Shenzhen Forms Syntron Information Co., Ltd. updated its listing application with the Hong Kong Stock Exchange on July 5, 2026, marking the second submission of its prospectus materials after an initial filing on December 24, 2025, more than half a year earlier. The prospectus shows that from 2023 to 2025, the company's revenue was 730 million yuan, 740 million yuan, and 631 million yuan respectively, with net profits of 47.38 million yuan, 67.364 million yuan, and 74.281 million yuan. Revenue in 2025 fell about 14.8 percent year-on-year, but profit rose 10.27 percent. In the first quarter of 2026, the company achieved operating revenue of 156 million yuan, up 18.82 percent year-on-year, but net profit attributable to the parent company was 10.611 million yuan, down 17.7 percent, showing revenue growth without profit growth. The company has a high degree of reliance on major clients. In 2023, 2024, 2025, and the three months ended March 31, 2026, revenue from the top five clients accounted for 90.1 percent, 93.7 percent, 89.1 percent, and 86.5 percent of total revenue respectively, with the largest client contributing 41.1 percent, 42.4 percent, 52.7 percent, and 51.8 percent. The share of revenue from overseas markets rose from 60.9 percent in 2023 to 80.6 percent in 2025, almost entirely from Hong Kong. The company's A-share price has fallen about 47.38 percent this year, with the market concerned that the H-share issuance will dilute A-share shareholders' equity and depress valuations.
Shenzhen Forms Syntron Information Co LtdSecond IPO application and potential H-share issuance may dilute A-share equity, depressing valuations; A-share price already down 47.38% this year.