IPO Timeline Raw facts
Company Overview
| Stock Name | Nuobikan |
|---|---|
| Stock Code | 02635 |
| Company Full Name | Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. |
| Industry | Robotics |
| Principal Activities | general-purpose tool platform, and (b) domain- specific products with customized functions for specific application scenarios |
| Listing Date | 2025-12-23 |
| 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 A9-4, Xin Gu Industrial Park Business in PRC No. 338, Guo Xin 4th Road Shuangliu District Chengdu Sichuan Province PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 2座31樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.nuobikan.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$ 80.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 4,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-15 to 2025-12-18 |
| Global Offering Shares | 3,786,600 shares |
| HK Public Offer Shares (Initial) | 378,700 shares (10.0%) |
| Public Offer Lots (Initial) | 7,574lots (Pool A3,787lots，Pool B3,787lots) |
| International Placing Shares (Initial) | 3,407,900 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 37,866,600 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 302,928,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,000 |
| 2 lots | 100 | HK$ 8,000 |
| 3 lots | 150 | HK$ 12,000 |
| 4 lots | 200 | HK$ 16,000 |
| 5 lots | 250 | HK$ 20,000 |
| 6 lots | 300 | HK$ 24,000 |
| 7 lots | 350 | HK$ 28,000 |
| 8 lots | 400 | HK$ 32,000 |
| 9 lots | 450 | HK$ 36,000 |
| 10 lots | 500 | HK$ 40,000 |
| 12 lots | 600 | HK$ 48,000 |
| 14 lots | 700 | HK$ 56,000 |
| 16 lots | 800 | HK$ 64,000 |
| 18 lots | 900 | HK$ 72,000 |
| 20 lots | 1,000 | HK$ 80,000 |
| 30 lots | 1,500 | HK$ 120,000 |
| 40 lots | 2,000 | HK$ 160,000 |
| 50 lots | 2,500 | HK$ 200,000 |
| 60 lots | 3,000 | HK$ 240,000 |
| 70 lots | 3,500 | HK$ 280,000 |
| 80 lots | 4,000 | HK$ 320,000 |
| 90 lots | 4,500 | HK$ 360,000 |
| 100 lots | 5,000 | HK$ 400,000 |
| 120 lots | 6,000 | HK$ 480,000 |
| 140 lots | 7,000 | HK$ 560,000 |
| 160 lots | 8,000 | HK$ 640,000 |
| 180 lots | 9,000 | HK$ 720,000 |
| 200 lots | 10,000 | HK$ 800,000 |
| 400 lots | 20,000 | HK$ 1,600,000 |
| 600 lots | 30,000 | HK$ 2,400,000 |
| 800 lots | 40,000 | HK$ 3,200,000 |
| 1,000 lots | 50,000 | HK$ 4,000,000 |
| 1,200 lots | 60,000 | HK$ 4,800,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 70,000 | HK$ 5,600,000 |
| 1,600 lots | 80,000 | HK$ 6,400,000 |
| 1,800 lots | 90,000 | HK$ 7,200,000 |
| 2,000 lots | 100,000 | HK$ 8,000,000 |
| 2,400 lots | 120,000 | HK$ 9,600,000 |
| 2,800 lots | 140,000 | HK$ 11,200,000 |
| 3,200 lots | 160,000 | HK$ 12,800,000 |
| 3,787 lots | 189,350 | HK$ 15,148,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 30.13B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 3,029,328,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,434,766,240 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 21.1x (based on offer price HK$80 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 115.4 million |
| Period-End Cash Balance | RMB 167.33 million |
| Listing Expenses | ~HK$ 45,500,000 |
| Listing Expenses / Funds Raised | ~12.9% |
| Total Pre-IPO Investment | approximately RMB 355 million |
| First Day Close | HK$ 371.0 |
|---|---|
| First Day Open | HK$ 319.8 |
| First Day Change | 363.75% |
| First Day Volume | 868750.0 |
| First Day Turnover | 224406000.0 |
| Use of Proceeds | 1、約40.0%或122.7百萬港元將用于進行及加強核心技術的繼續研究，以鞏固技術能力以及產品及服務功能的基礎；
2、約40.0%或122.7百萬港元將用于建設研發技術中心和新總部基地；
3、約10.0%或30.7百萬港元將用于尋求潛在的戰略投資及收購機會，以實施優化產品及解決方案的長期增長策略，并擴大及╱或滲透覆蓋的終端客戶行業；
4、約10.0%或30.7百萬港元將用作營運資金及一般公司用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Compliance Advisor | 浩德融资有限公司 CE AGH102 |
Cornerstone Investors
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Liao Yu | Mr. Liao Yu |
| Company Secretary | Ms. Wang Li | Ms. Wang Li |
Major Shareholders
| Major Shareholders & Holdings | Mr. Liao is the controlling shareholder, holding 17,427,967 shares (representing 51.1%), including his direct holdings and interests held through controlled corporations such as 鐵科創智 and 鐵科智能, and held jointly with persons acting in concert such as 唐泰可, 林仁輝 and 蘇茂才. 上海博 will, through the 博將 entities, hold 5,464,660 shares (representing 16.0%). |
|---|
Market Sentiment
The IPO was oversubscribed by 188.74 times, indicating extreme retail demand for this AI sector listing. The overall hit rate of 11.65% reflects significant competition, with only 3,852 out of 33,051 valid applications obtaining allocation. The offer price was fixed at HK$80.00, likely at the top of expectations given the high subscription ratio. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A sharp tier anomaly is evident: A-tail applicants (HK$40,000 invested) received an average of just 0.1799 lots, while B-head applicants (HK$50,000 invested) secured a full 1.0 lot. The additional HK$10,000 commitment yields over five times the allocation, highlighting severe inefficiency at the boundary. Brokerage fees vary, but B-head appears far more cost‐effective on a per‐share basis under these allotments. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions; investors should verify against official HKEX filings.)
Demographics
Mainland Chinese participation reached 67.0%, underscoring robust cross‐border interest in the AI sector. The investor pool leaned male (62.7%) with an average age of 43.2 years, consistent with typical Hong Kong IPO profiles. Regional specifics are unavailable, but such high mainland involvement often concentrates in Guangdong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
