Transwarp 06727Hong Kong Stock ExchangeIPOProspectus Information

21.8804.95%( -1.140 )
Nov 13 · End-of-day data, not live · Hong Kong Stock Exchange
Listing Date: 2026-09-21 · Registrar: 卓佳
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Cross-Market Price Comparison

Other Listed Market Shanghai (SSE)
Other Market Stock Code688031
H-Share Offer PriceHK$ 49.00
Other Market PriceLoading...
Reference Exchange RateLoading...
H-Share Offer Price Premium/Discount vs Other MarketLoading...

Company Overview

Stock NameTranswarp
Stock Code06727
Company Full NameTranswarp Technology (Shanghai) Co., Ltd.
IndustryAI & Machine Learning
Principal ActivitiesLeading AI infrastructure software provider in China. Generates revenue primarily by selling AI and big data infrastructure software products and related services to enterprise and government customers. Products include big data and cloud foundation platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for LLM and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). Also provides consulting services and other business. Served over 1,800 customers across more than ten industries including finance, government, energy, healthcare, transportation, and manufacturing.
Listing Date2026-09-21
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterChapter 18C Specialist Technology
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)11/F, Tower B & 3/F Yuehong Plaza, No. 88 Hongcao Road, Xuhui District, Shanghai, PRC
Business Address (Hong Kong)31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Place of IncorporationChina
Listing MethodGlobal Offering
Listing BoardMain Board
Websitetranswarp.cn
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室
A-Share/US Dual ListingYes (A股)

Offering Information

Offering Mechanism 18C
Offer PriceHK$ 49.00 / shares
Offer Price RangeFinal offer price only, no range
Lot Size100 shares
Entry ThresholdHK$ 4,900
Par ValueRMB 1.0 / shares
Offer Period2026-09-11 to 2026-09-16
Global Offering Shares14,010,800 shares
HK Public Offer Shares (Initial)700,600 shares (5.0%)
Public Offer Lots (Initial)7,006lots (Pool A3,503lots，Pool B3,503lots)
International Placing Shares (Initial)13,310,200 shares (95.0%)
Offer Ratio~5.0%
Total Shares Post-IPO135,146,716 shares
Greenshoe (Over-allotment Option)No
Stabilizing Manager (Greenshoe)—
Cornerstone Share9.6%
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 686,529,200

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 100 HK$ 4,900
2 lots 200 HK$ 9,800
3 lots 300 HK$ 14,700
4 lots 400 HK$ 19,600
5 lots 500 HK$ 24,500
6 lots 600 HK$ 29,400
7 lots 700 HK$ 34,300
8 lots 800 HK$ 39,200
9 lots 900 HK$ 44,100
10 lots 1,000 HK$ 49,000
15 lots 1,500 HK$ 73,500
20 lots 2,000 HK$ 98,000
25 lots 2,500 HK$ 122,500
30 lots 3,000 HK$ 147,000
35 lots 3,500 HK$ 171,500
40 lots 4,000 HK$ 196,000
45 lots 4,500 HK$ 220,500
50 lots 5,000 HK$ 245,000
60 lots 6,000 HK$ 294,000
70 lots 7,000 HK$ 343,000
80 lots 8,000 HK$ 392,000
90 lots 9,000 HK$ 441,000
100 lots 10,000 HK$ 490,000
200 lots 20,000 HK$ 980,000
300 lots 30,000 HK$ 1,470,000
400 lots 40,000 HK$ 1,960,000
500 lots 50,000 HK$ 2,450,000
600 lots 60,000 HK$ 2,940,000
700 lots 70,000 HK$ 3,430,000
800 lots 80,000 HK$ 3,920,000
900 lots 90,000 HK$ 4,410,000
1,000 lots 100,000 HK$ 4,900,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1,500 lots 150,000 HK$ 7,350,000
2,000 lots 200,000 HK$ 9,800,000
2,500 lots 250,000 HK$ 12,250,000
3,000 lots 300,000 HK$ 14,700,000
3,503 lots 350,300 HK$ 17,164,700

Stock Connect Inclusion Analysis

HK Market Cap HK$ 324.3M
Analysis Result Already included in Stock Connect (both)

Valuation & Financials

Market Cap (at Offer Price)HK$ 6,622,189,084
H-Share Market Cap (at Offer Price)HK$ 686,529,200
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet loss RMB 245.2 million (year ended December 31, 2025)
Period-End Cash BalanceRMB 353.95 million
Listing Expenses~HK$ 69,700,000
Listing Expenses / Funds Raised~9.1%
Total Pre-IPO InvestmentRMB 1,480.8 million

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 490,533370,755447,069
Cost of sales -233,799-192,026-211,059
Gross profit 256,734178,729236,010
Other income and gains, net 34,21328,12036,455
Selling and distribution expenses -235,123-203,961-159,788
Administrative expenses -128,675-118,589-114,213
Net finance costs -2,805-2,940-2,224
Share of associates and JVs -944-40-245
Profit before tax -289,168-344,281-245,156
Income tax expense -14-14-14
Profit for the year -289,168-344,281-245,170
Profit attributable to owners -288,243-343,462-245,170
Balance Sheet
Item 2023202420252026-03
Cash and cash equivalents 352,748543,261353,951
Trade and bills receivables 377,432337,362265,435
Inventories 1,5661,6514,779
Total current assets 1,474,1561,116,604873,144
Total assets 185,663142,276142,276
Total current liabilities 874,185812,189569,281
Total liabilities 34,32222,16311,673
Total equity 1,439,8341,094,441862,512
Equity attributable to owners 1,443,3011,098,727862,512
Interest-bearing borrowings 55,54640,02730,0369,853
Cash Flow Statement
Item 2023202420252026-03
Net cash from operating activities -365,432-326,593-109,650
Net cash from investing activities 555,456-53,707434,233
Net cash from financing activities 31,621-37,716-24,207
Net increase in cash 191,147-187,564100,422
Depreciation of PP&E 12,93629,89329,8317,170
Depreciation of right-of-use assets 21,70516,55414,8793,750
Amortisation of intangible assets 7210412347
Purchase of PP&E -133,285-37,727-4,158-280
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 30% for R&D and innovation capabilities, approx. 20% for upgrading and expanding product and solution stack, approx. 15% for strengthening sales channels and team building, approx. 5% for improving commercialization capability and brand influence, approx. 20% for strategic investments, approx. 10% for working capital and general corporate purposes

Underwriting Syndicate

Sole Sponsor (1)
海通国际资本有限公司 CE ADQ859(sole)
Sponsor cum Overall Coordinator (1)
海通国际证券有限公司 CE AAF806
Overall Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Bookrunners (1)
WEBULL SECURITIES LIMITED CE BNG700
Joint Lead Managers (8)
Futu Securities International (HONG KONG) Limited CE AZT137 BOCOM International Securities Limited CE APJ121 FIRST SECURITIES (HK) LIMITED CE AAA347 SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927 Huafu International Securities Limited CE BQC241 CMB International Capital Limited CE AVM940 TFI Securities and Futures Limited CE BAV573 SPDB International Capital Limited CE BFZ375
Capital Market Intermediaries (10)
海通国际证券有限公司 CE AAF806 Futu Securities International (HONG KONG) Limited CE AZT137 SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927 WEBULL SECURITIES LIMITED CE BNG700 BOCOM International Securities Limited CE APJ121 Huafu International Securities Limited CE BQC241 CMB International Capital Limited CE AVM940 TFI Securities and Futures Limited CE BAV573 SPDB International Capital Limited CE BFZ375 FIRST SECURITIES (HK) LIMITED CE AAA347

Service Providers

RoleInstitution
Legal Advisor to Company 君合律师事务所
Jun He Law Offices LLC
Legal Advisor to Sponsors/Underwriters 盛德律师事务所
上海市锦天城律师事务所

Cornerstone Investors

#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 Electronic Channel Limited 35,000,000 HKD 636,300 4.54% 0.47% 6 months 2027-03-21
2 Luoyang Science Technology Innovate Group, Ltd. 4,950,000 USD 705,800 5.04% 0.52% 6 months 2027-03-21

Directors & Management

PositionChinese nameEnglish Name
ChairmanSUN YuanhaoSUN Yuanhao
Company SecretaryLI YiduoLI Yiduo
Executive Director孫元浩SUN Yuanhao
Independent Non-Executive Director黃宜華HUANG Yihua
Executive Director呂程LV Cheng
Independent Non-Executive Director馬冬明MA Dongming
Executive Director朱珺辰ZHU Junchen
Independent Non-Executive Director劉東LIU Dong
Executive Director溫燁WEN Ye
Independent Non-Executive Director劉瑾LIU Jin
Executive Director張立明ZHANG Liming
Executive Director李一多LI Yiduo

Major Shareholders

Major Shareholders & HoldingsMr. SUN Yuanhao (8.26%), Shanghai Zanxing (14.52%), Mr. FAN Lei (15.61%), Mr. LV Cheng (18.98%), Mr. SHE Hui (19.46%), Industry Investment Fund (5.00%), Linzhi Lichuang (4.74%), Tencent Holdings Limited (4.74%)
About this page

This page shows Transwarp (06727) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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