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
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 中伟新材 |
|---|---|
| Other Market Stock Code | 300919 |
| H-Share Offer Price | HK$ 34.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | CNGR |
|---|---|
| Stock Code | 02579 |
| Company Full Name | CNGR Advanced Material Co., Ltd. |
| Industry | New Energy |
| Principal Activities | We are a new energy materials company. We are primarily engaged in the research and development (R&D), production and sale of new energy battery materials centered on positive electrode active material precursor (pCAM), as well as new energy metal products. |
| Listing Date | 2025-11-17 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 貴州省銅仁市 大龍經濟開發區 2號幹道及1號幹道交匯處 |
| Business Address (Hong Kong) | 銅鑼灣 希慎道33號利園一期 19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.cngrgf.com.cn |
| 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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 34.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 6,800 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-07 to 2025-11-12 |
| Global Offering Shares | 104,225,400 shares |
| HK Public Offer Shares (Initial) | 10,422,600 shares (10.0%) |
| Public Offer Lots (Initial) | 52,113lots (Pool A26,056lots，Pool B26,057lots) |
| International Placing Shares (Initial) | 93,802,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,042,253,858 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | Morgan Stanley Asia Limited CE AAD291 |
| Cornerstone Share | 44.4% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,543,663,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 6,800 |
| 2 lots | 400 | HK$ 13,600 |
| 3 lots | 600 | HK$ 20,400 |
| 4 lots | 800 | HK$ 27,200 |
| 5 lots | 1,000 | HK$ 34,000 |
| 6 lots | 1,200 | HK$ 40,800 |
| 7 lots | 1,400 | HK$ 47,600 |
| 8 lots | 1,600 | HK$ 54,400 |
| 9 lots | 1,800 | HK$ 61,200 |
| 10 lots | 2,000 | HK$ 68,000 |
| 15 lots | 3,000 | HK$ 102,000 |
| 20 lots | 4,000 | HK$ 136,000 |
| 25 lots | 5,000 | HK$ 170,000 |
| 30 lots | 6,000 | HK$ 204,000 |
| 35 lots | 7,000 | HK$ 238,000 |
| 40 lots | 8,000 | HK$ 272,000 |
| 45 lots | 9,000 | HK$ 306,000 |
| 50 lots | 10,000 | HK$ 340,000 |
| 100 lots | 20,000 | HK$ 680,000 |
| 150 lots | 30,000 | HK$ 1,020,000 |
| 200 lots | 40,000 | HK$ 1,360,000 |
| 250 lots | 50,000 | HK$ 1,700,000 |
| 300 lots | 60,000 | HK$ 2,040,000 |
| 350 lots | 70,000 | HK$ 2,380,000 |
| 400 lots | 80,000 | HK$ 2,720,000 |
| 450 lots | 90,000 | HK$ 3,060,000 |
| 500 lots | 100,000 | HK$ 3,400,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 6,800,000 |
| 1,500 lots | 300,000 | HK$ 10,200,000 |
| 2,000 lots | 400,000 | HK$ 13,600,000 |
| 2,500 lots | 500,000 | HK$ 17,000,000 |
| 3,000 lots | 600,000 | HK$ 20,400,000 |
| 3,500 lots | 700,000 | HK$ 23,800,000 |
| 4,000 lots | 800,000 | HK$ 27,200,000 |
| 4,500 lots | 900,000 | HK$ 30,600,000 |
| 5,000 lots | 1,000,000 | HK$ 34,000,000 |
| 10,000 lots | 2,000,000 | HK$ 68,000,000 |
| 15,000 lots | 3,000,000 | HK$ 102,000,000 |
| 26,056 lots | 5,211,200 | HK$ 177,180,800 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 2.9B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 35,436,631,172 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,543,663,600 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 1,787.8 million |
| Period-End Cash Balance | RMB 9,645.27 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~3.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 33.96 |
|---|---|
| First Day Open | HK$ 34.0 |
| First Day Change | -0.12% |
| First Day Volume | 17061800.0 |
| First Day Turnover | 566905000.0 |
| Use of Proceeds | 1、約50.0%或1,814.0百萬港元，將用作擴大生產及供應鏈能力；
2、約40.0%或1,451.2百萬港元，將用作新能源電池材料的研發及推進數字化；
3、約10.0%或362.8百萬港元，將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (10)
Morgan Stanley Asia Limited CE AAD291
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
China International Capital Corporation Hong Kong Securities Limited CE AEN894
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (12)
Morgan Stanley Asia Limited CE AAD291
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
China International Capital Corporation Hong Kong Securities Limited CE AEN894
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Capital Market Intermediaries (12)
Morgan Stanley Asia Limited CE AAD291
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
China International Capital Corporation Hong Kong Securities Limited CE AEN894
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Stabilizing Manager (1)
Morgan Stanley Asia Limited CE AAD291
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
富而德律师事务所 上海澄明则正律师事务所 Santoso, Martinus and Muliawan Advocates Lee & Co Asafo & Co. |
| Legal Advisor to Sponsors/Underwriters |
美迈斯律师事务所 金杜律师事务所 |
| 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 |
| Receiving Banks |
Standard Chartered Bank (Hong Kong) Limited 中国银行（香港）有限公司 中国建设银行（亚洲）股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 贵州新型工业化基金 | 97,800,000 HKD | 21,160,000 | 20.30% | 2.00% | 6 months | 2026-05-17 |
| 2 | 宝达投资 | 27,900,000 HKD | 6,045,600 | 5.80% | 0.60% | 6 months | 2026-05-17 |
| 3 | 中创新航科技集团 | 19,800,000 HKD | 4,283,600 | 4.10% | 0.40% | 6 months | 2026-05-17 |
| 4 | 东圣先行科技及国泰君安证券投资（香港）有限公司（与东圣先行场外掉期有关） | 15,000,000 HKD | 3,245,200 | 3.10% | 0.30% | 6 months | 2026-05-17 |
| 5 | NR 1 SP | 15,000,000 HKD | 3,245,200 | 3.10% | 0.30% | 6 months | 2026-05-17 |
| 6 | 上海高毅及华泰资本投资有限公司（与高毅场外掉期有关） | 11,000,000 HKD | 2,379,800 | 2.30% | 0.20% | 6 months | 2026-05-17 |
| 7 | 湖南兴湘新兴产业母基金 | 10,000,000 HKD | 2,163,400 | 2.10% | 0.20% | 6 months | 2026-05-17 |
| 8 | 蓝思香港 | 10,000,000 HKD | 2,163,400 | 2.10% | 0.20% | 6 months | 2026-05-17 |
| 9 | 欣旺达财资 | 7,000,000 HKD | 1,511,400 | 1.50% | 0.10% | 6 months | 2026-05-17 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 鄧偉明 | — |
| Company Secretary | 唐華騰 | — |
| Executive Director | 邓伟明 | Deng Weiming |
| Independent Non-Executive Director | 曹丰 | Cao Feng |
| Executive Director | 邓竞 | Deng Jing |
| Independent Non-Executive Director | 洪源 | Hong Yuan |
| Executive Director | 陶吴 | Tao Wu |
| Independent Non-Executive Director | 蒋良兴 | Jiang Liangxing |
| Executive Director | 廖恒星 | Liao Hengxing |
| Independent Non-Executive Director | 黄斯颖 | Wong Sze Wing |
| Executive Director | 李卫华 | Li Weihua |
| Executive Director | 刘兴国 | Liu Xingguo |
Major Shareholders
| Major Shareholders & Holdings | Mr. Deng beneficially owns 29,570,194 A shares (representing 3.15%) and has interests in 528,484,872 A shares (representing 56.34%) in controlled entities. Zhongwei Holdings beneficially owns 481,600,000 A shares (representing 51.34%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
中伟新材公开认购超额27.9倍，申购热度温和，最终发售价34港元，中签率高达34.27%，分配较为慷慨，反映市场追捧程度有限。相对平稳的供需格局下，一手入场费6800港元，多数申购者有较高中签机会。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾申购10万港元期望中签仅0.962手，而乙头申购20万港元期望中签1手，甲尾资金效率未显著优于乙头，显示A组大额申购的边际中签率被压制。此类档位分布异常或与回拨机制下分配策略有关，投资者需留意各档实际名额分配差异。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。比较档位效率时请注意券商手续费结构各异，实际成本可能不同。）
Demographics
内地投资者参与度高达71%，显著主导申购人群，显示该股在境内市场具备较高认知度与跨境认购兴趣。男性占比68.4%，平均年龄43.1岁，持有人群以成熟男性为主，呈现理性投资画像。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
