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 | Guoxia Tech |
|---|---|
| Stock Code | 02655 |
| Company Full Name | Guoxia Technology Co., Ltd. |
| Industry | AI & Machine Learning |
| Principal Activities | renewable energy solutions and products provider in the energy storage industry in the PRC |
| Listing Date | 2025-12-16 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 9 Huicheng Road Changan Sub-district Huishan District Wuxi City Jiangsu Province PRC Corporate headquarters and Principal No. 9 Huicheng Road Place of Business in the PRC Changan Sub-district Huis |
| 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 | www.guoxiatech.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 Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 20.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,010 |
| Par Value | RMB 0.2 / shares |
| Offer Period | 2025-12-08 to 2025-12-11 |
| Global Offering Shares | 38,930,800 shares |
| HK Public Offer Shares (Initial) | 3,385,300 shares (10.0%) |
| Public Offer Lots (Initial) | 33,853lots (Pool A16,926lots，Pool B16,927lots) |
| International Placing Shares (Initial) | 30,467,600 shares (90.0%) |
| Offer Ratio | ~7.68% |
| Total Shares Post-IPO | 506,794,075 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CHINA EVERBRIGHT CAPITAL LIMITED CE ACE409 |
| Cornerstone Share | 10.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 782,509,080 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,010 |
| 2 lots | 200 | HK$ 4,020 |
| 3 lots | 300 | HK$ 6,030 |
| 4 lots | 400 | HK$ 8,040 |
| 5 lots | 500 | HK$ 10,050 |
| 6 lots | 600 | HK$ 12,060 |
| 7 lots | 700 | HK$ 14,070 |
| 8 lots | 800 | HK$ 16,080 |
| 9 lots | 900 | HK$ 18,090 |
| 10 lots | 1,000 | HK$ 20,100 |
| 20 lots | 2,000 | HK$ 40,200 |
| 30 lots | 3,000 | HK$ 60,300 |
| 40 lots | 4,000 | HK$ 80,400 |
| 50 lots | 5,000 | HK$ 100,500 |
| 60 lots | 6,000 | HK$ 120,600 |
| 70 lots | 7,000 | HK$ 140,700 |
| 80 lots | 8,000 | HK$ 160,800 |
| 90 lots | 9,000 | HK$ 180,900 |
| 100 lots | 10,000 | HK$ 201,000 |
| 200 lots | 20,000 | HK$ 402,000 |
| 300 lots | 30,000 | HK$ 603,000 |
| 400 lots | 40,000 | HK$ 804,000 |
| 500 lots | 50,000 | HK$ 1,005,000 |
| 600 lots | 60,000 | HK$ 1,206,000 |
| 700 lots | 70,000 | HK$ 1,407,000 |
| 800 lots | 80,000 | HK$ 1,608,000 |
| 900 lots | 90,000 | HK$ 1,809,000 |
| 1,000 lots | 100,000 | HK$ 2,010,000 |
| 1,500 lots | 150,000 | HK$ 3,015,000 |
| 2,000 lots | 200,000 | HK$ 4,020,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,500 lots | 250,000 | HK$ 5,025,000 |
| 3,000 lots | 300,000 | HK$ 6,030,000 |
| 3,500 lots | 350,000 | HK$ 7,035,000 |
| 4,000 lots | 400,000 | HK$ 8,040,000 |
| 4,500 lots | 450,000 | HK$ 9,045,000 |
| 5,000 lots | 500,000 | HK$ 10,050,000 |
| 6,000 lots | 600,000 | HK$ 12,060,000 |
| 7,000 lots | 700,000 | HK$ 14,070,000 |
| 8,000 lots | 800,000 | HK$ 16,080,000 |
| 9,000 lots | 900,000 | HK$ 18,090,000 |
| 10,000 lots | 1,000,000 | HK$ 20,100,000 |
| 12,000 lots | 1,200,000 | HK$ 24,120,000 |
| 14,000 lots | 1,400,000 | HK$ 28,140,000 |
| 16,926 lots | 1,692,600 | HK$ 34,021,260 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 10.43B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,186,560,907 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 7,815,879,774 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 21.0x (based on offer price HK$20.1 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 49.1 million |
| Period-End Cash Balance | RMB 50.26 million |
| Listing Expenses | ~HK$ 74,800,000 |
| Listing Expenses / Funds Raised | ~11.0% |
| Total Pre-IPO Investment | RMB 164.8 million |
| First Day Close | HK$ 43.8 |
|---|---|
| First Day Open | HK$ 38.0 |
| First Day Change | 117.91% |
| First Day Volume | 8732200.0 |
| First Day Turnover | 353954000.0 |
| Use of Proceeds | 1、約44.0%或266.5百萬港元，將用于提升研發能力；
2、約19.0%或115.1百萬港元將用于建設海外運營及服務網絡，以支持國際化增長策略；
3、約27.0%或163.5百萬港元，將用于擴大大型儲能系統產品、工商業儲能系統產品及戶用儲能系統產品的產能，從而有效支持成長策略，并大幅降低因現有產能限制所導致的外包依存度；
4、約10.0%或60.6百萬港元，將用作營運資金及作其他一般公司用途。 |
Underwriting Syndicate
Sole Sponsor (1)
CHINA EVERBRIGHT CAPITAL LIMITED CE ACE409(sole)
Sponsor cum Overall Coordinator (1)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
Overall Coordinators (1)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
Joint Global Coordinators (1)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
Joint Bookrunners (4)
Joint Lead Managers (18)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
Livermore Holdings Limited CE BJN764
ABCI Securities Company Limited CE ACX411
Yellow River Securities Limited CE BIX927
Yuen Meta (International) Securities Limited CE BIL855
WEST BULL SECURITIES LIMITED CE BHT553
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
CMB International Capital Limited CE AVM940
CMBC SECURITIES COMPANY LIMITED CE APU820
SPDB International Capital Limited CE BFZ375
建银国际金融有限公司 CE AJO225
CAITONG INTERNATIONAL SECURITIES CO., LIMITED CE AZF063
Futu Securities International (HONG KONG) Limited CE AZT137
Huafu International Securities Limited CE BQC241
TFI Securities and Futures Limited CE BAV573
Stabilizing Manager (1)
CHINA EVERBRIGHT CAPITAL LIMITED CE ACE409
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 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 百分比百分比百分比百分比百分比百分比百分比百分比惠开香港 | 54,250,000 HKD | 2,699,000 | 7.97% | 0.53% | 6 months | 2026-06-16 |
| 2 | Dream’ee HK Fund | 10,000,000 HKD | 497,500 | 1.47% | 0.10% | 6 months | 2026-06-16 |
| 3 | 雾凇资本 | 10,000,000 HKD | 497,500 | 1.47% | 0.10% | 6 months | 2026-06-16 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Feng Lizheng | Mr. Feng Lizheng |
| Company Secretary | Mr. Wang Zhenlin | Mr. Wang Zhenlin |
| Executive Director | 冯立正 | Feng Lizheng |
| Independent Non-Executive Director | 钱凯明 | Qian Kaiming |
| Executive Director | 张晰 | Zhang Xi |
| Executive Director | 刘子叶 | Liu Ziye |
| Independent Non-Executive Director | 蒋炜 | Jiang Wei |
| Executive Director | 白洋 | Bai Yang |
| Independent Non-Executive Director | 蒋幸男 | Jiang Xingnan |
| Executive Director | 朱帅帅 | Zhu Shuaishuai |
| Independent Non-Executive Director | 孙蓓蓓 | Sun Beibei |
| Executive Director | 王振淋 | Wang Zhenlin |
| Independent Non-Executive Director | 钱增磊 | Qian Zenglei |
| Independent Non-Executive Director | 胡一芳 | Hu Yifang |
Major Shareholders
| Major Shareholders & Holdings | 海南虛鼎 (in which 馮立正 and 劉子葉 hold approximately 66.79% and 33.21% equity interests, respectively) holds 138,240,000 shares (representing 23.19%); 陳俊德 holds 73,260,000 shares (representing 12.41%); 無錫欒華 (馮立正 is the general partner) holds 67,005,000 shares (representing 11.24%); 蔡國明 holds 42,750,000 shares (representing 3.50%); 無錫溪雲 (張晰 is the general partner) holds 33,750,000 shares (representing 5.66%); 凱博鴻成 holds 29,408,235 shares (representing 2.41%); 林國棟 holds 25,650,000 shares (representing 2.10%); 無錫月白 holds 22,680,000 shares (representing 1.86%); 劉子葉 holds 13,120,000 shares (representing 2.59%); 馮立正 holds 12,645,000 shares (representing 2.12%); 張晰 holds 8,235,000 shares (representing 1.38%); 深圳寧乾 holds 2,352,940 shares (representing 0.46%); 無錫霽青 holds 1,530,000 shares (representing 0.26%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
果下科技IPO录得1890.73倍超额认购，市场情绪极度亢奋，成为近年新能源板块最受追捧的新股之一。最终发售价定为20.1港元，但极高的认购倍数导致中签率极低，甲尾期望仅0.1293手，反映散户中签难度空前。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购2000手）期望中签0.1293手，而乙头（申购2500手）可稳中1手，资金效率差异显著。甲尾以逾400万港元资金仅博得不足0.13手的期望分配，而乙头多投入约100万港元即可获得确定性中签，凸显在极度超额认购下乙组门槛的“保底”机制对大户更具吸引力。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Demographics
本次申购来源地区数据暂未详细披露，内地参与率、性别年龄分布等指标无法量化。从历史规律看，超1800倍认购的新能源标的往往吸引大量内地资金涌入，广东等地占比可能较高，但具体仍需以官方后续公布为准。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
