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 | Deepzero |
|---|---|
| Stock Code | 02723 |
| Company Full Name | Beijing DeepZero Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | We provide intelligent marketing services to enterprises using AI technology through our proprietary AI application products. During the track record period, we provided intelligent advertising placement services and intelligent data management through our two flagship platforms, AlphaDesk and AlphaData, respectively. |
| Listing Date | 2026-05-27 |
| 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 Unit 01, 9/F Business in the PRC Building 20 Dongsanhuan Central Road Chaoyang District Beijing PRC |
| Business Address (Hong Kong) | 31/F, Tower Two Times Square 1 Matheson Street Causeway Bay Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.deepzero.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$ 55.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 5,550 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-18 to 2026-05-21 |
| Global Offering Shares | 9,068,000 shares |
| HK Public Offer Shares (Initial) | 906,800 shares (10.0%) |
| Public Offer Lots (Initial) | 9,068lots (Pool A4,534lots，Pool B4,534lots) |
| International Placing Shares (Initial) | 8,161,200 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 90,679,175 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 503,274,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 5,550 |
| 2 lots | 200 | HK$ 11,100 |
| 3 lots | 300 | HK$ 16,650 |
| 4 lots | 400 | HK$ 22,200 |
| 5 lots | 500 | HK$ 27,750 |
| 6 lots | 600 | HK$ 33,300 |
| 7 lots | 700 | HK$ 38,850 |
| 8 lots | 800 | HK$ 44,400 |
| 9 lots | 900 | HK$ 49,950 |
| 10 lots | 1,000 | HK$ 55,500 |
| 15 lots | 1,500 | HK$ 83,250 |
| 20 lots | 2,000 | HK$ 111,000 |
| 25 lots | 2,500 | HK$ 138,750 |
| 30 lots | 3,000 | HK$ 166,500 |
| 35 lots | 3,500 | HK$ 194,250 |
| 40 lots | 4,000 | HK$ 222,000 |
| 45 lots | 4,500 | HK$ 249,750 |
| 50 lots | 5,000 | HK$ 277,500 |
| 60 lots | 6,000 | HK$ 333,000 |
| 70 lots | 7,000 | HK$ 388,500 |
| 80 lots | 8,000 | HK$ 444,000 |
| 90 lots | 9,000 | HK$ 499,500 |
| 100 lots | 10,000 | HK$ 555,000 |
| 150 lots | 15,000 | HK$ 832,500 |
| 200 lots | 20,000 | HK$ 1,110,000 |
| 250 lots | 25,000 | HK$ 1,387,500 |
| 300 lots | 30,000 | HK$ 1,665,000 |
| 350 lots | 35,000 | HK$ 1,942,500 |
| 400 lots | 40,000 | HK$ 2,220,000 |
| 450 lots | 45,000 | HK$ 2,497,500 |
| 500 lots | 50,000 | HK$ 2,775,000 |
| 600 lots | 60,000 | HK$ 3,330,000 |
| 700 lots | 70,000 | HK$ 3,885,000 |
| 800 lots | 80,000 | HK$ 4,440,000 |
| 900 lots | 90,000 | HK$ 4,995,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 100,000 | HK$ 5,550,000 |
| 1,500 lots | 150,000 | HK$ 8,325,000 |
| 2,000 lots | 200,000 | HK$ 11,100,000 |
| 2,500 lots | 250,000 | HK$ 13,875,000 |
| 3,000 lots | 300,000 | HK$ 16,650,000 |
| 3,500 lots | 350,000 | HK$ 19,425,000 |
| 4,000 lots | 400,000 | HK$ 22,200,000 |
| 4,534 lots | 453,400 | HK$ 25,163,700 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 212.39B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,032,694,212 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 9.2 million |
| Period-End Cash Balance | RMB 154.88 million |
| Listing Expenses | ~HK$ 45,800,000 |
| Listing Expenses / Funds Raised | ~10.2% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | 50.0; 20.0; 30.0; 20.0; 11.0; 9.0; 20.0; 10.0 |
Underwriting Syndicate
Sole Sponsor (1)
ICBC INTERNATIONAL CAPITAL LIMITED CE AQW615(sole)
Sponsor cum Overall Coordinator (1)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Overall Coordinators (1)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Joint Global Coordinators (5)
Joint Bookrunners (11)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
BOCOM International Securities Limited CE APJ121
VICTORY SECURITIES COMPANY LIMITED CE ABN091
国联证券国际金融有限公司 CE BPX918
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GET NICE SECURITIES LIMITED CE AAA847
Yuen Meta (International) Securities Limited CE BIL855
SOUTH CHINA SECURITIES LIMITED CE AAA874
Joint Lead Managers (11)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
BOCOM International Securities Limited CE APJ121
VICTORY SECURITIES COMPANY LIMITED CE ABN091
国联证券国际金融有限公司 CE BPX918
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GET NICE SECURITIES LIMITED CE AAA847
Yuen Meta (International) Securities Limited CE BIL855
SOUTH CHINA SECURITIES LIMITED CE AAA874
Capital Market Intermediaries (11)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
BOCOM International Securities Limited CE APJ121
VICTORY SECURITIES COMPANY LIMITED CE ABN091
国联证券国际金融有限公司 CE BPX918
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
GET NICE SECURITIES LIMITED CE AAA847
Yuen Meta (International) Securities Limited CE BIL855
SOUTH CHINA SECURITIES LIMITED CE AAA874
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
天元律师事务所（有限法律责任合伙） 北京市金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| 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 |
| Compliance Advisor | 第一上海融资有限公司 CE AES612 |
| Receiving Banks | 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 黃曉南 | — |
| Company Secretary | Mr. Yang Zhuo | Mr. Yang Zhuo |
| Executive Director | 黄晓南 | Huang Xiaonan |
| Non-Executive Director | 田甜 | Tian Tian |
| Independent Non-Executive Director | 李娟 | Li Juan |
| Executive Director | 谢鹏 | Xie Peng |
| Non-Executive Director | 黄海波 | Huang Haibo |
| Independent Non-Executive Director | 薛岩松 | Xue Yansong |
| Executive Director | 杨卓 | Yang Zhuo |
| Non-Executive Director | 黄昊 | Huang Hao |
| Independent Non-Executive Director | 郭冰 | Guo Bing |
| Independent Non-Executive Director | 赖春华 | Lai Chunhua |
| Independent Non-Executive Director | 吴任华 | Wu Renhua |
| Independent Non-Executive Director | 叶楠 | Ye Nan |
Major Shareholders
| Major Shareholders & Holdings | Ms. Huang Xiaonan (beneficial interest of 18.86%, interest of persons acting in concert of 13.29%), Mr. Xie Peng (beneficial interest of 13.29%, interest of persons acting in concert of 18.86%), Mr. Huang Hao (interest in a controlled corporation of 15.74%), 北京合音 (beneficial interest of 12.63%), 中移基金 (beneficial interest of 9.83%), 富德懋賞 (beneficial interest of 9.23%), 上海懋耀 (beneficial interest of 8.17%) |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw extreme retail enthusiasm with an oversubscription ratio of 5480x, compressing the hit rate to just 3.9% — far below typical Hong Kong market norms. Reallocation from the international tranche was triggered, underscoring overwhelming public demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾 expected lots (0.166) are notably lower than 乙头 expected lots (0.243), meaning top A‑tier applicants receive fewer shares than those entering B‑tier with a marginally larger subscription. This creates a classic inefficiency where the threshold between tiers punishes rather than rewards increased commitment. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data (mainland, HK participation rates) is not available for this IPO, so no regional or investor profile patterns can be assessed. Such gaps are not uncommon and limit the ability to gauge cross‑border or gender‑based demand signals. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
