Forms Syntron draws Hong Kong’s next-gen tycoons in HK$940 million IPO

Hong Kong's newest wave of tech entrepreneurs is driving the city's initial public offering market through family offices and private investments. Shenzhen Forms Syntron Information's HK$940 million ($119.8 million) Hong Kong listing attracted the participation of prominent business leaders Cheng Chi-heng of New World Development and Peter Lee Ka-kit of Henderson Land.

In exchange for guaranteed share allocations and a six-month holding commitment, Cheng and Lee each purchased HK$40 million and HK$39.6 million worth of shares, respectively. Additional investors included Thalassa Capital and LCD manufacturer Yeebo International Holdings.

Lee, known for his active involvement in Hong Kong's IPO market, led several high-profile debut investments, such as XtalPi in 2024 – the first technology-focused company to list under Hong Kong's Chapter 18C rules. As the broader IPO market experiences a resurgence in 2026, tycoons and family offices are once again turning their attention to the city's financial opportunities.

Forms Syntron, a financial technology firm catering to the banking industry, targets the banking sector with its software development, consulting, and systems integration services. The company, which already operates in mainland China and Hong Kong, aims to use the raised capital for research and development, operational improvements, international expansion, and potential acquisitions.

Headquartered in mainland China, Forms Syntron has a strong connection to Hong Kong, with its founder and chairman, Chow Chi Kwan, growing up in the city and holding a bachelor's degree from the Chinese University of Hong Kong. The Hong Kong market now generates over 80% of the company's revenue, primarily through financial institutions and non-bank financial firms.

Despite a slight decline in annual revenue and net profit from 2024, the company secured 221 new projects in 2025, marking a positive trend for its future growth.