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 | AMICRO |
|---|---|
| Stock Code | 02065 |
| Company Full Name | Amicro Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | We are a robotics technology platform mainly engaged in offering intelligent mobile robotics solutions, including inertial navigation robotic solutions, single-modal robotic solutions and multi-modal robotic solutions. |
| Listing Date | 2026-11-12 |
| Listing Status | Pre-listing |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C Specialist Technology |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國廣東省珠海市橫琴粵澳深度合作區智水路88號1508辦公室 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道8號裕景商業中心14樓1450室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.amicro.com.cn |
| 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 | 18C |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 9.27 - 11.58 |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 5,790 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-10-31 to 2026-11-09 |
| Global Offering Shares | 71,687,000 shares |
| HK Public Offer Shares (Initial) | 3,584,500 shares (5.0%) |
| Public Offer Lots (Initial) | 7,169lots (Pool A3,584lots,Pool B3,585lots) |
| International Placing Shares (Initial) | 68,102,500 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 431,820,644 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 13.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 830,135,460 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 5,790 |
| 2 lots | 1,000 | HK$ 11,580 |
| 3 lots | 1,500 | HK$ 17,370 |
| 4 lots | 2,000 | HK$ 23,160 |
| 5 lots | 2,500 | HK$ 28,950 |
| 6 lots | 3,000 | HK$ 34,740 |
| 7 lots | 3,500 | HK$ 40,530 |
| 8 lots | 4,000 | HK$ 46,320 |
| 9 lots | 4,500 | HK$ 52,110 |
| 10 lots | 5,000 | HK$ 57,900 |
| 12 lots | 6,000 | HK$ 69,480 |
| 14 lots | 7,000 | HK$ 81,060 |
| 16 lots | 8,000 | HK$ 92,640 |
| 18 lots | 9,000 | HK$ 104,220 |
| 20 lots | 10,000 | HK$ 115,800 |
| 30 lots | 15,000 | HK$ 173,700 |
| 40 lots | 20,000 | HK$ 231,600 |
| 50 lots | 25,000 | HK$ 289,500 |
| 60 lots | 30,000 | HK$ 347,400 |
| 70 lots | 35,000 | HK$ 405,300 |
| 80 lots | 40,000 | HK$ 463,200 |
| 90 lots | 45,000 | HK$ 521,100 |
| 100 lots | 50,000 | HK$ 579,000 |
| 120 lots | 60,000 | HK$ 694,800 |
| 140 lots | 70,000 | HK$ 810,600 |
| 160 lots | 80,000 | HK$ 926,400 |
| 180 lots | 90,000 | HK$ 1,042,200 |
| 200 lots | 100,000 | HK$ 1,158,000 |
| 400 lots | 200,000 | HK$ 2,316,000 |
| 600 lots | 300,000 | HK$ 3,474,000 |
| 800 lots | 400,000 | HK$ 4,632,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 5,790,000 |
| 1,200 lots | 600,000 | HK$ 6,948,000 |
| 1,400 lots | 700,000 | HK$ 8,106,000 |
| 1,600 lots | 800,000 | HK$ 9,264,000 |
| 1,800 lots | 900,000 | HK$ 10,422,000 |
| 2,000 lots | 1,000,000 | HK$ 11,580,000 |
| 3,000 lots | 1,500,000 | HK$ 17,370,000 |
| 3,584 lots | 1,792,000 | HK$ 20,751,360 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 5B |
| Est. Threshold | HK$ 9.51B Market cap gap 47% |
| Analysis Result | 市值不达标(市值差 47%) |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,002,977,369 - 5,000,483,057 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | 不適用(公司處於虧損狀態) |
| Profit/Loss Status | 虧損人民幣155.1百萬元 |
| 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 |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 205,960 | 285,803 | 406,721 |
| Cost of sales | -193,389 | -251,924 | -294,086 |
| Gross profit | 12,571 | 33,879 | 112,635 |
| Other income and gains, net | 38,312 | 34,699 | 32,490 |
| Selling and distribution expenses | -23,836 | -30,949 | -56,583 |
| Administrative expenses | -14,641 | -22,103 | -100,151 |
| Net finance costs | -249 | -613 | -3,040 |
| Share of associates and JVs | -713 | -586 | -150 |
| Profit before tax | -113,068 | -98,668 | -154,915 |
| Income tax expense | -121 | -190 | -166 |
| Profit for the year | -113,189 | -98,858 | -155,081 |
| Profit attributable to owners | -113,200 | -99,325 | -155,879 |
Balance Sheet
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 80,768 | 392,116 | 255,197 |
| Trade and bills receivables | 55,701 | 60,004 | 62,410 |
| Inventories | 106,979 | 85,502 | 142,705 |
| Total current assets | 637,573 | 579,094 | 506,177 |
| Total assets | 665,720 | 641,018 | 570,621 |
| Total current liabilities | 56,680 | 110,338 | 177,972 |
| Total liabilities | 57,749 | 130,388 | 201,067 |
| Total equity | 607,971 | 510,630 | 369,554 |
| Equity attributable to owners | 607,804 | 509,996 | 368,122 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operating activities | -57,163 | -63,826 | -68,932 |
| Net cash from investing activities | 119,463 | 343,899 | -13,788 |
| Net cash from financing activities | -4,403 | 31,275 | -54,199 |
| Net increase in cash | 57,897 | 311,348 | -136,919 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | 約70.0%用於強化軟硬件及AI SoC方面優勢、約10.0%用於拓展國內外市場、約10.0%用於戰略投資與收購、約10.0%用作營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Global Coordinators (4)
Joint Bookrunners (4)
Capital Market Intermediaries (6)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
金杜律师事务所 上海市锦天城律师事务所 |
| Auditor and Reporting Accountant | 德勤‧关黄陈方会计师行 |
| Industry Advisor | 弗若斯特沙利文(北京)咨询有限公司上海分公司 |
| Receiving Banks | 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 | Digital Horizon | 87,000,000 HKD | 8,258,000 | 11.52% | 1.91% | 6 months | 2027-05-12 |
| 2 | 光莆香港 | 12,000,000 HKD | 1,139,000 | 1.59% | 0.26% | 6 months | 2027-05-12 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 姜新橋 | — |
| Company Secretary | 阮杰勝、趙娜 | — |
| Executive Director | 姜新桥 | JiangXinqiao |
| Non-Executive Director | Ye Weigang Greg | |
| Independent Non-Executive Director | 陈永璘 | ChanWingLun |
| Executive Director | 黄明强 | HuangMingqiang |
| Non-Executive Director | 崔玮 | CuiWei |
| Independent Non-Executive Director | 陶晓慧 | TaoXiaohui |
| Executive Director | 赖钦伟 | LaiQinwei |
| Independent Non-Executive Director | 朱建阳 | ZhuJianyang |
| Executive Director | 唐伟华 | TangWeihua |
| Independent Non-Executive Director | 肖燕 | XiaoYan |
| Independent Non-Executive Director | 邵要华 | ShaoYaohua |
| Independent Non-Executive Director | 易菲芃 | YiFeipeng |
Major Shareholders
| Major Shareholders & Holdings | Single Largest Group of Shareholders comprising Ms. Jiang and the ESOP Platforms holds approximately 23.73% of issued share capital as of the Latest Practicable Date and will hold approximately 19.79% immediately following the Global Offering; Pre-IPO Investors hold approximately 66.97%. |
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