【New IPO】Ruowei Technology 7656 launches subscription; margin financing of HK$5.15 billion, oversubscribed by more than 168 times; entry fee HK$4,376; no cornerstone investors introduced

Viwei Technology (New Listing Code: 07656) will offer shares for subscription from June 29 to July 3. As an AI company focused on visual intelligence technology and products, Viwei Technology plans to issue 28.087 million H shares, with 5% offered to the public in Hong Kong. The offer price is 21.66 yuan. The fundraising is nearly 610 million yuan. Each board lot consists of 200 shares, and the lot entry fee is 4,375.7 yuan. Viwei Technology is expected to commence trading on July 8. Huatai International, CCB International, and ABCI Securities are the joint sponsors.

As of June 30, Viwei Technology’s margin financing was 5.15 billion yuan. Based on the amount raised from the public offering portion of 30.42 million yuan, this represents an oversubscription of 168.4 times.

Viwei Technology has applied for listing under Chapter 18C of the Listing Rules and is required to implement a clawback mechanism. If the number of shares subscribed under the Hong Kong public offering portion, relative to the preliminary offering size, reaches 10 times and 50 times or above, it will be increased to 10% and 20% of the initially planned offering volume.

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

According to data from Frost & Sullivan, based on 2025 revenue, Viwei Technology ranks first in the visual intelligence product market for civil aviation enterprises in China, with a market share of 8.7%. It also ranks fourth in the visual intelligence product market for commercial space enterprises in China, with a market share of 1.7%.

Last year, Viwei Technology’s revenue was 440 million yuan (RMB, same below), up 12.1% year-on-year. During the year it turned from profit to loss, recording a loss attributable to shareholders of 67.223 million yuan, compared with a profit of 9.714 million yuan recorded for the same period in 2024.

Viwei Technology did not introduce cornerstone investors for this offering.

Intended Use of Net Proceeds

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

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

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

• 7.5%: General corporate purposes

Source: Viwei Technology announcement