【New IPO】Ruiwei Technology 7656 opens for subscription; margin financing of 5.15 billion yuan, oversubscribed by over 168 times. Entry fee: 4,376 yuan. No cornerstone investors introduced.

Ruiwei Technology (New Listing Number: 07656) will conduct its share offering from June 29 to July 3. As an AI company focused on visual intelligence technology and products, Ruiwei Technology plans to issue 28.087 million H shares, with 5% offered to the public in Hong Kong at an offer price of 21.66 yuan. It expects to raise nearly 610 million yuan. Each board lot contains 200 shares; the entry fee for one lot is 4,375.7 yuan. Ruiwei Technology is expected to be listed for trading on July 8. Huatai International, CCB International, and ABC International are the joint sponsors.

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

Ruiwei 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 reaches 10 times and 50 times or above the initial offering size, the number of shares to be increased will be 10% and 20% of the initially proposed issuance, respectively.

Based on independently developed visual large-scale model technology, deep learning-related technologies, multispectral imaging technology, and software-hardware co-design capabilities, Ruiwei Technology provides a range of intelligent products for visual perception, visual cognition, and visual reasoning, and applies them to various scenarios including 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 Chinese civil aviation enterprises, with a market share of 8.7%. It also ranks fourth in the visual intelligence product market for Chinese commercial space enterprises, with a market share of 1.7%.

Last year, Ruiwei Technology’s revenue was 440 million yuan (the same below for RMB). It increased by 12.1% year-on-year. During the period, the company swung from profit to loss, recording a loss attributable to shareholders of 67.223 million yuan. This compares with a profit of 9.714 million yuan recorded in the same period of 2024.

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

Use of Net Proceeds

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

• 26.3%: To establish production bases for the 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