Starlink Technology (06727)'s global offering from September 11 to September 16 raised approximately HK$701 million in global sales

According to the Zhitong Finance App, Starlink Technology (06727) will raise shares from September 11 to September 16, 2026. The company plans to sell 14.0,108 million H shares globally, of which Hong Kong sales account for 5% and international sales account for 95%. The maximum sale price is HK$61 per share, 100 shares per lot. It is expected that H shares will begin trading on the Stock Exchange at 9:00 a.m. on September 21, 2026 (Monday).

The company is a leading AI infrastructure software provider in China. The company mainly generates revenue by selling AI and big data infrastructure software products and related services to enterprises and government customers. Through deep integration of artificial intelligence, big data and cloud technology, the company helps enterprises efficiently build AI infrastructure software and promotes intelligent transformation and business model innovation in various industries. In today's environment, data is growing exponentially, the risk of technological bottlenecks is increasing, and there is an urgent need for enterprise-level digitalization and intelligent upgrading. Building secure, high-performance, self-developed AI and big data infrastructure software has become a strategic priority at the national, industrial and enterprise levels. The company was founded to meet this demand and build a secure and autonomous data infrastructure for technological innovation. According to Frost & Sullivan: In terms of revenue, the company is the fifth largest AI infrastructure software provider in China, with a market share of 2.7% in 2025. The company is the first database company in the world to pass the TPC-DS test and official audit, which shows that the company's basic software based on a distributed architecture has reached the industry-leading level in large-scale data calculation and analysis. The company is the first Chinese company to be selected in Gartner's “Magic Quadrant for Data Warehousing and Data Management Solutions”, which indicates that the company's leading position has been recognized by international authorities. The company is one of the first enterprises in China to focus on AI and big data infrastructure software development. It has established a significant first-mover advantage and deep technical strength. The company provides enterprise-level AI infrastructure software and services covering the entire life cycle of data, covering data integration, storage and governance to modeling, analysis, mining and circulation. Through years of independent research and development, the company has built a next-generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KundB), data development and governance tools (TDS), artificial intelligence platforms (LLMOps and MLOps) for large-scale language models and machine learning operation and maintenance, and knowledge platforms (TKH). Together, these products form an end-to-end solution from data to knowledge, from models to applications, to help enterprises in various industries accelerate intelligent transformation and reshape competitive advantage.

During the track record period, the company's revenue mainly came from (i) providing AI and big data infrastructure software and related services; and (ii) providing consulting services to customers in various fields and industries. In 2023, 2024 and 2025, and for the three months ending March 31, 2026, the company obtained revenue of RMB 491 million, RMB 371 million, RMB 447 million and RMB 81.2 million respectively. During the same period, the company recorded annual losses of RMB289 million, RMB344 million, RMB245 million and RMB56 million respectively.

The company has signed a cornerstone investment agreement with Cornerstone investors Electronic Channel Limited and Luoyang Kechuang. According to this, Cornerstone Investors agreed to subscribe or induce their designated entities to subscribe for the relevant quantity of shares with a total purchase amount of about US$9.41 million according to the sale price, excluding brokerage commissions, SFC transaction levies, and SEHK transaction fees, if certain conditions are met.

Assuming that the offering price is HK$55.00 per H share (the median of the indicative offer price range), the company estimates that after deducting the underwriting commissions, fees and estimated expenses payable by the company in connection with the global offering, the net proceeds from the global sale will be approximately HK$701 million. Approximately 30.0% of the net proceeds is expected to be used to enhance and optimize the R&D and innovation capabilities of the company's entire product and solution stack, and promote full-chain technology upgrades through “artificial intelligence x data”. Approximately 20.0% of the net proceeds are expected to be used to upgrade and expand the company's product and solution stack, focusing mainly on commercialization, iterative enhancement, and market-specific adaptation of existing products and solutions (not related technology development). Approximately 15.0% of the net proceeds are expected to be used to strengthen the company's sales channels and team building in key markets in China and overseas. Approximately 5.0% of the net proceeds is expected to be used to enhance the company's commercialization capabilities and brand influence. Approximately 20.0% of the net proceeds are expected to be used for strategic investments. Approximately 10.0% of the net proceeds is expected to be used as working capital and other general corporate purposes.