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

Hong Kong’s young tycoons are increasingly involved in the city’s initial public offering market, diversifying their investments beyond traditional sectors to technology and digital finance. Cheng Chi-heng of New World Development and Peter Lee Ka-kit of Henderson Land acted as cornerstone investors in Shenzhen Forms Syntron Information’s HK$940 million listing.

Both men committed to holding their shares for six months and purchased HK$40 million and HK$39.6 million worth of shares, respectively. Thalassa Capital and LCD manufacturer Yeebo International Holdings also participated in the HK$940 million (US$119.8 million) offering. Peter Lee, known for his active involvement in Hong Kong’s IPO market, has previously served as a cornerstone investor in high-profile debuts like XtalPi in 2024.

Forms Syntron, a fintech service provider catering to the banking industry, aims to use the raised capital for research and development, expanding its international sales across mainland China and overseas, and potential strategic technology acquisitions. Founded in 2003 and headquartered in mainland China, the company has a strong presence in Hong Kong, with Hong Kong accounting for over 80% of its total revenue.

The Hong Kong market now generates more than 80% of the company’s revenue, primarily from financial institutions and non-bank financial firms. In 2025, Forms Syntron recorded revenue of 630 million yuan (US$93.9 million), a decrease from 740 million yuan in 2024, but its net profit rose 10.3% year on year to 74 million yuan. The company expects to list its shares on September 22, offering 58.9 million shares at a price of HK$16 each, a 40% discount compared to its Shenzhen-listed closing price of 23.02 yuan (US$3.43) on Friday.