06727 星環科技
TRANSWARP
TRANSWARP
| Register Close | 2026/09/16 IPO Closing in 5 Days |
| Listing Date | 2026/09/21 |
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IPO Detail
COMPANY PROFILE
Transwarp Technology (Shanghai) Co., Ltd. is a leading AI infrastructure software provider in China. The Group provides enterprise-grade AI infrastructure software and services that cover the full data lifecycle, from integration, storage, and governance to modeling, analytics, mining, and circulation. In terms of revenue, it was the fifth largest AI infrastructure software provider in China with a market share of 2.7% in 2025.
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The Group infrastructure software consists of proprietary software products that support enterprise-grade data storage, management, analytics and AI workloads. The Group consulting services comprise pre-project consulting and customized solution design services that assist enterprise and government customers in planning and architecting digital transformation and AI adoption initiatives.
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As of March 31, 2026, the Group products and solutions had been deployed across more than ten industries, including finance, government, energy, healthcare, transportation, and manufacturing, serving over 1,800 customers, including 105 companies listed in the Fortune China 500.
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The Group has two main categories of customers: end‑users that directly purchase the Group’s products and solutions, and ISVs and SIs that embed the Group’s products and solutions into their own products to meet the specific requirements of end‑users; and authorized distributors that enter into distribution agreements with the Group.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Software & Services |
| Major Business Area | China |
| Board Lot | 100 |
GLOBAL OFFERING
| No. of Offer Shares | 14.01M H shares |
| No. of International Offer Shares | 13.31M H shares |
| No. of HK Offer Shares | 0.70M H shares |
| Offer Price | $49.00 - $61.00 |
| Stock Code | 6727 |
| Sponsor(s) | Haitong International Capital Limited |
| Underwriter(s) | Haitong International Securities Company Limited, Futu Securities International (Hong Kong) Limited, Shenwan Hongyuan Securities (H.K.) Limited, Webull Securities Limited, BOCOM International Securities Limited, Huafu International Securities Limited, CMB International Capital Limited, TFI Securities and Futures Limited, SPDB International Capital Limited, First Securities (HK) Limited |
TIME TABLE
| Application Period | Sep 11 (Fri) - noon, Sep 16 (Wed) |
| Price Determination Date | Sep 17 (Thu) |
| Result Announcement Date | On or before Sep 18 (Fri) |
| Result Announcement Date | On or before Sep 18 (Fri) |
| Result Announcement Date | On or before Sep 21 (Mon) |
| Dealings in Shares commence on | Sep 21, 2026. (Mon) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $49.00 - $61.00 |
| Capitalization (H Shares) | 686.50M - 854.70M |
| NAV / share ($) | $10.71 - $11.9 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 55, the net proceeds raised would be HKD 700.90M, of which |
| 30% : Enhance and optimize R&D and innovation capabilities of entire product and solution stack to drive full-chain technology upgrades through “AI × Data;” |
| 20% : Upgrading and expanding product and solution stack |
| 15% : Strengthen sales channels and team building in key markets both in the PRC and overseas |
| 5% : Improving commercialization capability and brand influence |
| 20% : Strategic investments |
| 10% : Working capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
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*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).