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 | Nasn Tech |
|---|---|
| Stock Code | 02261 |
| Company Full Name | NASN Intelligent Tech (Zhejiang) Co., Ltd. |
| Industry | Consumer Discretionary |
| Principal Activities | We develop motion control technology for intelligent driving and currently provide brake-by-wire solutions. We focus on providing mission-critical brake-by-wire solutions for intelligent driving, integrating fully in-house developed control algorithms, software, and hardware. |
| Listing Date | 2026-08-07 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 浙江省杭州市蕭山區經濟技術開發區鴻興路358號1幢3層 |
| 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 | nasn-auto.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 Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 10.42 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 1,042 |
| Par Value | RMB 0.0625 / shares |
| Offer Period | 2026-07-30 to 2026-08-04 |
| Global Offering Shares | 57,594,500 shares |
| HK Public Offer Shares (Initial) | 5,759,500 shares (10.0%) |
| Public Offer Lots (Initial) | 57,595lots (Pool A28,797lots，Pool B28,798lots) |
| International Placing Shares (Initial) | 51,835,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 594,984,292 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 海通国际证券股份有限公司 CE AAF806 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 600,134,690 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 1,042 |
| 2 lots | 200 | HK$ 2,084 |
| 3 lots | 300 | HK$ 3,126 |
| 4 lots | 400 | HK$ 4,168 |
| 5 lots | 500 | HK$ 5,210 |
| 6 lots | 600 | HK$ 6,252 |
| 7 lots | 700 | HK$ 7,294 |
| 8 lots | 800 | HK$ 8,336 |
| 9 lots | 900 | HK$ 9,378 |
| 10 lots | 1,000 | HK$ 10,420 |
| 15 lots | 1,500 | HK$ 15,630 |
| 20 lots | 2,000 | HK$ 20,840 |
| 25 lots | 2,500 | HK$ 26,050 |
| 30 lots | 3,000 | HK$ 31,260 |
| 35 lots | 3,500 | HK$ 36,470 |
| 40 lots | 4,000 | HK$ 41,680 |
| 45 lots | 4,500 | HK$ 46,890 |
| 50 lots | 5,000 | HK$ 52,100 |
| 60 lots | 6,000 | HK$ 62,520 |
| 70 lots | 7,000 | HK$ 72,940 |
| 80 lots | 8,000 | HK$ 83,360 |
| 90 lots | 9,000 | HK$ 93,780 |
| 100 lots | 10,000 | HK$ 104,200 |
| 200 lots | 20,000 | HK$ 208,400 |
| 300 lots | 30,000 | HK$ 312,600 |
| 400 lots | 40,000 | HK$ 416,800 |
| 500 lots | 50,000 | HK$ 521,000 |
| 600 lots | 60,000 | HK$ 625,200 |
| 700 lots | 70,000 | HK$ 729,400 |
| 800 lots | 80,000 | HK$ 833,600 |
| 900 lots | 90,000 | HK$ 937,800 |
| 1,000 lots | 100,000 | HK$ 1,042,000 |
| 2,000 lots | 200,000 | HK$ 2,084,000 |
| 3,000 lots | 300,000 | HK$ 3,126,000 |
| 4,000 lots | 400,000 | HK$ 4,168,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 5,000 lots | 500,000 | HK$ 5,210,000 |
| 6,000 lots | 600,000 | HK$ 6,252,000 |
| 7,000 lots | 700,000 | HK$ 7,294,000 |
| 8,000 lots | 800,000 | HK$ 8,336,000 |
| 9,000 lots | 900,000 | HK$ 9,378,000 |
| 10,000 lots | 1,000,000 | HK$ 10,420,000 |
| 20,000 lots | 2,000,000 | HK$ 20,840,000 |
| 28,797 lots | 2,879,700 | HK$ 30,006,474 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 9.51B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,199,736,322 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 189.5 million |
| Period-End Cash Balance | RMB 165.6 million |
| Listing Expenses | ~HK$ 67,800,000 |
| Listing Expenses / Funds Raised | ~10.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 50% will be used for research and development investment (of which 30% will be used for the development of cutting-edge technologies and new solutions, and 20% for the upgrading of existing solutions), approximately 30% for the expansion and upgrading of production and manufacturing capabilities, approximately 10% for enhancing the international recognition of services and brand, and approximately 10% for working capital and general corporate purposes. |
Underwriting Syndicate
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (6)
Joint Lead Managers (7)
海通国际证券有限公司 CE AAF806
BOCI ASIA LIMITED CE AET863
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
TradeMaster Securities (Hong Kong) Limited CE BHJ844
SPDB International Capital Limited CE BFZ375
Futu Securities International (HONG KONG) Limited CE AZT137
Capital Market Intermediaries (7)
海通国际证券有限公司 CE AAF806
BOCI ASIA LIMITED CE AET863
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
TradeMaster Securities (Hong Kong) Limited CE BHJ844
SPDB International Capital Limited CE BFZ375
Futu Securities International (HONG KONG) Limited CE AZT137
Stabilizing Manager (1)
海通国际证券股份有限公司 CE AAF806
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 柳沈律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | To be extracted | — |
| Company Secretary | 張麗霞 | — |
| Executive Director | 陶喆 | Tao Zhe |
| Non-Executive Director | 劉麗梅 | Liu Limei |
| Independent Non-Executive Director | 范智超 | Fan Chi Chiu |
| Executive Director | 劉倩 | Liu Qian |
| Non-Executive Director | 王澗鳴 | Wang Jianming |
| Independent Non-Executive Director | 姜震宇 | Jiang Zhenyu |
| Executive Director | 林逸 | Lin Yi |
| Non-Executive Director | Yeh Kuantai | |
| Independent Non-Executive Director | 王耀 | Wang Yao |
| Independent Non-Executive Director | 于鑫 | Yu Xin |
| Independent Non-Executive Director | 吳瑛 | Wu Ying |
| Independent Non-Executive Director | 李秋霞 | Li Qiuxia |
Major Shareholders
| Major Shareholders & Holdings | The principal shareholders include Mr. 陶喆 (holding approximately 14.10% of the shares), Mr. 王澗鳴 (holding approximately 10.12% of the shares), 杭州創乾投資合夥企業 (holding approximately 6.53% of the shares), 上海長三角中銀資本股權投資基金合夥企業 (holding approximately 5.99% of the shares), 先進製造產業投資基金二期 (holding approximately 5.65% of the shares), 蘇州工業園區啟明融科股權投資合夥企業 (holding approximately 5.45% of the shares), among others. |
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