IPO Timeline Raw facts
Company Overview
| Stock Name | Axera |
|---|---|
| Stock Code | 00600 |
| Company Full Name | Axera Semiconductor Co Ltd |
| Industry | Information Technology |
| Principal Activities | We are a supplier of AI inference SoCs, focusing on developing high-performance perception and computing platforms for edge computing and AI applications in end devices. |
| Listing Date | 2026-02-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 浙江省 寧波市 鎮海區莊市街道 中官西路777號 科創大廈17樓59室 |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號時代廣場 二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.axera-tech.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 28.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,820 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-30 to 2026-02-05 |
| Global Offering Shares | 104,915,200 shares |
| HK Public Offer Shares (Initial) | 10,491,600 shares (10.0%) |
| Public Offer Lots (Initial) | 104,916lots (Pool A52,458lots，Pool B52,458lots) |
| International Placing Shares (Initial) | 94,423,600 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 587,760,481 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 48.8% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,958,608,640 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,820 |
| 2 lots | 200 | HK$ 5,640 |
| 3 lots | 300 | HK$ 8,460 |
| 4 lots | 400 | HK$ 11,280 |
| 5 lots | 500 | HK$ 14,100 |
| 6 lots | 600 | HK$ 16,920 |
| 7 lots | 700 | HK$ 19,740 |
| 8 lots | 800 | HK$ 22,560 |
| 9 lots | 900 | HK$ 25,380 |
| 10 lots | 1,000 | HK$ 28,200 |
| 20 lots | 2,000 | HK$ 56,400 |
| 30 lots | 3,000 | HK$ 84,600 |
| 40 lots | 4,000 | HK$ 112,800 |
| 50 lots | 5,000 | HK$ 141,000 |
| 60 lots | 6,000 | HK$ 169,200 |
| 70 lots | 7,000 | HK$ 197,400 |
| 80 lots | 8,000 | HK$ 225,600 |
| 90 lots | 9,000 | HK$ 253,800 |
| 100 lots | 10,000 | HK$ 282,000 |
| 200 lots | 20,000 | HK$ 564,000 |
| 300 lots | 30,000 | HK$ 846,000 |
| 400 lots | 40,000 | HK$ 1,128,000 |
| 500 lots | 50,000 | HK$ 1,410,000 |
| 600 lots | 60,000 | HK$ 1,692,000 |
| 700 lots | 70,000 | HK$ 1,974,000 |
| 800 lots | 80,000 | HK$ 2,256,000 |
| 900 lots | 90,000 | HK$ 2,538,000 |
| 1,000 lots | 100,000 | HK$ 2,820,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 5,640,000 |
| 3,000 lots | 300,000 | HK$ 8,460,000 |
| 4,000 lots | 400,000 | HK$ 11,280,000 |
| 5,000 lots | 500,000 | HK$ 14,100,000 |
| 6,000 lots | 600,000 | HK$ 16,920,000 |
| 7,000 lots | 700,000 | HK$ 19,740,000 |
| 8,000 lots | 800,000 | HK$ 22,560,000 |
| 9,000 lots | 900,000 | HK$ 25,380,000 |
| 10,000 lots | 1,000,000 | HK$ 28,200,000 |
| 20,000 lots | 2,000,000 | HK$ 56,400,000 |
| 30,000 lots | 3,000,000 | HK$ 84,600,000 |
| 52,458 lots | 5,245,800 | HK$ 147,931,560 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 10.98B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,574,845,564 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 904.2 million (2024) |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 28.2 |
|---|---|
| First Day Open | HK$ 28.2 |
| First Day Change | -23.76% |
| First Day Volume | 22587400.0 |
| First Day Turnover | 635410000.0 |
| Use of Proceeds | 1、約60.0%（或1,674.1百萬港元）將用于投資優化公司現有的技術平臺，主要對公司的現有產品進行逐步改進以提升性能及效率，及推出新產品；
2、約15.0%（或418.5百萬港元）將用于投資研發項目，主要以開發擴大公司的業務范圍的新技術；
3、約5.0%（或139.5百萬港元）將用于公司的銷售擴張；
4、約10.0%（或279.0百萬港元）將用于股權投資或收購，旨在進一步整合上下游行業資源；
5、約10.0%（或279.0百萬港元）將用于營運資金及其他一般公司用途。 |
Underwriting Syndicate
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Desay SV Automotive Singapore Pte. Ltd. | 77,978,640 HKD | — | 2.64% | — | 6 months | 2026-08-10 |
| 2 | Factorial Master Fund | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 3 | GRANITE ASIA IX VCC | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 4 | Hel Ved Master Fund | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 5 | Jinyi Capital Multi-Strategy Fund SPC Ltd. | 15,594,600 HKD | — | 0.53% | — | 6 months | 2026-08-10 |
| 6 | Joyson Electronics Holdings Hong Kong Limited | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 7 | JSC International Investment Fund SPC | 210,544,020 HKD | — | 7.12% | — | 6 months | 2026-08-10 |
| 8 | Jupiter Global Master Fund Ltd. | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 9 | NGS Super Pty Limited | 155,957,280 HKD | — | 5.27% | — | 6 months | 2026-08-10 |
| 10 | NonaVerse (Hong Kong) Limited | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 11 | Valliance Asset Management Limited | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 12 | 明山资本有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 13 | 青岛观澜投资管理有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 14 | 深圳市豪恩科技集团股份有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 15 | 韦尔半导体香港有限公司 | 272,928,060 HKD | — | 9.22% | — | 6 months | 2026-08-10 |
| 16 | 新马服装国际有限公司 | 272,928,060 HKD | — | 9.22% | — | 6 months | 2026-08-10 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | QIU Xiaoxin | — |
| Company Secretary | 施曉燁 | — |
Major Shareholders
| Major Shareholders & Holdings | Dr. QIU controls approximately 18.70% of the H shares through entities such as Shanghai Jinling, and is the single largest shareholder group. Wehao Chuangxin holds approximately 12.54% of the H shares in aggregate through the Wehao entities. |
|---|
Market Sentiment
The IPO was heavily oversubscribed at 104.82 times, signaling intense retail demand. A final hit rate of 47.4% indicates that nearly half of applicants received shares, relatively high for such oversubscription, possibly due to reallocation. The fixed offer price of HKD 28.20 suggests no range setting, reflecting confident issuer pricing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable inefficiency exists between the A-pool tail (甲尾) and B-pool head (乙头): both tiers average only 1.0 expected lot per application despite the B-head requiring twice the subscription amount (HKD 200,000 vs. HKD 100,000). This flat allocation curve means that marginal capital deployment into the B-head yields no additional share allocation, making the A-tail far more capital-efficient. Investors should also consider that broker fee structures may further tilt cost efficiency, as larger subscription amounts might incur higher financing costs without corresponding allocation benefits. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic breakdown data, including mainland China participation rate and geographic distribution, was not available for this IPO. Without such information, no meaningful patterns regarding investor origins or trends can be inferred. Future analyses may benefit from richer applicant profile disclosures. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
