IPO Timeline Raw facts
Broker Deadline
2025-09-04
Morning deadline
HKEX Deadline
2025-09-04
Noon deadline
Broker Results (T-2)
2025-09-05
Some brokers release in afternoon
Grey Market (T-1)
2025-09-08
Afternoon
HKEX Allotment (T-1)
2025-09-08
Evening
Registrar Allotment (T-1)
2025-09-08
Evening
Listing Day (T)
2025-09-09
First day of trading
Company Overview
| Stock Name | Dahon Tech |
|---|---|
| Stock Code | 02543 |
| Company Full Name | Dahon Tech (Shenzhen) Co., Ltd. |
| Industry | New Energy |
| Principal Activities | leader in the mainland China folding bicycle industry with strong brand recognition and industry influence and are well positioned to capture opportunities in the growing folding bicycle industry |
| Listing Date | 2025-09-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of 801, Yizhan Business Building Business in China No. 8, Yizhan 4th Road, Shapu Community Songgang Street, Bao’an District Shenzhen PRC |
| Business Address (Hong Kong) | 香港 中環 皇后大道中5號 衡怡大廈28樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | dahon.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 49.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,950 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-01 to 2025-09-04 |
| Global Offering Shares | 7,920,000 shares |
| HK Public Offer Shares (Initial) | 792,000 shares (10.0%) |
| Public Offer Lots (Initial) | 7,920lots (3,960lots, 3,960lots) |
| International Placing Shares (Initial) | 7,128,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 31,667,841 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China Securities (International) Corporate Finance Company Limited CE BAU112 |
| Cornerstone Share | 25.4% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 392,040,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,950 |
| 2 lots | 200 | HK$ 9,900 |
| 3 lots | 300 | HK$ 14,850 |
| 4 lots | 400 | HK$ 19,800 |
| 5 lots | 500 | HK$ 24,750 |
| 6 lots | 600 | HK$ 29,700 |
| 7 lots | 700 | HK$ 34,650 |
| 8 lots | 800 | HK$ 39,600 |
| 9 lots | 900 | HK$ 44,550 |
| 10 lots | 1,000 | HK$ 49,500 |
| 15 lots | 1,500 | HK$ 74,250 |
| 20 lots | 2,000 | HK$ 99,000 |
| 25 lots | 2,500 | HK$ 123,750 |
| 30 lots | 3,000 | HK$ 148,500 |
| 35 lots | 3,500 | HK$ 173,250 |
| 40 lots | 4,000 | HK$ 198,000 |
| 45 lots | 4,500 | HK$ 222,750 |
| 50 lots | 5,000 | HK$ 247,500 |
| 100 lots | 10,000 | HK$ 495,000 |
| 150 lots | 15,000 | HK$ 742,500 |
| 200 lots | 20,000 | HK$ 990,000 |
| 250 lots | 25,000 | HK$ 1,237,500 |
| 300 lots | 30,000 | HK$ 1,485,000 |
| 350 lots | 35,000 | HK$ 1,732,500 |
| 400 lots | 40,000 | HK$ 1,980,000 |
| 450 lots | 45,000 | HK$ 2,227,500 |
| 500 lots | 50,000 | HK$ 2,475,000 |
| 600 lots | 60,000 | HK$ 2,970,000 |
| 700 lots | 70,000 | HK$ 3,465,000 |
| 800 lots | 80,000 | HK$ 3,960,000 |
| 900 lots | 90,000 | HK$ 4,455,000 |
| 1,000 lots | 100,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 120,000 | HK$ 5,940,000 |
| 1,400 lots | 140,000 | HK$ 6,930,000 |
| 1,600 lots | 160,000 | HK$ 7,920,000 |
| 1,800 lots | 180,000 | HK$ 8,910,000 |
| 2,000 lots | 200,000 | HK$ 9,900,000 |
| 2,500 lots | 250,000 | HK$ 12,375,000 |
| 3,000 lots | 300,000 | HK$ 14,850,000 |
| 3,500 lots | 350,000 | HK$ 17,325,000 |
| 3,960 lots | 396,000 | HK$ 19,602,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 338.6M |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 97% |
| Analysis Result | Market cap below threshold (gap 97%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 392,040,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 392,040,000 |
| 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 52.3 million |
| Period-End Cash Balance | RMB 101.79 million |
| Listing Expenses | ~HK$ 49,800,000 |
| Listing Expenses / Funds Raised | ~12.7% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 56.9 |
|---|---|
| First Day Open | HK$ 67.5 |
| First Day Change | 14.95% |
| First Day Volume | 8237500.0 |
| First Day Turnover | 541963000.0 |
Use of Proceeds
| Use of Proceeds | 1、預期約30.0%或102.7百萬港元將用于生產系統現代化及擴大運營規模，以提升制造能力； 2、預期約30.0%或102.7百萬港元將用于強化經銷網絡及策略性品牌發展，以鞏固市場地位及加快全球擴張； 3、預期約30.0%或102.7百萬港元將用于加強研發能力，以提升技術； 4、預期約10.0%或34.1百萬港元將用作營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Sponsor cum Overall Coordinator (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Overall Coordinators (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Joint Global Coordinators (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Joint Bookrunners (6)
Joint Lead Managers (6)
Capital Market Intermediaries (6)
Stabilizing Manager (1)
China Securities (International) Corporate Finance Company Limited CE BAU112
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
德恒律师事务所（香港）有限法律责任合伙 北京德恒（深圳）律师事务所 世界法律事务所 |
| Legal Advisor to Sponsors/Underwriters |
Han Kun Law Offices LLP 汉坤律师事务所 |
| Auditor and Reporting Accountant | 德勤‧关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 安联环球投资亚太 | 5,000,000 USD | 789,100 | 9.96% | 2.49% | 6 months | 2026-03-09 |
| 2 | 大湾区基金管理 | 2,400,000 USD | 378,800 | 4.78% | 1.20% | 6 months | 2026-03-09 |
| 3 | Harvest | 2,800,000 USD | 441,900 | 5.58% | 1.40% | 6 months | 2026-03-09 |
| 4 | 维科香港 | 2,559,836 USD | 404,000 | 5.10% | 1.28% | 6 months | 2026-03-09 |
Directors & Management
| Chairman | 韓德瑋 |
|---|---|
| Company Secretary | Ms. Yi Jiamei |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 韩德玮 | — | Executive Director |
| 2 | 李桂玉 | — | Executive Director |
| 3 | 刘国存 | — | Executive Director |
| 4 | 李秀芬 | — | Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李励生 | — | Independent Non-Executive Director |
| 2 | 刘学权 | — | Independent Non-Executive Director |
| 3 | 赵根生 | — | Independent Non-Executive Director |
| 4 | 黄思情 | — | Independent Non-Executive Director |
| 5 | 朱国成 | — | Independent Non-Executive Director |
| 6 | 匡文标 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Dr. Han holds 21,032,165 non-listed domestic shares (representing 66.41%) and, through 大行科工企業有限合夥, holds 378,941 shares (representing 1.20%), for a total of approximately 67.61%. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO saw an extraordinary oversubscription ratio of 7558.4x, with only 3.54% of applicants receiving allocations, reflecting extreme retail enthusiasm. The final offer price was set at 49.5 HKD, though no price range was disclosed to gauge end-of-range pricing. This overwhelming demand, coupled with a full reallocation from the international tranche, signals very strong bullish sentiment. (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 last A-tier (甲尾) expected just 0.2067 lots per application, while the first B-tier (乙头) expected an even smaller 0.1168 lots, a disproportionate drop considering the adjacent tiers. With 100,000 A-tail applicants and 120,000 B-head applicants, the allocation inefficiency is stark—B-head applicants receive roughly half the already tiny A-tail allocation, making broker fees particularly burdensome at these levels. (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
The provided demographic data shows zero values across all categories—total holders, mainland participation, and Hong Kong participation—making any analysis of applicant origins, gender, or age impossible. This likely stems from incomplete reporting or data omission, a common limitation in Hong Kong IPO filings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
