UGREEN Technology reduces holdings and cashes out 400 million yuan ahead of Hong Kong IPO by major shareholder

Sino Finance Zhao Panpan Recently, Shenzhen Lianlian Technology Co., Ltd. (hereinafter referred to as “Lianlian Technology”) submitted its prospectus to the Hong Kong Stock Exchange, planning to complete a dual listing in the “A+H” markets, with Huatai International serving as the exclusive sponsor.

Lianlian Technology is a consumer electronics brand specializing in technology products. Relying on four main product categories—charging creative products, smart office products, smart audio-visual products, and smart storage products—it comprehensively covers various daily application scenarios such as home, travel, office, and entertainment. The company builds an efficient connection between people, devices, and data, providing global users with a seamless digital lifestyle experience.

The company’s business is rooted in the Chinese market and, as of September 30, 2025, it has expanded to over 180 countries and regions worldwide. For the nine months ending September 30, 2025, revenue from China and overseas markets accounted for 40.4% and 59.6% of total revenue, respectively.

According to Frost & Sullivan, as of 2025, the company ranks first globally in the expanded technology consumer electronics market by shipment volume. Specifically, in the global charging product market, the company ranks second based on retail sales in 2025.

According to the prospectus, from 2023 to 2024, Lianlian Technology achieved revenues of 4.801 billion yuan and 6.166 billion yuan, respectively; net profits for the year were 394 million yuan and 460 million yuan.

In the first three quarters of 2025, the company achieved revenue of 6.361 billion yuan, a year-on-year increase of 47.84%; net profit for the period was 467 million yuan, a year-on-year increase of 45.8%.

On January 5th of this year, Lianlian Technology released its 2025 earnings forecast, estimating a net profit attributable to the parent company of between 653 million yuan and 733 million yuan, representing a year-on-year increase of 41.26% to 58.56%.

Notably, during the key stage of its Hong Kong listing, the company’s major shareholders have consecutively reduced their holdings. According to previous announcements, the major shareholder Lianlian Management and its concerted action partners, He Shun No. 4, have completed reductions, selling approximately 6.2236 million shares for about 389 million yuan.

Another major shareholder, Zhuhai Xiheng, plans to reduce no more than 8.2982 million shares, accounting for 2% of the company’s total share capital. As of now, they have reduced 4.0233 million shares, with the remaining reduction quota yet to be executed.