【New IPO】Ruiwei Technology 7656 starts subscription, margin subscription of 5.15 billion yuan, oversubscribed by over 168 times, entry fee of 4376 yuan, with no cornerstone investors introduced

Ruiwei Technology (New Listing Code: 07656) will offer shares from June 29 to July 3. An AI company focused on visual intelligence technology and products, Ruiwei Technology plans to issue 28.09M H-shares, with 5% available for public offering in Hong Kong. The offer price is 21.66 yuan, raising nearly 610 million yuan. Each board lot consists of 200 shares, with a minimum investment of 4,375.7 yuan per board lot. Ruiwei Technology is expected to begin trading on July 8. Huatai International, CCB International, and ABCI are the joint sponsors.

As of June 30, Ruiwei Technology's margin financing amounted to 5.15 billion yuan. Based on the public offering portion raising 30.42 million yuan, it was oversubscribed by 168.4 times.

Ruiwei Technology applied for listing under Chapter 18C of the Listing Rules and is required to set up a clawback mechanism. If the number of shares subscribed in the Hong Kong public offering reaches 10 times and 50 times or more of the initial offering size, it will be increased to 10% and 20% of the initial offering volume.

Based on its independently developed visual large model, deep learning-related technologies, multispectral imaging technology, and hardware-software collaborative design capabilities, Ruiwei Technology provides a series of intelligent products for visual perception, visual cognition, and visual reasoning, which are applied in different scenarios such as civil aviation, commercial spaces, and safe driving.

According to Frost & Sullivan's data, based on revenue in 2025, Ruiwei Technology ranks first in China's civil aviation enterprise visual intelligence product market with a market share of 8.7%, and ranks fourth in China's commercial space enterprise visual intelligence product market with a market share of 1.7%.

Last year, Ruiwei Technology's revenue was 440 million yuan (RMB, same below), up 12.1% year-on-year. It turned from profit to loss during the year, recording a loss attributable to shareholders of 67.22M yuan, compared to a profit of 9.71M yuan in the same period of 2024.

Ruiwei Technology did not introduce cornerstone investors in this offering.

Use of Net Proceeds

• 55.8%: Conduct and enhance research and development capabilities and product offerings, including product iterative R&D and new product development

• 26.3%: Establish production bases for internal manufacturing, assembly, and testing of hardware and systems

• 10.4%: Enhance marketing capabilities and expand overseas sales channels

• 7.5%: General corporate purposes

Source: Ruiwei Technology Announcement