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

Hong Kong’s younger generation of tycoons is becoming increasingly active in the city’s initial public offering market through family offices and private investments. But their investments extend beyond the property and traditional financial sectors associated with their predecessors, into technology and digital finance.Prominent business leaders Cheng Chi-heng of New World Development and Peter Lee Ka-kit of Henderson Land participated as cornerstone investors in Shenzhen Forms Syntron Information’s HK$940 million (US$119.8 million) Hong Kong listing, according to the company’s official filing on Monday.In exchange for guaranteed share allocations and a mandatory commitment to hold the stocks for at least six months, Cheng and Lee agreed to buy HK$40 million and HK$39.6 million worth of shares, respectively. They were joined by private investment firm Thalassa Capital and Hong Kong-listed LCD manufacturer Yeebo International Holdings.Lee has been particularly active in Hong Kong’s IPO market in recent years. Through his wholly-owned private investment vehicle, he has served as a cornerstone investor in several high-profile debuts, including XtalPi in 2024 – the first specialist technology company to list under Hong Kong’s Chapter 18C rules designed for innovative firms in hi-tech industries.As the city’s broader IPO market stages a robust recovery in 2026 – with total funds raised surpassing HK$340 billion in the first eight months – tycoons and family offices are drawing renewed market attention.Forms Syntron said it met these high-profile investors through business connections, introductions by corporate partners and global offering underwriters during its regular business and investment activities.Cheng Chi-heng, non-executive director of New World Development and vice-chairman and executive director of the jewellery giant Chow Tai Fook, poses at the retailer’s office in Central, Hong Kong. Photo: May TseThe financial technology service provider, which caters to the banking industry, has started taking investor orders for its Hong Kong listing and expects its trading debut on September 22. It is offering 58.9 million shares at a maximum price of HK$16 each, according to its listing document. The price marks a 40 per cent discount compared with the 23.02 yuan (US$3.43) closing price of its Shenzhen-listed shares on Friday.The company plans to channel the capital raised into research and development, operational capabilities over the next three to five years, international sales expansion across mainland China and overseas markets, and potential strategic technology acquisitions.