【New IPO】Ruiwei Technology 7656 launches its IPO; margin subscription of 5.15 billion yuan, oversubscribed by over 168 times. The minimum subscription amount is 4,376 yuan, and no cornerstone investors were introduced.

Ruiwei Technology (New Listing Code: 07656) will open for public subscription from June 29 to July 3. An AI company focused on visual intelligence technology and products, Ruiwei Technology plans to issue 28.087 million H shares, with 5% offered for public offering in Hong Kong. The offer price is HK$21.66. It plans to raise nearly HK$610 million. Each lot consists of 200 shares, and the minimum entry fee is HK$4,375.7. Ruiwei Technology is expected to commence trading on July 8. Huatai International, CCB International, and ABC International are the joint sponsors.

As of June 30, Ruiwei Technology recorded margin subscription of HK$5.15 billion. Based on the public offering portion’s fundraising amount of HK$30.42 million, it was oversubscribed by 168.4 times.

Ruiwei Technology applied for listing under Chapter 18C of the Listing Rules. A clawback mechanism is required. If the number of shares subscribed under the Hong Kong public offering reaches 10 times and 50 times or more of the preliminary issuance size, the public offering portion will be increased to 10% and 20% of the initial issuance amount, respectively.

Relying on self-developed visual large-model technology, deep-learning-related technologies, multispectral imaging technology, and software-hardware co-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 data from Frost & Sullivan, based on revenue in 2025, Ruiwei 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, Ruiwei Technology’s revenue was RMB 440 million (RMB, the same below), up 12.1% year over year. During the period, it turned from profit to loss, recording a loss attributable to shareholders of RMB 67.223 million, compared with a profit of RMB 9.714 million in the same period of 2024.

Ruiwei Technology did not introduce cornerstone investors for this offering.

Net Proceeds Use

• 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 facilities for internal 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