Longcheer Technology made its Hong Kong market debut on January 22, adding to a growing roster of mainland technology companies turning to the city’s capital markets.
The smart device manufacturer sold about 52.3 million shares in the offering, which was heavily oversubscribed, according to market filings. The share sale launched on January 14 at HKD 31 (USD 4) per share, with the stock rising beyond HKD 35 (USD 4.5) on its debut before retreating to close at HKD 32.1 (USD 4.1) on the first day of trading. Longcheer’s Hong Kong shares were trading at around HKD 31.2 (USD 4) at the time of publication, slightly above the initial offer price.
Media reports said Longcheer plans to use the IPO proceeds to expand production capacity, increase investment in R&D, and pursue potential strategic acquisitions.
The listing marks Longcheer’s second public market debut, following its Shanghai Stock Exchange IPO in March 2024. In that offering, the company issued about 60 million shares at RMB 26 (USD 3.6) per share, raising roughly RMB 1.6 billion (USD 224 million). The Shanghai listing followed a prolonged effort to access China’s A-share market, after earlier attempts in 2015 and 2017 were halted.
Longcheer’s Hong Kong debut adds to a steady stream of mainland technology IPOs in the city, including listings by Biren Technology, MiniMax, and Z.ai, also known as Zhipu AI. The trend reflects Hong Kong’s growing role as an alternative venue for public fundraising amid ongoing geopolitical uncertainty. Mainland inflows have been a key factor in pushing the Hong Kong Stock Exchange back to the top of global IPO rankings last year, ahead of Nasdaq and the New York Stock Exchange, which were long considered benchmark destinations for Asian companies seeking public capital.
The company has prior experience with offshore markets. It was listed on the Singapore Exchange in 2005 under the ticker BJL, before being taken private and delisted in late 2020.
Founded as a provider of smart technology products and solutions, Longcheer focuses on the design, R&D, manufacturing, and servicing of terminal devices, including smartphones, tablets, wearables, home appliances, and mixed reality hardware. It operates as an ODM, or original design manufacturer, for major Chinese brands such as Huawei, Xiaomi, and Honor.
According to a Frost & Sullivan study on the smart device manufacturing industry, Longcheer ranked as the world’s largest smartphone ODM by shipments, delivering 172.9 million units and accounting for a 32.6% global market share. It ranked second in consumer electronics ODM shipments, with 219.1 million units and an estimated 22.4% share. In smart glasses manufacturing, Longcheer placed second globally, shipping 2.1 million units for a 21.7% share, and counts Ray-Ban Meta among its customers.
Chinese media outlet Sina reported that Longcheer operates four main manufacturing bases: two in Huizhou and Nanchang, along with overseas facilities in Vietnam and India. The company also maintains regional offices in the US, South Korea, and Japan.
Financially, Longcheer reported revenue of RMB 29.3 billion (USD 4.1 billion) in 2022, RMB 27.2 billion (USD 3.8 billion) in 2023, and RMB 46.4 billion (USD 6.5 billion) in 2024. Gross profit rose from RMB 2.4 billion (USD 336 million) in 2022 to RMB 2.7 billion (USD 378 million) in 2024, although gross margin declined to 5.8% in 2024 following the revenue surge.
Net profit totaled RMB 561.5 million (USD 78.6 million) in 2022, RMB 602.7 million (USD 84.4 million) in 2023, and RMB 493.4 million (USD 69.1 million) in 2024.
For the first nine months of 2025, Longcheer reported revenue of RMB 31.3 billion (USD 4.4 billion), down 10.3% year-on-year, while net profit rose 17.7% to RMB 507 million (USD 71 million). Net profit excluding non-recurring items fell 18.4% to RMB 271 million (USD 37.9 million) over the same period.
In the third quarter of 2025, revenue declined 9.6% year on year to RMB 11.4 billion (USD 1.6 billion). Net profit increased 64.5% to RMB 152 million (USD 21.3 million), while net profit excluding non-recurring items rose 56.0% to RMB 92.4 million (USD 12.9 million).