IPO News | Nazhen Technology (09856) closed its offering and recorded a margin subscription amount of HK$15.545 billion, an overpurchase of 26.42 times

The Zhitong Finance App learned that Najun Technology (09856), a supplier of optical communication and optical connectivity products, offered shares from September 14 to September 17, 2026, and has recently closed its offering. According to market information, Najun Technology has received a margin loan of HK$15.545 billion from the brokerage firm, which has overbought 26.42 times with a publicly raised capital of HK$567 million.

Nazhen Technology plans to sell 172 million shares globally (depending on whether the over-allotment rights are exercised), of which Hong Kong offers 10% (can be redistributed), international offerings account for 90% (can be redistributed), and 15% over-allotted shares. The sale price is HK$32.96 per share, 100 shares per lot, and the first-hand entry fee is HK$3329.2. The company is expected to be listed for sale on September 22 (Tuesday), with Citibank and CITIC Securities as co-sponsors.

In this IPO, Najin Technology introduced Chunhua Investment Fund, GBAHIL, CFTC Paragon SP, HK BVF I LPF, Oriental Asset Management, Mount Altai, Peak View Capital, Sinofortune Nova, Ambre Lau Trade Limited, SCV Delta, Future Asset Securities Hong Kong, PAG Capital Structure Fund Opportunity LP, Turquoise Hime (ORIX), Guangfa Fund, E-Fangda, CITIC Construction Investment OTC Swap, Qianhai International Fund Management Co., Ltd., Gaoteng International Asset Management Co., Ltd., Zhaoyi Innovation, Jingchen Hong Kong, Atlas Venture Limited, Mingshan Capital, ODI Trust, and Baring had 24 cornerstone investors with a total subscription amount of US$340 million. Based on the offering price of HK$32.96 per share, the total number of shares to be subscribed by Cornerstone investors (including shares to be subscribed through qualified domestic institutional investors) is 808.767 million shares.

According to the prospectus, Najun Technology is a mature supplier of optical communication and optical connectivity products. It is committed to R&D, manufacturing and sales of optical modules, optical chips and optical network terminals to provide services to domestic and foreign customers. In 2025, in terms of global optical module revenue, the company had a 4.0% market share, ranking fifth among all professional optical module manufacturers in the world; in terms of Chinese optical module revenue, the company had a 10.1% market share and ranked third among all professional optical module manufacturers in the world. The company is also one of the few enterprises in the world that also has R&D and production capabilities for optical modules and optical chips.

The company has 1,581 patents and 716 pending patent applications worldwide. It is an initiator or member of 18 industry standardization organizations, and participates in the formulation of 61 industry standards. With a cross-regional R&D network in Qingdao, Wuhan, Silicon Valley and Singapore, the company has accumulated core technologies and products covering all major links in the optical communications value chain. In the field of optical module products, the company has proprietary capabilities in circuit design and core packaging technology, including transistor outline packaging (TO-CAN), BOX, on-board chip packaging (COB), and silicon optical packaging technology. In the field of optical chip design, the company has successfully developed two mature processing platforms for buried heterogeneous and ridged waveguides. The company also has the exclusive ability to develop a variety of optical network terminal products.

On the financial side, in the six months ended June 30 in 2023, 2024, 2025, and 2026, the company achieved revenue of approximately RMB 4.239 billion, RMB 5,087 billion, RMB 8.355 billion, and RMB 5.393 billion, respectively. In the same period, it recorded annual/period profits of approximately RMB 216 million, RMB 89.49 million, RMB 873 million, and RMB 661 million, respectively.

Najin Technology plans to allocate approximately 52.9% of the net proceeds to continuous investment in research and development of new products and technologies; about 25.1% to expand the production capacity of optical modules and optical chips and increase the degree of automation of the entire product line; about 4.0% to strengthen business promotion and overseas market expansion; approximately 8.0% is expected to be distributed to domestic and overseas markets for strategic investment and acquisition of the optical communication value chain within the next five years; approximately 10.0% is expected to be allocated to working capital and general corporate purposes.