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) — 埃斯顿 |
|---|---|
| Other Market Stock Code | 002747 |
| H-Share Offer Price | HK$ 15.36 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Estun |
|---|---|
| Stock Code | 02715 |
| Company Full Name | Estun Automation Co., Ltd. |
| Industry | Robotics |
| Principal Activities | We are a leading industrial robotics company in China, primarily providing (i) industrial robots and intelligent manufacturing systems and (ii) core automation components and motion control systems to customers engaged in multiple manufacturing fields, including automotive, construction machinery and heavy industry, and lithium batteries. |
| 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) | Headquarters and Principal Place of No. 1888 Jiyin Avenue Business in the PRC Jiangning, Nanjing Jiangsu Province PRC |
| Business Address (Hong Kong) | 香港中環康樂廣場1號怡和大廈4樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | estun.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 15.36 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,072 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-02-27 to 2026-03-04 |
| Global Offering Shares | 96,780,000 shares |
| HK Public Offer Shares (Initial) | 9,678,000 shares (10.0%) |
| Public Offer Lots (Initial) | 48,390lots (Pool A24,195lots，Pool B24,195lots) |
| International Placing Shares (Initial) | 87,102,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 967,798,453 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 |
| Cornerstone Share | 33.4% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,486,540,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,072 |
| 2 lots | 400 | HK$ 6,144 |
| 3 lots | 600 | HK$ 9,216 |
| 4 lots | 800 | HK$ 12,288 |
| 5 lots | 1,000 | HK$ 15,360 |
| 6 lots | 1,200 | HK$ 18,432 |
| 7 lots | 1,400 | HK$ 21,504 |
| 8 lots | 1,600 | HK$ 24,576 |
| 9 lots | 1,800 | HK$ 27,648 |
| 10 lots | 2,000 | HK$ 30,720 |
| 15 lots | 3,000 | HK$ 46,080 |
| 20 lots | 4,000 | HK$ 61,440 |
| 25 lots | 5,000 | HK$ 76,800 |
| 30 lots | 6,000 | HK$ 92,160 |
| 35 lots | 7,000 | HK$ 107,520 |
| 40 lots | 8,000 | HK$ 122,880 |
| 45 lots | 9,000 | HK$ 138,240 |
| 50 lots | 10,000 | HK$ 153,600 |
| 100 lots | 20,000 | HK$ 307,200 |
| 150 lots | 30,000 | HK$ 460,800 |
| 200 lots | 40,000 | HK$ 614,400 |
| 250 lots | 50,000 | HK$ 768,000 |
| 300 lots | 60,000 | HK$ 921,600 |
| 350 lots | 70,000 | HK$ 1,075,200 |
| 400 lots | 80,000 | HK$ 1,228,800 |
| 450 lots | 90,000 | HK$ 1,382,400 |
| 500 lots | 100,000 | HK$ 1,536,000 |
| 1,000 lots | 200,000 | HK$ 3,072,000 |
| 1,500 lots | 300,000 | HK$ 4,608,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 400,000 | HK$ 6,144,000 |
| 2,500 lots | 500,000 | HK$ 7,680,000 |
| 3,000 lots | 600,000 | HK$ 9,216,000 |
| 3,500 lots | 700,000 | HK$ 10,752,000 |
| 4,000 lots | 800,000 | HK$ 12,288,000 |
| 4,500 lots | 900,000 | HK$ 13,824,000 |
| 5,000 lots | 1,000,000 | HK$ 15,360,000 |
| 7,500 lots | 1,500,000 | HK$ 23,040,000 |
| 10,000 lots | 2,000,000 | HK$ 30,720,000 |
| 15,000 lots | 3,000,000 | HK$ 46,080,000 |
| 24,195 lots | 4,839,000 | HK$ 74,327,040 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 1.43B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 14,865,384,238 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 1,486,540,800 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 71.0x (based on offer price HK$15.36 and 2022 EPS) |
| Profit/Loss Status | 盈利約人民幣XX百萬元 |
| Period-End Cash Balance | RMB 668.3 million |
| Listing Expenses | ~HK$ 79,900,000 |
| Listing Expenses / Funds Raised | ~5.1% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 12.9 |
|---|---|
| First Day Open | HK$ 15.36 |
| First Day Change | -16.02% |
| First Day Volume | 20582500.0 |
| First Day Turnover | 293044000.0 |
| Use of Proceeds | 1、約25.0%，即約371.5百萬港元，將用于擴充公司的全球生產能力；
2、約25.0%，即約371.5百萬港元，將用于在全球工業機器人產業鏈上下游有選擇地尋求戰略聯盟、投資及收購機會；
3、約20.0%，即約297.2百萬港元，將投資于研發項目，以推動下一代工業機器人技術的發展；
4、約10.0%，即約148.6百萬港元，將用于提升公司的全球服務能力及開發組織范圍內的數字化管理系統；
5、約10.0%，即約148.6百萬港元，將用于部分償還現有貸款；
6、約10.0%，即約148.6百萬港元，將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Overall Coordinators (3)
Joint Global Coordinators (4)
Joint Bookrunners (11)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CMB International Capital Limited CE AVM940
BOCOM International Securities Limited CE APJ121
ABCI CAPITAL LIMITED CE AWL249
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
Joint Lead Managers (11)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CMB International Capital Limited CE AVM940
BOCOM International Securities Limited CE APJ121
ABCI Securities Company Limited CE ACX411
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
Capital Market Intermediaries (12)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
GF Securities (Hong Kong) Brokerage Limited CE AOB364
CMB International Capital Limited CE AVM940
BOCOM International Securities Limited CE APJ121
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
BOCI ASIA LIMITED CE AET863
Futu Securities International (HONG KONG) Limited CE AZT137
Livermore Holdings Limited CE BJN764
TradeGo Markets Limited CE BRO637
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
Stabilizing Manager (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
中伦律师事务所有限法律责任合伙 Zhong Lun Law Firm Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo |
| Legal Advisor to Sponsors/Underwriters |
天元律师事务所（有限法律责任合伙） 通商律师事务所 |
| 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 |
中国工商银行（亚洲）有限公司 中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Harvest Oriental | 20,000,000 HKD | 9,661,400 | 9.98% | 1.00% | 6 months | 2026-09-09 |
| 2 | 亨通光电国际 | 15,000,000 HKD | 7,246,000 | 7.49% | 0.75% | 6 months | 2026-09-09 |
| 3 | Dream'ee HK Fund | 10,240,000 HKD | 4,944,200 | 5.11% | 0.51% | 6 months | 2026-09-09 |
| 4 | 至源 | 10,000,000 HKD | 4,830,600 | 4.99% | 0.50% | 6 months | 2026-09-09 |
| 5 | Haitian Huayuan | 4,880,000 HKD | 2,355,600 | 2.43% | 0.24% | 6 months | 2026-09-09 |
| 6 | 裕祥 | 3,800,000 HKD | 1,835,600 | 1.90% | 0.19% | 6 months | 2026-09-09 |
| 7 | 前海合众投资 | 3,000,000 HKD | 1,449,200 | 1.50% | 0.15% | 6 months | 2026-09-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 吳波 | — |
| Company Secretary | 肖婷婷 | — |
| Executive Director | 吴波 | WU Bo |
| Non-Executive Director | 陈银兰 | CHEN Yinlan |
| Independent Non-Executive Director | 汤文成 | TANG Wencheng |
| Executive Director | 吴侃 | WU Kan |
| Independent Non-Executive Director | 韩小芳 | HAN Xiaofang |
| Executive Director | 诸春华 | ZHU Chunhua |
| Independent Non-Executive Director | 林金俊 | LIN Jinjun |
| Executive Director | 周爱林 | ZHOU Ailin |
| Executive Director | 何灵军 | HE Lingjun |
Major Shareholders
| Major Shareholders & Holdings | The Controlling Shareholder Group includes Mr. Wu, Mr. Wu Kan, Ms. Liu Fang and 南京派雷斯特. As of the Latest Practicable Date, the Controlling Shareholder Group is able to exercise approximately 42.15% of the voting rights of the Company. Immediately after the completion of the Global Offering (assuming that the Over-allotment Option is not exercised and the options granted under the 2025 Share Option Scheme are not exercised), the Controlling Shareholder Group will be entitled to exercise approximately 35.83% of the voting rights of the Company. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw a moderate oversubscription of 19.67 times, resulting in a hit rate of 25.01%. This indicates solid but not excessive retail interest, with reallocation from the international tranche occurring despite the no-clawback mechanism B. Overall, the subscription dynamics suggest cautious market enthusiasm for this industrial robotics firm. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾 (A-tail) applicants with a subscription of HKD 200,000 received an expected allocation of 0.5269 lots, while 乙头 (B-head) applicants at HKD 300,000 achieved only 0.3944 lots. This results in a counterintuitive drop in expected lots for a higher tier, making the A-tail more capital-efficient and raising questions about the tier structure under the no-clawback mechanism. Investors should consider that broker fees may alter net returns, and actual allocations can deviate from expected values. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The provided data does not include any demographic breakdown; mainland and Hong Kong participation rates are listed as zero, likely indicating unavailable figures. Without this information, it is not possible to assess regional or demographic trends in the applicant pool. Investors should refer to official disclosures for any demographic insights. (This is AI-generated commentary based on historical data. Data may contain errors or omissions from source documents — verify against official HKEX filings. Not financial advice.)
