NEAUTUS 02206Hong Kong Stock ExchangeIPOProspectus Information

40.200 - 50.550
Price range · Lists Nov 11
Listing Date: 2026-11-11 · Registrar: 卓佳
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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 NameNEAUTUS
Stock Code02206
Company Full NameSichuan Neautus Traditional Chinese Medicine Co., Ltd.
IndustryHealthcare
Principal ActivitiesWe are a large-scale traditional Chinese medicine (TCM) decoction-ready products provider in China, ranking second by revenue in 2025. We offer over 770 types and 4,900 varieties of decoction-ready products, including toxic and non-toxic medicines. We primarily serve hospitals and medical institutions, medical trading companies, pharmacies and pharmaceutical companies, and have expanded to individual consumers through wellness products and digital platforms such as Jinfang Caotang, Jinfang Cloud and Golden Lotus. Our footprint covers most provinces in China and selected overseas markets including Hong Kong, Taiwan, Vietnam and Malaysia. We integrate digital technologies into production and quality control, operate GMP-certified manufacturing in Chengdu, and develop standardization systems such as DNA barcoding.
Listing Date2026-11-11
Listing StatusPre-listing
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterTo be extracted
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)8 South Herui Road, High-tech Industrial Development Zone, Chengdu, Sichuan Province, PRC
Business Address (Hong Kong)31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Place of IncorporationPRC
Listing MethodGlobal Offering
Listing BoardMain Board
Websitexinhehua.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 ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceTo be extracted
Offer Price RangeHK$ 40.20 - 50.55
Lot Size50 shares
Entry ThresholdHK$ 2,528
Par ValueRMB 1.0 / shares
Offer Period2026-10-30 to 2026-11-06
Global Offering Shares6,517,300 shares
HK Public Offer Shares (Initial)651,750 shares (10.0%)
Public Offer Lots (Initial)13,035lots (Pool A6,517lots，Pool B6,518lots)
International Placing Shares (Initial)5,865,550 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO65,172,741 shares
Greenshoe (Over-allotment Option)No
Stabilizing Manager (Greenshoe)—
Cornerstone ShareNo cornerstone investors
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 329,449,515

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 SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 50 HK$ 2,528
2 lots 100 HK$ 5,055
3 lots 150 HK$ 7,582
4 lots 200 HK$ 10,110
5 lots 250 HK$ 12,638
6 lots 300 HK$ 15,165
7 lots 350 HK$ 17,692
8 lots 400 HK$ 20,220
9 lots 450 HK$ 22,748
10 lots 500 HK$ 25,275
15 lots 750 HK$ 37,912
20 lots 1,000 HK$ 50,550
25 lots 1,250 HK$ 63,188
30 lots 1,500 HK$ 75,825
35 lots 1,750 HK$ 88,462
40 lots 2,000 HK$ 101,100
45 lots 2,250 HK$ 113,738
50 lots 2,500 HK$ 126,375
60 lots 3,000 HK$ 151,650
70 lots 3,500 HK$ 176,925
80 lots 4,000 HK$ 202,200
90 lots 4,500 HK$ 227,475
100 lots 5,000 HK$ 252,750
150 lots 7,500 HK$ 379,125
200 lots 10,000 HK$ 505,500
250 lots 12,500 HK$ 631,875
300 lots 15,000 HK$ 758,250
350 lots 17,500 HK$ 884,625
400 lots 20,000 HK$ 1,011,000
450 lots 22,500 HK$ 1,137,375
500 lots 25,000 HK$ 1,263,750
600 lots 30,000 HK$ 1,516,500
700 lots 35,000 HK$ 1,769,250
800 lots 40,000 HK$ 2,022,000
900 lots 45,000 HK$ 2,274,750
1,000 lots 50,000 HK$ 2,527,500
1,250 lots 62,500 HK$ 3,159,375
1,500 lots 75,000 HK$ 3,791,250
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
2,000 lots 100,000 HK$ 5,055,000
2,500 lots 125,000 HK$ 6,318,750
3,000 lots 150,000 HK$ 7,582,500
3,500 lots 175,000 HK$ 8,846,250
4,000 lots 200,000 HK$ 10,110,000
4,500 lots 225,000 HK$ 11,373,750
5,000 lots 250,000 HK$ 12,637,500
6,000 lots 300,000 HK$ 15,165,000

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 3.29B
Est. Threshold HK$ 9.51B Market cap gap 65%
Analysis Result 市值不达标（市值差 65%）
* IPO in progress, estimated at upper bound offer price

Valuation & Financials

Market Cap (at Offer Price)HK$ 2,619,944,188 - 3,294,482,057
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot disclosed
Profit/Loss StatusNet profit RMB 106.4 million
Period-End Cash Balance人民币181,377千元
Listing Expenses~HK$ 66,100,000
Listing Expenses / Funds Raised~22.3%
Total Pre-IPO InvestmentTo be extracted

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 1,145,5711,249,4021,334,707
Cost of sales -933,553-1,036,329-1,081,546
Gross profit 212,018213,073253,161
Other income and gains, net 4,6927,5068,664
Selling and distribution expenses -52,389-50,464-66,992
Administrative expenses -34,036-46,318-61,923
Net finance costs 5,9315,7868,138
Share of associates and JVs 4600
Profit before tax 104,63690,316107,494
Income tax expense -662-1,204-1,053
Profit for the year 103,97489,112106,441
Profit attributable to owners 103,93589,122106,455
Balance Sheet
Item 202320242025
Cash and cash equivalents 137,198144,310181,377
Trade and bills receivables 503,803557,937613,535
Inventories 218,531242,956246,163
Total current assets 932,4701,048,0331,106,237
Total assets 1,099,1101,232,0871,327,068
Total current liabilities 627,589765,299680,967
Total liabilities 640,603778,084766,506
Total equity 458,507454,003560,562
Equity attributable to owners 458,507453,869560,442
Cash Flow Statement
Item 202320242025
Net cash from operating activities 74,853-467154,051
Net cash from investing activities -34,517-49,457-46,177
Net cash from financing activities -53,76315,184-70,749
Net increase in cash 5,0937,01837,125
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 33.4% for production capacity expansion, approx. 29.0% for sales and marketing, approx. 11.4% for to-C business, approx. 10.2% for overseas sales channels, approx. 6.0% for strategic investments and acquisitions, approx. 10.0% for working capital and general corporate purposes.

Underwriting Syndicate

Joint Sponsors (2)
GF Capital (Hong Kong) Limited CE AOB163 ABCI CAPITAL LIMITED CE AWL249
Sponsor cum Overall Coordinator (2)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI CAPITAL LIMITED CE AWL249
Overall Coordinators (4)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI CAPITAL LIMITED CE AWL249 ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299 CMBC SECURITIES COMPANY LIMITED CE APU820
Joint Global Coordinators (7)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI CAPITAL LIMITED CE AWL249 ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299 CMBC SECURITIES COMPANY LIMITED CE APU820 uSmart Securities Limited CE BJA907 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Joint Bookrunners (9)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI CAPITAL LIMITED CE AWL249 ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299 CMBC SECURITIES COMPANY LIMITED CE APU820 uSmart Securities Limited CE BJA907 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855 BOCI ASIA LIMITED CE AET863 SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
Joint Lead Managers (7)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI Securities Company Limited CE ACX411 ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299 CMBC SECURITIES COMPANY LIMITED CE APU820 uSmart Securities Limited CE BJA907 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Capital Market Intermediaries (10)
GF Securities (Hong Kong) Brokerage Limited CE AOB364 ABCI CAPITAL LIMITED CE AWL249 ABCI Securities Company Limited CE ACX411 ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299 CMBC SECURITIES COMPANY LIMITED CE APU820 uSmart Securities Limited CE BJA907 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855 BOCI ASIA LIMITED CE AET863 SDIC SECURITIES (HONG KONG) LIMITED CE AUW685

Service Providers

RoleInstitution
Legal Advisor to Company 凯易律师事务所
竞天公诚律师事务所
Legal Advisor to Sponsors/Underwriters 美迈斯律师事务所
通商律师事务所
Auditor and Reporting Accountant 安永会计师事务所
Industry Advisor 弗若斯特沙利文（北京）咨询有限公司上海分公司
Compliance Advisor 第一上海融资有限公司 CE AES612
Receiving Banks 招商永隆银行有限公司

Cornerstone Investors

This stock has no cornerstone investors.

Directors & Management

PositionChinese nameEnglish Name
ChairmanJiang YunJiang Yun
Company SecretaryLan Zelun and Poon Kin HeiLan Zelun and Poon Kin Hei
Executive Director江云—
Non-Executive Director赖智填—
Independent Non-Executive Director万建波—
Executive Director冯斌—
Independent Non-Executive Director陈建萍—
Executive Director江尔成—
Independent Non-Executive Director刘建华—
Executive Director罗玉金—
Executive Director兰泽伦—

Major Shareholders

Major Shareholders & HoldingsMr. Jiang Yun 42.4% (direct 28.4%; via Kinna Investment 14.0%), Mr. Jiang Ercheng 16.3%, Kinna Investment 14.0%, Chengdu Chuanshang Toupengjin Taihe Enterprise Management Center (Pengjin Taihe) 6.9%
About this page

This page shows NEAUTUS (02206) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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