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 | Wenge AI |
|---|---|
| Stock Code | 01956 |
| Company Full Name | Beijing Zhongke WengeAI Science and Technology Co., Ltd. |
| Industry | Information Technology |
| Principal Activities | We are an emerging enterprise-grade artificial intelligence technology and service provider in China, focusing on complex data analytics and artificial intelligence-assisted decision-making. We independently develop key artificial intelligence capabilities and provide a full-stack artificial intelligence service matrix, covering data governance, domain knowledge management, large language and multimodal model training, decision automation and evaluation, and low-code artificial intelligence application development. |
| Listing Date | 2026-06-26 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18C特專科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京海淀區北四環西路9號樓7層717室 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.wenge.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 | 18C |
|---|---|
| Offer Price | HK$ 60.70 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 12,140 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-17 to 2026-06-23 |
| Global Offering Shares | 14,834,600 shares |
| HK Public Offer Shares (Initial) | 741,800 shares (5.0%) |
| Public Offer Lots (Initial) | 3,709lots (Pool A1,854lots，Pool B1,855lots) |
| International Placing Shares (Initial) | 14,092,800 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 173,101,207 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 27.0% |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 900,460,220 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 12,140 |
| 2 lots | 400 | HK$ 24,280 |
| 3 lots | 600 | HK$ 36,420 |
| 4 lots | 800 | HK$ 48,560 |
| 5 lots | 1,000 | HK$ 60,700 |
| 6 lots | 1,200 | HK$ 72,840 |
| 7 lots | 1,400 | HK$ 84,980 |
| 8 lots | 1,600 | HK$ 97,120 |
| 9 lots | 1,800 | HK$ 109,260 |
| 10 lots | 2,000 | HK$ 121,400 |
| 15 lots | 3,000 | HK$ 182,100 |
| 20 lots | 4,000 | HK$ 242,800 |
| 25 lots | 5,000 | HK$ 303,500 |
| 30 lots | 6,000 | HK$ 364,200 |
| 35 lots | 7,000 | HK$ 424,900 |
| 40 lots | 8,000 | HK$ 485,600 |
| 45 lots | 9,000 | HK$ 546,300 |
| 50 lots | 10,000 | HK$ 607,000 |
| 75 lots | 15,000 | HK$ 910,500 |
| 100 lots | 20,000 | HK$ 1,214,000 |
| 125 lots | 25,000 | HK$ 1,517,500 |
| 150 lots | 30,000 | HK$ 1,821,000 |
| 175 lots | 35,000 | HK$ 2,124,500 |
| 200 lots | 40,000 | HK$ 2,428,000 |
| 225 lots | 45,000 | HK$ 2,731,500 |
| 250 lots | 50,000 | HK$ 3,035,000 |
| 300 lots | 60,000 | HK$ 3,642,000 |
| 350 lots | 70,000 | HK$ 4,249,000 |
| 400 lots | 80,000 | HK$ 4,856,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 450 lots | 90,000 | HK$ 5,463,000 |
| 500 lots | 100,000 | HK$ 6,070,000 |
| 600 lots | 120,000 | HK$ 7,284,000 |
| 700 lots | 140,000 | HK$ 8,498,000 |
| 800 lots | 160,000 | HK$ 9,712,000 |
| 900 lots | 180,000 | HK$ 10,926,000 |
| 1,000 lots | 200,000 | HK$ 12,140,000 |
| 1,250 lots | 250,000 | HK$ 15,175,000 |
| 1,500 lots | 300,000 | HK$ 18,210,000 |
| 1,854 lots | 370,800 | HK$ 22,507,560 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 10.38B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,507,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 166.3 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 73,660,220 |
| Listing Expenses / Funds Raised | ~8.18% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 60% will be used to enhance the foundation model and core R&D capabilities, approximately 20% will be used to expand products and services and build the brand, approximately 10% will be used for potential strategic investments and acquisitions, and approximately 10% will be used for working capital and general corporate purposes. |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (3)
Joint Global Coordinators (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI CAPITAL LIMITED CE AWL249
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TFI Securities and Futures Limited CE BAV573
SPDB International Capital Limited CE BFZ375
建银国际金融有限公司 CE AJO225
Futu Securities International (HONG KONG) Limited CE AZT137
CMB International Capital Limited CE AVM940
Joint Bookrunners (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI CAPITAL LIMITED CE AWL249
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TFI Securities and Futures Limited CE BAV573
SPDB International Capital Limited CE BFZ375
建银国际金融有限公司 CE AJO225
Futu Securities International (HONG KONG) Limited CE AZT137
CMB International Capital Limited CE AVM940
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Livermore Holdings Limited CE BJN764
Joint Lead Managers (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI Securities Company Limited CE ACX411
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TFI Securities and Futures Limited CE BAV573
SPDB International Capital Limited CE BFZ375
建银国际金融有限公司 CE AJO225
Futu Securities International (HONG KONG) Limited CE AZT137
CMB International Capital Limited CE AVM940
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Livermore Holdings Limited CE BJN764
Capital Market Intermediaries (11)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TFI Securities and Futures Limited CE BAV573
SPDB International Capital Limited CE BFZ375
建银国际金融有限公司 CE AJO225
Futu Securities International (HONG KONG) Limited CE AZT137
CMB International Capital Limited CE AVM940
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Livermore Holdings Limited CE BJN764
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
金杜律师事务所 金杜律师事务所 Hogan Lovells International LLP |
| Legal Advisor to Sponsors/Underwriters |
贝克•麦坚时律师事务所 上海市锦天城律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | China Orient Enhanced Income Fund | 6,000 USD | 774,400 | 5.22% | 0.45% | 6 months | 2026-12-26 |
| 2 | 嘉实国际资产管理有限公司 | 6,000 USD | 774,400 | 5.22% | 0.45% | 6 months | 2026-12-26 |
| 3 | 前海国际基金管理有限公司 | 5,000 USD | 645,200 | 4.35% | 0.37% | 6 months | 2026-12-26 |
| 4 | 国惠（香港）控股有限公司 | 5,000 USD | 645,200 | 4.35% | 0.37% | 6 months | 2026-12-26 |
| 5 | 华泰资本投资有限公司 | 5,000 USD | 645,200 | 4.35% | 0.37% | 6 months | 2026-12-26 |
| 6 | 民银国际投资（香港）有限公司 | 4,000 USD | 516,200 | 3.48% | 0.30% | 6 months | 2026-12-26 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 王磊 | — |
| Company Secretary | 馬力 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | The single largest shareholder group (Dr. 王磊, Dr. 羅引, Professor 曾大軍, 中科三石, 海南新移, 聞歌智才 and 聞歌匠才) will jointly control approximately 28.03% of the voting rights immediately after the completion of the Global Offering. |
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