Deloitte China assists listing of TRANSWARP on SEHK
The 1st A-share listed company to list in HK under Chapter 18C rules
Deloitte China supported the listing of Transwarp Technology (Shanghai) Co., Ltd. (TRANSWARP, stock code: 06727.HK, 688031.SH) on the Stock Exchange of Hong Kong (SEHK) on 21 September 2026. TRANSWARP is the 1st A-share listed company to list under Chapter 18C of the Main Board Listing Rules of Hong Kong Stock Exchange. This chapter provides a, listing pathway for specialist technology companies in Hong Kong.
In this global offering, TRANSWARP offered 14,010,800 shares with each share at an offer price of HKD49, raising approximately HKD687 million.
From left:
Michelle Yang, Deloitte China’s Audit senior manager of TRANSWARP engagement
Frederick Mang, Deloitte China’s signing partner of TRANSWARP engagement
Li Yiduo, TRANSWARP’s CFO (executive director)
Sun Yunhao, TRANSWARP’s founder and chairman of the Board (executive director)
Alan Ni, Deloitte China’s lead client service partner of TRANSWRAP engagement
Sgal Qu, Audit partner of TRANSWARP engagement
From left: Sgal Qu, Alan Ni, Li Yiduo, Sun Yuanhao, Frederick Mang and Michelle Yang
From left: Sgal Qu, Alan Ni, Su Xin, TRANSWARP’s Finance manager; Li Yiduo, Frederick Mang and Michelle Yang
Client overview
TRANSWARP was listed on the SSE STAR Market of the Shanghai Stock Exchange on 18 October 2022. It is an enterprise-grade big data and AI infrastructure software company that designs, develops and delivers full-stack big data platforms, distributed databases and AI infrastructure products and solutions, serving over 1,800 end customers across multiple countries and regions around the world.
According to Frost & Sullivan, in terms of revenue, TRANSWARP was the 5th largest AI infrastructure software provider in China with a market share of 2.7% in 2025.
Source: TRANSWARP’s IPO prospectus published on 17 September 2026
Deloitte's role
During the process of listing TRANSWARP in Hong Kong, Deloitte China, as the reporting accountant, has been deeply involved in all critical stages, from the initiation and preparation to the successful offering and listing. Engagement teams from Audit & Assurance, Capital Market Services Group, Quality Review, Technical, Internal Control Advisory, Tax Review and Valuation Review responded promptly, collaborated closely, delivering continuous, high-quality integrated professional support, to support TRANSWARP to become the 1st A-share listed company to list in Hong Kong under the Chapter 18C rules.
TRANSWARP’s successful listing on the Hong Kong capital market fully demonstrates Deloitte China’s outstanding cross-market professional service capabilities and extensive experience in the infrastructure software sector, in supporting A-share listed companies to issue H shares in Hong Kong and execute cross-market capital operations.
Deloitte China congratulates TRANSWARP on its successful listing on the SEHK. We will continue to provide high-quality professional services and outstanding resources integration to assist more clients to stay one-step ahead in today's increasingly competitive and complex business environment.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see About Deloitte to learn more.
Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit, tax and consulting services.
We serve with integrity, uphold quality and strive to innovate. With our professional excellence, insight across industries, and intelligent technology solutions, we help clients and partners from many sectors seize opportunities, tackle challenges and attain world-class, high-quality development goals.
The Deloitte brand originated in 1845, and its name in Chinese (德勤) denotes integrity, diligence and excellence. Deloitte's global professional network of member firms now spans more than 150 countries and territories. Through our mission to make an impact that matters, we help reinforce public trust in capital markets, enable clients to transform and thrive, empower talents to be future-ready, and lead the way toward a stronger economy, a more equitable society and a sustainable world.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
