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 | Epiworld |
|---|---|
| Stock Code | 02726 |
| Company Full Name | Epiworld International Co., Ltd. |
| Industry | Semiconductors |
| Principal Activities | global leader in the silicon carbide (SiC) epitaxy industry.According to CIC, since 2023,wehavebeentheworld’slargestSiCepitaxialfoundrybyannualsalesvolume,withamarket share exceeding 30% in 2024 |
| Listing Date | 2026-03-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Tongxiang High-tech City Torch Hi-tech Zone Xiamen, Fujian PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.epiworld.com.cn |
| 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$ 76.26 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,813 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-20 to 2026-03-25 |
| Global Offering Shares | 21,492,050 shares |
| HK Public Offer Shares (Initial) | 2,149,250 shares (10.0%) |
| Public Offer Lots (Initial) | 42,985lots (Pool A21,492lots，Pool B21,493lots) |
| International Placing Shares (Initial) | 19,342,800 shares (90.0%) |
| Offer Ratio | ~5.05% |
| Total Shares Post-IPO | 425,584,810 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 8.5% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,638,983,733 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,813 |
| 2 lots | 100 | HK$ 7,626 |
| 3 lots | 150 | HK$ 11,439 |
| 4 lots | 200 | HK$ 15,252 |
| 5 lots | 250 | HK$ 19,065 |
| 6 lots | 300 | HK$ 22,878 |
| 7 lots | 350 | HK$ 26,691 |
| 8 lots | 400 | HK$ 30,504 |
| 9 lots | 450 | HK$ 34,317 |
| 10 lots | 500 | HK$ 38,130 |
| 12 lots | 600 | HK$ 45,756 |
| 14 lots | 700 | HK$ 53,382 |
| 16 lots | 800 | HK$ 61,008 |
| 18 lots | 900 | HK$ 68,634 |
| 20 lots | 1,000 | HK$ 76,260 |
| 30 lots | 1,500 | HK$ 114,390 |
| 40 lots | 2,000 | HK$ 152,520 |
| 50 lots | 2,500 | HK$ 190,650 |
| 60 lots | 3,000 | HK$ 228,780 |
| 70 lots | 3,500 | HK$ 266,910 |
| 80 lots | 4,000 | HK$ 305,040 |
| 90 lots | 4,500 | HK$ 343,170 |
| 100 lots | 5,000 | HK$ 381,300 |
| 120 lots | 6,000 | HK$ 457,560 |
| 140 lots | 7,000 | HK$ 533,820 |
| 160 lots | 8,000 | HK$ 610,080 |
| 180 lots | 9,000 | HK$ 686,340 |
| 200 lots | 10,000 | HK$ 762,600 |
| 400 lots | 20,000 | HK$ 1,525,200 |
| 600 lots | 30,000 | HK$ 2,287,800 |
| 800 lots | 40,000 | HK$ 3,050,400 |
| 1,000 lots | 50,000 | HK$ 3,813,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 100,000 | HK$ 7,626,000 |
| 4,000 lots | 200,000 | HK$ 15,252,000 |
| 6,000 lots | 300,000 | HK$ 22,878,000 |
| 8,000 lots | 400,000 | HK$ 30,504,000 |
| 10,000 lots | 500,000 | HK$ 38,130,000 |
| 12,000 lots | 600,000 | HK$ 45,756,000 |
| 14,000 lots | 700,000 | HK$ 53,382,000 |
| 16,000 lots | 800,000 | HK$ 61,008,000 |
| 18,000 lots | 900,000 | HK$ 68,634,000 |
| 21,492 lots | 1,074,600 | HK$ 81,948,996 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 11.08B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 32,455,097,610 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 9,069,116,100 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 161.9x (based on offer price HK$76.26 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 165.1 million |
| Period-End Cash Balance | RMB 2,030.7 million |
| Listing Expenses | ~HK$ 78,900,000 |
| Listing Expenses / Funds Raised | ~2.95% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 103.0 |
|---|---|
| First Day Open | HK$ 110.0 |
| First Day Change | 35.06% |
| First Day Volume | 2471710.0 |
| First Day Turnover | 258529000.0 |
| Use of Proceeds | 1、約71%（或1,107.7百萬港元），將用于在未來五年以嚴謹且審慎的方式擴大碳化硅外延芯片產能，以滿足不斷增長的市場需求；
2、約19%（或296.4百萬港元），將用于碳化硅外延芯片研發，以提升技術能力并鞏固技術優勢；
3、約10%（或156.0百萬港元），將用作營運資金及一般公司用途。 |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (2)
Joint Global Coordinators (4)
Joint Bookrunners (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
ABCI CAPITAL LIMITED CE AWL249
China Sunrise Securities (International) Limited CE AFS030
DaoKou Securities Limited CE ABS418
Joint Lead Managers (11)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI Securities Company Limited CE ACX411
China Sunrise Securities (International) Limited CE AFS030
Futu Securities International (HONG KONG) Limited CE AZT137
建银国际金融有限公司 CE AJO225
DaoKou Securities Limited CE ABS418
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
KINGSTON SECURITIES LIMITED CE ABL789
Yuen Meta (International) Securities Limited CE BIL855
Capital Market Intermediaries (13)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
China Sunrise Securities (International) Limited CE AFS030
Futu Securities International (HONG KONG) Limited CE AZT137
建银国际金融有限公司 CE AJO225
DaoKou Securities Limited CE ABS418
CHINA INDUSTRIAL SECURITIES INTERNATIONAL CAPITAL LIMITED CE BAK956
FUZE SECURITIES (INTERNATIONAL) LIMITED CE AEU761
KINGSTON SECURITIES LIMITED CE ABL789
Yuen Meta (International) Securities Limited CE BIL855
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 北京市竞天公诚律师事务所 Pillsbury Winthrop Shaw Pittman LLP |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 德恒律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | 中国工商银行（亚洲）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 | 厦门先进制造业 774,797,022.30（定义如下）.... 港元 | 10,058,500 USD | 46 | 8.46% | 2.36% | 6 months | 2026-09-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Wu Guoyi | Mr. Wu Guoyi |
| Company Secretary | 黃慧兒 | — |
| Executive Director | 赵建辉 | Zhao Jianhui |
| Non-Executive Director | 方伟 | Fang Wei |
| Independent Non-Executive Director | 康俊勇 | Kang Junyong |
| Executive Director | 潘梦菡 | Pan Menghan |
| Non-Executive Director | 苏平 | Su Ping |
| Independent Non-Executive Director | 廖逸 | Liao Yi |
| Executive Director | 白丽婷 | Bai Liting |
| Non-Executive Director | 谢洁平 | Xie Jieping |
| Independent Non-Executive Director | 苏新龙 | Su Xinlong |
| Independent Non-Executive Director | 李凯希 | Li Kaixi |
| Independent Non-Executive Director | 钱卫宁 | Qian Weining |
| Independent Non-Executive Director | 吴国屹 | Wu Guoyi |
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering, Dr. Zhao will control 27.39% of our total issued share capital, and after the Listing, Dr. Zhao will become our single largest shareholder. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was 50.66 times oversubscribed, indicating robust demand, with a hit rate of 29.41% meaning roughly one in three applicants received shares. This level of enthusiasm is notable for a semiconductor firm but not excessively feverish, and the final pricing at HK$76.26 suggests a stable valuation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail tier (甲尾) saw total applications of 1,074,600 lots but each applicant only expected 1 lot, while the B-head tier (乙头) applied 100,000 lots and also expected just 1 lot. This creates a significant anomaly where the marginal investment yield is extremely low for the highest A-tier, making broker fee allocation efficiency poor. The nearly identical expected lots despite vastly different application sizes indicates an inefficient tier structure. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data such as mainland China participation rate, gender distribution, and regional concentration are not available for this IPO, limiting a deeper analysis of the applicant base. Without this information, it is impossible to comment on the typical patterns of investor composition. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
