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 | Galaxis Tech |
|---|---|
| Stock Code | 02729 |
| Company Full Name | Zhejiang Galaxis Tech Grp Co |
| Industry | Industrial Goods |
| Principal Activities | We are a comprehensive intelligent in-plant logistics robot provider, offering a diverse range of robot products primarily centered on three core product lines: multi-directional shuttle robots (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR). Our robot product portfolio features core functions of storage and retrieval, sorting, and material handling, covering the entire scope of in-plant logistics operations. |
| Listing Date | 2026-03-24 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國浙江省嘉興市南湖區大橋鎮馳騁路1118號 |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.galaxis-tech.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 16.66 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,332 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-16 to 2026-03-19 |
| Global Offering Shares | 36,798,000 shares |
| HK Public Offer Shares (Initial) | 3,679,800 shares (10.0%) |
| Public Offer Lots (Initial) | 18,399lots (Pool A9,199lots，Pool B9,200lots) |
| International Placing Shares (Initial) | 33,118,200 shares (90.0%) |
| Offer Ratio | ~8.6% |
| Total Shares Post-IPO | 427,883,729 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 613,054,680 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,332 |
| 2 lots | 400 | HK$ 6,664 |
| 3 lots | 600 | HK$ 9,996 |
| 4 lots | 800 | HK$ 13,328 |
| 5 lots | 1,000 | HK$ 16,660 |
| 6 lots | 1,200 | HK$ 19,992 |
| 7 lots | 1,400 | HK$ 23,324 |
| 8 lots | 1,600 | HK$ 26,656 |
| 9 lots | 1,800 | HK$ 29,988 |
| 10 lots | 2,000 | HK$ 33,320 |
| 15 lots | 3,000 | HK$ 49,980 |
| 20 lots | 4,000 | HK$ 66,640 |
| 25 lots | 5,000 | HK$ 83,300 |
| 30 lots | 6,000 | HK$ 99,960 |
| 35 lots | 7,000 | HK$ 116,620 |
| 40 lots | 8,000 | HK$ 133,280 |
| 45 lots | 9,000 | HK$ 149,940 |
| 50 lots | 10,000 | HK$ 166,600 |
| 100 lots | 20,000 | HK$ 333,200 |
| 150 lots | 30,000 | HK$ 499,800 |
| 200 lots | 40,000 | HK$ 666,400 |
| 250 lots | 50,000 | HK$ 833,000 |
| 300 lots | 60,000 | HK$ 999,600 |
| 350 lots | 70,000 | HK$ 1,166,200 |
| 400 lots | 80,000 | HK$ 1,332,800 |
| 450 lots | 90,000 | HK$ 1,499,400 |
| 500 lots | 100,000 | HK$ 1,666,000 |
| 1,000 lots | 200,000 | HK$ 3,332,000 |
| 1,500 lots | 300,000 | HK$ 4,998,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 400,000 | HK$ 6,664,000 |
| 2,500 lots | 500,000 | HK$ 8,330,000 |
| 3,000 lots | 600,000 | HK$ 9,996,000 |
| 3,500 lots | 700,000 | HK$ 11,662,000 |
| 4,000 lots | 800,000 | HK$ 13,328,000 |
| 4,500 lots | 900,000 | HK$ 14,994,000 |
| 5,000 lots | 1,000,000 | HK$ 16,660,000 |
| 6,000 lots | 1,200,000 | HK$ 19,992,000 |
| 7,000 lots | 1,400,000 | HK$ 23,324,000 |
| 8,000 lots | 1,600,000 | HK$ 26,656,000 |
| 9,199 lots | 1,839,800 | HK$ 30,651,068 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 9.49B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,128,542,925 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 178.1 million (2024) |
| Period-End Cash Balance | RMB 104.76 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~8.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 30.7 |
|---|---|
| First Day Open | HK$ 32.0 |
| First Day Change | 84.27% |
| First Day Volume | 11298600.0 |
| First Day Turnover | 334777000.0 |
| Use of Proceeds | 1、約24.5%或151.3百萬港元，將用于推進公司的核心機器人產品線；
2、約20.5%或126.6百萬港元，將用于公司底層技術的研發及軟件能力開發；
3、約25.0%或154.4百萬港元，將用于擴大產能及提升制造能力；
4、約20.0%或123.5百萬港元，將用于執行公司的全球市場擴張戰；
5、約10.0%或61.8百萬港元，將用作營運資金及其他一般公司用途。 |
Underwriting Syndicate
Overall Coordinators (4)
Joint Global Coordinators (6)
Joint Bookrunners (13)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
Yellow River Securities Limited CE BIX927
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI CAPITAL LIMITED CE AWL249
建银国际金融有限公司 CE AJO225
Yunfeng Securities Limited CE AYT670
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Yuen Meta (International) Securities Limited CE BIL855
Harmonia Capital Limited CE BOP761
Joint Lead Managers (13)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
Yellow River Securities Limited CE BIX927
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
Yunfeng Securities Limited CE AYT670
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Yuen Meta (International) Securities Limited CE BIL855
Harmonia Capital Limited CE BOP761
Capital Market Intermediaries (12)
国泰君安证券（香港）有限公司 CE ABY236
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
Yellow River Securities Limited CE BIX927
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
Yunfeng Securities Limited CE AYT670
Livermore Holdings Limited CE BJN764
SPDB International Capital Limited CE BFZ375
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Yuen Meta (International) Securities Limited CE BIL855
Harmonia Capital Limited CE BOP761
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 礼丰律师事务所 Hogan Lovells Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo |
| Legal Advisor to Sponsors/Underwriters |
嘉源律师事务所 锦天城律师事务所 |
| 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 | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks |
招商永隆银行有限公司 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 / Executive Director | 谷春光 | GU Chunguang |
| Company Secretary | 宋垚 | — |
| Non-Executive Director | 沈奇 | SHEN Qi |
| Independent Non-Executive Director | 胡建强 | HU Jianqiang |
| Executive Director | 杨艳 | YANG Yan |
| Non-Executive Director | 李秋雨 | LI Qiuyu |
| Independent Non-Executive Director | 莫融 | MO Rong |
| Executive Director | 沈鹭 | SHEN Lu |
| Independent Non-Executive Director | 刘克立 | LAU Hak Lap |
| Executive Director | 白红星 | BAI Hongxing |
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering and the conversion of the Non-listed Shares into H Shares, Dr. 谷春光, Dr. 楊艷, Mr. 沈鷺, Ms. 馬蘭, 嘉興九麥, 嘉興匯戈, 嘉興融銘 and 嘉興蓋勒, as persons acting in concert, jointly hold 116,656,560 H Shares, representing approximately 27.26% of the total issued share capital. 順豐泰森 holds 55,135,080 H Shares, representing 12.89%. 中金資本 holds 39,687,120 H Shares, representing 9.28%. 招商局集團 holds 30,915,099 H Shares, representing 7.23%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw extreme enthusiasm with a 2,153x oversubscription ratio, indicating fierce demand for shares. A hit rate of just 16.21% reflects the competitive nature, as only 17,382 of 107,253 applicants were allocated stock. Shares were reallocated from the international tranche to meet the overwhelming retail interest. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable inefficiency is observed at the top tiers: both 甲尾 (last A-tier) with 200,000 applied lots and 乙头 (first B-tier) with 300,000 applied lots are each expected to receive exactly 1 lot. This means the substantially larger capital commitment for 乙头 yields no additional allocation, highlighting poor marginal efficiency for high-tier applicants. Broker fee dynamics further erode returns, as the expected 1 lot may barely cover costs for either tier. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic details such as mainland participation, gender, or regional concentration were not available in the provided data, preventing a meaningful distribution analysis. In the absence of specifics, the applicant base may reflect typical Hong Kong IPO patterns, though no conclusions can be drawn. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
