171.4B yuan in scale, rushing for A+H! Huaxun Technology raises funds to expand AI server capacity, alleviating cash flow pressure丨Hong Kong E Voice

Ask AI · How does Huqin Technology break through the AI server market with end-to-end in-house R&D capabilities?

Source丨Era Business Research Institute

Author丨Intern Yang Junwei

Editor丨Zheng Lin

On March 23, 2026, Huqin Technology Co., Ltd. (hereinafter referred to as “Huqin Technology,” 603296.SH), a global smart hardware ODM company that has already been listed on the A-share market, submitted a listing application to the Hong Kong Stock Exchange for a main board listing. The joint sponsors are CICC and Bank of America Securities.

According to the prospectus, Huqin Technology has long focused on the smart hardware sector. Relying on the ODM and JDM models, the company provides global brand customers with integrated services including research and design, intelligent manufacturing, and supply chain solutions. The company has built a “3+N+3” product layout. Its principal businesses include smart phones, laptop computers, and data center-related products. It also extends to other intelligent hardware such as tablets, smart wearables, and AIoT. At the same time, it is developing three strategic emerging businesses—automotive electronics, software services, and robots. According to materials from Zhishi Consulting, the company is one of the global intelligent product ODM platforms with the most comprehensive coverage of categories.

In terms of industry standing and technical capabilities, Zhishi Consulting’s report shows that, based on 2024 shipment volumes, Huqin Technology is the second-largest smart phone ODM manufacturer globally and the largest laptop ODM manufacturer in China. Its AI servers have already entered the supply chain of leading cloud computing enterprises. Currently, the company has end-to-end in-house R&D capabilities and holds core technologies such as liquid cooling heat dissipation and high-speed interconnects. It has launched a 5nm intelligent cockpit domain controller, and products related to humanoid robots have completed commissioning. In terms of production capacity, it has formed a “1+5+5” global layout. With multiple R&D centers and manufacturing bases across different locations, it has advantages in large-scale and flexible production.

On the financial front, from 2023 to 2025, Huqin Technology’s operating revenue was 85.34B yuan, 109.88B yuan, and 171.44B yuan, respectively; in 2025, it grew year over year by 56%. Over the same period, net profit was 2.66B yuan, 2.92B yuan, and 4.13B yuan, respectively. Revenue and profit have shown steady growth. Affected by intensifying industry competition and fluctuations in raw material prices, the company’s consolidated gross margin has declined—from 10.9% in 2023 to 7.7% in 2025. At the same time, the company also faces operating pressures such as an excessively high customer concentration and periodic pressure on operating cash flow (in 2025, operating cash flow from operating activities was -223 million yuan).

The prospectus discloses that Huqin Technology faces multiple uncertainties, including volatility in demand for consumer electronics, geopolitical and supply chain risks, a longer incubation cycle for emerging businesses, and intensifying homogeneous competition in the industry. The funds raised from this listing will focus on expanding AI server capacity, developing core technology through iteration, optimizing the global supply chain, and expanding new businesses such as automotive electronics and robots. With the expansion of AI computing power demand and the upgrading of manufacturing intelligence, whether Huqin Technology can leverage its global capacity and technology advantages to optimize its business structure and increase profitability will become a core direction of market attention.

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