China National Technology IPO Tomorrow: Net Fundraising of HK$940 Million, Loss of RMB118 Million in 2025

AI · Guomin Technology’s Losses and Listing: Where Does Investor Confidence Come From?

LeDi Network, Le Jianping, March 22

Guomin Technology Co., Ltd. (referred to as “Guomin Technology,” stock code: “02701”) will be listed on the Hong Kong Stock Exchange tomorrow.

Guomin Technology’s offering price is HKD 10.8 per share, issuing 95 million shares, raising a total of HKD 1.026 billion; after deducting listing expenses of HKD 82.1 million, the net fundraising amount is HKD 944 million.

The cornerstone investors for Guomin Technology are GuoHua Life, Harvest Oriental II, Ms. Dai Wanqin, An Jiangbo, and Xinwangda Capital, with a total subscription of HKD 140 million.

GuoHua Life subscribed HKD 50 million, Harvest Oriental II HKD 40 million, Ms. Dai Wanqin HKD 30 million, and An Jiangbo and Xinwangda Capital HKD 10 million each.

Guomin Technology is already listed on the A-share market. As of Friday’s close, its stock price is CNY 21.79, with a market capitalization of CNY 12.7 billion. Once listed on the H-share market, Guomin Technology will form an “A+H” dual listing.

Annual Revenue of 1.36 Billion, Net Loss of 118 Million

According to the prospectus, Guomin Technology’s revenue for 2022, 2023, and 2024 was CNY 1.2 billion, CNY 1.037 billion, and CNY 1.168 billion, respectively; gross profit was CNY 426 million, CNY 18.01 million, and CNY 182 million; gross profit margins were 35.6%, 1.7%, and 15.6%; net losses for the periods were CNY 18.93 million, CNY 594 million, and CNY 256 million.

In the first nine months of 2025, Guomin Technology’s revenue was CNY 958 million, compared to CNY 821 million in the same period last year; gross profit was CNY 183 million, up from CNY 156 million; net loss was CNY 75.75 million, compared to CNY 166 million last year.

Adjusted net profit for 2022, 2023, and 2024 was CNY 119 million, -CNY 591 million, and -CNY 192 million; for the first nine months of 2025, adjusted net loss was CNY 75.75 million.

Guomin Technology’s revenue in 2025 is projected at CNY 1.36 billion, a 16.4% increase from CNY 1.168 billion last year; net loss is CNY 118 million, compared to a net loss of CNY 256 million last year.

The dispersed ownership structure of Guomin Technology is surprising, with no shareholder holding more than 3%.

The largest shareholder is Sun Yingtong, who is the chairman, executive director, and general manager of Guomin Technology. Before the IPO, Sun Yingtong held only a 2.65% stake.

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