IPO Timeline Raw facts
Broker Deadline
2026-03-17
Morning deadline
HKEX Deadline
2026-03-17
Noon deadline
Broker Results (T-2)
2026-03-18
Some brokers release in afternoon
Grey Market (T-1)
2026-03-19
Afternoon
HKEX Allotment (T-1)
2026-03-19
Evening
Registrar Allotment (T-1)
2026-03-19
Evening
Listing Day (T)
2026-03-20
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 广合科技 |
|---|---|
| Other Market Stock Code | 001389 |
| H-Share Offer Price | HK$ 71.88 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Delton |
|---|---|
| Stock Code | 01989 |
| Company Full Name | Delton Technology (Guangzhou) Inc. |
| Industry | Industrial Goods |
| Principal Activities | We are primarily engaged in the research and development, production and sale of customized printed circuit boards ("PCB") used in computing power servers and other computing power scenarios. |
| Listing Date | 2026-03-20 |
| 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 廣州保稅區 保盈南路22號 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1928室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | delton.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 71.88 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,188 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-12 to 2026-03-17 |
| Global Offering Shares | 46,000,000 shares |
| HK Public Offer Shares (Initial) | 4,600,000 shares (10.0%) |
| Public Offer Lots (Initial) | 46,000lots (23,000lots, 23,000lots) |
| International Placing Shares (Initial) | 41,400,000 shares (90.0%) |
| Offer Ratio | ~9.74% |
| Total Shares Post-IPO | 472,446,482 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 45.0% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,306,480,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,188 |
| 2 lots | 200 | HK$ 14,376 |
| 3 lots | 300 | HK$ 21,564 |
| 4 lots | 400 | HK$ 28,752 |
| 5 lots | 500 | HK$ 35,940 |
| 6 lots | 600 | HK$ 43,128 |
| 7 lots | 700 | HK$ 50,316 |
| 8 lots | 800 | HK$ 57,504 |
| 9 lots | 900 | HK$ 64,692 |
| 10 lots | 1,000 | HK$ 71,880 |
| 15 lots | 1,500 | HK$ 107,820 |
| 20 lots | 2,000 | HK$ 143,760 |
| 25 lots | 2,500 | HK$ 179,700 |
| 30 lots | 3,000 | HK$ 215,640 |
| 35 lots | 3,500 | HK$ 251,580 |
| 40 lots | 4,000 | HK$ 287,520 |
| 45 lots | 4,500 | HK$ 323,460 |
| 50 lots | 5,000 | HK$ 359,400 |
| 60 lots | 6,000 | HK$ 431,280 |
| 70 lots | 7,000 | HK$ 503,160 |
| 80 lots | 8,000 | HK$ 575,040 |
| 90 lots | 9,000 | HK$ 646,920 |
| 100 lots | 10,000 | HK$ 718,800 |
| 200 lots | 20,000 | HK$ 1,437,600 |
| 300 lots | 30,000 | HK$ 2,156,400 |
| 400 lots | 40,000 | HK$ 2,875,200 |
| 500 lots | 50,000 | HK$ 3,594,000 |
| 600 lots | 60,000 | HK$ 4,312,800 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,031,600 |
| 800 lots | 80,000 | HK$ 5,750,400 |
| 900 lots | 90,000 | HK$ 6,469,200 |
| 1,000 lots | 100,000 | HK$ 7,188,000 |
| 2,000 lots | 200,000 | HK$ 14,376,000 |
| 3,000 lots | 300,000 | HK$ 21,564,000 |
| 4,000 lots | 400,000 | HK$ 28,752,000 |
| 5,000 lots | 500,000 | HK$ 35,940,000 |
| 6,000 lots | 600,000 | HK$ 43,128,000 |
| 7,000 lots | 700,000 | HK$ 50,316,000 |
| 8,000 lots | 800,000 | HK$ 57,504,000 |
| 9,000 lots | 900,000 | HK$ 64,692,000 |
| 10,000 lots | 1,000,000 | HK$ 71,880,000 |
| 15,000 lots | 1,500,000 | HK$ 107,820,000 |
| 20,000 lots | 2,000,000 | HK$ 143,760,000 |
| 23,000 lots | 2,300,000 | HK$ 165,324,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 7.4B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 33,959,453,126 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,306,480,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 676.1 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 0.92 |
|---|---|
| First Day Open | HK$ 0.88 |
| First Day Change | 33.33% |
| First Day Volume | 392276000.0 |
| First Day Turnover | 354517000.0 |
Use of Proceeds
| Use of Proceeds | 1、約19.7%或625.8百萬港元（相當于約人民幣552.8百萬元）預計將用于購置及安裝先進的生產設備，以及優化專注于算力場景PCB的泰國基地二期的生產工藝及產品質量，進而提升生產能力； 2、約52.1%或1,655.1百萬港元（相當于約人民幣1,461.9百萬元）預期將用于擴建及升級在廣州基地的生產設施，尤其是HDIPCB的產能； 3、約10.0%或317.5百萬港元（相當于約人民幣280.5百萬元）預期將用于提升在開發材料技術、改良生產工藝及產品開發方面的研發能力； 4、約8.2%或259.3百萬港元（相當于約人民幣229.1百萬元）預期將用于尋求與業務互補及符合發展策略的戰略合作伙伴關系、投資或收購項目； 5、約10.0%或317.5百萬港元（相當于約人民幣280.5百萬元）預期將用作營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (5)
Joint Bookrunners (5)
Joint Lead Managers (5)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CPE Funds | 124,359,588 HKD | — | 3.76% | — | 6 months | 2026-09-20 |
| 2 | Eastspring Investments (Singapore) Limited | 117,322,536 HKD | — | 3.55% | — | 6 months | 2026-09-20 |
| 3 | MY Asian Opportunities Master Fund, L.P. | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 4 | UBS Asset Management (Singapore) Ltd. | 234,652,260 HKD | — | 7.10% | — | 6 months | 2026-09-20 |
| 5 | 霸菱资产管理(亚洲)有限公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 6 | 大家人寿保险股份有限公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 7 | 大湾区共同家园投资有限公司 | 117,315,348 HKD | — | 3.55% | — | 6 months | 2026-09-20 |
| 8 | 工银理财有限责任公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 9 | 国泰君安证券投资(香港)有限公司 | 110,285,484 HKD | — | 3.34% | — | 6 months | 2026-09-20 |
| 10 | 惠理基金管理香港有限公司 | 234,652,260 HKD | — | 7.10% | — | 6 months | 2026-09-20 |
| 11 | 景林资产管理香港有限公司 | 228,233,376 HKD | — | 6.90% | — | 6 months | 2026-09-20 |
| 12 | 上海景林及中信证券国际资本管理有限公司 | 6,411,696 HKD | — | 0.19% | — | 6 months | 2026-09-20 |
Directors & Management
| Chairman | 肖紅星 |
|---|---|
| Company Secretary | 曾楊清 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 肖先生, through 臻蘊投資, 廣生投資 and 廣財投資, holds a total of 228,808,321 A shares, representing approximately 53.65% of the total issued share capital (approximately 48.43% after completion of the Global Offering). 劉女士 is the spouse of 肖先生 and is deemed to have the same interests. 曾紅女士, through 廣諧投資, holds 43,249,099 A shares, representing approximately 10.14% of the total issued share capital (approximately 9.15% after completion of the Global Offering). |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The offering saw extraordinary demand with an oversubscription ratio of 1070.72, reflecting frenzied investor enthusiasm. However, the 0.0% hit rate underscores an extreme allocation squeeze, leaving virtually all retail participants empty-handed despite the reallocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
The 甲尾 (A-tail) expected 0.4557 lots on 60,000 lots applied, while 乙头 (B-head) expected 0.56 lots on 70,000 lots, a negligible 0.1-lot difference that erodes the incentive for upgrading to a higher-cost tier. This tight spread points to an inefficient tier design where marginal additional capital yields almost no extra allocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland China applicants made up 70.5% of the base, signaling heavy cross-border interest, likely concentrated in Guangdong given typical flows. The pool skewed male (60.8%) with an average age of 42.3, consistent with the profile of seasoned retail speculators. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
