IPO Timeline Raw facts
Company Overview
| Stock Name | Able Digital |
|---|---|
| Stock Code | 02687 |
| Company Full Name | Shanghai Able Digital Science&Tech Co., Ltd. |
| Industry | AI & Machine Learning |
| Principal Activities | collective aspiration for higher education institutions to excel, cultivate talent and achieve educational parity and distinction |
| Listing Date | 2025-12-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Rooms 901–904, Building 1 Business in the PRC No. 1188, Qinzhou North Road, Xuhui District Shanghai PRC Principal Place of Business in Room 1910, 19/F Hong Kong Lee |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33 號 利園一期 19樓1910室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | able-elec.com |
| 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 | Mechanism B |
|---|---|
| Offer Price | HK$ 67.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 6,750 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-28 to 2025-12-03 |
| Global Offering Shares | 6,666,700 shares |
| HK Public Offer Shares (Initial) | 666,700 shares (10.0%) |
| Public Offer Lots (Initial) | 6,667lots (Pool A3,333lots，Pool B3,334lots) |
| International Placing Shares (Initial) | 6,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 66,666,700 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 450,002,250 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,750 |
| 2 lots | 200 | HK$ 13,500 |
| 3 lots | 300 | HK$ 20,250 |
| 4 lots | 400 | HK$ 27,000 |
| 5 lots | 500 | HK$ 33,750 |
| 6 lots | 600 | HK$ 40,500 |
| 7 lots | 700 | HK$ 47,250 |
| 8 lots | 800 | HK$ 54,000 |
| 9 lots | 900 | HK$ 60,750 |
| 10 lots | 1,000 | HK$ 67,500 |
| 15 lots | 1,500 | HK$ 101,250 |
| 20 lots | 2,000 | HK$ 135,000 |
| 25 lots | 2,500 | HK$ 168,750 |
| 30 lots | 3,000 | HK$ 202,500 |
| 35 lots | 3,500 | HK$ 236,250 |
| 40 lots | 4,000 | HK$ 270,000 |
| 45 lots | 4,500 | HK$ 303,750 |
| 50 lots | 5,000 | HK$ 337,500 |
| 60 lots | 6,000 | HK$ 405,000 |
| 70 lots | 7,000 | HK$ 472,500 |
| 80 lots | 8,000 | HK$ 540,000 |
| 90 lots | 9,000 | HK$ 607,500 |
| 100 lots | 10,000 | HK$ 675,000 |
| 200 lots | 20,000 | HK$ 1,350,000 |
| 300 lots | 30,000 | HK$ 2,025,000 |
| 400 lots | 40,000 | HK$ 2,700,000 |
| 500 lots | 50,000 | HK$ 3,375,000 |
| 600 lots | 60,000 | HK$ 4,050,000 |
| 700 lots | 70,000 | HK$ 4,725,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 80,000 | HK$ 5,400,000 |
| 900 lots | 90,000 | HK$ 6,075,000 |
| 1,000 lots | 100,000 | HK$ 6,750,000 |
| 1,200 lots | 120,000 | HK$ 8,100,000 |
| 1,400 lots | 140,000 | HK$ 9,450,000 |
| 1,600 lots | 160,000 | HK$ 10,800,000 |
| 1,800 lots | 180,000 | HK$ 12,150,000 |
| 2,000 lots | 200,000 | HK$ 13,500,000 |
| 2,400 lots | 240,000 | HK$ 16,200,000 |
| 2,800 lots | 280,000 | HK$ 18,900,000 |
| 3,333 lots | 333,300 | HK$ 22,497,750 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 9.96B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,500,002,250 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,181,814,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 105.1 million |
| Period-End Cash Balance | RMB 88.4 million |
| Listing Expenses | ~HK$ 56,700,000 |
| Listing Expenses / Funds Raised | ~12.3% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 126.4 |
|---|---|
| First Day Open | HK$ 83.6 |
| First Day Change | 87.26% |
| First Day Volume | 1510300.0 |
| First Day Turnover | 143595000.0 |
| Use of Proceeds | 1、約36.7%或約148.4百萬港元預期將用于研發；
2、約31.8%或約128.7百萬港元預期將用于提升客戶服務及支持能力；
3、約21.5%或約86.9百萬港元預期將用于在選定城市設立知識圖譜構建中心；
4、約10.0%或約40.5百萬港元預期將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 竞天公诚律师事务所 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Han Kun Law Offices LLP 通商律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 通商律师事务所 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 王暉 | — |
| Company Secretary | 曹睿 | — |
| Executive Director | 王晖 | WANG Hui |
| Non-Executive Director | 葛新 | GE Xin |
| Independent Non-Executive Director | 邱家赐 | YAU Ka Chi |
| Executive Director | 袭普照 | XI Puzhao |
| Non-Executive Director | 金省深 | JIN Xingshen |
| Independent Non-Executive Director | 刘宁荣 | YAU Ka Chi |
| Executive Director | 王欣 | WANG Xin |
| Non-Executive Director | 王颖 | WANG Ying |
| Independent Non-Executive Director | 马旭飞 | YAU Ka Chi |
| Independent Non-Executive Director | 李泉生 | LI Quansheng |
| Independent Non-Executive Director | 韩宇泽 | HAN Yuze |
| Independent Non-Executive Director | 王健 | WANG Jian |
Major Shareholders
| Major Shareholders & Holdings | Mr. Wang and Ms. Ge jointly hold approximately 38.44% of the total issued share capital of the Company. Immediately after the completion of the Global Offering, Mr. Wang and Ms. Ge will hold approximately 34.60% of our total issued share capital and will therefore constitute a group of our controlling shareholders. |
|---|
Market Sentiment
The IPO saw extraordinary enthusiasm with an oversubscription ratio of 4813.4x, reflecting intense market demand. The hit rate plummeted to just 4.93%, indicating fierce competition among retail investors. Pricing at HKD 67.5 per share suggests confidence, though no range details were provided. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail tier (60,000 applicants) anticipated only 0.1201 lots each, barely trailing the B-head tier (70,000 applicants) at 0.1402 lots—a marginal 0.02 lot difference. This near parity highlights tier selection inefficiency, as the jump to B-head required more capital without commensurate allocation reward. Broker fee structures may further erode any advantage, making lower-tier applications potentially more cost-effective. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland investors composed 65.1% of successful applicants, underscoring strong cross-border appetite for this education sector IPO. The gender split leaned male at 60.7%, with an average age of 43.4, typical for Hong Kong retail offerings. Regional data isn't available, but Guangdong province often leads mainland participation in such offerings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
