Transwarp Technology (06727) is scheduled to list on the Main Board of the Hong Kong Stock Exchange on September 21, 2026, with an offer price of HK$49.00 per share. On September 18, the Shanghai Stock Exchange issued an adjustment notice for the Stock Connect program, confirming that the company's H-shares will be included in the eligible list for southbound trading, effective from September 21—meaning the stock becomes accessible to mainland investors on the very day of its debut.
According to the Stock Connect adjustment rules, for companies with A-shares listed on the Shanghai Stock Exchange that also issue H-shares in Hong Kong, the H-shares are typically added to the Stock Connect list after the price stabilization period concludes and once the corresponding A-shares have been trading for at least 10 business days. Since Transwarp Technology's A-shares have been listed on the STAR Market since October 18, 2022, and this Hong Kong offering did not include an over-allotment option (commonly known as a "green shoe"), there is no price stabilization period. As a result, the effective date for Stock Connect inclusion aligns with the listing date of September 21.
For A+H companies, the inclusion of H-shares in the Stock Connect program opens a direct channel for mainland investors to participate in H-share trading, which is expected to broaden the company's investor base and enhance trading liquidity.
In the first half of 2026, driven by the accelerating deployment of AI technologies, demand from government and state-owned enterprise clients increased. The company's revenue from software products and technical services grew 25.46% year-on-year to RMB 139 million, accounting for 80.35% of total revenue—up from the previous period. Within this segment, revenue from software product licensing and related services reached RMB 85.77 million, a 46.82% increase year-on-year. This growth helped lift the company's overall revenue by 13.83% to RMB 174 million. Revenue from the government sector surged from RMB 18.49 million in the same period last year to RMB 50.09 million, marking a standout marginal contributor during the period. This shift in revenue composition has strengthened the company's resilience against cyclical fluctuations.
According to data from Frost & Sullivan, based on 2025 revenue figures, Transwarp Technology ranks as China's fifth-largest AI infrastructure software provider, holding a 2.7% market share, and stands as the largest independent software vendor within this group. On the domestic substitution front, the company's ArgoDB V6 database passed a joint security and reliability assessment by the China Information Security Evaluation Center and the National Secrecy Science and Technology Evaluation Center in May 2026, achieving a Distributed Level I rating. This certification positions the product as a compliant and qualified option for domestic database selection in government and critical industries. Combined with its private deployment data foundation platforms and AI stack—including TDH, TDC, TDS, and Sophon—the company offers a full-stack advantage among independent software vendors.
In the first half of 2026, the government sector accounted for approximately 29% of total revenue, serving as an early validation of demand for public data infrastructure and digital government initiatives. In July 2026, the company launched its cognitive database cloud service, which runs a complete relational database on GPUs. According to company disclosures, benchmark tests show performance reaching 20 times that of dual-CPU configurations. This product is driving a strategic transition from a one-time software license model to a usage-based and/or token-based cloud service billing model, targeting AI data engineering, data analytics, and agent development scenarios. The product is currently in trial, with invited testing rolling out to clients across finance, manufacturing, transportation, retail, and biopharmaceutical sectors both domestically and internationally. The company is jointly promoting it with partners including AWS and NVIDIA, setting a goal of establishing benchmark clients in 2026 before scaling up broadly in 2027.
In summary, domestic substitution in the IT sector underpins the company's core revenue base, while the GPU-native cognitive database represents future upside potential. Together, these two pillars form the primary foundation for Transwarp Technology's revenue expansion in the years ahead.