192 million; for the first nine months of 2025, adjusted net loss was RMB 75.75 million.

In 2025, Guomin Technology’s revenue is projected to reach RMB 1.36 billion, a 16.4% increase from RMB 1.168 billion last year; net loss is RMB 118 million, down from RMB 256 million last year.

The ownership structure of Guomin Technology is surprisingly dispersed, with no shareholder holding more than 3%.

The largest shareholder is Sun Yingtong, who is the chairman, executive director, and general manager of Guomin Technology. Before the IPO, Sun Yingtong held only 2.65% of the shares.

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