Technology Author：EqualOcean News Updated 5 hours ago (GMT+8)

Transwarp Technology (Shanghai) Co., Ltd.（星环科技）began trading in Hong Kong on September 21, 2026, becoming the first A-share-listed company to use the exchange’s Chapter 18C specialist-technology framework for its Hong Kong listing. The Shanghai-based enterprise software provider priced its H shares at HKD 49, with estimated net proceeds of approximately HKD 629.45 million.

Transwarp

The company issued 14,010,800 H shares under stock code 06727. The Hong Kong public offering attracted subscriptions totaling 73.86 times the shares initially available, triggering a reallocation that increased the retail tranche from 5% to 20% of the offering. The remaining 80% went to the international tranche. Transwarp’s shares opened at the offer price. Its H shares also became eligible for southbound trading through Shanghai–Hong Kong Stock Connect on the listing date.

Founded in 2013 and listed on Shanghai’s STAR Market in 2022, Transwarp provides software for enterprise data management, analytics and AI applications. Its customers span financial services, government, energy and other industries. According to Frost & Sullivan’s analysis cited in the prospectus, it ranked fifth among Chinese AI infrastructure software providers by 2025 revenue, with a 2.7% market share, and was the largest independent provider.

The listing adds financing while the company remains loss-making. Revenue reached approximately CNY 447 million in 2025, recovering from CNY 371 million in 2024 but remaining below CNY 491 million in 2023. Under Chapter 18C, Transwarp qualifies as a Commercial Company—a designation based on qualifying revenue rather than profitability.

Introduced in 2023, Chapter 18C provides an alternative listing route for eligible specialist-technology companies unable to satisfy the Main Board’s conventional financial tests. Applicants must still meet requirements covering factors such as market capitalization, research and development expenditure and investment from sophisticated independent investors. Transwarp’s listing demonstrates that this route can support an A+H structure, subject to company-specific eligibility.

International expansion remains an early-stage opportunity. Transwarp disclosed overseas revenue of approximately CNY 0.3 million in 2025 and earmarked 15% of net proceeds for sales channels and teams across both domestic and overseas markets.

For Chinese enterprise software companies, the transaction offers a financing precedent. Commercial expansion abroad will require a separate set of results: paying customers, effective local delivery and support, and repeatable sales. Transwarp’s next test is whether the additional capital can strengthen those capabilities while improving the economics of its core business.

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