IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | SDMC |
|---|---|
| Stock Code | 00901 |
| Company Full Name | Shenzhen SDMC Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | We are a smart home product provider serving enterprise customers, committed to enhancing home application experiences through intelligent technology. The smart home products we provide include hardware and software products. During the Track Record Period, our revenue was primarily derived from the sale of hardware products, namely digital video equipment and network communication equipment. |
| Listing Date | 2026-05-27 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 1st Floor, Building 5, Hengtongfa Industrial Zone, Tangtou Industrial Park, Tangtou Community, Shiyan Street, Bao'an District, Shenzhen, Guangdong Province, China |
| Business Address (Hong Kong) | Room 1920, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
| Place of Incorporation | PRC |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | sdmctech.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 32.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,280 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-18 to 2026-05-21 |
| Global Offering Shares | 19,207,300 shares |
| HK Public Offer Shares (Initial) | 1,920,800 shares (10.0%) |
| Public Offer Lots (Initial) | 19,208lots (Pool A9,604lots，Pool B9,604lots) |
| International Placing Shares (Initial) | 17,286,500 shares (90.0%) |
| Offer Ratio | ~0.28% |
| Total Shares Post-IPO | 209,540,070 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 629,999,440 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,280 |
| 2 lots | 200 | HK$ 6,560 |
| 3 lots | 300 | HK$ 9,840 |
| 4 lots | 400 | HK$ 13,120 |
| 5 lots | 500 | HK$ 16,400 |
| 6 lots | 600 | HK$ 19,680 |
| 7 lots | 700 | HK$ 22,960 |
| 8 lots | 800 | HK$ 26,240 |
| 9 lots | 900 | HK$ 29,520 |
| 10 lots | 1,000 | HK$ 32,800 |
| 15 lots | 1,500 | HK$ 49,200 |
| 20 lots | 2,000 | HK$ 65,600 |
| 25 lots | 2,500 | HK$ 82,000 |
| 30 lots | 3,000 | HK$ 98,400 |
| 35 lots | 3,500 | HK$ 114,800 |
| 40 lots | 4,000 | HK$ 131,200 |
| 45 lots | 4,500 | HK$ 147,600 |
| 50 lots | 5,000 | HK$ 164,000 |
| 60 lots | 6,000 | HK$ 196,800 |
| 70 lots | 7,000 | HK$ 229,600 |
| 80 lots | 8,000 | HK$ 262,400 |
| 90 lots | 9,000 | HK$ 295,200 |
| 100 lots | 10,000 | HK$ 328,000 |
| 200 lots | 20,000 | HK$ 656,000 |
| 300 lots | 30,000 | HK$ 984,000 |
| 400 lots | 40,000 | HK$ 1,312,000 |
| 500 lots | 50,000 | HK$ 1,640,000 |
| 600 lots | 60,000 | HK$ 1,968,000 |
| 700 lots | 70,000 | HK$ 2,296,000 |
| 800 lots | 80,000 | HK$ 2,624,000 |
| 900 lots | 90,000 | HK$ 2,952,000 |
| 1,000 lots | 100,000 | HK$ 3,280,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,560,000 |
| 3,000 lots | 300,000 | HK$ 9,840,000 |
| 4,000 lots | 400,000 | HK$ 13,120,000 |
| 5,000 lots | 500,000 | HK$ 16,400,000 |
| 6,000 lots | 600,000 | HK$ 19,680,000 |
| 7,000 lots | 700,000 | HK$ 22,960,000 |
| 8,000 lots | 800,000 | HK$ 26,240,000 |
| 9,604 lots | 960,400 | HK$ 31,501,120 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 13.27B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,872,914,295 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 239.2 million |
| Period-End Cash Balance | RMB 273.35 million |
| Listing Expenses | ~HK$ 60,000,000 |
| Listing Expenses / Funds Raised | ~9.5% |
| Total Pre-IPO Investment | RMB 26.15 million |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 25% for enhancing market position and new products, approx. 35% for AI technology application, approx. 20% for global expansion, approx. 10% for investments in upstream/downstream players, approx. 10% for working capital. |
Underwriting Syndicate
Sole Sponsor (1)
中信建投（国际）融资有限公司 CE BAU112(sole)
Overall Coordinators (1)
中信建投（国际）融资有限公司 CE BAU112(sole)
Joint Global Coordinators (1)
中信建投（国际）融资有限公司 CE BAU112(sole)
Joint Bookrunners (8)
Joint Lead Managers (8)
Capital Market Intermediaries (9)
中信建投（国际）融资有限公司 CE BAU112
CMB International Capital Limited CE AVM940
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
CNCB (Hong Kong) Capital Limited CE AEQ982
GET NICE SECURITIES LIMITED CE AAA847
FORTHRIGHT SECURITIES COMPANY LIMITED CE BGP713
ROOFER SECURITIES LIMITED CE AER871
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Han Kun Law Offices LLP Zhong Lun Law Firm |
| Legal Advisor to Sponsors/Underwriters |
盛德律师事务所 金杜律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Jun Hui International Finance Limited CE BOE739 |
| Receiving Banks |
中国银行（香港）有限公司 中信银行（国际）有限公司 |
| H Share Registrar | 卓佳证券登记有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Yin Renyong | Mr. Yin Renyong |
| Company Secretary | Ms. Li Jianyi | Ms. Li Jianyi |
| Executive Director | 李波 | Li Bo |
| Independent Non-Executive Director | 陆佩然 | Luk Pui Yin Grace |
| Executive Director | 严志康 | Yan Zhikang |
| Independent Non-Executive Director | 尹仁勇 | Yin Renyong |
| Executive Director | 李军 | Li Jun |
| Independent Non-Executive Director | 郑潜 | Zheng Qian |
| Executive Director | 党慧 | Dang Hui |
Major Shareholders
| Major Shareholders & Holdings | Mr. Li (Li Bo) directly holds 50,286,768 unlisted shares (representing 26.42%) and indirectly holds 19,402,800 unlisted shares (representing 10.19%) through 智信未來, 凱達雲智, 華智暢聯, 啟航一號 and 啟航二號, in aggregate holding 69,689,568 unlisted shares (representing 36.61%). Upon completion of the Global Offering, Mr. Li will hold 50,286,768 H shares (representing 24.00%) and will hold 19,402,800 H shares (representing 9.26%) through controlled entities, in aggregate holding 69,689,568 H shares (representing 33.26%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO of 华曦达 (00901) saw an extraordinary oversubscription ratio of 1971.99x, indicating fervent market demand. With a hit rate of only 9.63%, the overwhelming majority of applications were unsuccessful, reflecting intense competition for shares. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The expected allocation for 甲尾 (100 lots) was a mere 0.02 lots, while 乙头 (200 lots) expected just 0.026 lots, making the capital inefficiency stark. The marginal gain from doubling the application size is minimal, suggesting that neither tier offered a meaningful allocation advantage. Broker fees would likely negate any tiny allocation, so applicants at these thresholds faced high cost-to-allocation ratios. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Broker fee structures vary and actual costs may differ.)
Demographics
Reported demographic data for this IPO shows zero participants, indicating possible data incompleteness or non-disclosure. As a result, no insights on mainland participation, gender, age, or regional distribution can be drawn. Investors should refer to official HKEX filings for accurate holder demographics. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions.)
