【New IPO】Ruwei Technology 7656 IPO: margin financing of 5.15 billion yuan, oversubscribed by over 168 times, entry fee of 4,376 yuan, and no cornerstone investors introduced.

Raywei Technology (New Listing Code: 07656) will be open for subscription from June 29 to July 3. As an AI company focusing on visual intelligence technology and products, Raywei Technology plans to issue 28.09M H shares, with 5% offered to the public in Hong Kong. The offer price is 21.66 yuan, raising approximately 610 million yuan. Each lot consists of 200 shares, with a minimum subscription of 4,375.7 yuan. Raywei Technology is expected to begin trading on July 8. Huatai International, CCB International, and ABC International are the joint sponsors.

As of June 30, the margin subscription for Raywei Technology reached 5.15 billion yuan. Based on the public offering portion of 30.42 million yuan, the over-subscription ratio was 168.4 times.

Raywei Technology applied for listing under Chapter 18C of the Listing Rules and is required to have a clawback mechanism. If the number of shares subscribed in the Hong Kong public offering reaches 10 times or 50 times or more of the initial offering size, the allocation will increase to 10% and 20% of the initial offering size, respectively.

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

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

Last year, Raywei 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.

Raywei Technology did not introduce any cornerstone investors for this offering.

Use of Net Proceeds

• 55.8%: Conducting and enhancing research and development capabilities and product offerings, including product iteration R&D and new product development

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

• 10.4%: Enhancing marketing capabilities and expanding overseas sales channels

• 7.5%: General corporate purposes

Source: Raywei Technology announcement