Hipine Precision opens HKEX IPO, seeks up to $314m

The company said it was China’s largest 24K precious-metal watch brand by GMV in 2024.

Shenzhen Hipine Precision Technology Co., Ltd. has launched its Main Board listing on the Hong Kong Stock Exchange, with the public offer open from 19-24 September.

Trading is expected to begin on 29 September.

The IPO comprises 10.6 million shares at an indicative price range of $27.0 to $29.6 per share, targeting maximum proceeds of approximately $314m. 

Ping An of China Capital (Hong Kong) is acting as sole sponsor, whilst Ping An Securities (Hong Kong) is serving as sole overall coordinator, sole global coordinator, joint bookrunner, and joint lead manager.

HIPINE designs and manufactures gold-case and gold-bezel watches under its flagship “HIPINE” brand, which has been recognised as a “Shenzhen Top Brand” since 2022. 

Citing CIC data, the company said it was China’s largest 24K precious-metal watch brand by GMV in 2024, with a 27.08% market share, and the largest 24K partial precious-metal watch brand with 28.96%.

Group revenue rose from RMB323.7m in FY2022 to RMB445.5m in FY2023 and RMB456.6m in FY2024. Gross margin increased from 19.8% in FY2022 to 27.2% in FY2024, and from 25.3% to 31.0% for the first five months of 2024 and 2025, respectively.