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
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) |
|---|---|
| Other Market Stock Code | 002600 |
| H-Share Offer Price | HK$ 10.18 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Lingyi Itech |
|---|---|
| Stock Code | 01688 |
| Company Full Name | Lingyi iTech (Guangdong) Company |
| Industry | Industrial Goods |
| Principal Activities | Providing one-stop manufacturing services and solutions for global customers, offering a full-category product matrix of core materials, high-precision functional components, modules, and premium assembly, covering electronic equipment such as AI terminal devices, robots, and enterprise-grade commercial servers, as well as automobiles and the low-altitude economy. |
| Listing Date | 2026-06-26 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省江門市蓬江區龍灣路8號 |
| Business Address (Hong Kong) | 香港尖沙咀麼地道68號帝國中心901A室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.lingyiitech.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 10.18 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 660 shares |
| Entry Threshold | HK$ 6,718 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-17 to 2026-06-23 |
| Global Offering Shares | 811,811,880 shares |
| HK Public Offer Shares (Initial) | 81,181,320 shares (10.0%) |
| Public Offer Lots (Initial) | 123,002lots (Pool A61,501lots，Pool B61,501lots) |
| International Placing Shares (Initial) | 730,630,560 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 8,120,010,560 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 38.6% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 8,264,244,938 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 660 | HK$ 6,719 |
| 2 lots | 1,320 | HK$ 13,438 |
| 3 lots | 1,980 | HK$ 20,156 |
| 4 lots | 2,640 | HK$ 26,875 |
| 5 lots | 3,300 | HK$ 33,594 |
| 6 lots | 3,960 | HK$ 40,313 |
| 7 lots | 4,620 | HK$ 47,032 |
| 8 lots | 5,280 | HK$ 53,750 |
| 9 lots | 5,940 | HK$ 60,469 |
| 10 lots | 6,600 | HK$ 67,188 |
| 20 lots | 13,200 | HK$ 134,376 |
| 30 lots | 19,800 | HK$ 201,564 |
| 40 lots | 26,400 | HK$ 268,752 |
| 50 lots | 33,000 | HK$ 335,940 |
| 60 lots | 39,600 | HK$ 403,128 |
| 70 lots | 46,200 | HK$ 470,316 |
| 80 lots | 52,800 | HK$ 537,504 |
| 90 lots | 59,400 | HK$ 604,692 |
| 100 lots | 66,000 | HK$ 671,880 |
| 200 lots | 132,000 | HK$ 1,343,760 |
| 300 lots | 198,000 | HK$ 2,015,640 |
| 400 lots | 264,000 | HK$ 2,687,520 |
| 500 lots | 330,000 | HK$ 3,359,400 |
| 600 lots | 396,000 | HK$ 4,031,280 |
| 700 lots | 462,000 | HK$ 4,703,160 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 528,000 | HK$ 5,375,040 |
| 900 lots | 594,000 | HK$ 6,046,920 |
| 1,000 lots | 660,000 | HK$ 6,718,800 |
| 2,000 lots | 1,320,000 | HK$ 13,437,600 |
| 3,000 lots | 1,980,000 | HK$ 20,156,400 |
| 4,000 lots | 2,640,000 | HK$ 26,875,200 |
| 5,000 lots | 3,300,000 | HK$ 33,594,000 |
| 10,000 lots | 6,600,000 | HK$ 67,188,000 |
| 15,000 lots | 9,900,000 | HK$ 100,782,000 |
| 20,000 lots | 13,200,000 | HK$ 134,376,000 |
| 25,000 lots | 16,500,000 | HK$ 167,970,000 |
| 30,000 lots | 19,800,000 | HK$ 201,564,000 |
| 40,000 lots | 26,400,000 | HK$ 268,752,000 |
| 61,501 lots | 40,590,660 | HK$ 413,212,919 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 4.92B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 82,661,707,500 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 27.2x (based on offer price HK$10.18 and 2025 EPS) |
| Profit/Loss Status | Net profit RMB 2,326.8 million |
| Period-End Cash Balance | RMB 5,447.5 million |
| Listing Expenses | ~HK$ 112,600,000 |
| Listing Expenses / Funds Raised | ~1.4% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 37.6% will be used to increase production capacity and upgrade core production processes, approximately 11.9% to enhance research and development capabilities, approximately 30.0% for strategic investments and acquisitions, approximately 10.5% to expand production infrastructure, and approximately 10.0% for working capital. |
Underwriting Syndicate
Sole Sponsor (1)
国泰君安融资有限公司 CE AGS488(sole)
Sponsor cum Overall Coordinator (1)
国泰君安证券（香港）有限公司 CE ABY236
Overall Coordinators (4)
Joint Global Coordinators (4)
Joint Bookrunners (7)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (7)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Capital Market Intermediaries (7)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 嘉源律师事务所 金杜(King & Wood) Borenius Attorneys Ltd Drew & Napier LLC 李伟斌律师行 |
| Legal Advisor to Sponsors/Underwriters |
中伦律师事务所有限法律责任合伙 Zhong Lun Law Firm |
| Auditor and Reporting Accountant | 容诚（香港）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 | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 中国银行（香港）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 | 广发基金－广发基金管理 | 32,000,000 USD | 24,634,500 | 3.03% | 0.30% | 6 months | 2026-12-26 |
| 2 | －广发基金香港 | 10,000,000 USD | 7,698,240 | 0.95% | 0.09% | 6 months | 2026-12-26 |
| 3 | Kaide Global Investment | 32,000,000 USD | 24,634,500 | 3.03% | 0.30% | 6 months | 2026-12-26 |
| 4 | Qube | 30,000,000 USD | 23,094,720 | 2.84% | 0.28% | 6 months | 2026-12-26 |
| 5 | Ti-Capital Funds | 30,000,000 USD | 23,094,720 | 2.84% | 0.28% | 6 months | 2026-12-26 |
| 6 | 惠理－惠理基金管理香港有限公司 | 24,500,000 USD | 18,860,820 | 2.32% | 0.23% | 6 months | 2026-12-26 |
| 7 | － 惠理基金管理公司 | 5,500,000 USD | 4,233,900 | 0.52% | 0.05% | 6 months | 2026-12-26 |
| 8 | 宏兴国际 | 30,000,000 USD | 23,094,720 | 2.84% | 0.28% | 6 months | 2026-12-26 |
| 9 | MSIP | 29,900,000 USD | 23,017,500 | 2.84% | 0.28% | 6 months | 2026-12-26 |
| 10 | 香港景林 | 23,000,000 USD | 17,705,820 | 2.18% | 0.22% | 6 months | 2026-12-26 |
| 11 | 3W Fund | 20,000,000 USD | 15,396,480 | 1.90% | 0.19% | 6 months | 2026-12-26 |
| 12 | Deliante | 20,000,000 USD | 15,396,480 | 1.90% | 0.19% | 6 months | 2026-12-26 |
| 13 | 舜宇资本 | 20,000,000 USD | 15,396,480 | 1.90% | 0.19% | 6 months | 2026-12-26 |
| 14 | 荣耀 | 15,000,000 USD | 11,547,360 | 1.42% | 0.14% | 6 months | 2026-12-26 |
| 15 | Jain Global | 15,000,000 USD | 11,547,360 | 1.42% | 0.14% | 6 months | 2026-12-26 |
| 16 | Seven Grand | 15,000,000 USD | 11,547,360 | 1.42% | 0.14% | 6 months | 2026-12-26 |
| 17 | 泰康人寿 | 15,000,000 USD | 11,547,360 | 1.42% | 0.14% | 6 months | 2026-12-26 |
| 18 | 大成国际 | 10,000,000 USD | 7,698,240 | 0.95% | 0.09% | 6 months | 2026-12-26 |
| 19 | 光大理财 | 10,000,000 USD | 7,698,240 | 0.95% | 0.09% | 6 months | 2026-12-26 |
| 20 | GRANITE ASIA | 10,000,000 USD | 7,698,240 | 0.95% | 0.09% | 6 months | 2026-12-26 |
| 21 | Verition | 10,000,000 USD | 7,698,240 | 0.95% | 0.09% | 6 months | 2026-12-26 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 曾芳勤 | Zeng Fangqin |
| Company Secretary | 郭瑞、陳詠欣 | — |
| Non-Executive Director | 尉征慧 | Wei Zhenghui |
| Independent Non-Executive Director | 刘健成 | Lau Kin Shing Charles |
| Executive Director | 贾双谊 | Jia Shuangyi |
| Independent Non-Executive Director | 蔡元庆 | Cai Yuanqing |
| Executive Director | 黄金荣 | Huang Jinrong |
| Independent Non-Executive Director | 阮超 | Ruan Chao |
Major Shareholders
| Major Shareholders & Holdings | Ms. Zeng Fangqin and Lingsheng Investment are the controlling shareholders, holding in aggregate approximately 58.13% of the equity interests (approximately 52.32% after the Listing). |
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