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 | Haizhi Tech GP |
|---|---|
| Stock Code | 02706 |
| Company Full Name | Beijing Haizhi Tech Grp Co Ltd |
| Industry | Robotics |
| Principal Activities | leader in the field of graph computing and graph databases in China |
| Listing Date | 2026-02-13 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 北京市 北京經濟技術開發區 科谷一街8號院8號樓 15層1501室 |
| Business Address (Hong Kong) | 香港 中環 康樂廣場一號 怡和大廈四樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | haizhi.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$ 27.06 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 5,412 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-02-05 to 2026-02-10 |
| Global Offering Shares | 28,030,200 shares |
| HK Public Offer Shares (Initial) | 2,803,200 shares (10.0%) |
| Public Offer Lots (Initial) | 14,016lots (Pool A7,008lots，Pool B7,008lots) |
| International Placing Shares (Initial) | 25,227,000 shares (90.0%) |
| Offer Ratio | ~7.0% |
| Total Shares Post-IPO | 400,430,680 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 15.5% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 758,497,212 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 5,412 |
| 2 lots | 400 | HK$ 10,824 |
| 3 lots | 600 | HK$ 16,236 |
| 4 lots | 800 | HK$ 21,648 |
| 5 lots | 1,000 | HK$ 27,060 |
| 6 lots | 1,200 | HK$ 32,472 |
| 7 lots | 1,400 | HK$ 37,884 |
| 8 lots | 1,600 | HK$ 43,296 |
| 9 lots | 1,800 | HK$ 48,708 |
| 10 lots | 2,000 | HK$ 54,120 |
| 15 lots | 3,000 | HK$ 81,180 |
| 20 lots | 4,000 | HK$ 108,240 |
| 25 lots | 5,000 | HK$ 135,300 |
| 30 lots | 6,000 | HK$ 162,360 |
| 35 lots | 7,000 | HK$ 189,420 |
| 40 lots | 8,000 | HK$ 216,480 |
| 45 lots | 9,000 | HK$ 243,540 |
| 50 lots | 10,000 | HK$ 270,600 |
| 100 lots | 20,000 | HK$ 541,200 |
| 150 lots | 30,000 | HK$ 811,800 |
| 200 lots | 40,000 | HK$ 1,082,400 |
| 250 lots | 50,000 | HK$ 1,353,000 |
| 300 lots | 60,000 | HK$ 1,623,600 |
| 350 lots | 70,000 | HK$ 1,894,200 |
| 400 lots | 80,000 | HK$ 2,164,800 |
| 450 lots | 90,000 | HK$ 2,435,400 |
| 500 lots | 100,000 | HK$ 2,706,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 5,412,000 |
| 1,500 lots | 300,000 | HK$ 8,118,000 |
| 2,000 lots | 400,000 | HK$ 10,824,000 |
| 2,500 lots | 500,000 | HK$ 13,530,000 |
| 3,000 lots | 600,000 | HK$ 16,236,000 |
| 3,500 lots | 700,000 | HK$ 18,942,000 |
| 4,000 lots | 800,000 | HK$ 21,648,000 |
| 4,500 lots | 900,000 | HK$ 24,354,000 |
| 5,000 lots | 1,000,000 | HK$ 27,060,000 |
| 5,500 lots | 1,100,000 | HK$ 29,766,000 |
| 6,000 lots | 1,200,000 | HK$ 32,472,000 |
| 6,500 lots | 1,300,000 | HK$ 35,178,000 |
| 7,008 lots | 1,401,600 | HK$ 37,927,296 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 19.38B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,835,654,200 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 93.7 million (2024) |
| Period-End Cash Balance | RMB 197.87 million |
| Listing Expenses | ~HK$ 102,800,000 |
| Listing Expenses / Funds Raised | ~15.3% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 92.6 |
|---|---|
| First Day Open | HK$ 82.3 |
| First Day Change | 242.20% |
| First Day Volume | 9807070.0 |
| First Day Turnover | 863449000.0 |
| Use of Proceeds | 1、約45.0%（或291.8百萬港元）將用于研發以強化圖模融合技術；
2、約20.0%（或129.7百萬港元）將用于優化Atlas智能體；
3、約15.0%（或97.3百萬港元）將用于深化與客戶的合作，探索新應用場景以及拓展香港及新加坡市場；
4、約10.0%（或64.8百萬港元）將用于戰略投資、合并及收購；
5、約10.0%（或64.8百萬港元）將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (1)
CMB International Capital Limited CE AVM940
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (11)
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
ABCI CAPITAL LIMITED CE AWL249
Funde Securities Limited CE BHT984
Huafu International Securities Limited CE BQC241
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Eddid Securities and Futures Limited CE BHT550
Joint Lead Managers (11)
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
Huafu International Securities Limited CE BQC241
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Eddid Securities and Futures Limited CE BHT550
Capital Market Intermediaries (12)
CMB International Capital Limited CE AVM940
BOCI ASIA LIMITED CE AET863
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
Huafu International Securities Limited CE BQC241
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Eddid Securities and Futures Limited CE BHT550
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
中伦律师事务所有限法律责任合伙 北京市中伦律师事务所 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 世辉律师事务所 |
| 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 |
| Receiving Banks | 中国建设银行（亚洲）股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | JSC International Investment Fund SPC（代表Etown SP） | 5,000,000 USD | 1,440,000 | 5.14% | 0.36% | 11 months | 2027-01-13 |
| 2 | JINGSHENG HENGXING | 4,000,000 USD | 1,163,600 | 4.15% | 0.29% | 9 months | 2026-11-13 |
| 3 | Infini | 3,000,000 USD | 872,800 | 3.11% | 0.22% | 6 months | 2026-08-13 |
| 4 | Mega Prime | 3,000,000 USD | 872,800 | 3.11% | 0.22% | 6 months | 2026-08-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Ren Xuyang | Mr. Ren Xuyang |
| Company Secretary | Mr. Miao Zheng | Mr. Miao Zheng |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Ren (beneficial interest of 5.38%, interest in controlled corporation of 9.86%, interest in persons acting in concert of 12.14%), Mr. Yang (beneficial interest of 4.44%, interest in controlled corporation of 7.70%, interest in persons acting in concert of 15.25%), 海闊分享 (9.86%), 海闊成長 (7.70%), 君萃 (12.68%), and others. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO drew an extraordinary 5065x oversubscription ratio, underscoring intense retail enthusiasm typical of hot artificial intelligence listings. With a hit rate of just 6.03% and a mechanism B no-clawback structure keeping the HK public offer pool at 10%, competition for allocations was exceptionally fierce. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Tier distribution data is unavailable for this IPO, preventing analysis of anomalies like 甲尾 to 乙头 efficiency or winner ratios across tiers. Without lot size or tier-specific subscription metrics, no comparisons of broker fee efficiency can be made. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is missing for this IPO, with total holders, mainland China participation, and regional distribution all unrecorded. Consequently, no insights into applicant geography or gender trends can be provided. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
