IPO Timeline Raw facts
Broker Deadline
2025-10-13
Morning deadline
HKEX Deadline
2025-10-13
Noon deadline
Broker Results (T-2)
2025-10-14
Some brokers release in afternoon
Grey Market (T-1)
2025-10-15
Afternoon
HKEX Allotment (T-1)
2025-10-15
Evening
Registrar Allotment (T-1)
2025-10-15
Evening
Listing Day (T)
2025-10-16
First day of trading
Company Overview
| Stock Name | Yunji |
|---|---|
| Stock Code | 02670 |
| Company Full Name | Beijing Yunji Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | leading hospitality robotic-based AI-empowered technology company |
| Listing Date | 2025-10-16 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room B01, 7/F Business in the PRC Jinqiu International Building No. 6, Zhichun Road Haidian District Beijing the PRC Principal Place of Business Room 1912, 19/F in |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1912室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | yunjichina.com.cn |
| 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 | 18C |
|---|---|
| Offer Price | HK$ 95.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 4,780 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-08 to 2025-10-13 |
| Global Offering Shares | 6,900,000 shares |
| HK Public Offer Shares (Initial) | 345,000 shares (5.0%) |
| Public Offer Lots (Initial) | 6,900lots (3,450lots, 3,450lots) |
| International Placing Shares (Initial) | 6,555,000 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 68,718,182 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CITIC Securities (Hong Kong) Limited CE AAK249 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 659,640,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 4,780 |
| 2 lots | 100 | HK$ 9,560 |
| 3 lots | 150 | HK$ 14,340 |
| 4 lots | 200 | HK$ 19,120 |
| 5 lots | 250 | HK$ 23,900 |
| 6 lots | 300 | HK$ 28,680 |
| 7 lots | 350 | HK$ 33,460 |
| 8 lots | 400 | HK$ 38,240 |
| 9 lots | 450 | HK$ 43,020 |
| 10 lots | 500 | HK$ 47,800 |
| 12 lots | 600 | HK$ 57,360 |
| 14 lots | 700 | HK$ 66,920 |
| 16 lots | 800 | HK$ 76,480 |
| 18 lots | 900 | HK$ 86,040 |
| 20 lots | 1,000 | HK$ 95,600 |
| 30 lots | 1,500 | HK$ 143,400 |
| 40 lots | 2,000 | HK$ 191,200 |
| 50 lots | 2,500 | HK$ 239,000 |
| 60 lots | 3,000 | HK$ 286,800 |
| 70 lots | 3,500 | HK$ 334,600 |
| 80 lots | 4,000 | HK$ 382,400 |
| 90 lots | 4,500 | HK$ 430,200 |
| 100 lots | 5,000 | HK$ 478,000 |
| 120 lots | 6,000 | HK$ 573,600 |
| 140 lots | 7,000 | HK$ 669,200 |
| 160 lots | 8,000 | HK$ 764,800 |
| 180 lots | 9,000 | HK$ 860,400 |
| 200 lots | 10,000 | HK$ 956,000 |
| 400 lots | 20,000 | HK$ 1,912,000 |
| 600 lots | 30,000 | HK$ 2,868,000 |
| 800 lots | 40,000 | HK$ 3,824,000 |
| 1,000 lots | 50,000 | HK$ 4,780,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 60,000 | HK$ 5,736,000 |
| 1,400 lots | 70,000 | HK$ 6,692,000 |
| 1,600 lots | 80,000 | HK$ 7,648,000 |
| 1,800 lots | 90,000 | HK$ 8,604,000 |
| 2,000 lots | 100,000 | HK$ 9,560,000 |
| 2,400 lots | 120,000 | HK$ 11,472,000 |
| 2,800 lots | 140,000 | HK$ 13,384,000 |
| 3,450 lots | 172,500 | HK$ 16,491,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 13.08B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Met |
| Analysis Result | 预计2026年9月7日入通 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,569,458,199 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 5,885,579,392 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 185 million |
| Period-End Cash Balance | RMB 105.48 million |
| Listing Expenses | ~HK$ 69,700,000 |
| Listing Expenses / Funds Raised | ~10.6% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 120.5 |
|---|---|
| First Day Open | HK$ 142.8 |
| First Day Change | 26.05% |
| First Day Volume | 3230450.0 |
| First Day Turnover | 484091000.0 |
Use of Proceeds
| Use of Proceeds | 1、約60.0%（或354.2百萬港元）將用于在未來五年持續提升公司的研發能力，以進一步改進公司機器人智能體技術，并提高公司產品及服務的通用性及適應性； 2、約30.0%（或176.8百萬港元）預期將用于在未來五年提高公司在中國境內外的商業化能力； 3、約10.0%（或59.0百萬港元）用作營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (8)
CLSA Limited CE AAB893
CCB International Capital Limited CE AJO225
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
中湾国际证券有限公司 CE BTW258
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
SPDB International Capital Limited CE BFZ375
Tiger Brokers (HK) Global Limited CE BMU940
Joint Lead Managers (8)
CLSA Limited CE AAB893
CCB International Capital Limited CE AJO225
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
中湾国际证券有限公司 CE BTW258
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
SPDB International Capital Limited CE BFZ375
Tiger Brokers (HK) Global Limited CE BMU940
Capital Market Intermediaries (8)
CLSA Limited CE AAB893
CCB International Capital Limited CE AJO225
CHINA INDUSTRIAL SECURITIES INTERNATIONAL BROKERAGE LIMITED CE AUW685
中湾国际证券有限公司 CE BTW258
Futu Securities International (Hong Kong) Limited CE AZT137
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
SPDB International Capital Limited CE BFZ375
Tiger Brokers (HK) Global Limited CE BMU940
Stabilizing Manager (1)
CITIC Securities (Hong Kong) Limited CE AAK249
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
天元律师事务所（有限法律责任合伙） 海问律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Herbert Smith Freehills Kramer Jingtian & Gongcheng |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | SPDB International Capital Limited CE BFZ375 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | 支濤 |
|---|---|
| Company Secretary | Ms. Liu Ying |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 支涛 | — | Executive Director |
| 2 | 胡泉 | — | Executive Director |
| 3 | 李全印 | — | Executive Director |
Non-Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 吴明辉 | — | Non-Executive Director |
| 2 | 马红 | — | Non-Executive Director |
Independent Non-Executive Director (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张立华 | — | Independent Non-Executive Director |
| 2 | 黎勇越 | — | Independent Non-Executive Director |
| 3 | 汪方军 | — | Independent Non-Executive Director |
| 4 | 艾寳书 | — | Independent Non-Executive Director |
| 5 | 俞俊杰 | — | Independent Non-Executive Director |
| 6 | 薛金龙 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Ms. Zhi (beneficial interest in 6,016,193 H shares, representing 8.75%; interest in controlled corporation in 7,511,191 shares, of which 6,274,865 H shares representing 9.13% and 1,236,326 unlisted shares representing 1.80%; interest as a party to an agreement in 9,050,741 H shares representing 13.17%), Mr. Hu Quan (beneficial interest in 4,512,147 H shares representing 6.57%), Yunji Angel Management (beneficial interest in 4,376,375 shares, of which 3,140,049 H shares representing 4.57% and 1,236,326 unlisted shares representing 1.80%; interest as a party to an agreement in 3,134,816 H shares representing 4.56%), Mr. Yu Guangdong (interest in controlled corporation in 6,613,249 H shares representing 9.62%), Boiling Point Management (interest in controlled corporation in 4,735,435 H shares representing 6.89%), Anhui Artificial Intelligence Company (beneficial interest in 5,917,218 unlisted shares representing 8.61%), Linzhi Tencent (beneficial interest in 5,621,036 H shares representing 8.18%) |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO for 云迹 (02670) drew extreme market enthusiasm with an oversubscription ratio of 5657.2x, compressing the overall hit rate to just 9.54%. This overwhelming demand signals robust retail appetite for 18C specialist tech listings, despite a flat offer price of 95.6 HKD with no disclosed range premium. (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 sharp allocation inefficiency emerges at the A/B tier boundary: 甲尾 applicants with 50,000 lots expect only 0.1977 lots, while 乙头 applicants with 60,000 lots expect 0.8401 lots, giving the latter a disproportionately higher chance of receiving shares. This gap underscores the skewed odds inherent in Hong Kong’s tiered allocation model, though actual cost-effectiveness depends on broker-specific margin interest and fee structures. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland China participants dominated the applicant pool at 61.7%, highlighting strong cross-border interest in this Hong Kong-listed robotics technology firm. The investor base skews male (63.2%) with an average age of 43.3, consistent with typical tech IPO demographics but signaling limited younger or female engagement. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
