| Stock Name | XJ Electrics |
|---|---|
| Stock Code | 02619 |
| Company Full Name | X.J. Electrics (Hu Bei) Group Co., Ltd |
| Industry | 家電家用 |
| Principal Activities | 公司是中國的生活家居用品制造商，主要以ODM╱OEM模式營運，并已建立起由全球知名兼歷史悠久的品牌組成的客戶群，例如沃爾瑪、Telebrands、SEB、Sensio、Hamilton Beach及飛利浦等。 |
| Listing Date | 2025-06-25 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國廣東省深圳市鹽田區海山街道沙頭角保稅區7棟7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.xjgroup.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 Mechanism | To be extracted |
|---|---|
| Offer Price | HK$ 2.86 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | To be extracted |
| 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) | SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195 |
| Cornerstone Share | 44.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 97,554,600 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 2,860 |
| 2 lots | 2,000 | HK$ 5,720 |
| 3 lots | 3,000 | HK$ 8,580 |
| 4 lots | 4,000 | HK$ 11,440 |
| 5 lots | 5,000 | HK$ 14,300 |
| 6 lots | 6,000 | HK$ 17,160 |
| 7 lots | 7,000 | HK$ 20,020 |
| 8 lots | 8,000 | HK$ 22,880 |
| 9 lots | 9,000 | HK$ 25,740 |
| 10 lots | 10,000 | HK$ 28,600 |
| 15 lots | 15,000 | HK$ 42,900 |
| 20 lots | 20,000 | HK$ 57,200 |
| 25 lots | 25,000 | HK$ 71,500 |
| 30 lots | 30,000 | HK$ 85,800 |
| 35 lots | 35,000 | HK$ 100,100 |
| 40 lots | 40,000 | HK$ 114,400 |
| 45 lots | 45,000 | HK$ 128,700 |
| 50 lots | 50,000 | HK$ 143,000 |
| 60 lots | 60,000 | HK$ 171,600 |
| 70 lots | 70,000 | HK$ 200,200 |
| 80 lots | 80,000 | HK$ 228,800 |
| 90 lots | 90,000 | HK$ 257,400 |
| 100 lots | 100,000 | HK$ 286,000 |
| 200 lots | 200,000 | HK$ 572,000 |
| 300 lots | 300,000 | HK$ 858,000 |
| 400 lots | 400,000 | HK$ 1,144,000 |
| 500 lots | 500,000 | HK$ 1,430,000 |
| 600 lots | 600,000 | HK$ 1,716,000 |
| 700 lots | 700,000 | HK$ 2,002,000 |
| 800 lots | 800,000 | HK$ 2,288,000 |
| 900 lots | 900,000 | HK$ 2,574,000 |
| 1,000 lots | 1,000,000 | HK$ 2,860,000 |
| 1,500 lots | 1,500,000 | HK$ 4,290,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 2,000,000 | HK$ 5,720,000 |
| 2,500 lots | 2,500,000 | HK$ 7,150,000 |
| 3,000 lots | 3,000,000 | HK$ 8,580,000 |
| 3,411 lots | 3,411,000 | HK$ 9,755,460 |
| HK Market Cap | HK$ 130.9M |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 99% |
| Analysis Result | Market cap below threshold (gap 99%) |
| 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 | RMB 474.15 million |
| Listing Expenses | ~HK$ 40,400,000 |
| Listing Expenses / Funds Raised | ~19.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 2.52 |
|---|---|
| First Day Open | HK$ 2.65 |
| First Day Change | -11.89% |
| First Day Volume | 30003000.0 |
| First Day Turnover | 80835800.0 |
| Use of Proceeds | 1、約41.9%或71.9百萬港元預計將用于設立泰國廠房以增強全球布局； 2、約15.8%或27.2百萬港元預計將用于自動化與數字化升級改造以實現可持續增長； 3、約37.3%或64.1百萬港元預計將用于設立新研發中心； 4、約5.0%或8.6百萬港元預計將用作本集團的一般營運資金。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
德恒律师事务所（香港）有限法律责任合伙 Zhong Lun Law Firm Law Offices of Bin Li & Associates SEA Law Firm DTL Law Office |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 信达律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Receiving Banks |
DBS BANK (HONG KONG) LIMITED 中国工商银行（亚洲）有限公司 |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 湖北顺捷投资(香港)有限公司 | 42,922,880 HKD | — | 22.00% | — | 6 months | 2025-12-25 |
| 2 | 香港兴黄控股有限公司 | 32,192,160 HKD | — | 16.50% | — | 6 months | 2025-12-25 |
| 3 | 香港云星科技贸易管理有限公司 | 10,730,720 HKD | — | 5.50% | — | 6 months | 2025-12-25 |
| Chairman | 潘允 |
|---|---|
| Company Secretary | 胡彥,吳浚鎧 |
| Major Shareholders & Holdings | 潘允(40.55%),蘄春華鈺科技管理中心(有限合伙)(19.79%),蘄春恒興科技管理中心(有限合伙)(14.66%) |
|---|
市场情绪
The IPO was massively oversubscribed at 852.38x, signaling extreme market enthusiasm. With only 34.16% of applicants successful, the low hit rate reflects fierce competition for shares. The final offer price of HKD 2.86, combined with the clawback reallocation, indicates strong retail demand driving full upward pricing. (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
At the boundary, the A-tail application of HKD 1,000,000 yields just 0.3492 lots while the B-head application of HKD 1,500,000 yields 0.5559 lots, giving B-head a slightly better allocation per dollar (0.371 vs 0.349 lots per HKD 1,000). This unexpected efficiency at the higher tier contrasts with the common pattern where A-tail barely edges out B-head. Broker fee efficiency may vary, so actual cost-effectiveness should be scrutinized. (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 dominated with 85.0% participation, pointing to strong cross-border interest possibly driven by brand recognition. Male investors formed a clear majority at 61.9%, and the average age of 42.1 years suggests a mature, experienced investor base. The pattern is typical for Hong Kong IPOs with strong retail appeal. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
