Hong Kong’s emerging generation of tycoons is increasingly participating in the city’s initial public offering (IPO) market, expanding their investments beyond traditional sectors such as property and finance into technology and digital finance. This trend was highlighted by the recent IPO of Shenzhen-based fintech company Forms Syntron Information, which drew significant interest from notable investors including Cheng Chi-heng of New World Development and Peter Lee Kai-kit of Henderson Land.
Forms Syntron is conducting a HK$940 million listing in Hong Kong, with its shares set to debut on September 22. Cheng and Lee committed to purchasing HK$40 million and HK$39.6 million worth of shares respectively, securing guaranteed allocations in return for a mandatory six-month holding period. They were joined by private investment firm Thalassa Capital and Hong Kong-listed LCD manufacturer Yeebo International Holdings as cornerstone investors.
Lee has become a prominent figure in Hong Kong’s listings market, having participated as a cornerstone investor in several recent high-profile IPOs. Notably, his investment through a wholly owned private vehicle in XtaliPi in 2024 marked the first technology company to list under Hong Kong’s Chapter 18C rules, which accommodate innovative firms in high-tech industries.
Market activity in Hong Kong’s broader IPO landscape has rebounded strongly in 2026, with total funds raised exceeding HK$340 billion in the first eight months. This renewed momentum has attracted attention to tycoons and family offices as key players in the fundraising process.
Forms Syntron noted that it engaged with these prominent investors through existing business relationships, introductions from corporate partners, and the global offering underwriters as part of its regular business and investment development efforts.
The fintech firm, which primarily serves the banking sector, is offering 58.9 million new shares at a maximum price of HK$16 each. This represents a 40 percent discount compared to the closing price of its shares on the Shenzhen stock exchange, which traded at 23.02 yuan (approximately HK$26.90) on the last trading day before the Hong Kong IPO announcement.
Proceeds from the listing will support the company’s research and development, enhance operational capabilities over the next three to five years, expand international sales across mainland China and overseas markets, and enable potential strategic technology acquisitions.
Although Forms Syntron’s headquarters are in mainland China and it is already listed on the A-share market, the firm maintains strong ties to Hong Kong. Founder and chairman Chow Chi-kwan grew up in the city and holds a bachelor’s degree from the Chinese University of Hong Kong. He is also a non-official member of Hong Kong’s Digital Economy Development Committee.
Established in 2003, Forms Syntron provides fintech software development, consulting, and systems integration services to banks, financial regulators, and other financial institutions in mainland China and Hong Kong. The Hong Kong market now generates more than 80 percent of the company’s total revenue. Its client base primarily consists of financial institutions and non-bank financial firms.
In 2025, Forms Syntron reported revenue of 630 million yuan, a decrease from 740 million yuan in 2024. However, its full-year net profit rose 10.3 percent year-on-year to 74 million yuan. The company secured 221 new projects in 2025, compared with 297 in the previous year.