【New Share IPO】Ruiwei Technology 7656 launches IPO subscription; margin of 5.15 billion yuan and oversubscribed by over 168 times. The entry fee is 4,376 yuan, with no cornerstone investors introduced

Ruiwei Technology (New Listing Code: 07656) is offering shares from June 29 to July 3. As an AI company focusing on visual intelligence technology and products, Ruiwei Technology plans to issue 28.087 million 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. The minimum entry fee is 4,375.7 yuan. Ruiwei Technology is expected to begin trading on July 8. Huatai International, CCB International, and Agricultural Bank of China International are the joint sponsors.

As of June 30, Ruiwei Technology’s margin subscriptions totaled 5.15 billion yuan. Based on the public offering portion’s fund-raising amount of 30.42 million yuan, the oversubscription ratio was 168.4 times.

Ruiwei Technology has applied for listing under Chapter 18C of the Listing Rules. It requires 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, the allocation will be increased to 10% and 20% of the initial offering amount, respectively.

Based on its independently developed visual large models, deep-learning-related technologies, multispectral imaging technologies, and the capability for hardware-software co-design, 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 data from Frost & Sullivan, based on revenue in 2025, Ruiwei Technology ranked first in China’s civil aviation enterprise visual intelligence product market with a market share of 8.7%, and ranked 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. 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 in the same period of 2024.

Ruiwei Technology did not introduce any cornerstone investors in this IPO.

Use of Net Proceeds

• 55.8%: To carry out and enhance R&D capabilities and product supply, including product iteration R&D and new product development

• 26.3%: To establish production bases for in-house manufacturing, assembly, and testing of hardware and systems

• 10.4%: To enhance marketing capabilities and expand overseas sales channels

• 7.5%: General corporate purposes

Source: Ruiwei Technology announcement