China's Sanhua Intelligent Controls goes public on HKEX

Shanghai (Gasgoo)- On June 23, Zhejiang Sanhua Intelligent Controls Co., Ltd. ("Sanhua Intelligent Controls") celebrated its public listing on the Main Board of the Stock Exchange of Hong Kong Limited, marking a significant milestone in the company's globalization strategy and the completion of its dual listing on both A-share and H-share markets.

Founded in 1994 and first listed on the Shenzhen Stock Exchange in 2005, Sanhua Intelligent Controls specializes in the development of refrigeration control components and automotive thermal management system parts. The company holds a leading position in these niche global markets and has been actively expanding into emerging areas such as bionic robot electromechanical actuators. Its core products are widely used in HVAC (heating, ventilation, and air conditioning systems), home appliances, and new energy vehicle thermal management applications.

The Hong Kong IPO involves a global offering of approximately 414.38 million shares, priced at HK$22.53 per share. The company attracted 17 cornerstone investors, including global institutional players such as Schroders and GIC, with total subscriptions reaching approximately US$562 million. Schroders led the cornerstone tranche with a US$142 million investment.

During the track record period, Sanhua Intelligent Controls delivered steady financial growth. From 2022 to 2024, revenue rose from 21.348 billion yuan to 27.947 billion yuan, reflecting a compound annual growth rate of 14.4%. Gross profit increased from 5.462 billion yuan to 7.621 billion yuan, maintaining a margin above 25%. Net profit exceeded 2.6 billion yuan for three consecutive years, reaching 3.112 billion yuan in 2024, with net margins consistently above 11%. Overseas sales have accounted for around 45% of total revenue over the past three years.

Looking ahead, the company reaffirmed its confidence in the global trend toward low-carbon and intelligent development. The company views the Hong Kong listing as a springboard to accelerate progress in intelligent, green, and high-efficiency manufacturing. It aims to sharpen its focus on core businesses, enhance technological innovation, advance product development, and drive digital transformation—deepening integration into global industrial and value chains while using strategic clarity to navigate an increasingly uncertain environment.