IPO Timeline Raw facts
Broker Deadline
2025-11-28
Morning deadline
HKEX Deadline
2025-11-28
Noon deadline
Broker Results (T-2)
2025-12-01
Some brokers release in afternoon
Grey Market (T-1)
2025-12-02
Afternoon
HKEX Allotment (T-1)
2025-12-02
Evening
Registrar Allotment (T-1)
2025-12-02
Evening
Listing Day (T)
2025-12-03
First day of trading
Company Overview
| Stock Name | Jinyan Kaolin |
|---|---|
| Stock Code | 02693 |
| Company Full Name | Anhui Jinyan Kaolin New Materials Co., Ltd. |
| Industry | AI & Machine Learning |
| Principal Activities | We specialize in coal-based kaolin in China and possess integrated capabilities across the entire value chain, from mining, research and development, and processing to production and sales. Our products mainly include mullite materials for investment casting and mullite materials for refractory use, which are important materials for investment casting shells and refractory materials. We also sell raw coke and raw powder, which customers can further process. |
| Listing Date | 2025-12-03 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place of 50 meters north of Shuobei Road Business in the PRC Shuoli Town, Duji District, Huaibei Anhui Province, PRC |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.grkaolin.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 7.30 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 3,650 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-25 to 2025-11-28 |
| Global Offering Shares | 24,300,000 shares |
| HK Public Offer Shares (Initial) | 2,430,000 shares (10.0%) |
| Public Offer Lots (Initial) | 4,860lots (2,430lots, 2,430lots) |
| International Placing Shares (Initial) | 21,870,000 shares (90.0%) |
| Offer Ratio | ~25.0% |
| Total Shares Post-IPO | 97,194,316 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | GUOYUAN CAPITAL (HONG KONG) LIMITED CE BDV271 |
| Cornerstone Share | 43.0% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 177,390,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 3,650 |
| 2 lots | 1,000 | HK$ 7,300 |
| 3 lots | 1,500 | HK$ 10,950 |
| 4 lots | 2,000 | HK$ 14,600 |
| 5 lots | 2,500 | HK$ 18,250 |
| 6 lots | 3,000 | HK$ 21,900 |
| 7 lots | 3,500 | HK$ 25,550 |
| 8 lots | 4,000 | HK$ 29,200 |
| 9 lots | 4,500 | HK$ 32,850 |
| 10 lots | 5,000 | HK$ 36,500 |
| 12 lots | 6,000 | HK$ 43,800 |
| 14 lots | 7,000 | HK$ 51,100 |
| 16 lots | 8,000 | HK$ 58,400 |
| 18 lots | 9,000 | HK$ 65,700 |
| 20 lots | 10,000 | HK$ 73,000 |
| 30 lots | 15,000 | HK$ 109,500 |
| 40 lots | 20,000 | HK$ 146,000 |
| 50 lots | 25,000 | HK$ 182,500 |
| 60 lots | 30,000 | HK$ 219,000 |
| 70 lots | 35,000 | HK$ 255,500 |
| 80 lots | 40,000 | HK$ 292,000 |
| 90 lots | 45,000 | HK$ 328,500 |
| 100 lots | 50,000 | HK$ 365,000 |
| 120 lots | 60,000 | HK$ 438,000 |
| 140 lots | 70,000 | HK$ 511,000 |
| 160 lots | 80,000 | HK$ 584,000 |
| 180 lots | 90,000 | HK$ 657,000 |
| 200 lots | 100,000 | HK$ 730,000 |
| 400 lots | 200,000 | HK$ 1,460,000 |
| 600 lots | 300,000 | HK$ 2,190,000 |
| 800 lots | 400,000 | HK$ 2,920,000 |
| 1,000 lots | 500,000 | HK$ 3,650,000 |
| 1,200 lots | 600,000 | HK$ 4,380,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 700,000 | HK$ 5,110,000 |
| 1,600 lots | 800,000 | HK$ 5,840,000 |
| 1,800 lots | 900,000 | HK$ 6,570,000 |
| 2,000 lots | 1,000,000 | HK$ 7,300,000 |
| 2,200 lots | 1,100,000 | HK$ 8,030,000 |
| 2,430 lots | 1,215,000 | HK$ 8,869,500 |
Stock Connect Inclusion
| HK Market Cap | HK$ 107.3M |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 99% |
| Analysis Result | Market cap below threshold (gap 99%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 177,400,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 177,390,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 52.6 million |
| Period-End Cash Balance | RMB 71.69 million |
| Listing Expenses | ~HK$ 48,400,000 |
| Listing Expenses / Funds Raised | ~29.9% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 7.46 |
|---|---|
| First Day Open | HK$ 9.3 |
| First Day Change | 2.19% |
| First Day Volume | 11290500.0 |
| First Day Turnover | 99597900.0 |
Use of Proceeds
| Use of Proceeds | 1、約70.8%（或88.0百萬港元）將用于莫來石基鋁硅系材料深加工項目； 2、約20.6%（或25.6百萬港元）將用于建立硅鋁新材料工程技術研究中心； 3、約0.6%（或0.8百萬港元）將用于償還公司若干銀行貸款的本金總額及應計利息； 4、約8.0%（或9.9百萬港元）將分配至營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (1)
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
Joint Global Coordinators (1)
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
Joint Bookrunners (10)
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
CMBC SECURITIES COMPANY LIMITED CE APU820
CCB International Capital Limited CE AJO225
DBS ASIA CAPITAL LIMITED CE AAE430
China Sunrise Securities (International) Limited CE AFS030
First Shanghai Securities Limited CE ABV488
Futu Securities International (Hong Kong) Limited CE AZT137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
uSmart Securities Limited CE BJA907
Joint Lead Managers (10)
GUOYUAN SECURITIES BROKERAGE (HONG KONG) LIMITED CE AOA594
CMBC SECURITIES COMPANY LIMITED CE APU820
CCB International Capital Limited CE AJO225
DBS ASIA CAPITAL LIMITED CE AAE430
China Sunrise Securities (International) Limited CE AFS030
First Shanghai Securities Limited CE ABV488
Futu Securities International (Hong Kong) Limited CE AZT137
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
uSmart Securities Limited CE BJA907
Stabilizing Manager (1)
GUOYUAN CAPITAL (HONG KONG) LIMITED CE BDV271
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 安徽天禾律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
中伦律师事务所有限法律合伙 Zhong Lun Law Firm |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor |
GUOYUAN CAPITAL (HONG KONG) LIMITED CE BDV271 VAST HARBOUR CORPORATE FINANCE LIMITED CE BJV693 |
| 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 | 平煤香港 | 29,696,400 HKD | 4,068,000 | 16.74% | 4.19% | 6 months | 2026-06-03 |
| 2 | 创力香港 | 24,747,000 HKD | 3,390,000 | 13.95% | 3.49% | 6 months | 2026-06-03 |
| 3 | 金源香港 | 10,887,950 HKD | 1,491,500 | 6.14% | 1.53% | 6 months | 2026-06-03 |
| 4 | 德高矿山 | 10,887,950 HKD | 1,491,500 | 6.14% | 1.53% | 6 months | 2026-06-03 |
Directors & Management
| Chairman | Mr. Zhang Kuang |
|---|---|
| Company Secretary | Mr. Wang Wei |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张矿 | — | Executive Director |
| 2 | 王玉丽 | — | Executive Director |
| 3 | 陈艳 | — | Executive Director |
Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 焦道杰 | — | Non-Executive Director |
| 2 | 杨冲 | — | Non-Executive Director |
| 3 | 李壮志 | — | Non-Executive Director |
Independent Non-Executive Director (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 蒋卫东 | — | Independent Non-Executive Director |
| 2 | 李晨辉 | — | Independent Non-Executive Director |
| 3 | 缪广红 | — | Independent Non-Executive Director |
| 4 | 陈毅奋 | — | Independent Non-Executive Director |
| 5 | 丁浩杰 | — | Independent Non-Executive Director |
| 6 | 胡于红 | — | Independent Non-Executive Director |
| 7 | 朱坚强 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Huaibei Mining Group holds 41,820,759 domestic shares (representing 43.03%) and, through Wanhuai Investment, holds 2,007,299 domestic shares (representing 2.06%), for a total of 45.09%; Huaibei Transportation Investment holds 29,066,258 domestic shares (representing 29.91%). |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO of 金岩高岭新材 saw extreme retail demand with an oversubscription ratio of 6,876.17 times. Despite this frenzy, the hit rate is recorded as 0.0%, suggesting either data reporting anomalies or effectively zero allocation probability. The final offer price was fixed at HK$7.3 per share. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A tail applicants (600,000 lots) expected 0.2147 lots, which is higher than B head applicants (700,000 lots) who expected only 0.1301 lots, creating an unusual tier efficiency inversion. Typically, B head allocations are higher than A tail due to marginal demand curves, so this anomaly may reflect a skewed lottery algorithm or data error. Investors should note that broker fee structures and actual allotment costs vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Demographic data is not available for this IPO as total holders, mainland China, and Hong Kong participation rates are all reported as 0. Consequently, it is not possible to assess regional participation patterns. Normally, high oversubscription ratios correlate with strong mainland investor interest, but no conclusions can be drawn here. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
