IPO Timeline Raw facts
Broker Deadline
2025-10-06
Morning deadline
HKEX Deadline
2025-10-06
Noon deadline
Broker Results (T-2)
2025-10-08
Some brokers release in afternoon
Grey Market (T-1)
2025-10-09
Afternoon
HKEX Allotment (T-1)
2025-10-09
Evening
Registrar Allotment (T-1)
2025-10-09
Evening
Listing Day (T)
2025-10-10
First day of trading
Company Overview
| Stock Name | Zhida Tech |
|---|---|
| Stock Code | 02650 |
| Company Full Name | Shanghai Zhida Technology Development Co., Ltd. |
| Industry | Robotics |
| Principal Activities | Taking the provision of smart home electric vehicle charging stations to automakers and users as our entry point, we have developed a “trinity” electric vehicle home charging solution comprising products, services and a digital platform. |
| Listing Date | 2025-10-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 1001-1, No. 127, Guotong Road Business in the PRC Yangpu District, Shanghai PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣勿地臣街1號 時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.shzhida.com |
| 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$ 66.92 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,346 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-30 to 2025-10-06 |
| Global Offering Shares | 5,978,900 shares |
| HK Public Offer Shares (Initial) | 597,900 shares (10.0%) |
| Public Offer Lots (Initial) | 11,958lots (5,979lots, 5,979lots) |
| International Placing Shares (Initial) | 5,381,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 59,788,807 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 400,107,988 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,346 |
| 2 lots | 100 | HK$ 6,692 |
| 3 lots | 150 | HK$ 10,038 |
| 4 lots | 200 | HK$ 13,384 |
| 5 lots | 250 | HK$ 16,730 |
| 6 lots | 300 | HK$ 20,076 |
| 7 lots | 350 | HK$ 23,422 |
| 8 lots | 400 | HK$ 26,768 |
| 9 lots | 450 | HK$ 30,114 |
| 10 lots | 500 | HK$ 33,460 |
| 12 lots | 600 | HK$ 40,152 |
| 14 lots | 700 | HK$ 46,844 |
| 16 lots | 800 | HK$ 53,536 |
| 18 lots | 900 | HK$ 60,228 |
| 20 lots | 1,000 | HK$ 66,920 |
| 30 lots | 1,500 | HK$ 100,380 |
| 40 lots | 2,000 | HK$ 133,840 |
| 50 lots | 2,500 | HK$ 167,300 |
| 60 lots | 3,000 | HK$ 200,760 |
| 70 lots | 3,500 | HK$ 234,220 |
| 80 lots | 4,000 | HK$ 267,680 |
| 90 lots | 4,500 | HK$ 301,140 |
| 100 lots | 5,000 | HK$ 334,600 |
| 120 lots | 6,000 | HK$ 401,520 |
| 140 lots | 7,000 | HK$ 468,440 |
| 160 lots | 8,000 | HK$ 535,360 |
| 180 lots | 9,000 | HK$ 602,280 |
| 200 lots | 10,000 | HK$ 669,200 |
| 300 lots | 15,000 | HK$ 1,003,800 |
| 400 lots | 20,000 | HK$ 1,338,400 |
| 500 lots | 25,000 | HK$ 1,673,000 |
| 600 lots | 30,000 | HK$ 2,007,600 |
| 700 lots | 35,000 | HK$ 2,342,200 |
| 800 lots | 40,000 | HK$ 2,676,800 |
| 900 lots | 45,000 | HK$ 3,011,400 |
| 1,000 lots | 50,000 | HK$ 3,346,000 |
| 1,200 lots | 60,000 | HK$ 4,015,200 |
| 1,400 lots | 70,000 | HK$ 4,684,400 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,600 lots | 80,000 | HK$ 5,353,600 |
| 1,800 lots | 90,000 | HK$ 6,022,800 |
| 2,000 lots | 100,000 | HK$ 6,692,000 |
| 3,000 lots | 150,000 | HK$ 10,038,000 |
| 4,000 lots | 200,000 | HK$ 13,384,000 |
| 5,979 lots | 298,950 | HK$ 20,005,734 |
Stock Connect Inclusion
| HK Market Cap | HK$ 46.28B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,001,066,964 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 235.9 million |
| Period-End Cash Balance | RMB 141.4 million |
| Listing Expenses | ~HK$ 75,043,000 |
| Listing Expenses / Funds Raised | ~16.3% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 195.5 |
|---|---|
| First Day Open | HK$ 190.0 |
| First Day Change | 192.14% |
| First Day Volume | 1558550.0 |
| First Day Turnover | 289119000.0 |
Use of Proceeds
| Use of Proceeds | 1、約38.0%（142.5百萬港元）預計將在未來五年用于海外擴張； 2、約36.5%（136.9百萬港元）預計將在未來五年用于研發以豐富產品及服務組合，以及增強數字化平臺及研發能力； 3、約10.0%（37.5百萬港元）預計將用于并購活動，以提升提供綜合能源管理解決方案的能力； 4、約5.5%（20.6百萬港元）預計將用于升級宣城工廠的現有生產設施及設備，以容納為新車型而設計的產品； 5、約10.0%（37.5百萬港元）預計將用作包括營運資金需求在內的一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209(sole)
Sponsor cum Overall Coordinator (1)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Overall Coordinators (4)
Joint Global Coordinators (4)
Joint Bookrunners (7)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
BOCOM International Securities Limited CE APJ121
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
First Shanghai Securities Limited CE ABV488
Livermore Holdings Limited CE BJN764
Yellow River Securities Limited CE BIX927
SPDB International Capital Limited CE BFZ375
Joint Lead Managers (9)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
BOCOM International Securities Limited CE APJ121
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
First Shanghai Securities Limited CE ABV488
Livermore Holdings Limited CE BJN764
Yellow River Securities Limited CE BIX927
SPDB International Capital Limited CE BFZ375
WEST BULL SECURITIES LIMITED CE BHT553
Yuen Meta (International) Securities Limited CE BIL855
Capital Market Intermediaries (9)
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
BOCOM International Securities Limited CE APJ121
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
First Shanghai Securities Limited CE ABV488
Livermore Holdings Limited CE BJN764
Yellow River Securities Limited CE BIX927
SPDB International Capital Limited CE BFZ375
WEST BULL SECURITIES LIMITED CE BHT553
Yuen Meta (International) Securities Limited CE BIL855
Stabilizing Manager (1)
SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 北京市通商律师事务所 Commerce & Finance Law Offices LLP Siam Premier International Law Office Limited Gurbani & Co LLC |
| Legal Advisor to Sponsors/Underwriters |
普衡律师事务所（香港）有限法律责任合伙 北京浩天律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | SHENWAN HONGYUAN CAPITAL (H.K.) LIMITED CE ABC209 |
| Receiving Banks | Bank of China (Hong Kong) Limited |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | Mr. Shen Qi |
|---|---|
| Company Secretary | Mr. Jiang Yuxiao |
Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 黄志明 | — | Executive Director |
| 2 | 李欣瑞 | — | Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 孙枝丽 | — | Independent Non-Executive Director |
| 2 | 吴瑜珊 | — | Independent Non-Executive Director |
| 3 | 陆铭 | — | Independent Non-Executive Director |
| 4 | 沈琪 | — | Independent Non-Executive Director |
| 5 | 戴灿 | — | Independent Non-Executive Director |
| 6 | 刘希 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Dr. Huang directly holds approximately 27.99% of the equity interests, and indirectly holds approximately 15.40%, approximately 4.03% and approximately 0.28% of the equity interests through 同篤商貿, 同篤智能 and 同篤科技, respectively, in total controlling approximately 47.70% of the voting rights. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO for 挚达科技 (02650) saw extraordinary demand, with oversubscription hitting 5,440.8x, underscoring intense retail enthusiasm. With a hit rate of effectively zero, only a tiny fraction of applicants secured any shares, reflecting extreme supply scarcity. (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
A notable tier anomaly emerged: A-tail applicants (applying just below the HK$5 million threshold) expected 0.3598 lots on average, whereas B-head applicants (just above the threshold) expected only 0.1481 lots. This inverse relationship meant that bidding into the B pool yielded far fewer shares per lot applied, penalizing larger subscriptions. From a cost-efficiency perspective, A-tail bids offered a better expected allocation relative to the capital committed, though actual broker fees and costs would affect net returns. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Broker fee structures vary and actual costs may differ.)
申购人群画像
Demographic information, including mainland China participation and gender distribution, was not recorded for this IPO, leaving applicant composition unknown. No regional concentration data is available. (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.)
