| Stock Name | Tongshifu |
|---|---|
| Stock Code | 00664 |
| Company Full Name | Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. |
| Industry | Consumer Discretionary |
| Principal Activities | We (i.e., 銅師傅) have, since our establishment, been focused on combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products. According to the Frost & Sullivan report, for the year ended December 31, 2024, we ranked first in the China copper cultural and creative craft products market in terms of total revenue, with a market share of 35.0%. |
| Listing Date | 2026-03-31 |
| 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 建德市 洋溪街道雅鼎路777號 |
| Business Address (Hong Kong) | 灣仔 皇后大道東183號 合和中心 46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | tongshifu.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 Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 60.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 6,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-23 to 2026-03-26 |
| Global Offering Shares | 7,406,800 shares |
| HK Public Offer Shares (Initial) | 740,700 shares (10.0%) |
| Public Offer Lots (Initial) | 7,407lots (3,703lots, 3,704lots) |
| International Placing Shares (Initial) | 6,666,100 shares (90.0%) |
| Offer Ratio | ~11.5% |
| Total Shares Post-IPO | 64,406,800 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 6.8% |
| Clawback Tiers | Clawback tier A |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 444,408,000 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,000 |
| 2 lots | 200 | HK$ 12,000 |
| 3 lots | 300 | HK$ 18,000 |
| 4 lots | 400 | HK$ 24,000 |
| 5 lots | 500 | HK$ 30,000 |
| 6 lots | 600 | HK$ 36,000 |
| 7 lots | 700 | HK$ 42,000 |
| 8 lots | 800 | HK$ 48,000 |
| 9 lots | 900 | HK$ 54,000 |
| 10 lots | 1,000 | HK$ 60,000 |
| 15 lots | 1,500 | HK$ 90,000 |
| 20 lots | 2,000 | HK$ 120,000 |
| 25 lots | 2,500 | HK$ 150,000 |
| 30 lots | 3,000 | HK$ 180,000 |
| 35 lots | 3,500 | HK$ 210,000 |
| 40 lots | 4,000 | HK$ 240,000 |
| 45 lots | 4,500 | HK$ 270,000 |
| 50 lots | 5,000 | HK$ 300,000 |
| 60 lots | 6,000 | HK$ 360,000 |
| 70 lots | 7,000 | HK$ 420,000 |
| 80 lots | 8,000 | HK$ 480,000 |
| 90 lots | 9,000 | HK$ 540,000 |
| 100 lots | 10,000 | HK$ 600,000 |
| 200 lots | 20,000 | HK$ 1,200,000 |
| 300 lots | 30,000 | HK$ 1,800,000 |
| 400 lots | 40,000 | HK$ 2,400,000 |
| 500 lots | 50,000 | HK$ 3,000,000 |
| 600 lots | 60,000 | HK$ 3,600,000 |
| 700 lots | 70,000 | HK$ 4,200,000 |
| 800 lots | 80,000 | HK$ 4,800,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 90,000 | HK$ 5,400,000 |
| 1,000 lots | 100,000 | HK$ 6,000,000 |
| 1,200 lots | 120,000 | HK$ 7,200,000 |
| 1,400 lots | 140,000 | HK$ 8,400,000 |
| 1,600 lots | 160,000 | HK$ 9,600,000 |
| 1,800 lots | 180,000 | HK$ 10,800,000 |
| 2,000 lots | 200,000 | HK$ 12,000,000 |
| 2,500 lots | 250,000 | HK$ 15,000,000 |
| 3,000 lots | 300,000 | HK$ 18,000,000 |
| 3,703 lots | 370,300 | HK$ 22,218,000 |
| HK Market Cap | HK$ 1.38B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 87% |
| Analysis Result | Market cap below threshold (gap 87%) |
| Market Cap (at Offer Price) | HK$ 3,864,408,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,733,632,060 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 78.98 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 56,100,000 |
| Listing Expenses / Funds Raised | ~12.62% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 30.5 |
|---|---|
| First Day Open | HK$ 35.42 |
| First Day Change | -49.17% |
| First Day Volume | 2897000.0 |
| First Day Turnover | 111474000.0 |
| Use of Proceeds | 1、約38.0%（相當于約158.8百萬港元）分配用于提升產品開發及設計能力，其乃增長策略的基礎； 2、約24.0%（相當于約100.3百萬港元）分配用于提升內部產能及加強需求預測與制造產出的一致性，從而提高履約靈活性并支持長期產品供應； 3、約24.0%（相當于約100.3百萬港元）分配用于擴大及加強零售及營銷基礎設施，重點鞏固在中國的直營店網絡、加快國際化布局及增強數字化營銷和內容開發能力； 4、約4.0%（相當于約16.7百萬港元）分配用于加強數字化和信息基礎設施； 5、約10.0%（相當于約41.8百萬港元）將保留用于一般營運資金及運營靈活性。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 建投国际(香港)有限公司 | 30,000,000 HKD | — | 6.75% | — | 6 months | 2026-09-30 |
| Chairman | 俞光 |
|---|---|
| Company Secretary | 徐佳穎 |
| Major Shareholders & Holdings | Mr. Yu holds 23.24% of the H share interests; Shunwei holds 11.85% of the H share interests; Tianjin Jinmi holds 8.46% of the H share interests; Beijing Hezhong holds 3.12% of the domestic non-listed share interests; Shanghai Ruma holds 0.27% of the domestic non-listed share interests. |
|---|
市场情绪
The IPO saw a significant oversubscription ratio of 59.55x, indicating strong retail demand. The overall hit rate of 11.43% is relatively low, reflecting high competition for the modest 10% HK public offering tranche. Pricing at the top of the range contributed to the enthusiastic reception. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A notable tier anomaly is evident: the expected lots at the A-tier tail (0.2778 for 70,000 lots applied) are lower than at the B-tier head (0.4058 for 80,000 lots applied), meaning the per-lot allocation is less favorable for top A-tier applicants. This slight inefficiency may prompt large applicants to size their subscriptions just into the B-tier for a better expected allocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
The demographic breakdown was not available in the provided data, with mainland China and Hong Kong participation rates both showing zero. Without this information, it is impossible to draw conclusions about regional concentration or investor profile trends commonly observed in Hong Kong IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
