Raising 8.5 billion yuan, Huike IPO is about to be held

On the evening of February 25, the official website of the Shenzhen Stock Exchange showed that the Listing Review Committee of the Shenzhen Stock Exchange is scheduled to hold the 9th Listing Review Committee review meeting in 2026 on March 3, 2026. The issuer to be reviewed is Huike Co., Ltd. This means that Huike's IPO is about to usher in a key node for review at the meeting.

Plans to raise 8.5 billion for OLED/Mini LED projects

Huike Co., Ltd. is mainly engaged in the research and development, manufacturing and sales of core display devices such as semiconductor display panels and smart display terminals. The company's IPO application was accepted on June 30, 2025, and entered the inquiry stage on July 11 of the same year.

With this listing, Huike plans to raise approximately 8.5 billion yuan. After deducting issuance expenses, it will be used for the Changsha new OLED R&D and upgrade project, Changsha Oxide R&D and industrialization project, Mianyang Mini LED smart manufacturing project, supplementing working capital and repaying bank loans. The planned amount of raised funds is 2.5 billion yuan, 3 billion yuan, 2 billion yuan, and 1 billion yuan respectively.

The above-mentioned fundraising projects continue to be carried out. Among them, the Changsha new OLED R&D and upgrade project mainly focuses on the development of OLED materials and devices, laying the foundation for the mass production of OLED products; the Mianyang Mini LED Phase I project has officially started in February 2025, and plans to build backlight module and direct display module production lines.

In addition to fundraising projects, Huike has also continued to advance its other MLED layouts. It is worth mentioning that the Mini LED project in Liuyang, Changsha was fully capped in January this year; in addition, Huike's full-color M-LED new display chip base project with a total investment of 10 billion yuan was signed in Shunqing, Nanchong in May 2025, and construction started in October of the same year.

From the perspective of performance, from 2022 to June 30, 2025, Huike achieved operating income of 26.965 billion yuan, 35.824 billion yuan, 40.282 billion yuan and 18.997 billion yuan respectively; the net profits attributable to shareholders of the parent company during the same period were -1.421 billion yuan, 2.582 billion yuan, 3.320 billion yuan and 2.162 billion yuan respectively.

The latest data shows that for the whole year of 2025 and July to December 2025, Huike's operating income increased slightly year-on-year. The main reason is that IT panel sales revenue increased significantly, which offset the impact of the decline in TV panel sales revenue.

Looking forward to January to March 2026, Huike is expected to achieve operating income of 9.762 to 10.362 billion yuan, a year-on-year increase of 0.68% to 6.87%; the net profit attributable to shareholders of the parent company is expected to be 9.12 to 9 89 million yuan, a year-on-year decrease of 14.81% to 7.57%; the net profit after deducting non-recurring gains and losses is expected to be 696 to 761 million yuan, with a year-on-year change ranging from a decrease of 5.95% to an increase of 2.76%.

Display companies accelerate their sprint for IPO

According to incomplete statistics from TrendForce Display, since 2026, including Huike, Han's CNC, OmniVision Group, Yunyinggu, Shiya Technology, Zhenbao Technology and other companies related to the display industry chain have made new progress in their listing process.

Among them, Han's CNC and OmniVision Group have been successfully listed on the Hong Kong Stock Exchange.

Han's CNC is a PCB special equipment company. It was officially listed on the Hong Kong Stock Exchange on February 6 and established an "A+H" dual capital platform. The funds raised this time will be used to establish a new production factory in Singapore and build overseas R&D and operation centers to capture the trend of the PCB industry shifting to Southeast Asia.

Howe Group was listed on the Hong Kong Stock Exchange on January 12. The company said that listing on the Hong Kong stock market will help further improve the layout of the international capital market, provide support for technology research and development and business expansion, and enhance global competitiveness in the field of semiconductor design.

At the same time, companies in the micro-display field are also accelerating the pace of capitalization. Yunyinggu and Shiya Technology are actively promoting the listing process, focusing on emerging tracks such as AR/VR and Micro OLED.

On January 19 this year, Yunying Valley submitted its second report to the Hong Kong Stock Exchange, planning to use the raised funds for the research and development and optimization of AMOLED TDDI chips, the expansion of application scenarios, and the research and development upgrade of Micro OLED and Micro LED display driver backplanes.

Shiya Technology's IPO registration application was approved by the China Securities Regulatory Commission on January 15 this year. It plans to raise 2.015 billion yuan, of which approximately 1.609 billion yuan will be invested in the "Ultra-high-resolution silicon-based OLED micro display device production line expansion project" to expand the production capacity of 12-inch silicon-based OLED displays, which is planned to be increased to 10.8 million units.

In addition, companies such as Chaoying Electronics, CVTE, Hehui Optoelectronics, and Haiwei Technology are also actively promoting the listing process. Chaoying Electronics has been listed on the Shanghai Stock Exchange on October 24, 2025. Its products are widely used in Mini LED display panels, and it has established long-term cooperative relationships with BOE, LG Group, etc. CVTE updated its Hong Kong Stock Exchange listing application on December 24, 2025. This was the second application after the first submission on June 17 of that year.

In addition, it is worth noting that, judging from the selection of listed companies and companies under review, the Hong Kong Stock Exchange is becoming an important listing destination for companies in the display industry chain. This trend not only reflects the Hong Kong stock market’s increased tolerance for hard technology companies, providing diversified financing channels for companies with high investment in R&D or those that are not yet profitable, but also reflects the strategic needs of companies to accelerate their globalization layout and enhance their international competitiveness.

Capital helps upgrade new display technologies

As Huike rushes for IPO, and display companies such as Han's CNC, OmniVision, Yunyinggu, and Shiya Technology have gone public or accelerated their pace of listing, the display industry chain is gaining new development momentum through the capital market.

Taking Huike as an example, its raised funds will be used mainly for the research and development and upgrading of new OLEDs in Changsha, Mianyang Mini LED smart manufacturing and other projects. These investments directly support the research and development and mass production of high-end display panels, and provide financial guarantee for the industrialization of OLED and Mini LED technologies.

Yunyinggu and Shiya Technology focus on the development of technology for Micro OLED.

From the perspective of industrial development, the Micro OLED technology focused on by Yunyinggu and Shiya Technology will become the mainstream technology in the field of AR glasses in the short term. TrendForce believes that thanks to the price advantage brought by the above-mentioned supply chain, although the penetration rate of Micro OLED in the AR field will decline in the future due to display technologies such as Micro LED and LCoS, the more user-friendly cost will help support its market size. As the overall output of the AR market increases, the shipment volume of AR glasses equipped with Micro OLED will still maintain a positive growth trend. TrendForce estimates that in 2030, AR glasses equipped with Micro OLED will continue to grow. Total shipments of OLED technology AR glasses will likely reach 7.1 million units.

Therefore, the IPO actions of Huike and many companies in the industry are not only financing actions, but also reflect the rapid development and broad prospects of new display industries such as OLED, Mini LED, Micro OLED. As technology, production capacity and markets further mature, it is expected that the capital market will continue to become an important engine for promoting the upgrading of the display industry in the next few years.