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 | Baige Digital |
|---|---|
| Stock Code | 02672 |
| Company Full Name | Baige Online Digital Technology Co., Ltd. |
| Industry | 金融服务 |
| Principal Activities | We are an insurance technology company, primarily engaged in providing technology-enabled insurance intermediary services to scenario partners and insurance companies. We primarily leverage scenario-based insurance as a tool to generate revenue by providing insurance transaction services, precision marketing and digitalization solutions, and third-party management services. |
| Listing Date | 2026-06-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 福建省廈門市湖裡區高林中路491號2402室 |
| Business Address (Hong Kong) | 香港 中環 康樂廣場1號 怡和大廈4樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | baigeonline.com.cn |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 20.28 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,056 |
| Par Value | RMB 0.25 / shares |
| Offer Period | 2026-06-18 to 2026-06-24 |
| Global Offering Shares | 33,344,400 shares |
| HK Public Offer Shares (Initial) | 3,334,600 shares (10.0%) |
| Public Offer Lots (Initial) | 16,673lots (Pool A8,336lots，Pool B8,337lots) |
| International Placing Shares (Initial) | 30,009,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 320,620,632 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CMBC International Capital Limited CE BIY679 |
| Cornerstone Share | 3.3% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 676,224,432 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,056 |
| 2 lots | 400 | HK$ 8,112 |
| 3 lots | 600 | HK$ 12,168 |
| 4 lots | 800 | HK$ 16,224 |
| 5 lots | 1,000 | HK$ 20,280 |
| 6 lots | 1,200 | HK$ 24,336 |
| 7 lots | 1,400 | HK$ 28,392 |
| 8 lots | 1,600 | HK$ 32,448 |
| 9 lots | 1,800 | HK$ 36,504 |
| 10 lots | 2,000 | HK$ 40,560 |
| 15 lots | 3,000 | HK$ 60,840 |
| 20 lots | 4,000 | HK$ 81,120 |
| 25 lots | 5,000 | HK$ 101,400 |
| 30 lots | 6,000 | HK$ 121,680 |
| 35 lots | 7,000 | HK$ 141,960 |
| 40 lots | 8,000 | HK$ 162,240 |
| 45 lots | 9,000 | HK$ 182,520 |
| 50 lots | 10,000 | HK$ 202,800 |
| 100 lots | 20,000 | HK$ 405,600 |
| 150 lots | 30,000 | HK$ 608,400 |
| 200 lots | 40,000 | HK$ 811,200 |
| 250 lots | 50,000 | HK$ 1,014,000 |
| 300 lots | 60,000 | HK$ 1,216,800 |
| 350 lots | 70,000 | HK$ 1,419,600 |
| 400 lots | 80,000 | HK$ 1,622,400 |
| 450 lots | 90,000 | HK$ 1,825,200 |
| 500 lots | 100,000 | HK$ 2,028,000 |
| 1,000 lots | 200,000 | HK$ 4,056,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,084,000 |
| 2,000 lots | 400,000 | HK$ 8,112,000 |
| 2,500 lots | 500,000 | HK$ 10,140,000 |
| 3,000 lots | 600,000 | HK$ 12,168,000 |
| 3,500 lots | 700,000 | HK$ 14,196,000 |
| 4,000 lots | 800,000 | HK$ 16,224,000 |
| 4,500 lots | 900,000 | HK$ 18,252,000 |
| 5,000 lots | 1,000,000 | HK$ 20,280,000 |
| 5,500 lots | 1,100,000 | HK$ 22,308,000 |
| 6,000 lots | 1,200,000 | HK$ 24,336,000 |
| 6,500 lots | 1,300,000 | HK$ 26,364,000 |
| 8,336 lots | 1,667,200 | HK$ 33,810,816 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 6.97B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,502,186,416 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 46.7 million |
| Period-End Cash Balance | RMB 109 million |
| Listing Expenses | ~HK$ 57,500,000 |
| Listing Expenses / Funds Raised | ~9.6% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 44.4% will be used for research and development and upgrading of technical infrastructure; approximately 20.0% for acquisition and investment opportunities; approximately 15.6% for expansion of the sales network; approximately 10.0% for establishing R&D centers and smart showrooms; and approximately 10.0% as general working capital. |
Underwriting Syndicate
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (14)
CMBC SECURITIES COMPANY LIMITED CE APU820
BOCI ASIA LIMITED CE AET863
Huafu International Securities Limited CE BQC241
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
CMB International Capital Limited CE AVM940
SPDB International Capital Limited CE BFZ375
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
FORTUNE (HK) SECURITIES LIMITED CE AHQ488
uSmart Securities Limited CE BJA907
Hua Liang Securities Limited CE BOC666
Harmonia Capital Limited CE BOP761
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
Joint Lead Managers (15)
CMBC SECURITIES COMPANY LIMITED CE APU820
BOCI ASIA LIMITED CE AET863
Huafu International Securities Limited CE BQC241
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
SPDB International Capital Limited CE BFZ375
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
FORTUNE (HK) SECURITIES LIMITED CE AHQ488
uSmart Securities Limited CE BJA907
Hua Liang Securities Limited CE BOC666
Harmonia Capital Limited CE BOP761
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
Zircon Securities (HK) Limited CE BRE865
Capital Market Intermediaries (16)
CMBC SECURITIES COMPANY LIMITED CE APU820
BOCI ASIA LIMITED CE AET863
Huafu International Securities Limited CE BQC241
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
SPDB International Capital Limited CE BFZ375
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
FORTUNE (HK) SECURITIES LIMITED CE AHQ488
uSmart Securities Limited CE BJA907
Hua Liang Securities Limited CE BOC666
Harmonia Capital Limited CE BOP761
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
Zircon Securities (HK) Limited CE BRE865
Stabilizing Manager (1)
CMBC International Capital Limited CE BIY679
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
中伦律师事务所有限法律责任合伙 Zhong Lun Law Firm Zhong Lun Law Firm |
| Legal Advisor to Sponsors/Underwriters |
Linklaters 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 罗申美会计师事务所 |
| 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 | GLY New Mobility 2. LP（「GLY New Mobility」） | 10,000,000 HKD | 557,400 | 1.67% | 0.17% | 6 months | 2026-12-29 |
| 2 | 柯家琪先生（「柯先生」） | 10,000,000 HKD | 557,400 | 1.67% | 0.17% | 6 months | 2026-12-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 涂錦波 | — |
| Company Secretary | 柯葳彬 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. 涂錦波 is the controlling shareholder and, together with Mr. 曾建華, Mr. 蘇偉達, Mr. 黃嘉恩, 廈門眾嘉秀, 福建合力合美 and 白鴿同創, who are persons acting in concert, holds in aggregate 149,153,296 non-listed shares and 10,888,792 H shares, representing approximately 49.9% of the issued share capital after the Global Offering. In addition, 新希望投資集團 holds approximately 12.43% of the shares. |
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