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
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 兆威机电 |
|---|---|
| Other Market Stock Code | 003021 |
| H-Share Offer Price | HK$ 71.28 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Zhaowei |
|---|---|
| Stock Code | 02692 |
| Company Full Name | Shenzhen Zhaowei Machinery & Electronics Co., Ltd. |
| Industry | Robotics |
| Principal Activities | We are China’s largest integrated provider of micro transmission and drive system products, designing and manufacturing micro transmission and drive system products and ancillary components, and primarily providing application-specific customized products for high-growth industries such as smart vehicles, consumer technology, medical technology, advanced industrial manufacturing, and embodied robotics. |
| Listing Date | 2026-03-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Room 101, Office Building No. 62 Yanhu Road, Yanchuan Community Yanluo Subdistrict Bao’an District, Shenzhen City PRC Headquarters and Principal Place of Business Room 101, Office Building in the PRC |
| 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 | www.szzhaowei.net |
| 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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 71.28 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,128 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-02-27 to 2026-03-04 |
| Global Offering Shares | 26,748,300 shares |
| HK Public Offer Shares (Initial) | 2,674,900 shares (10.0%) |
| Public Offer Lots (Initial) | 26,749lots (Pool A13,374lots，Pool B13,375lots) |
| International Placing Shares (Initial) | 24,073,400 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 267,482,700 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 33.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,906,618,824 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,128 |
| 2 lots | 200 | HK$ 14,256 |
| 3 lots | 300 | HK$ 21,384 |
| 4 lots | 400 | HK$ 28,512 |
| 5 lots | 500 | HK$ 35,640 |
| 6 lots | 600 | HK$ 42,768 |
| 7 lots | 700 | HK$ 49,896 |
| 8 lots | 800 | HK$ 57,024 |
| 9 lots | 900 | HK$ 64,152 |
| 10 lots | 1,000 | HK$ 71,280 |
| 15 lots | 1,500 | HK$ 106,920 |
| 20 lots | 2,000 | HK$ 142,560 |
| 25 lots | 2,500 | HK$ 178,200 |
| 30 lots | 3,000 | HK$ 213,840 |
| 35 lots | 3,500 | HK$ 249,480 |
| 40 lots | 4,000 | HK$ 285,120 |
| 45 lots | 4,500 | HK$ 320,760 |
| 50 lots | 5,000 | HK$ 356,400 |
| 60 lots | 6,000 | HK$ 427,680 |
| 70 lots | 7,000 | HK$ 498,960 |
| 80 lots | 8,000 | HK$ 570,240 |
| 90 lots | 9,000 | HK$ 641,520 |
| 100 lots | 10,000 | HK$ 712,800 |
| 200 lots | 20,000 | HK$ 1,425,600 |
| 300 lots | 30,000 | HK$ 2,138,400 |
| 400 lots | 40,000 | HK$ 2,851,200 |
| 500 lots | 50,000 | HK$ 3,564,000 |
| 600 lots | 60,000 | HK$ 4,276,800 |
| 700 lots | 70,000 | HK$ 4,989,600 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 80,000 | HK$ 5,702,400 |
| 900 lots | 90,000 | HK$ 6,415,200 |
| 1,000 lots | 100,000 | HK$ 7,128,000 |
| 2,000 lots | 200,000 | HK$ 14,256,000 |
| 3,000 lots | 300,000 | HK$ 21,384,000 |
| 4,000 lots | 400,000 | HK$ 28,512,000 |
| 5,000 lots | 500,000 | HK$ 35,640,000 |
| 6,000 lots | 600,000 | HK$ 42,768,000 |
| 7,000 lots | 700,000 | HK$ 49,896,000 |
| 8,000 lots | 800,000 | HK$ 57,024,000 |
| 9,000 lots | 900,000 | HK$ 64,152,000 |
| 10,000 lots | 1,000,000 | HK$ 71,280,000 |
| 11,000 lots | 1,100,000 | HK$ 78,408,000 |
| 12,000 lots | 1,200,000 | HK$ 85,536,000 |
| 13,374 lots | 1,337,400 | HK$ 95,329,872 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 1.17B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 19,066,166,856 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 1,906,618,824 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 225.4 million |
| Period-End Cash Balance | RMB 224.82 million |
| Listing Expenses | ~HK$ 78,500,000 |
| Listing Expenses / Funds Raised | ~4.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 73.0 |
|---|---|
| First Day Open | HK$ 78.0 |
| First Day Change | 2.41% |
| First Day Volume | 5117000.0 |
| First Day Turnover | 400713000.0 |
| Use of Proceeds | 1、約35.0%，或662.3百萬港元，將用于在全球范圍進行技術研發及擴展公司的產品組合；
2、約30.0%，或567.7百萬港元，將用于在全球范圍擴大公司的產能及提高生產效率；
3、約15.0%，或283.9百萬港元，將用于有選擇地開展全球戰略合作、投資及并購；
4、約10.0%，或189.2百萬港元，將用于擴大公司的全球服務及銷售網絡以及加大全球營銷力度；
5、約10.0%，或189.2百萬港元，將用作營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (1)
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (7)
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Deutsche Bank AG, Hong Kong Branch CE AAK077
CLSA LIMITED CE AAB893
ABCI CAPITAL LIMITED CE AWL249
BOCOM International Securities Limited CE APJ121
Futu Securities International (HONG KONG) Limited CE AZT137
Yellow River Securities Limited CE BIX927
Joint Lead Managers (9)
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Deutsche Bank AG, Hong Kong Branch CE AAK077
CLSA LIMITED CE AAB893
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
Futu Securities International (HONG KONG) Limited CE AZT137
Yellow River Securities Limited CE BIX927
Open Securities Limited CE ACS694
I WIN SECURITIES LIMITED CE BJB315
Capital Market Intermediaries (10)
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Deutsche Bank AG, Hong Kong Branch CE AAK077
CLSA LIMITED CE AAB893
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
Futu Securities International (HONG KONG) Limited CE AZT137
Yellow River Securities Limited CE BIX927
Open Securities Limited CE ACS694
I WIN SECURITIES LIMITED CE BJB315
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
贝克•麦坚时律师事务所 上海市锦天城（深圳）律师事务所 霍金路伟律师行 Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo |
| Legal Advisor to Sponsors/Underwriters |
方达律师事务所 通商律师事务所 欧华律师事务所 |
| 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 |
| Receiving Banks | 中国工商银行（亚洲）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 | HHLRA | 15 USD | 1,591,200 | 5.95% | 0.59% | 6 months | 2026-09-09 |
| 2 | Mirae Asset Securities HK | 5 USD | 530,400 | 1.98% | 0.20% | 6 months | 2026-09-09 |
| 3 | Perseverance Asset Management | 6 USD | 636,400 | 2.38% | 0.24% | 6 months | 2026-09-09 |
| 4 | 大成国际 | 4 USD | 371,200 | 1.39% | 0.14% | 6 months | 2026-09-09 |
| 5 | 广发基金香港 | 3 USD | 318,200 | 1.19% | 0.12% | 6 months | 2026-09-09 |
| 6 | Oakwise Growth Fund | 5 USD | 530,400 | 1.98% | 0.20% | 6 months | 2026-09-09 |
| 7 | Jump Trading | 3 USD | 318,200 | 1.19% | 0.12% | 6 months | 2026-09-09 |
| 8 | VVC Technology | 2 USD | 212,100 | 0.79% | 0.08% | 6 months | 2026-09-09 |
| 9 | FMF | 2 USD | 212,100 | 0.79% | 0.08% | 6 months | 2026-09-09 |
| 10 | 太湖金谷 | 5 USD | 530,400 | 1.98% | 0.20% | 6 months | 2026-09-09 |
| 11 | 拓斯达环球 | 30 CNY | 458,500 | 1.71% | 0.17% | 6 months | 2026-09-09 |
| 12 | 双城资本及建投（海外）投资有限公司（就场外掉期而言） | 4 USD | 424,300 | 1.59% | 0.16% | 6 months | 2026-09-09 |
| 13 | 恒邦及中国银河国际投资有限公司（就恒邦场外掉期而言） | 20 CNY | 302,600 | 1.13% | 0.11% | 6 months | 2026-09-09 |
| 14 | 文盈投资 | 4 USD | 381,800 | 1.43% | 0.14% | 6 months | 2026-09-09 |
| 15 | 存然资本 | 3 USD | 318,200 | 1.19% | 0.12% | 6 months | 2026-09-09 |
| 16 | 何茂灵先生 | 3 USD | 318,200 | 1.19% | 0.12% | 6 months | 2026-09-09 |
| 17 | 罗杰先生 | 3 USD | 318,200 | 1.19% | 0.12% | 6 months | 2026-09-09 |
| 18 | 联域集团 | 2 USD | 262,500 | 0.98% | 0.10% | 6 months | 2026-09-09 |
| 19 | 民银国际 | 2 USD | 265,200 | 0.99% | 0.10% | 6 months | 2026-09-09 |
| 20 | 雾凇 | 20 HKD | 271,400 | 1.01% | 0.10% | 6 months | 2026-09-09 |
| 21 | 万源资本 | 20 HKD | 271,400 | 1.01% | 0.10% | 6 months | 2026-09-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 李海周 | — |
| Company Secretary | Mr. Niu Dongfeng | Mr. Niu Dongfeng |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Li (beneficial interest in 43,657,600 A shares, representing 18.14%; controlled corporation interest in 106,560,000 A shares, representing 44.26%; spouse interest in 106,560,000 A shares, representing 44.26%); Ms. Xie (controlled corporation interest in 106,560,000 A shares, representing 44.26%; spouse interest in 150,217,600 A shares, representing 62.40%); 兆威投資 (beneficial interest in 85,120,000 A shares, representing 35.36%); 清墨合夥企業 (beneficial interest in 21,440,000 A shares, representing 8.91%) |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO for 兆威机电 attracted an extraordinary oversubscription ratio of 1,536.76x, signaling intense market appetite for this industrial manufacturing stock. The published hit rate of 0% appears to be a data placeholder rather than actual allocations, given the reallocation triggered. The offer price was fixed at HK$71.28 per share with no disclosed range. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail (60,000 lots applied) yielded an average of 0.3031 lots, while the B-head (70,000 lots applied) delivered 0.3501 lots—a rare situation where the higher-tier B application resulted in more absolute shares than the top A-tier. This suggests that A-tail applicants faced a penalty in allocation efficiency relative to those who committed the larger B-head capital. Such inversion is atypical and may have eroded the profitability of A-tail applications after broker fees. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors comprised 72.0% of the 22,939 total holders, underscoring strong cross-border demand for this Hong Kong IPO. The gender split was 59.3% male and 40.7% female, with an average age of 42.5, reflecting a mature investor base. While no regional breakdown is available, the high mainland participation often points to significant Guangdong-based interest. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
