IPO Timeline Raw facts
Broker Deadline
2025-10-28
Morning deadline
HKEX Deadline
2025-10-28
Noon deadline
Broker Results (T-2)
2025-10-30
Some brokers release in afternoon
Grey Market (T-1)
2025-10-31
Afternoon
HKEX Allotment (T-1)
2025-10-31
Evening
Registrar Allotment (T-1)
2025-10-31
Evening
Listing Day (T)
2025-11-03
First day of trading
Company Overview
| Stock Name | Mininglamp-W |
|---|---|
| Stock Code | 02718 |
| Company Full Name | Mininglamp Technology |
| Industry | Semiconductors |
| Principal Activities | We are a leading data intelligence application software company in China, providing marketing intelligence and operational intelligence products and solutions that cover online and offline scenarios, leveraging large models, industry-specific knowledge and multimodal data to transform enterprises’ marketing and operational strategy design and decision-making processes. |
| Listing Date | 2025-11-03 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票权 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | 中國四川省資陽市雁江區外環路西三段222號1棟8樓807室 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1922室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | mininglamp.com |
| 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 | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 141.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 40 shares |
| Entry Threshold | HK$ 5,640 |
| Par Value | To be extracted |
| Offer Period | 2025-10-23 to 2025-10-28 |
| Global Offering Shares | 7,219,000 shares |
| HK Public Offer Shares (Initial) | 721,920 shares (10.0%) |
| Public Offer Lots (Initial) | 18,048lots (9,024lots, 9,024lots) |
| International Placing Shares (Initial) | 6,497,080 shares (90.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 144,378,361 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 44.9% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,017,879,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 40 | HK$ 5,640 |
| 2 lots | 80 | HK$ 11,280 |
| 3 lots | 120 | HK$ 16,920 |
| 4 lots | 160 | HK$ 22,560 |
| 5 lots | 200 | HK$ 28,200 |
| 6 lots | 240 | HK$ 33,840 |
| 7 lots | 280 | HK$ 39,480 |
| 8 lots | 320 | HK$ 45,120 |
| 9 lots | 360 | HK$ 50,760 |
| 10 lots | 400 | HK$ 56,400 |
| 15 lots | 600 | HK$ 84,600 |
| 20 lots | 800 | HK$ 112,800 |
| 25 lots | 1,000 | HK$ 141,000 |
| 30 lots | 1,200 | HK$ 169,200 |
| 35 lots | 1,400 | HK$ 197,400 |
| 40 lots | 1,600 | HK$ 225,600 |
| 45 lots | 1,800 | HK$ 253,800 |
| 50 lots | 2,000 | HK$ 282,000 |
| 75 lots | 3,000 | HK$ 423,000 |
| 100 lots | 4,000 | HK$ 564,000 |
| 125 lots | 5,000 | HK$ 705,000 |
| 150 lots | 6,000 | HK$ 846,000 |
| 175 lots | 7,000 | HK$ 987,000 |
| 200 lots | 8,000 | HK$ 1,128,000 |
| 225 lots | 9,000 | HK$ 1,269,000 |
| 250 lots | 10,000 | HK$ 1,410,000 |
| 500 lots | 20,000 | HK$ 2,820,000 |
| 750 lots | 30,000 | HK$ 4,230,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 40,000 | HK$ 5,640,000 |
| 1,250 lots | 50,000 | HK$ 7,050,000 |
| 1,500 lots | 60,000 | HK$ 8,460,000 |
| 1,750 lots | 70,000 | HK$ 9,870,000 |
| 2,000 lots | 80,000 | HK$ 11,280,000 |
| 2,250 lots | 90,000 | HK$ 12,690,000 |
| 2,500 lots | 100,000 | HK$ 14,100,000 |
| 3,750 lots | 150,000 | HK$ 21,150,000 |
| 5,000 lots | 200,000 | HK$ 28,200,000 |
| 6,250 lots | 250,000 | HK$ 35,250,000 |
| 7,500 lots | 300,000 | HK$ 42,300,000 |
| 9,024 lots | 360,960 | HK$ 50,895,360 |
Stock Connect Inclusion
| HK Market Cap | HK$ 31.38B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 20,357,348,901 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 719.2x (based on offer price HK$141 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 7.9 million |
| Period-End Cash Balance | RMB 400.37 million |
| Listing Expenses | ~HK$ 115,700,000 |
| Listing Expenses / Funds Raised | ~11.4% |
| Total Pre-IPO Investment | over USD 627.1 million |
First Day Performance
| First Day Close | HK$ 2.77 |
|---|---|
| First Day Open | HK$ 2.65 |
| First Day Change | -9.48% |
| First Day Volume | 120742000.0 |
| First Day Turnover | 318820000.0 |
Use of Proceeds
| Use of Proceeds | 1、約35%（約315.8百萬港元）預期將于未來三年用于提升技術研發能力； 2、約40%（約360.9百萬港元）預期將用于產品開發，以豐富產品組合； 3、約15%（約135.3百萬港元）預期將用于營銷、品牌推廣及銷售團隊擴張，旨在進一步擴大客戶群并深化在數據智能行業的立足點； 4、約10%（約90.2百萬港元）預期將用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
China Renaissance Securities (Hong Kong) Limited CE AZX839
Futu Securities International (Hong Kong) Limited CE AZT137
Tiger Brokers (HK) Global Limited CE BMU940
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Livermore Holdings Limited CE BJN764
Mulana Investment Management Limited CE BTL126
CITRUS SECURITIES LIMITED CE BPX754
Joint Lead Managers (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
China Renaissance Securities (Hong Kong) Limited CE AZX839
Futu Securities International (Hong Kong) Limited CE AZT137
Tiger Brokers (HK) Global Limited CE BMU940
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Livermore Holdings Limited CE BJN764
Mulana Investment Management Limited CE BTL126
CITRUS SECURITIES LIMITED CE BPX754
Capital Market Intermediaries (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA Limited CE AAB893
China Renaissance Securities (Hong Kong) Limited CE AZX839
Futu Securities International (Hong Kong) Limited CE AZT137
Tiger Brokers (HK) Global Limited CE BMU940
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
Livermore Holdings Limited CE BJN764
Mulana Investment Management Limited CE BTL126
CITRUS SECURITIES LIMITED CE BPX754
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
世达国际律师事务所 北京市中伦律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 Jingtian & Gongcheng |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Receiving Banks | 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 | 发售股份股本总额发售股份股本总额百分比百分比百分比百分比Huang River Investment Limited | 7,000,000 USD | 386,160 | 5.30% | 0.30% | 6 months | 2026-05-03 |
| 2 | 郭敏芳女士 | 20,000,000 USD | 1,103,320 | 15.30% | 0.80% | 6 months | 2026-05-03 |
| 3 | Treasure-stone Investment Group Limited | 10,000,000 USD | 551,640 | 7.60% | 0.40% | 6 months | 2026-05-03 |
| 4 | 包莉娜女士 | 10,000,000 USD | 551,640 | 7.60% | 0.40% | 6 months | 2026-05-03 |
| 5 | Hundreds Capital | 5,000,000 USD | 275,800 | 3.80% | 0.20% | 6 months | 2026-05-03 |
| 6 | GFH Financial Group B.S.C | 5,000,000 USD | 275,800 | 3.80% | 0.20% | 6 months | 2026-05-03 |
| 7 | QuantumPharm Limited | 2,000,000 USD | 110,320 | 1.50% | 0.10% | 6 months | 2026-05-03 |
Directors & Management
| Chairman | Mr. Minghui Wu |
|---|---|
| Company Secretary | 樊信 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering, the principal shareholders include: Tencent Holdings Limited (through 意像架構投資（香港）有限公司 and others) holding approximately 28.93% of the Class A Shares; Mr. 金曉秋 (through multiple entities) holding approximately 8.99% of the Class A Shares; 上海予連投資中心（有限合夥） holding approximately 7.97% of the Class A Shares; and Mr. 吳 (through Mine Mine International Limited) holding 100% of the Class B Shares. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO drew overwhelming enthusiasm, with a record 4452.86x oversubscription ratio signaling exceptional retail demand. The hit rate of just 6.36% reflects intense competition for allocations, and the final offer price of HKD 141 suggests firm pricing at the top of investor appetite. (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 notable inefficiency appears at the A/B boundary: A-tail applicants expected only 0.1657 lots on average, while B-head subscribers received 0.2001 lots, despite typically lower threshold requirements for A pool. This anomaly implies that applicants at the top of Pool A could have achieved superior allocation by marginally increasing their subscription to reach Pool B, reducing broker fee drag. (This is AI-generated commentary based on historical data. Broker fee structures vary; actual costs may differ. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland Chinese investors dominated the applicant base at 62%, indicating strong cross-border brand appeal or strategic positioning for the enterprise software firm. The gender split leaned male (61.9%) and the average age of 43.5 suggests a mature, tech-savvy investor cohort typical of professional service/software listings. (This analysis is for informational purposes only. Data may contain errors; verify against official HKEX filings. Not financial advice.)
