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
Company Overview
| Stock Name | Alsco Pooling |
|---|---|
| Stock Code | 02649 |
| Company Full Name | ALSCO Pooling Service Co Ltd |
| Industry | Robotics |
| Principal Activities | reusable package service provider in China, primarily focusing on serving automotive parts manufacturers and OEMs within the automotive industry |
| Listing Date | 2026-03-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Room 3A, Jiacheng Building No. 128 Zhongxin Avenue West Suzhou Industrial Park Suzhou, Jiangsu PRC Corporate headquarters and Principal Room 3A, Jiacheng Building Place of Business in the PRC No. 128 |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東183號 合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | anwood.com.cn |
| 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 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 11.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 5,500 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-02-27 to 2026-03-04 |
| Global Offering Shares | 20,336,000 shares |
| HK Public Offer Shares (Initial) | 2,034,000 shares (10.0%) |
| Public Offer Lots (Initial) | 4,068lots (Pool A2,034lots，Pool B2,034lots) |
| International Placing Shares (Initial) | 18,302,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 90,336,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 223,696,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 5,500 |
| 2 lots | 1,000 | HK$ 11,000 |
| 3 lots | 1,500 | HK$ 16,500 |
| 4 lots | 2,000 | HK$ 22,000 |
| 5 lots | 2,500 | HK$ 27,500 |
| 6 lots | 3,000 | HK$ 33,000 |
| 7 lots | 3,500 | HK$ 38,500 |
| 8 lots | 4,000 | HK$ 44,000 |
| 9 lots | 4,500 | HK$ 49,500 |
| 10 lots | 5,000 | HK$ 55,000 |
| 12 lots | 6,000 | HK$ 66,000 |
| 14 lots | 7,000 | HK$ 77,000 |
| 16 lots | 8,000 | HK$ 88,000 |
| 18 lots | 9,000 | HK$ 99,000 |
| 20 lots | 10,000 | HK$ 110,000 |
| 30 lots | 15,000 | HK$ 165,000 |
| 40 lots | 20,000 | HK$ 220,000 |
| 50 lots | 25,000 | HK$ 275,000 |
| 60 lots | 30,000 | HK$ 330,000 |
| 70 lots | 35,000 | HK$ 385,000 |
| 80 lots | 40,000 | HK$ 440,000 |
| 90 lots | 45,000 | HK$ 495,000 |
| 100 lots | 50,000 | HK$ 550,000 |
| 120 lots | 60,000 | HK$ 660,000 |
| 140 lots | 70,000 | HK$ 770,000 |
| 160 lots | 80,000 | HK$ 880,000 |
| 180 lots | 90,000 | HK$ 990,000 |
| 200 lots | 100,000 | HK$ 1,100,000 |
| 300 lots | 150,000 | HK$ 1,650,000 |
| 400 lots | 200,000 | HK$ 2,200,000 |
| 500 lots | 250,000 | HK$ 2,750,000 |
| 600 lots | 300,000 | HK$ 3,300,000 |
| 700 lots | 350,000 | HK$ 3,850,000 |
| 800 lots | 400,000 | HK$ 4,400,000 |
| 900 lots | 450,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 5,500,000 |
| 1,200 lots | 600,000 | HK$ 6,600,000 |
| 1,400 lots | 700,000 | HK$ 7,700,000 |
| 1,600 lots | 800,000 | HK$ 8,800,000 |
| 1,800 lots | 900,000 | HK$ 9,900,000 |
| 2,034 lots | 1,017,000 | HK$ 11,187,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 346.7M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +2624% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 993,696,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 964,190,755 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 17.0x (based on offer price HK$11 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 50.7 million |
| Period-End Cash Balance | RMB 56.78 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 6.2 |
|---|---|
| First Day Open | HK$ 7.5 |
| First Day Change | -43.64% |
| First Day Volume | 18761400.0 |
| First Day Turnover | 186591000.0 |
| Use of Proceeds | 1、約25.0%（或51.2百萬港元）將用于完善和升級數字系統和平臺；
2、約25.0%（或51.2百萬港元）將用于推進公司的海外擴張戰略；
3、約20.0%（或41.0百萬港元）將用于擴展公司全國范圍內的服務網絡；
4、約20.0%（或41.0百萬港元）將用于通過收購將公司服務的應用場景拓展至其他下游行業；
5、約10.0%（或20.5百萬港元）將用于一般企業用途和營運資金。 |
Underwriting Syndicate
Sole Sponsor (1)
中信建投（国际）融资有限公司 CE BAU112(sole)
Joint Global Coordinators (3)
Joint Bookrunners (10)
中信建投（国际）融资有限公司 CE BAU112
DBS ASIA CAPITAL LIMITED CE AAE430
China Sunrise Securities (International) Limited CE AFS030
ABCI CAPITAL LIMITED CE AWL249
CMB International Capital Limited CE AVM940
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
TFI Securities and Futures Limited CE BAV573
TradeGo Markets Limited CE BRO637
Joint Lead Managers (10)
中信建投（国际）融资有限公司 CE BAU112
DBS ASIA CAPITAL LIMITED CE AAE430
China Sunrise Securities (International) Limited CE AFS030
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
TFI Securities and Futures Limited CE BAV573
TradeGo Markets Limited CE BRO637
Capital Market Intermediaries (11)
中信建投（国际）融资有限公司 CE BAU112
DBS ASIA CAPITAL LIMITED CE AAE430
China Sunrise Securities (International) Limited CE AFS030
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
TFI Securities and Futures Limited CE BAV573
TradeGo Markets Limited CE BRO637
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Eric Chow & Co. in Association with Commerce & Finance Law Offices 北京市通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 锦天城律师事务所 |
| 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 |
DBS BANK (HONG KONG) LIMITED 招商永隆银行有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Sun Yan | Mr. Sun Yan |
| Company Secretary | Mr. Xiang Yang | Mr. Xiang Yang |
| Executive Director | 孙延安 | Sun |
| Non-Executive Director | 房殿军 | Fang Dianjun |
| Independent Non-Executive Director | 王锐 | Wang Rui |
| Executive Director | 汪玥 | Wang Yue |
| Non-Executive Director | 任庆祥 | Ren Qingxiang |
| Independent Non-Executive Director | 刘大成 | Liu Dacheng |
| Executive Director | 相阳 | Xiang Yang |
| Non-Executive Director | 戴元煜 | Dai Yuanyu |
| Independent Non-Executive Director | 项婷 | Hong Ting |
| Independent Non-Executive Director | 洪礼军 | Hong Lijun |
| Independent Non-Executive Director | 严帅 | Yan Shuai |
| Independent Non-Executive Director | 张欣 | Zhang Xin |
Major Shareholders
| Major Shareholders & Holdings | Mr. 孫延安 is the controlling shareholder, directly holding 36,093,750 H shares (representing 39.96%) and indirectly holding 3,318,924 H shares (representing 3.67%) through 蘇州安華. Other principal shareholders include 蘇州國發股權投資基金管理有限公司 (interests in controlled corporations, in aggregate 5,468,750 H shares, representing 6.05%), 蘇州國發創業投資控股有限公司 (interests in controlled corporations, in aggregate 7,291,667 H shares, representing 8.07%), 蘇州創新投資集團有限公司 (interests in controlled corporations, in aggregate 7,291,667 H shares, representing 8.07%), 蘇州國際發展集團有限公司 (interests in controlled corporations, in aggregate 7,291,667 H shares, representing 8.07%) and Mr. 汪玥 (directly holding 4,921,875 H shares, representing 5.45%, and indirectly holding 1,050,000 H shares, representing 1.16% through 蘇州賽靈). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The market exhibited extraordinary enthusiasm with an oversubscription ratio of 5,297 times, indicating massive retail demand for this logistics packaging IPO. The overall hit rate plunged to a mere 2.5%, underscoring the fierce competition for shares. Despite the fixed offer price of HKD 11.0, investors seemingly disregarded valuation concerns, driven by the sector's appeal. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A striking inefficiency appears at the tier boundary: the top A-tier application of 350,000 lots received an expected 0.26 lots, while the B-tier head at 400,000 lots secured only 0.10 lots, showing no meaningful allocation advantage. The marginal increase in commitment from 甲尾 to 乙头 actually worsened the expected lot count, suggesting that the higher broker fee associated with the B-tier likely erodes any potential benefit. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data from the filings is absent, with the registrar reporting zero holders and no breakdown of mainland China or Hong Kong participation. This lack of information may indicate that applicant origin details were either not collected or not disclosed in the allocation results. Investors should not draw conclusions about the investor base from this missing data. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
