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 | Qiyunshan Food |
|---|---|
| Stock Code | 02797 |
| Company Full Name | Jiangxi Qiyunshan Food Co., Ltd. |
| Industry | 消费零售 |
| Principal Activities | We are a fruit snack company in China that primarily sells Nan Suan Zao food products. |
| Listing Date | 2026-07-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江西省贛州市崇義縣橫水鎮牛角河 |
| Business Address (Hong Kong) | 香港灣仔港灣道6-8號瑞安中心27樓2703室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | qiyunshan.cc |
| Share Registrar | 联合 |
| Registrar Contact | To be extracted |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 8.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-30 to 2026-07-06 |
| Global Offering Shares | 25,000,000 shares |
| HK Public Offer Shares (Initial) | 2,500,000 shares (10.0%) |
| Public Offer Lots (Initial) | 5,000lots (Pool A2,500lots，Pool B2,500lots) |
| International Placing Shares (Initial) | 22,500,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 100,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 200,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,000 |
| 2 lots | 1,000 | HK$ 8,000 |
| 3 lots | 1,500 | HK$ 12,000 |
| 4 lots | 2,000 | HK$ 16,000 |
| 5 lots | 2,500 | HK$ 20,000 |
| 6 lots | 3,000 | HK$ 24,000 |
| 7 lots | 3,500 | HK$ 28,000 |
| 8 lots | 4,000 | HK$ 32,000 |
| 9 lots | 4,500 | HK$ 36,000 |
| 10 lots | 5,000 | HK$ 40,000 |
| 15 lots | 7,500 | HK$ 60,000 |
| 20 lots | 10,000 | HK$ 80,000 |
| 25 lots | 12,500 | HK$ 100,000 |
| 30 lots | 15,000 | HK$ 120,000 |
| 35 lots | 17,500 | HK$ 140,000 |
| 40 lots | 20,000 | HK$ 160,000 |
| 45 lots | 22,500 | HK$ 180,000 |
| 50 lots | 25,000 | HK$ 200,000 |
| 60 lots | 30,000 | HK$ 240,000 |
| 70 lots | 35,000 | HK$ 280,000 |
| 80 lots | 40,000 | HK$ 320,000 |
| 90 lots | 45,000 | HK$ 360,000 |
| 100 lots | 50,000 | HK$ 400,000 |
| 200 lots | 100,000 | HK$ 800,000 |
| 300 lots | 150,000 | HK$ 1,200,000 |
| 400 lots | 200,000 | HK$ 1,600,000 |
| 500 lots | 250,000 | HK$ 2,000,000 |
| 600 lots | 300,000 | HK$ 2,400,000 |
| 700 lots | 350,000 | HK$ 2,800,000 |
| 800 lots | 400,000 | HK$ 3,200,000 |
| 900 lots | 450,000 | HK$ 3,600,000 |
| 1,000 lots | 500,000 | HK$ 4,000,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 750,000 | HK$ 6,000,000 |
| 2,000 lots | 1,000,000 | HK$ 8,000,000 |
| 2,500 lots | 1,250,000 | HK$ 10,000,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 2B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +371% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 800,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 48.9 million |
| Period-End Cash Balance | RMB 115.01 million |
| Listing Expenses | ~HK$ 33,000,000 |
| Listing Expenses / Funds Raised | ~20.3% |
| Total Pre-IPO Investment | RMB 2.57 million |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 36.3% will be used for expanding production capacity and storage capacity, approximately 18.3% for enhancing research and development capabilities, approximately 13.9% for online marketing and promotion, approximately 27.0% for expanding the sales network, and approximately 4.5% for general working capital. |
Underwriting Syndicate
Sole Sponsor (1)
ZHONGTAI INTERNATIONAL CAPITAL LIMITED CE BBY334(sole)
Overall Coordinators (1)
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855(sole)
Joint Global Coordinators (1)
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855(sole)
Joint Bookrunners (16)
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855(sole)
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
SPDB International Capital Limited CE BFZ375
CMBC SECURITIES COMPANY LIMITED CE APU820
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
VICTORY SECURITIES COMPANY LIMITED CE ABN091
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
SOUTH CHINA SECURITIES LIMITED CE AAA874
GET NICE SECURITIES LIMITED CE AAA847
Yuen Meta (International) Securities Limited CE BIL855
Eddid Securities and Futures Limited CE BHT550
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Joint Lead Managers (16)
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855(sole)
建银国际金融有限公司 CE AJO225
ABCI Securities Company Limited CE ACX411
SPDB International Capital Limited CE BFZ375
CMBC SECURITIES COMPANY LIMITED CE APU820
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
VICTORY SECURITIES COMPANY LIMITED CE ABN091
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
SOUTH CHINA SECURITIES LIMITED CE AAA874
GET NICE SECURITIES LIMITED CE AAA847
Yuen Meta (International) Securities Limited CE BIL855
Eddid Securities and Futures Limited CE BHT550
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Capital Market Intermediaries (2)
Stabilizing Manager (1)
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
金杜律师事务所 北京市金杜（广州）律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
何韦律师行 北京市君合律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 劉志高 | Liu Zhigao |
| Company Secretary | 羅翔鑫、姚倩宜 | — |
| Independent Non-Executive Director | 黃梓麟 | Wong Tsz Lun |
| Executive Director | 朱方永 | Zhu Fangyong |
| Independent Non-Executive Director | 戴濤濤 | Dai Taotao |
| Executive Director | 劉繼延 | Liu Jiyan |
| Independent Non-Executive Director | 王世雄 | Wong Sai Hung |
| Executive Director | 楊玉蘭 | Yang Yulan Zhongchenghe Private |
| Executive Director | 黃忠明 | Huang Zhongming |
| Executive Director | 凌華山 | Ling Huashan |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholders are 崇義食品廠 (56.25%), 雲之上有限合夥 (18.75%) and the core management shareholders (persons acting in concert), who in aggregate control 75% of the non-listed shares. |
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