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.