Huaqin Technology Co., Ltd.

Date of Prospectus: April 15, 2026

Huaqin Technology Co., Ltd. IPO: Smart Product Leader Targets Global Expansion with Landmark Hong Kong Listing

IPO Snapshot: Key Terms and Offer Structure

Huaqin Technology Co., Ltd. launches its Hong Kong IPO, aiming to solidify its leadership in the global smart product ODM market. The offering presents investors access to the world’s largest consumer electronics ODM platform, as measured by volume and revenue in several product categories.

• IPO Symbol: Not explicitly disclosed (inferred absence).
• Offer Price: Maximum HK\$77.70 per H Share.
• Total Offer Size: 58,548,200 H Shares initially (5,854,900 Hong Kong Public Offering, 52,693,300 International Offering), subject to reallocation, Over-allotment Option (up to 15%), and Offer Size Adjustment Option (up to 15%).
• Post-IPO Outstanding Shares: The Offer Shares will represent approximately 5.45% of the enlarged share capital immediately post-IPO (assuming no exercise of greenshoe or adjustment options).
• Offer Period: Application opens 9:00 a.m., April 15, 2026; closes 12:00 noon, April 20, 2026.
• Listing Date: Expected on or about April 23, 2026.

Dividend Policy: Not explicitly stated in the prospectus (inferred absence).

Oversubscription Metrics: Not available at time of publication.

Growth-Driven Use of Proceeds

Use of IPO Proceeds: Huaqin Technology intends to use the capital raised primarily for the following purposes:

• Research & Development (R&D): Investment in next-generation smart products, AI, IoT, big data, and communication technologies.
• Capacity Expansion: Strengthening production capacity and supporting business growth in core ODM segments.
• Working Capital and General Corporate Purposes: Enhancing operational flexibility and funding daily operations.

The focus on R&D and expansion signals a growth-driven strategy rather than deleveraging.

Placement Breakdown and Cornerstone Participation

The IPO structure prioritizes institutional and cornerstone investor participation, with a significant allocation to cornerstone investors in the International Offering. Cornerstone investors are subject to lock-up arrangements, and their allocation is not considered preferential beyond assured entitlement per the Guide for New Listing Applicants.

Public Offering: 5,854,900 H Shares (10%).
International Offering: 52,693,300 H Shares (90%).
Cornerstone Investors: Named institutions above; subject to lock-up, no preferential rights beyond guaranteed allocation at final offer price.
Lock-up/Ownership: No Cornerstone Investor or close associate will become a substantial shareholder post-IPO; no board representation solely by virtue of cornerstone stake [[268]].

Investor Participation and Book Quality

Anchor/Cornerstone Investors: The presence of top-tier global asset managers (e.g., JPMorgan, UBS AM Singapore) and leading regional funds signals strong institutional confidence. Cornerstone allocations are significant, with the largest holding over 10% of the offer shares.

Implied Book Quality: The scale and names of cornerstone investors, coupled with the offer structure, infer robust institutional demand and suggest potential for strong first-day trading performance.

Pre-listing Divestments: No material pre-IPO disposals/sales by early shareholders are disclosed.

Deal Parties, Underwriting, and Stabilization Structure

Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited (CICC), Merrill Lynch (Asia Pacific) Limited, Goldman Sachs (Asia) L.L.C.
Bookrunners/Global Coordinators: CICC, Merrill Lynch, Goldman Sachs, CLSA Limited, ABCI Securities, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited.
Underwriters: Full syndicate including the above and others named on page [[283]].
Stabilization/Over-allotment: The Over-allotment Option allows up to 15% additional shares to be issued to cover excess demand. The Offer Size Adjustment Option provides further flexibility [[290]].

Inferred Support on Listing Day: The involvement of multiple reputable international and Chinese investment banks, combined with the stabilization mechanisms, is likely to underpin orderly trading and liquidity post-listing.

Business Overview: Smart Product Platform Leadership

Business Model: Huaqin is a smart product platform integrating AI, IoT, big data, and communication technologies. The company operates as a full-stack ODM, serving global technology leaders with mobile terminals, computing/data center hardware, AIoT, and innovative business solutions [[10]].

Key Revenue Streams:

• Mobile terminals (smartphones, tablets)
• Computing and data center business
• AIoT (consumer electronics, smart hardware)
• Innovative new product segments

Geography: Global client base (names undisclosed, but described as leading technology companies worldwide).

Industry Position: According to CIC, Huaqin is the world’s largest consumer electronics ODM (by volume and revenue in multiple categories), ranking first globally across multiple smart product lines [[10]].

Financial Performance and Health

Note: Exact financial figures are detailed in the Accountants’ Report, Appendix I. Growth rates, margins, and ratios follow IFRS definitions and are calculated per notes on page [[22]].

Recent Performance: No material adverse change in business, financial condition, or results of operations since December 31, 2025 [[267], [478]].

Market Position, Brand Strength, and Competitive Advantages

Huaqin is recognized as the #1 global ODM for consumer electronics, with full-stack capabilities integrating advanced technologies. Long-standing client relationships with leading technology firms, robust R&D, and a diversified smart product portfolio drive its competitive edge [[10]]. The company’s large-scale production and innovation platform underpin its leadership.

Management and Leadership

The Board and senior management team are experienced in smart product R&D, global supply chains, and public company governance. Names and roles are disclosed in the Directors and Senior Management section (see page [[203]] for details).

Sector Trends and IPO Timing

Industry Trends: Accelerated adoption of AI, IoT, and big data is driving comprehensive upgrades across smart products and expanding digitalization. Huaqin’s platform is positioned to benefit from these trends, with global smart device demand robust.
Timing: IPO application period: April 15–20, 2026. Price determination: April 21, 2026. Listing: April 23, 2026 [[5]].

Macro Environment: The prospectus discusses a positive backdrop for continued industry growth, with technology adoption, cross-domain product upgrades, and increased consumer demand as key drivers [[96]]. No adverse macro events or regulatory shocks are disclosed.

Recent Developments: No material adverse changes since December 31, 2025. No new material events affecting the Accountants’ Report [[23], [267], [478]].

Market Conditions for IPO: Based on the prospectus, sector growth, company performance, and institutional demand suggest favorable conditions for the IPO.

Key Risk Factors

Investors should note the following material risks disclosed:

• End-Market Demand Fluctuations: Company performance is tied to global consumer demand for smart products, subject to external shocks and cyclical downturns.
• Industry Standards & Technical Changes: Rapid innovation and evolving standards may impact competitiveness and require ongoing R&D investment.
• Competitive Pressure: Highly competitive industry with risk of margin erosion.
• R&D Outcomes: New product development may not deliver expected results.
• Customer Concentration: Substantial portion of revenue from a small number of major customers; loss or reduction could materially affect results.
• Supply Chain Risk: Dependence on stable, cost-effective raw material supply; exposure to price volatility.
• Regulatory & Legal Risk: Subject to compliance with multiple jurisdictions’ laws, including PRC and Hong Kong listing rules.

Risks are detailed in the “Risk Factors” section (page [[44]] and following).

Growth Strategy and Expansion Plans

Huaqin’s growth agenda includes:

• Continued R&D Investment: Expanding innovation in smart products leveraging AI, IoT, and big data [[10]].
• Capacity Expansion: Strengthening production and operational capabilities to support global sales.
• Market Diversification: Pursuing new product segments and exploring new geographies as part of its international strategy.

Proceeds from the IPO are earmarked to fund these growth initiatives.

Ownership Structure and Lock-ups

Pre- and Post-IPO Shareholding: The Offer Shares represent approximately 5.45% of the enlarged issued share capital immediately after the IPO (excluding greenshoe and size adjustment). No Cornerstone Investor will become a substantial shareholder solely from IPO participation [[268]].
Lock-up Arrangements: Company, controlling shareholder group, and cornerstone investors are subject to lock-up periods as per Hong Kong Listing Rules (typically six months for issuers and controlling shareholders) [[288]].

Valuation and Peer Comparison

The prospectus does not disclose peer multiples or comparable company data. Therefore, a peer comparison table is not provided.

Research Coverage and Analyst Opinions

No explicit analyst opinions, price targets, or third-party research ratings are disclosed in the document.

IPO Allotment Results

Final subscription outcomes by tranche are not disclosed at time of publication.

Listing Outlook: Subscription Value and First-Day Performance Assessment

Based on all disclosed factors:

• Substantial cornerstone participation by respected global and regional funds suggests strong demand and confidence in the business.
• Growth-focused use of proceeds and sector leadership position point to a compelling long-term equity story.
• Robust deal structure and full underwriting by major international and Chinese banks provide further support for post-listing trading stability.

Inferred First-Day Trading Range: While exact trading range cannot be projected, the combination of institutional support, sector momentum, and absence of negative developments suggest a strong debut, with high likelihood of trading at or above the final offer price (inferred from the presence of multiple cornerstone investors and historical demand for leading technology IPOs).

Prospectus Access

The full prospectus is available at www.hkexnews.hk and huaqin.com.

How to Apply for Huaqin Technology Co., Ltd. H Shares

Application Channels:

• Apply online via the HK eIPO White Form service at www.hkeipo.hk
• Apply through the HKSCC EIPO channel by instructing your broker or custodian (must be a HKSCC Participant) to submit electronic application instructions via HKSCC’s FINI system

Eligibility: Individuals aged 18 or above with a Hong Kong address (for eIPO White Form); institutional and professional investors via International Offering.
Application Window: Opens 9:00 a.m., April 15, 2026; closes 12:00 noon, April 20, 2026.

Further details and application process can be found at www.hkexnews.hk and huaqin.com.