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 | HOSIN ELEC |
|---|---|
| Stock Code | 02681 |
| Company Full Name | HOSIN Electronics Co., LTD. |
| Industry | Semiconductors |
| Principal Activities | The Group is a memory product enterprise that develops, manufactures (primarily through outsourcing wafer processing to third-party foundries and assembly, packaging and testing to third-party OSAT providers) and sells memory solutions. Its technology platform spans controller chip design and development, firmware algorithm development, testing system development and storage medium characteristic analysis. Its product offerings mainly comprise embedded storage, SSD, DRAM, mobile storage and memory IC products, serving consumer, automotive and enterprise application scenarios. |
| Listing Date | 2026-11-12 |
| Listing Status | Pre-listing |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Room 2501, 2401, 2301 and 1501, Block 2, Shenzhen Next-Generation Industrial Park, 136 Zhongkang Road, Meilin Sub-district, Meidu Community, Futian District, Shenzhen, Guangdong Province, PRC |
| Business Address (Hong Kong) | Room 1919, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
| Place of Incorporation | PRC |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | hosinglobal.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 72.29 - 82.90 |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,290 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-10-30 to 2026-11-09 |
| Global Offering Shares | 14,717,200 shares |
| HK Public Offer Shares (Initial) | 1,471,800 shares (10.0%) |
| Public Offer Lots (Initial) | 14,718lots (Pool A7,359lots，Pool B7,359lots) |
| International Placing Shares (Initial) | 13,245,400 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 482,531,284 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 39.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,220,055,880 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 8,290 |
| 2 lots | 200 | HK$ 16,580 |
| 3 lots | 300 | HK$ 24,870 |
| 4 lots | 400 | HK$ 33,160 |
| 5 lots | 500 | HK$ 41,450 |
| 6 lots | 600 | HK$ 49,740 |
| 7 lots | 700 | HK$ 58,030 |
| 8 lots | 800 | HK$ 66,320 |
| 9 lots | 900 | HK$ 74,610 |
| 10 lots | 1,000 | HK$ 82,900 |
| 15 lots | 1,500 | HK$ 124,350 |
| 20 lots | 2,000 | HK$ 165,800 |
| 25 lots | 2,500 | HK$ 207,250 |
| 30 lots | 3,000 | HK$ 248,700 |
| 35 lots | 3,500 | HK$ 290,150 |
| 40 lots | 4,000 | HK$ 331,600 |
| 45 lots | 4,500 | HK$ 373,050 |
| 50 lots | 5,000 | HK$ 414,500 |
| 60 lots | 6,000 | HK$ 497,400 |
| 70 lots | 7,000 | HK$ 580,300 |
| 80 lots | 8,000 | HK$ 663,200 |
| 90 lots | 9,000 | HK$ 746,100 |
| 100 lots | 10,000 | HK$ 829,000 |
| 150 lots | 15,000 | HK$ 1,243,500 |
| 200 lots | 20,000 | HK$ 1,658,000 |
| 250 lots | 25,000 | HK$ 2,072,500 |
| 300 lots | 30,000 | HK$ 2,487,000 |
| 350 lots | 35,000 | HK$ 2,901,500 |
| 400 lots | 40,000 | HK$ 3,316,000 |
| 450 lots | 45,000 | HK$ 3,730,500 |
| 500 lots | 50,000 | HK$ 4,145,000 |
| 600 lots | 60,000 | HK$ 4,974,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,803,000 |
| 800 lots | 80,000 | HK$ 6,632,000 |
| 900 lots | 90,000 | HK$ 7,461,000 |
| 1,000 lots | 100,000 | HK$ 8,290,000 |
| 1,250 lots | 125,000 | HK$ 10,362,500 |
| 1,500 lots | 150,000 | HK$ 12,435,000 |
| 1,750 lots | 175,000 | HK$ 14,507,500 |
| 2,000 lots | 200,000 | HK$ 16,580,000 |
| 2,500 lots | 250,000 | HK$ 20,725,000 |
| 3,000 lots | 300,000 | HK$ 24,870,000 |
| 3,500 lots | 350,000 | HK$ 29,015,000 |
| 4,000 lots | 400,000 | HK$ 33,160,000 |
| 4,500 lots | 450,000 | HK$ 37,305,000 |
| 5,000 lots | 500,000 | HK$ 41,450,000 |
| 6,000 lots | 600,000 | HK$ 49,740,000 |
| 7,000 lots | 700,000 | HK$ 58,030,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 22.82B |
| Est. Threshold | --- Met |
| Analysis Result | 预计2027年3月8日入通 |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 34,882,186,520 - 40,001,843,443 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 19,896,485,135 - 22,816,691,350 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 1,363.9 million |
| Period-End Cash Balance | 人民币562.614百万元 |
| Listing Expenses | ~HK$ 87,900,000 |
| Listing Expenses / Funds Raised | ~7.69% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8,780,699 | 8,718,412 | 11,237,576 |
| Cost of sales | -8,363,547 | -7,318,805 | -8,791,188 |
| Gross profit | 417,152 | 1,399,607 | 2,446,388 |
| Other income and gains, net | 51,585 | 38,926 | 44,615 |
| Selling and distribution expenses | -41,924 | -52,916 | -65,934 |
| Administrative expenses | -161,960 | -148,063 | -191,085 |
| Operating profit | -46,128 | 734,846 | 1,726,812 |
| Net finance costs | -72,342 | -154,607 | -137,844 |
| Share of associates and JVs | -13,059 | -11,654 | -14,054 |
| Profit before tax | -131,529 | 568,585 | 1,574,914 |
| Income tax expense | -14,079 | -85,712 | -211,029 |
| Profit for the year | -117,450 | 482,873 | 1,363,885 |
| Profit attributable to owners | -117,450 | 482,873 | 1,363,885 |
Balance Sheet
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 254,714 | 275,790 | 562,614 |
| Trade and bills receivables | 1,704,906 | 2,017,104 | 982,632 |
| Inventories | 2,548,171 | 3,949,776 | 7,172,328 |
| Total current assets | 4,767,861 | 6,654,798 | 9,541,050 |
| Total assets | 5,868,834 | 7,630,170 | 10,403,642 |
| Total current liabilities | 3,755,904 | 4,915,795 | 5,189,172 |
| Total liabilities | 3,875,300 | 5,039,511 | 6,057,475 |
| Total equity | 1,993,534 | 2,590,659 | 4,346,167 |
| Equity attributable to owners | 1,993,534 | 2,590,659 | 4,346,167 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operating activities | -1,048,244 | -1,122,025 | 716,701 |
| Net cash from investing activities | -8,370 | -127,643 | -120,875 |
| Net cash from financing activities | 1,245,558 | 1,269,111 | -247,600 |
| Net increase in cash | 188,944 | 19,443 | 348,226 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 40.0% for development and commercialization of memory products; approximately 35.0% for development and iteration of controller chips; and the remaining approximately 25.0% for other purposes |
Underwriting Syndicate
Sole Sponsor (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Sponsor cum Overall Coordinator (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Overall Coordinators (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Joint Global Coordinators (1)
China Securities (International) Corporate Finance Company Limited CE BAU112(sole)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
China Securities (International) Corporate Finance Company Limited CE BAU112
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
普衡律师事务所（香港）有限法律责任合伙 上海市锦天城（深圳）律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 嘉源律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 浩德融资有限公司 CE AGH102 |
| Receiving Banks | 中信银行（国际）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 | Flourish Holding Limited | 126,740,000 HKD | 1,616,900 | 10.99% | 0.34% | 6 months | 2027-05-12 |
| 2 | Pine Vigor Capital Limited | 78,500,000 HKD | 1,011,500 | 6.87% | 0.21% | 6 months | 2027-05-12 |
| 3 | 传音国际有限公司 | 78,480,000 HKD | 1,001,200 | 6.80% | 0.21% | 6 months | 2027-05-12 |
| 4 | 江波龙投资有限公司 | 62,780,000 HKD | 800,900 | 5.44% | 0.17% | 6 months | 2027-05-12 |
| 5 | Gottfried (HK) Limited | 50,000,000 HKD | 637,800 | 4.33% | 0.13% | 6 months | 2027-05-12 |
| 6 | 雄狮有限公司 | 35,320,000 HKD | 450,500 | 3.06% | 0.09% | 6 months | 2027-05-12 |
| 7 | 陈俊成先生 | 23,500,000 HKD | 299,800 | 2.04% | 0.06% | 6 months | 2027-05-12 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Wu Yisheng | Wu Yisheng |
| Company Secretary | Zhu Zixuan; Zhao Na | Zhu Zixuan; Zhao Na |
| Executive Director | 吴奕盛 | — |
| Non-Executive Director | 冯水兴 | — |
| Independent Non-Executive Director | 初大智 | — |
| Executive Director | 吴嘉敏 | — |
| Non-Executive Director | 曹斌 | — |
| Independent Non-Executive Director | 龚晓峰 | — |
| Executive Director | 梁启燕 | — |
| Independent Non-Executive Director | 陈建豪 | — |
| Executive Director | 张云 | — |
Major Shareholders
| Major Shareholders & Holdings | Mr. Wu 36.15%, Ms. Zi Yuelian 36.15%, Phison Electronics 21.82%, Core Storage 11.45%, Xinruilai 10.57%, RealYou Investment 10.36%, Hongxin Micro 9.70% |
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