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 | Crealights |
|---|---|
| Stock Code | 01191 |
| Company Full Name | Crealights Technology Co., Ltd. |
| Industry | 光電互連 |
| Principal Activities | We are a provider of optoelectronic interconnect products, offering optical modules, AOCs and other products. Our products are widely used in AI data centers to support high-speed, high-density and high-energy-efficient data transmission. We have established end-to-end technical capabilities from chip design to optical module manufacturing, and focus on the silicon photonics technology field. |
| Listing Date | 2026-06-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省蘇州市蘇州工業園區月亮灣美頌花園6棟302室 |
| Business Address (Hong Kong) | 香港中環皇后大道中99號中環中心62樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.crealights.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 114.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 5,700 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-18 to 2026-06-24 |
| Global Offering Shares | 13,431,500 shares |
| HK Public Offer Shares (Initial) | 1,343,150 shares (10.0%) |
| Public Offer Lots (Initial) | 26,863lots (Pool A13,431lots，Pool B13,432lots) |
| International Placing Shares (Initial) | 12,088,350 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 89,542,045 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 |
| Cornerstone Share | 50.3% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,531,191,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 5,700 |
| 2 lots | 100 | HK$ 11,400 |
| 3 lots | 150 | HK$ 17,100 |
| 4 lots | 200 | HK$ 22,800 |
| 5 lots | 250 | HK$ 28,500 |
| 6 lots | 300 | HK$ 34,200 |
| 7 lots | 350 | HK$ 39,900 |
| 8 lots | 400 | HK$ 45,600 |
| 9 lots | 450 | HK$ 51,300 |
| 10 lots | 500 | HK$ 57,000 |
| 12 lots | 600 | HK$ 68,400 |
| 14 lots | 700 | HK$ 79,800 |
| 16 lots | 800 | HK$ 91,200 |
| 18 lots | 900 | HK$ 102,600 |
| 20 lots | 1,000 | HK$ 114,000 |
| 40 lots | 2,000 | HK$ 228,000 |
| 60 lots | 3,000 | HK$ 342,000 |
| 80 lots | 4,000 | HK$ 456,000 |
| 100 lots | 5,000 | HK$ 570,000 |
| 120 lots | 6,000 | HK$ 684,000 |
| 140 lots | 7,000 | HK$ 798,000 |
| 160 lots | 8,000 | HK$ 912,000 |
| 180 lots | 9,000 | HK$ 1,026,000 |
| 200 lots | 10,000 | HK$ 1,140,000 |
| 300 lots | 15,000 | HK$ 1,710,000 |
| 400 lots | 20,000 | HK$ 2,280,000 |
| 500 lots | 25,000 | HK$ 2,850,000 |
| 600 lots | 30,000 | HK$ 3,420,000 |
| 700 lots | 35,000 | HK$ 3,990,000 |
| 800 lots | 40,000 | HK$ 4,560,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 45,000 | HK$ 5,130,000 |
| 1,000 lots | 50,000 | HK$ 5,700,000 |
| 2,000 lots | 100,000 | HK$ 11,400,000 |
| 3,000 lots | 150,000 | HK$ 17,100,000 |
| 4,000 lots | 200,000 | HK$ 22,800,000 |
| 5,000 lots | 250,000 | HK$ 28,500,000 |
| 6,000 lots | 300,000 | HK$ 34,200,000 |
| 8,000 lots | 400,000 | HK$ 45,600,000 |
| 10,000 lots | 500,000 | HK$ 57,000,000 |
| 13,431 lots | 671,550 | HK$ 76,556,700 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 8.19B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,207,793,130 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 100.1 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 115,900,000 |
| Listing Expenses / Funds Raised | ~7.57% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 53.4% will be used to expand our production capacity for optical modules and other optical interconnect products and to enhance the automation level of each product line (approximately HK$756.3 million), with the remainder to be used for other purposes. |
Underwriting Syndicate
Sole Sponsor (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Overall Coordinators (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Joint Global Coordinators (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Joint Bookrunners (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Joint Lead Managers (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Capital Market Intermediaries (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Stabilizing Manager (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
普衡律师事务所（香港）有限法律责任合伙 国浩律师（南京）事务所 |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| 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 | Gram Capital Limited CE BBX925 |
| Receiving Banks |
中国银行（香港）有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | （港元）(1)(2)基于发售价114.00港元JSC International Investment Fund SPC（为及代表Jingxin SP） | 250,000,000 HKD | 2,192,950 | 16.33% | 2.45% | 6 months | 2026-12-29 |
| 2 | 双赢科技 | 200,000,000 HKD | 1,754,350 | 13.06% | 1.96% | 6 months | 2026-12-29 |
| 3 | 金山云网络 | 39,172,500 HKD | 343,600 | 2.56% | 0.38% | 6 months | 2026-12-29 |
| 4 | UBS AM Singapore | 156,690,000 HKD | 1,374,450 | 10.23% | 1.53% | 6 months | 2026-12-29 |
| 5 | Perseverance Asset Management | 78,345,000 HKD | 687,200 | 5.12% | 0.77% | 6 months | 2026-12-29 |
| 6 | 易方达 | 391,000,000 HKD | 72,500 | 3.00% | 3.00% | 6 months | 2026-12-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 胡朝陽 | — |
| Company Secretary | 陳樂彤 | — |
| Executive Director | 胡朝阳 | Hu Zhaoyang |
| Non-Executive Director | 吴皓南 | Ng Ho Nam |
| Independent Non-Executive Director | 徐浩萍 | Xu Haoping |
| Executive Director | 胡勇 | Hu Yong |
| Independent Non-Executive Director | 王飞 | Wang Fei |
| Executive Director | 周红 | Zhou Hong |
| Independent Non-Executive Director | 张维 | Zhang Wei |
| Executive Director | 孙旭 | Sun Xu |
| Independent Non-Executive Director | 赵秀秀 | Zhao Xiuxiu |
| Executive Director | 郭青松 | Guo Qingsong |
| Independent Non-Executive Director | 张谢娟 | Zhang Xiejuan |
| Independent Non-Executive Director | 魏善林 | Wei Shanlin |
Major Shareholders
| Major Shareholders & Holdings | The principal shareholders include Dr. Hu Chaoyang (controlling approximately 17.95% through direct shareholding and an employee incentive platform), Suzhou Ronglian Chuangtou holding 5.91%, Tianjin TEDA holding 5.61%, Jiangsu Bohua, Beijing Information Development Fund and Beijing Economic-Technological Development Area Industrial Upgrading Fund Phase II each holding 4.79%, and other shareholders. |
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