| Stock Name | Qiniu |
|---|---|
| Stock Code | 02567 |
| Company Full Name | Qiniu Limited |
| Industry | 軟件服務 |
| Principal Activities | 公司是中國第三大音視頻PaaS服務商，僅次于中國最大的兩家互聯網公司的音視頻PaaS業務。 |
| Listing Date | 2024-10-16 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市浦東新區博霞路66號Q座1–4樓 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | https://www.qiniu.ltd/ |
| 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 Mechanism | To be extracted |
|---|---|
| Offer Price | HK$ 2.75 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2024-09-30 to 2024-10-10 |
| Global Offering Shares | To be extracted |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209 |
| Cornerstone Share | 40.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 131,793,750 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 2,750 |
| 2 lots | 2,000 | HK$ 5,500 |
| 3 lots | 3,000 | HK$ 8,250 |
| 4 lots | 4,000 | HK$ 11,000 |
| 5 lots | 5,000 | HK$ 13,750 |
| 6 lots | 6,000 | HK$ 16,500 |
| 7 lots | 7,000 | HK$ 19,250 |
| 8 lots | 8,000 | HK$ 22,000 |
| 9 lots | 9,000 | HK$ 24,750 |
| 10 lots | 10,000 | HK$ 27,500 |
| 15 lots | 15,000 | HK$ 41,250 |
| 20 lots | 20,000 | HK$ 55,000 |
| 25 lots | 25,000 | HK$ 68,750 |
| 30 lots | 30,000 | HK$ 82,500 |
| 35 lots | 35,000 | HK$ 96,250 |
| 40 lots | 40,000 | HK$ 110,000 |
| 45 lots | 45,000 | HK$ 123,750 |
| 50 lots | 50,000 | HK$ 137,500 |
| 60 lots | 60,000 | HK$ 165,000 |
| 70 lots | 70,000 | HK$ 192,500 |
| 80 lots | 80,000 | HK$ 220,000 |
| 90 lots | 90,000 | HK$ 247,500 |
| 100 lots | 100,000 | HK$ 275,000 |
| 200 lots | 200,000 | HK$ 550,000 |
| 300 lots | 300,000 | HK$ 825,000 |
| 400 lots | 400,000 | HK$ 1,100,000 |
| 500 lots | 500,000 | HK$ 1,375,000 |
| 600 lots | 600,000 | HK$ 1,650,000 |
| 700 lots | 700,000 | HK$ 1,925,000 |
| 800 lots | 800,000 | HK$ 2,200,000 |
| 900 lots | 900,000 | HK$ 2,475,000 |
| 1,000 lots | 1,000,000 | HK$ 2,750,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 2,000,000 | HK$ 5,500,000 |
| 3,000 lots | 3,000,000 | HK$ 8,250,000 |
| 4,000 lots | 4,000,000 | HK$ 11,000,000 |
| 5,000 lots | 5,000,000 | HK$ 13,750,000 |
| 6,000 lots | 6,000,000 | HK$ 16,500,000 |
| 7,987 lots | 7,987,000 | HK$ 21,964,250 |
| HK Market Cap | HK$ 1.56B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 85% |
| Analysis Result | Market cap below threshold (gap 85%) |
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | To be extracted |
| 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 |
| First Day Close | HK$ 1.19 |
|---|---|
| First Day Open | HK$ 1.6 |
| First Day Change | -56.73% |
| First Day Volume | 121377000.0 |
| First Day Turnover | 166432000.0 |
| Use of Proceeds | 1、約38.0%（或約142.4百萬港元）預期將用于滲透及夯實APaaS業務中應用場景的占有率及發展與擴大客戶群； 2、約20.0%（或約74.9百萬港元）預期將用于未來36至60個月擴展海外業務； 3、約12.0%（或約45.0百萬港元）預期將用于提升研發能力并完善技術基礎設施； 4、約20%（或約74.9百萬港元）預期將用于選定合并、收購和戰略投資； 5、約10.0%（或約37.5百萬港元）預期將用作營運資金及一般公司用途。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Jia Yuan Law Offices King & Wood 迈普达律师事务所（香港）有限法律责任合伙 蓝钰法律事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 Jingtian & Gongcheng |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | 上海艾瑞市场咨询有限公司 |
| Receiving Banks |
Bank of China (Hong Kong) Limited China CITIC Bank International Limited |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 禾顺有限合伙 | 175,725,000 HKD | — | 40.00% | — | 6 months | 2025-04-16 |
| Chairman | 許式偉 |
|---|---|
| Company Secretary | 張袁昊;梁君慧 |
| Major Shareholders & Holdings | Dream Galaxy(16.52%),淘寶中國(16.27%),Magic Logistics(11.44%),MPC II L.P(7.34%),永祿控股(6.74%),啟明基金(6.29%) |
|---|
市场情绪
The oversubscription ratio of 19.87x signals moderate investor enthusiasm rather than extreme hype. An unusually high hit rate of 91.46% indicates that most applicants received allocations, which may reflect a relatively generous allocation policy or subdued institutional demand. The final offer price was set at HK$2.75, but no pricing range is available for comparison. (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 tail of the A-tier (甲尾) expects 1.0 lot for an investment of HK$1,000,000, while the head of the B-tier (乙头) also expects 1.0 lot but requires HK$2,000,000, making the B-tier capital considerably less efficient. This flattening across tiers suggests that the clawback mechanism or allocation algorithm provided no advantage to tier-B applicants, which is atypical and may disadvantage larger applicants. Broker fee structures vary, so the higher capital outlay at tier B could exacerbate net inefficiencies. (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
Mainland Chinese investors dominate the applicant pool at 70.9%, signaling strong interest from cross-border participants in this Hong Kong IPO. The gender split is skewed male (66.9%) and the average age is 43.0, indicating a mature, likely experienced investor base. No regional concentration data is available, but the high mainland percentage suggests a heavy Guangdong or Greater Bay Area tilt. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
