IPO Timeline Raw facts
Broker Deadline
2025-11-05
Morning deadline
HKEX Deadline
2025-11-05
Noon deadline
Broker Results (T-2)
2025-11-06
Some brokers release in afternoon
Grey Market (T-1)
2025-11-07
Afternoon
HKEX Allotment (T-1)
2025-11-07
Evening
Registrar Allotment (T-1)
2025-11-07
Evening
Listing Day (T)
2025-11-10
First day of trading
Company Overview
| Stock Name | Softcare |
|---|---|
| Stock Code | 02698 |
| Company Full Name | Softcare Limited |
| Industry | New Energy |
| Principal Activities | experienced corporation of baby and feminine hygiene products in the Emerging Markets and benefit from enormous market growth opportunities |
| Listing Date | 2025-11-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | To be extracted |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | softcarehome.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 | HK$ 26.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 5,240 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-10-31 to 2025-11-05 |
| Global Offering Shares | 90,884,000 shares |
| HK Public Offer Shares (Initial) | 9,088,400 shares (10.0%) |
| Public Offer Lots (Initial) | 45,442lots (22,721lots, 22,721lots) |
| International Placing Shares (Initial) | 81,795,600 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 605,884,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 49.1% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,381,160,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 5,240 |
| 2 lots | 400 | HK$ 10,480 |
| 3 lots | 600 | HK$ 15,720 |
| 4 lots | 800 | HK$ 20,960 |
| 5 lots | 1,000 | HK$ 26,200 |
| 6 lots | 1,200 | HK$ 31,440 |
| 7 lots | 1,400 | HK$ 36,680 |
| 8 lots | 1,600 | HK$ 41,920 |
| 9 lots | 1,800 | HK$ 47,160 |
| 10 lots | 2,000 | HK$ 52,400 |
| 15 lots | 3,000 | HK$ 78,600 |
| 20 lots | 4,000 | HK$ 104,800 |
| 25 lots | 5,000 | HK$ 131,000 |
| 30 lots | 6,000 | HK$ 157,200 |
| 35 lots | 7,000 | HK$ 183,400 |
| 40 lots | 8,000 | HK$ 209,600 |
| 45 lots | 9,000 | HK$ 235,800 |
| 50 lots | 10,000 | HK$ 262,000 |
| 100 lots | 20,000 | HK$ 524,000 |
| 150 lots | 30,000 | HK$ 786,000 |
| 200 lots | 40,000 | HK$ 1,048,000 |
| 250 lots | 50,000 | HK$ 1,310,000 |
| 300 lots | 60,000 | HK$ 1,572,000 |
| 350 lots | 70,000 | HK$ 1,834,000 |
| 400 lots | 80,000 | HK$ 2,096,000 |
| 450 lots | 90,000 | HK$ 2,358,000 |
| 500 lots | 100,000 | HK$ 2,620,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 5,240,000 |
| 1,500 lots | 300,000 | HK$ 7,860,000 |
| 2,000 lots | 400,000 | HK$ 10,480,000 |
| 2,500 lots | 500,000 | HK$ 13,100,000 |
| 3,000 lots | 600,000 | HK$ 15,720,000 |
| 3,500 lots | 700,000 | HK$ 18,340,000 |
| 4,000 lots | 800,000 | HK$ 20,960,000 |
| 4,500 lots | 900,000 | HK$ 23,580,000 |
| 5,000 lots | 1,000,000 | HK$ 26,200,000 |
| 7,500 lots | 1,500,000 | HK$ 39,300,000 |
| 10,000 lots | 2,000,000 | HK$ 52,400,000 |
| 12,500 lots | 2,500,000 | HK$ 65,500,000 |
| 15,000 lots | 3,000,000 | HK$ 78,600,000 |
| 17,500 lots | 3,500,000 | HK$ 91,700,000 |
| 20,000 lots | 4,000,000 | HK$ 104,800,000 |
| 22,721 lots | 4,544,200 | HK$ 119,058,040 |
Stock Connect Inclusion
| HK Market Cap | HK$ 18.67B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,874,160,800 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable) |
| Profit/Loss Status | Net profit USD 95.1 million |
| Period-End Cash Balance | USD 84.53 million |
| Listing Expenses | ~HK$ 149,300,000 |
| Listing Expenses / Funds Raised | ~6.5% |
| Total Pre-IPO Investment | USD 30 million |
First Day Performance
| First Day Close | HK$ 33.0 |
|---|---|
| First Day Open | HK$ 34.98 |
| First Day Change | 25.95% |
| First Day Volume | 42610300.0 |
| First Day Turnover | 1487090000.0 |
Use of Proceeds
| Use of Proceeds | 71.4; 32.1; 34.5; 4.8; 1.8; 70; 86; 3.9 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (3)
Joint Lead Managers (3)
Capital Market Intermediaries (3)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Sidley Austin 康德明律师事务所 北京市通商律师事务所 D2A Société Civile Professionnelle d’Avocats Jing & Partners Consortium Legal Bentsi-Enchill, Letsa & Ankomah ONC Lawyers Haller Lomax LLP Coulson Harney LLP Estudio Muñiz Mame Adama Gueye & Partners Bowmans Tanzania Limited Hadef & Partners LLC AF Mpanga Advocates Chibesakunda & Co DLA Piper Singapore Pte. Ltd. |
| Legal Advisor to Sponsors/Underwriters |
Herbert Smith Freehills Kramer Jun He Law Offices |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | Frost & Sullivan Limited |
| Receiving Banks |
CMB Wing Lung Bank Limited China CITIC Bank International Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | BA Sprout Limited | 15,000,000 USD | 4,814,600 | 5.30% | 0.79% | 6 months | 2026-05-10 |
| 2 | BA HM Limited | 5,000,000 USD | 1,604,800 | 1.77% | 0.26% | 6 months | 2026-05-10 |
| 3 | Arc Avenue | 20,000,000 USD | 6,419,400 | 7.06% | 1.06% | 6 months | 2026-05-10 |
| 4 | Arcane Nexus | 10,000,000 USD | 3,209,600 | 3.53% | 0.53% | 6 months | 2026-05-10 |
| 5 | 北京顺澳 | 10,000,000 USD | 3,209,600 | 3.53% | 0.53% | 6 months | 2026-05-10 |
| 6 | CDH Emerging Markets | 10,000,000 USD | 3,209,600 | 3.53% | 0.53% | 6 months | 2026-05-10 |
| 7 | HCEP | 10,000,000 USD | 3,209,600 | 3.53% | 0.53% | 6 months | 2026-05-10 |
| 8 | NewTrails Capital | 4,500,000 USD | 1,444,200 | 1.59% | 0.24% | 6 months | 2026-05-10 |
| 9 | NewTrails Forest | 5,500,000 USD | 1,765,200 | 1.94% | 0.29% | 6 months | 2026-05-10 |
| 10 | 南方基金 | 8,000,000 USD | 2,567,800 | 2.83% | 0.42% | 6 months | 2026-05-10 |
| 11 | 富国基金 | 5,870,000 USD | 1,884,000 | 2.07% | 0.31% | 6 months | 2026-05-10 |
| 12 | 富国香港 | 2,130,000 USD | 683,600 | 0.75% | 0.11% | 6 months | 2026-05-10 |
| 13 | 易方达基金管理 | 7,000,000 USD | 2,246,800 | 2.47% | 0.37% | 6 months | 2026-05-10 |
| 14 | 易方达香港 | 1,000,000 USD | 320,800 | 0.35% | 0.05% | 6 months | 2026-05-10 |
| 15 | Charisma Mega | 5,000,000 USD | 1,604,800 | 1.77% | 0.26% | 6 months | 2026-05-10 |
| 16 | TruMed Healthcare Master Fund | 500,000 USD | 160,400 | 0.18% | 0.03% | 6 months | 2026-05-10 |
| 17 | TruMed Health Innovation Fund LP | 4,500,000 USD | 1,444,200 | 1.59% | 0.24% | 6 months | 2026-05-10 |
| 18 | 启汇润金 | 5,000,000 USD | 1,604,800 | 1.77% | 0.26% | 6 months | 2026-05-10 |
| 19 | 华夏基金（香港） | 5,000,000 USD | 1,604,800 | 1.77% | 0.26% | 6 months | 2026-05-10 |
| 20 | Jane Street | 5,000,000 USD | 1,604,800 | 1.77% | 0.26% | 6 months | 2026-05-10 |
Directors & Management
| Chairman | 沈延昌 |
|---|---|
| Company Secretary | Mr. Lung Shei Kei |
Executive Director (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 罗继超 | — | Executive Director |
| 2 | 赵永强 | — | Executive Director |
Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 沈延昌 | — | Non-Executive Director |
| 2 | 杨艳娟 | — | Non-Executive Director |
| 3 | 周仁伟 | — | Non-Executive Director |
Independent Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 娄爱东 | — | Independent Non-Executive Director |
| 2 | 高建明 | — | Independent Non-Executive Director |
| 3 | 徐景 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Mr. Shen and Ms. Yang hold 331,739,500 shares through Century BVI, representing 54.75% of the issued shares immediately after completion of the Global Offering. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO saw an extraordinary oversubscription ratio of 1813.77x, indicating overwhelming market enthusiasm. The overall hit rate plummeted to just 14.09%, reflecting fierce competition for allocations. Final pricing at HK$26.2 per share anchored the deal at its ceiling, underscoring robust demand. (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
The largest A-tier (甲尾) application of 100,000 lots received a mere 0.57 expected lots, while the smallest B-tier (乙头) at 200,000 lots got only 0.6001 lots — a negligible 0.03-lot advantage for doubling the commitment. This near-parity signals extreme dilution across upper tiers, making large subscriptions highly inefficient. Broker fee economics heavily favor lower-tier applicants in this context. (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
Mainland Chinese investors comprised 69.2% of successful applicants, highlighting dominant northbound participation. Males led at 60%, with an average age of 43.1, suggesting a mature, risk-aware investor base. The demographic tilt toward experienced, mainland-based shareholders may shape post-listing trading dynamics. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
