Hongxin Yu (02681.HK) has officially listed on the Hong Kong Stock Exchange, with China Securities International acting as sole sponsor. On its first trading day, the stock closed at HK$72.8 per share, edging down 0.04%, with a total market capitalization of HK$35.1 billion. The issue price was set at HK$72.83 per share, with a global offering of 14.7172 million H shares that raised HK$1.07 billion and net proceeds of HK$994 million. The Hong Kong public offering was 2.37 times subscribed, the international offering was 1.45 times subscribed, and seven cornerstone investors collectively subscribed HK$455 million. Founded in Shenzhen in December 2018, Hongxin Yu primarily engages in a range of storage-related products. In 2025, it accounted for 0.6% of revenue in the global storage products market, ranking 12th among global memory manufacturers. From 2023 to 2025, the company's revenue, gross profit, net profit, and overall gross margin generally trended upward. In the first four months of 2026, revenue and net profit rose significantly year on year, with gross margin climbing to 62%, though net cash flow from operating activities posted a large net outflow during the same period. As of April 30, 2026, the company's cash and cash equivalents stood at RMB 625 million. Founder and Chairman Wu Yisheng has more than 25 years of industry experience.