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 | HQVT |
|---|---|
| Stock Code | 01392 |
| Company Full Name | Shenzhen HQVT Technology Co., Ltd. |
| Industry | Information Technology |
| Principal Activities | We are a Chinese multispectral AI technology company that provides multispectral AI modules, multispectral AI sensing terminals and multispectral AI large model services, applied in the pan-security and intelligent sensing fields, to provide customers with higher-dimensional perception and security monitoring. |
| Listing Date | 2026-06-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國深圳市寶安區西鄉街道固戍開發區泰華梧桐工業園8號建築3層 |
| Business Address (Hong Kong) | 香港中環都爹利街11號律敦治中心 — 律敦治大廈18樓1802室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | hqvt.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$ 7.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 3,600 |
| Par Value | RMB 0.0125 / shares |
| Offer Period | 2026-06-11 to 2026-06-16 |
| Global Offering Shares | 85,162,500 shares |
| HK Public Offer Shares (Initial) | 8,516,500 shares (10.0%) |
| Public Offer Lots (Initial) | 17,033lots (Pool A8,516lots，Pool B8,517lots) |
| International Placing Shares (Initial) | 76,646,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 774,208,420 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 613,170,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 3,600 |
| 2 lots | 1,000 | HK$ 7,200 |
| 3 lots | 1,500 | HK$ 10,800 |
| 4 lots | 2,000 | HK$ 14,400 |
| 5 lots | 2,500 | HK$ 18,000 |
| 6 lots | 3,000 | HK$ 21,600 |
| 7 lots | 3,500 | HK$ 25,200 |
| 8 lots | 4,000 | HK$ 28,800 |
| 9 lots | 4,500 | HK$ 32,400 |
| 10 lots | 5,000 | HK$ 36,000 |
| 12 lots | 6,000 | HK$ 43,200 |
| 14 lots | 7,000 | HK$ 50,400 |
| 16 lots | 8,000 | HK$ 57,600 |
| 18 lots | 9,000 | HK$ 64,800 |
| 20 lots | 10,000 | HK$ 72,000 |
| 30 lots | 15,000 | HK$ 108,000 |
| 40 lots | 20,000 | HK$ 144,000 |
| 50 lots | 25,000 | HK$ 180,000 |
| 60 lots | 30,000 | HK$ 216,000 |
| 70 lots | 35,000 | HK$ 252,000 |
| 80 lots | 40,000 | HK$ 288,000 |
| 90 lots | 45,000 | HK$ 324,000 |
| 100 lots | 50,000 | HK$ 360,000 |
| 120 lots | 60,000 | HK$ 432,000 |
| 140 lots | 70,000 | HK$ 504,000 |
| 160 lots | 80,000 | HK$ 576,000 |
| 180 lots | 90,000 | HK$ 648,000 |
| 200 lots | 100,000 | HK$ 720,000 |
| 400 lots | 200,000 | HK$ 1,440,000 |
| 600 lots | 300,000 | HK$ 2,160,000 |
| 800 lots | 400,000 | HK$ 2,880,000 |
| 1,000 lots | 500,000 | HK$ 3,600,000 |
| 1,200 lots | 600,000 | HK$ 4,320,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 700,000 | HK$ 5,040,000 |
| 1,600 lots | 800,000 | HK$ 5,760,000 |
| 1,800 lots | 900,000 | HK$ 6,480,000 |
| 2,000 lots | 1,000,000 | HK$ 7,200,000 |
| 4,000 lots | 2,000,000 | HK$ 14,400,000 |
| 6,000 lots | 3,000,000 | HK$ 21,600,000 |
| 8,516 lots | 4,258,000 | HK$ 30,657,600 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 11.72B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,574,300,624 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 29.4 million |
| Period-End Cash Balance | RMB 65.56 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~12.5% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 50.0% will be used to enhance research and development capabilities, approximately 25.0% will be used to expand production capacity, approximately 15.0% will be used for global market penetration, and approximately 10.0% will be used for general working capital and corporate purposes. |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (15)
CMBC SECURITIES COMPANY LIMITED CE APU820
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
建银国际金融有限公司 CE AJO225
CEB International Capital Corporation Limited CE BGH296
中湾国际证券有限公司 CE BTW258
CMB International Capital Limited CE AVM940
DL SECURITIES (HK) LIMITED CE AZN279
Huafu International Securities Limited CE BQC241
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Joint Lead Managers (15)
CMBC SECURITIES COMPANY LIMITED CE APU820
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
建银国际金融有限公司 CE AJO225
CEB International Capital Corporation Limited CE BGH296
中湾国际证券有限公司 CE BTW258
CMB International Capital Limited CE AVM940
DL SECURITIES (HK) LIMITED CE AZN279
Huafu International Securities Limited CE BQC241
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Capital Market Intermediaries (15)
CMBC SECURITIES COMPANY LIMITED CE APU820
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
建银国际金融有限公司 CE AJO225
CEB International Capital Corporation Limited CE BGH296
中湾国际证券有限公司 CE BTW258
CMB International Capital Limited CE AVM940
DL SECURITIES (HK) LIMITED CE AZN279
Huafu International Securities Limited CE BQC241
SkyVast Securities Limited CE AVT666
Somerley Capital Limited CE BAU754
Yuen Meta (International) Securities Limited CE BIL855
Yunfeng Securities Limited CE AYT670
ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
锦天城（香港）律师事务所有限法律责任合伙 史蒂文生黄律师事务所 上海市锦天城（深圳）律师事务所 上海市锦天城律师事务所 北京德恒律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
乐博律师事务所有限法律责任合伙 北京市嘉源（深圳）律师事务所 |
| Auditor and Reporting Accountant | 天健国际会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | China Harbour International Capital Limited CE BTU140 |
| Receiving Banks | 交通银行（香港）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 / Executive Director | 周波 | Zhou Bo |
| Company Secretary | 柴劍 | — |
| Non-Executive Director | 喻立杰 | Yu Lijie |
| Independent Non-Executive Director | 陈海平 | Chen Haiping |
| Executive Director | 苗瑞 | Miao Rui |
| Independent Non-Executive Director | 钟陆欢 | Zhong Luhuan |
| Executive Director | 柴剑 | Chai Jian |
| Independent Non-Executive Director | 何嘉倩 | Ho Ka Cin Verona |
| Executive Director | 邹小刚 | Zou Xiaogang |
| Executive Director | 陈永刚 | Chen Yonggang |
Major Shareholders
| Major Shareholders & Holdings | Mr. Zhou Bo, the controlling shareholder, holds an aggregate of approximately 43.50% of the equity interests through direct and indirect shareholdings, and the Zheshang Chuangtou group holds approximately 13.22% of the equity interests. |
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