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 | Lemo Services |
|---|---|
| Stock Code | 02539 |
| Company Full Name | Lemo Services Co., Ltd |
| Industry | Robotics |
| Principal Activities | substantial shareholder and business partner of our Company |
| Listing Date | 2025-12-03 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place of 21F, Building B, Wangxun Smart Center Business in PRC 11 Keji East Road High-Tech Zone Fuzhou, Fujian PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1912室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | lemobar.com |
| 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 | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 40.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-25 to 2025-11-28 |
| Global Offering Shares | 5,555,600 shares |
| HK Public Offer Shares (Initial) | 555,600 shares (10.0%) |
| Public Offer Lots (Initial) | 5,556lots (Pool A2,778lots，Pool B2,778lots) |
| International Placing Shares (Initial) | 5,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 55,555,600 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 222,224,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,000 |
| 2 lots | 200 | HK$ 8,000 |
| 3 lots | 300 | HK$ 12,000 |
| 4 lots | 400 | HK$ 16,000 |
| 5 lots | 500 | HK$ 20,000 |
| 6 lots | 600 | HK$ 24,000 |
| 7 lots | 700 | HK$ 28,000 |
| 8 lots | 800 | HK$ 32,000 |
| 9 lots | 900 | HK$ 36,000 |
| 10 lots | 1,000 | HK$ 40,000 |
| 15 lots | 1,500 | HK$ 60,000 |
| 20 lots | 2,000 | HK$ 80,000 |
| 25 lots | 2,500 | HK$ 100,000 |
| 30 lots | 3,000 | HK$ 120,000 |
| 35 lots | 3,500 | HK$ 140,000 |
| 40 lots | 4,000 | HK$ 160,000 |
| 45 lots | 4,500 | HK$ 180,000 |
| 50 lots | 5,000 | HK$ 200,000 |
| 60 lots | 6,000 | HK$ 240,000 |
| 70 lots | 7,000 | HK$ 280,000 |
| 80 lots | 8,000 | HK$ 320,000 |
| 90 lots | 9,000 | HK$ 360,000 |
| 100 lots | 10,000 | HK$ 400,000 |
| 200 lots | 20,000 | HK$ 800,000 |
| 300 lots | 30,000 | HK$ 1,200,000 |
| 400 lots | 40,000 | HK$ 1,600,000 |
| 500 lots | 50,000 | HK$ 2,000,000 |
| 600 lots | 60,000 | HK$ 2,400,000 |
| 700 lots | 70,000 | HK$ 2,800,000 |
| 800 lots | 80,000 | HK$ 3,200,000 |
| 900 lots | 90,000 | HK$ 3,600,000 |
| 1,000 lots | 100,000 | HK$ 4,000,000 |
| 1,200 lots | 120,000 | HK$ 4,800,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 140,000 | HK$ 5,600,000 |
| 1,600 lots | 160,000 | HK$ 6,400,000 |
| 1,800 lots | 180,000 | HK$ 7,200,000 |
| 2,000 lots | 200,000 | HK$ 8,000,000 |
| 2,200 lots | 220,000 | HK$ 8,800,000 |
| 2,400 lots | 240,000 | HK$ 9,600,000 |
| 2,778 lots | 277,800 | HK$ 11,112,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 341.2M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +2668% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 2,222,224,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 929,040,800 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 85.8 million |
| Period-End Cash Balance | RMB 19.68 million |
| Listing Expenses | ~HK$ 38,800,000 |
| Listing Expenses / Funds Raised | ~20.85% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 54.5 |
|---|---|
| First Day Open | HK$ 64.8 |
| First Day Change | 36.25% |
| First Day Volume | 2556200.0 |
| First Day Turnover | 155643000.0 |
| Use of Proceeds | 1、約88.39百萬港元（相當于約人民幣80.56百萬元），約60.0%將用于擴大服務網點的覆蓋范圍及滲透率；
2、約29.46百萬港元（相當于約人民幣26.85百萬元），約20.0%將用于持續提升和迭代技術；
3、約14.73百萬港元（相當于約人民幣13.43百萬元），約10.0%將用于提升品牌知名度及曝光度；
4、約14.73百萬港元（相當于約人民幣13.43百萬元），約10.0%將用作運營資金及其他一般公司用途。 |
Underwriting Syndicate
Sponsor cum Overall Coordinator (2)
Overall Coordinators (2)
Joint Global Coordinators (6)
Joint Bookrunners (13)
中信建投（国际）融资有限公司 CE BAU112
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
ABCI CAPITAL LIMITED CE AWL249
Quam Securities Limited CE AAC577
Livermore Holdings Limited CE BJN764
BETA INTERNATIONAL SECURITIES LIMITED CE ABN652
Joint Lead Managers (13)
中信建投（国际）融资有限公司 CE BAU112
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
ABCI Securities Company Limited CE ACX411
Quam Securities Limited CE AAC577
Livermore Holdings Limited CE BJN764
BETA INTERNATIONAL SECURITIES LIMITED CE ABN652
Capital Market Intermediaries (14)
中信建投（国际）融资有限公司 CE BAU112
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Quam Securities Limited CE AAC577
Livermore Holdings Limited CE BJN764
BETA INTERNATIONAL SECURITIES LIMITED CE ABN652
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Eric Chow & Co. in Association with Commerce & Finance Law Offices 上海市锦天城律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 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 | Mr. Han Daohu | Mr. Han Daohu |
| Company Secretary | Ms. Zheng Huiyu | Ms. Zheng Huiyu |
| Executive Director | 谢忠惠 | Xie Zhonghui |
| Non-Executive Director | 韩道虎 | Han Daohu |
| Independent Non-Executive Director | 雷志刚 | Lei Zhigang |
| Executive Director | 封宝财 | Feng Baocai |
| Non-Executive Director | 吴景华 | Wu Jinghua |
| Independent Non-Executive Director | 董慧 | Dong Hui |
| Executive Director | 陈兴 | Chen Xing |
| Independent Non-Executive Director | 薛家麟 | SUEK Ka Lun Ernie |
| Independent Non-Executive Director | 余晓洪 | Yu Xiaohong |
| Independent Non-Executive Director | 王雪珍 | Wang Xuezhen |
| Independent Non-Executive Director | 陈霞 | Chen Xia |
Major Shareholders
| Major Shareholders & Holdings | Immediately after completion of the Global Offering, Mr. 謝 holds 17.0% of the unlisted Shares and 1.9% of the H Shares, and through controlled entities holds 6.0% of the unlisted Shares and 6.0% of the H Shares; Mr. 韓道虎 holds 15.8% of the unlisted Shares and 1.8% of the H Shares; Mr. 吳景華 holds 12.3% of the unlisted Shares and 1.4% of the H Shares; Mr. 李堅正 holds 2.4% of the unlisted Shares and 5.6% of the H Shares; 掌創共贏平台 holds 3.3% of the unlisted Shares and 3.3% of the H Shares; Mr. 潘建忠 holds 1.0% of the unlisted Shares and 3.9% of the H Shares; Mr. 李斌 holds 0.9% of the unlisted Shares and 3.6% of the H Shares; 樂摩共創平台 holds 1.7% of the unlisted Shares and 1.7% of the H Shares; 基石億享 holds 2.3% of the H Shares; 樂摩共贏平台 holds 1.0% of the unlisted Shares and 1.0% of the H Shares. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
Market sentiment was exceptionally enthusiastic, with an oversubscription ratio of 7324.29x, one of the highest on record, pointing to immense retail demand for 乐摩科技. The hit rate of just 3.21% highlights the extreme scarcity of allocations, making it one of the most competitive IPOs of the year despite the HK$40 fixed price. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The expected allocation per A-tail applicant was a minuscule 0.0671 lots, while B-head applicants fared slightly better at 0.1401 lots, highlighting the tier structure's modest advantage for larger investors. Even so, both tiers received allocations far below typical lot sizes, raising questions about the cost-efficiency of broker fees for marginal gains in such an ultra-hot IPO. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland investors dominated with 63.6% of successful applicants, signaling strong cross-border enthusiasm for this consumer retail brand. The applicant pool skewed slightly male (60.1%) with an average age of 43.1 years, a profile consistent with seasoned retail investors in Hong Kong IPOs. Regional data likely shows a concentration in Guangdong, though exact figures are unavailable. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
