IPO Timeline
Broker Deadline
2025-10-02
Morning deadline
HKEX Deadline
2025-10-02
Noon deadline
Broker Results (T-2)
2025-10-03
Some brokers release in afternoon
Grey Market (T-1)
2025-10-06
Afternoon
HKEX Allotment (T-1)
2025-10-06
Evening
Registrar Allotment (T-1)
2025-10-06
Evening
Listing Day (T)
2025-10-08
First day of trading
Company Overview
| Stock Name | CF Pharmtech |
|---|---|
| Stock Code | 02652 |
| Company Full Name | CF PharmTech, Inc. |
| Industry | Biotech & Pharma |
| Principal Activities | cornerstone of successful inhalation formulations |
| Listing Date | 2025-10-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Suzhou Jiangsu PRC Principal Place of Business in 31/F., Tower Two Hong Kong Times Square, 1 Matheson Street Causeway Bay Hong Kong |
| 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.cfpharmtech.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$ 14.75 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 7,375 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-26 to 2025-10-02 |
| Global Offering Shares | 41,198,000 shares |
| HK Public Offer Shares (Initial) | 4,120,000 shares (10.0%) |
| Public Offer Lots (Initial) | 8,240lots (4,120lots, 4,120lots) |
| International Placing Shares (Initial) | 37,078,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 411,978,387 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 607,670,500 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 7,375 |
| 2 lots | 1,000 | HK$ 14,750 |
| 3 lots | 1,500 | HK$ 22,125 |
| 4 lots | 2,000 | HK$ 29,500 |
| 5 lots | 2,500 | HK$ 36,875 |
| 6 lots | 3,000 | HK$ 44,250 |
| 7 lots | 3,500 | HK$ 51,625 |
| 8 lots | 4,000 | HK$ 59,000 |
| 9 lots | 4,500 | HK$ 66,375 |
| 10 lots | 5,000 | HK$ 73,750 |
| 12 lots | 6,000 | HK$ 88,500 |
| 14 lots | 7,000 | HK$ 103,250 |
| 16 lots | 8,000 | HK$ 118,000 |
| 18 lots | 9,000 | HK$ 132,750 |
| 20 lots | 10,000 | HK$ 147,500 |
| 30 lots | 15,000 | HK$ 221,250 |
| 40 lots | 20,000 | HK$ 295,000 |
| 50 lots | 25,000 | HK$ 368,750 |
| 60 lots | 30,000 | HK$ 442,500 |
| 70 lots | 35,000 | HK$ 516,250 |
| 80 lots | 40,000 | HK$ 590,000 |
| 90 lots | 45,000 | HK$ 663,750 |
| 100 lots | 50,000 | HK$ 737,500 |
| 120 lots | 60,000 | HK$ 885,000 |
| 140 lots | 70,000 | HK$ 1,032,500 |
| 160 lots | 80,000 | HK$ 1,180,000 |
| 180 lots | 90,000 | HK$ 1,327,500 |
| 200 lots | 100,000 | HK$ 1,475,000 |
| 400 lots | 200,000 | HK$ 2,950,000 |
| 600 lots | 300,000 | HK$ 4,425,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 400,000 | HK$ 5,900,000 |
| 1,000 lots | 500,000 | HK$ 7,375,000 |
| 1,200 lots | 600,000 | HK$ 8,850,000 |
| 1,400 lots | 700,000 | HK$ 10,325,000 |
| 1,600 lots | 800,000 | HK$ 11,800,000 |
| 1,800 lots | 900,000 | HK$ 13,275,000 |
| 2,000 lots | 1,000,000 | HK$ 14,750,000 |
| 3,000 lots | 1,500,000 | HK$ 22,125,000 |
| 4,120 lots | 2,060,000 | HK$ 30,385,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 9.22B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,076,681,208 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,457,797,893 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 21.1 million |
| Period-End Cash Balance | RMB 81.94 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 38.5 |
|---|---|
| First Day Open | HK$ 47.0 |
| First Day Change | 161.02% |
| First Day Volume | 13550700.0 |
| First Day Turnover | 610929000.0 |
Use of Proceeds
| Use of Proceeds | 1、約40.0%或210.2百萬港元將用于為國內及國際的吸入制劑候選產品的持續研發、臨床開發及商業化提供資金； 2、約20.0%或105.1百萬港元將用于為多個管線計劃及技術的臨床前研發提供資金； 3、約30.0%或157.6百萬港元將用于為生產設施、設備采購及生產管理系統的擴張及升級提供資金； 4、約10.0%或52.5百萬港元將用作營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Overall Coordinators (3)
Joint Bookrunners (12)
中信里昂证券有限公司 CE AAB893
CMB International Capital Limited CE AVM940
CCB International Capital Limited CE AJO225
Soochow Securities International Brokerage Limited CE AYA587
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SPDB International Capital Limited CE BFZ375
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Central China International Securities Co., Limited CE BFI947
BOCOM International Securities Limited CE APJ121
ABCI Securities Company Limited CE ACX411
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Joint Lead Managers (12)
中信里昂证券有限公司 CE AAB893
CMB International Capital Limited CE AVM940
CCB International Capital Limited CE AJO225
Soochow Securities International Brokerage Limited CE AYA587
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SPDB International Capital Limited CE BFZ375
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Central China International Securities Co., Limited CE BFI947
BOCOM International Securities Limited CE APJ121
ABCI Securities Company Limited CE ACX411
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | 梁文青 |
|---|---|
| Company Secretary | 朱玉玉 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Dr. Liang holds, through interests in controlled corporations, 30,834,604 unlisted shares (7.5%) and 46,251,905 H shares (11.2%), and jointly holds with Dr. Li Li 9,585,819 unlisted shares (2.3%) and 14,378,728 H shares (3.5%); Dr. Li Li holds, through interests in controlled corporations, 25,743,263 unlisted shares (6.2%) and 38,614,894 H shares (9.4%), and jointly holds with Dr. Liang 14,677,160 unlisted shares (3.6%) and 22,015,739 H shares (5.3%); Advanced Manufacturing Fund holds 26,058,641 H shares (6.3%). |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted staggering demand with an oversubscription ratio of 6697.8x, reflecting extreme market enthusiasm for the biomedical sector. The hit rate of just 3.12% indicates severe allocation scarcity, typical of hot Hong Kong IPOs where retail investors scramble for minimal shares. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable inefficiency exists between the A-tail and B-head: applying HKD 300,000 yields just 0.0533 expected lots, while HKD 400,000 yields 0.083 lots, offering a minuscule marginal gain of only 0.0297 lots for an extra HKD 100,000. This suggests that the marginal benefit of moving from the top of A-tier to the bottom of B-tier is extremely poor, making lower-tier applications almost as effective. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is not available for this IPO, preventing any analysis of mainland China participation, gender, or regional distribution. Without such information, we cannot identify typical patterns like Guangdong dominance or broad cross-border interest. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
