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 | Quantgroup |
|---|---|
| Stock Code | 02685 |
| Company Full Name | Quantgroup Holding Limited |
| Industry | Consumer & Retail |
| Principal Activities | We are a Chinese online marketplace operator. Our consumer e-commerce platform Yang Xiaomiao has covered a variety of retail products since November 2020, such as consumer electronics, food and beverages, home appliances, cosmetics, jewelry, apparel and personal daily care products provided by third-party marketplace suppliers, and matches such consumer goods with our Yang Xiaomiao users through online purchases. We have also operated an automotive retail online-to-offline (O2O) platform, Consumer Map, since April 2022, which currently primarily partners with automobile retailers to attract online traffic, enabling consumers to purchase vehicles offline at local physical stores; and, to a lesser extent, since 2024, Consumer Map also allows consumers to purchase vehicles online. |
| Listing Date | 2025-11-27 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京市海淀區中關村街19號7樓B711室 |
| Business Address (Hong Kong) | 中國香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | Cayman Islands |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | quantgroup.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 9.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,900 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-11-19 to 2025-11-24 |
| Global Offering Shares | 13,347,500 shares |
| HK Public Offer Shares (Initial) | 1,335,000 shares (10.0%) |
| Public Offer Lots (Initial) | 2,670lots (Pool A1,335lots，Pool B1,335lots) |
| International Placing Shares (Initial) | 12,012,500 shares (90.0%) |
| Offer Ratio | ~2.6% |
| Total Shares Post-IPO | 513,347,500 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 130,805,500 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,900 |
| 1 lots | 500 | HK$ 4,900 |
| 2 lots | 1,000 | HK$ 9,800 |
| 2 lots | 1,000 | HK$ 9,800 |
| 3 lots | 1,500 | HK$ 14,700 |
| 3 lots | 1,500 | HK$ 14,700 |
| 4 lots | 2,000 | HK$ 19,600 |
| 4 lots | 2,000 | HK$ 19,600 |
| 5 lots | 2,500 | HK$ 24,500 |
| 5 lots | 2,500 | HK$ 24,500 |
| 6 lots | 3,000 | HK$ 29,400 |
| 6 lots | 3,000 | HK$ 29,400 |
| 7 lots | 3,500 | HK$ 34,300 |
| 7 lots | 3,500 | HK$ 34,300 |
| 8 lots | 4,000 | HK$ 39,200 |
| 8 lots | 4,000 | HK$ 39,200 |
| 9 lots | 4,500 | HK$ 44,100 |
| 9 lots | 4,500 | HK$ 44,100 |
| 10 lots | 5,000 | HK$ 49,000 |
| 10 lots | 5,000 | HK$ 49,000 |
| 12 lots | 6,000 | HK$ 58,800 |
| 12 lots | 6,000 | HK$ 58,800 |
| 14 lots | 7,000 | HK$ 68,600 |
| 14 lots | 7,000 | HK$ 68,600 |
| 16 lots | 8,000 | HK$ 78,400 |
| 16 lots | 8,000 | HK$ 78,400 |
| 18 lots | 9,000 | HK$ 88,200 |
| 18 lots | 9,000 | HK$ 88,200 |
| 20 lots | 10,000 | HK$ 98,000 |
| 20 lots | 10,000 | HK$ 98,000 |
| 30 lots | 15,000 | HK$ 147,000 |
| 30 lots | 15,000 | HK$ 147,000 |
| 40 lots | 20,000 | HK$ 196,000 |
| 40 lots | 20,000 | HK$ 196,000 |
| 50 lots | 25,000 | HK$ 245,000 |
| 50 lots | 25,000 | HK$ 245,000 |
| 60 lots | 30,000 | HK$ 294,000 |
| 60 lots | 30,000 | HK$ 294,000 |
| 70 lots | 35,000 | HK$ 343,000 |
| 70 lots | 35,000 | HK$ 343,000 |
| 80 lots | 40,000 | HK$ 392,000 |
| 80 lots | 40,000 | HK$ 392,000 |
| 90 lots | 45,000 | HK$ 441,000 |
| 90 lots | 45,000 | HK$ 441,000 |
| 100 lots | 50,000 | HK$ 490,000 |
| 100 lots | 50,000 | HK$ 490,000 |
| 120 lots | 60,000 | HK$ 588,000 |
| 120 lots | 60,000 | HK$ 588,000 |
| 140 lots | 70,000 | HK$ 686,000 |
| 140 lots | 70,000 | HK$ 686,000 |
| 160 lots | 80,000 | HK$ 784,000 |
| 160 lots | 80,000 | HK$ 784,000 |
| 180 lots | 90,000 | HK$ 882,000 |
| 180 lots | 90,000 | HK$ 882,000 |
| 200 lots | 100,000 | HK$ 980,000 |
| 200 lots | 100,000 | HK$ 980,000 |
| 240 lots | 120,000 | HK$ 1,176,000 |
| 240 lots | 120,000 | HK$ 1,176,000 |
| 280 lots | 140,000 | HK$ 1,372,000 |
| 280 lots | 140,000 | HK$ 1,372,000 |
| 320 lots | 160,000 | HK$ 1,568,000 |
| 320 lots | 160,000 | HK$ 1,568,000 |
| 360 lots | 180,000 | HK$ 1,764,000 |
| 360 lots | 180,000 | HK$ 1,764,000 |
| 400 lots | 200,000 | HK$ 1,960,000 |
| 400 lots | 200,000 | HK$ 1,960,000 |
| 500 lots | 250,000 | HK$ 2,450,000 |
| 500 lots | 250,000 | HK$ 2,450,000 |
| 600 lots | 300,000 | HK$ 2,940,000 |
| 600 lots | 300,000 | HK$ 2,940,000 |
| 700 lots | 350,000 | HK$ 3,430,000 |
| 700 lots | 350,000 | HK$ 3,430,000 |
| 800 lots | 400,000 | HK$ 3,920,000 |
| 800 lots | 400,000 | HK$ 3,920,000 |
| 1,000 lots | 500,000 | HK$ 4,900,000 |
| 1,000 lots | 500,000 | HK$ 4,900,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 600,000 | HK$ 5,880,000 |
| 1,200 lots | 600,000 | HK$ 5,880,000 |
| 1,335 lots | 667,500 | HK$ 6,541,500 |
| 1,335 lots | 667,500 | HK$ 6,541,500 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 7.72B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,030,805,500 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 147.1 million |
| Period-End Cash Balance | RMB 313.94 million |
| Listing Expenses | ~HK$ 118,400,000 |
| Listing Expenses / Funds Raised | ~90.52% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 18.5 |
|---|---|
| First Day Open | HK$ 26.0 |
| First Day Change | 88.78% |
| First Day Volume | 4893100.0 |
| First Day Turnover | 126724000.0 |
| Use of Proceeds | 1、約55%或3.2百萬港元將獲分配用于提高研發能力及改善撮合服務的技術基礎設施；
2、約45%或2.6百萬港元將獲分配用于推廣業務模式。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (2)
Joint Global Coordinators (3)
Joint Bookrunners (5)
Joint Lead Managers (4)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
嘉源律师事务所 国枫律师事务所 衡力斯律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 通商律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | 中信银行（国际）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 周灝 | — |
| Company Secretary | 于善玲 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering (assuming that the over-allotment option is not exercised), Mars Legend will hold approximately 30.72%, Sunshine Life Insurance will hold approximately 15.03%, Jupiter Rock will hold approximately 6.99%, and East Asia Star will hold approximately 9.68%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO 量化派 (02685) attracted extraordinary demand with an oversubscription ratio of 9,366 times, signaling intense retail enthusiasm. The overall hit rate was just 1.68%, far below typical hot IPOs, reflecting extreme allocation scarcity. The offer price was fixed at HK$9.80, with no range to benchmark. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency is observed: 甲尾 (last A-tier) applicants applying 500,000 shares received an expected allocation of only 0.0507 lots, while 乙头 (first B-tier) applicants with 600,000 shares secured 0.1077 lots—more than double the allocation. This suggests that marginal applications at the top of the A-pool were poorly rewarded compared to a minimum B-pool entry. Broker fee structures vary, so actual cost efficiency may differ. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable, with total holders, Mainland China participation, and regional distribution all reported as zero. This absence of data prevents any meaningful analysis of investor demographics or regional concentration patterns. It may indicate incomplete reporting or a lack of granular breakdown. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
