IPO Timeline Raw facts
Broker Deadline
2025-09-25
Morning deadline
HKEX Deadline
2025-09-25
Noon deadline
Broker Results (T-2)
2025-09-25
Some brokers release in afternoon
Grey Market (T-1)
2025-09-26
Afternoon
HKEX Allotment (T-1)
2025-09-26
Evening
Registrar Allotment (T-1)
2025-09-26
Evening
Listing Day (T)
2025-09-29
First day of trading
Company Overview
| Stock Name | Pateo |
|---|---|
| Stock Code | 02889 |
| Company Full Name | PATEO CONNECT Technology (Shanghai) Corporation |
| Industry | Consumer Discretionary |
| Principal Activities | We are a leading supplier of intelligent cockpit solutions in China, providing intelligent cockpit solutions and connected services that combine software, hardware and cloud services. |
| Listing Date | 2025-09-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市虹口區東長治路866號3701室 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.pateo.com.cn |
| 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$ 102.23 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 20 shares |
| Entry Threshold | HK$ 2,044 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-22 to 2025-09-25 |
| Global Offering Shares | 10,436,900 shares |
| HK Public Offer Shares (Initial) | 1,043,700 shares (10.0%) |
| Public Offer Lots (Initial) | 52,185lots (26,092lots, 26,093lots) |
| International Placing Shares (Initial) | 9,393,200 shares (90.0%) |
| Offer Ratio | ~6.96% |
| Total Shares Post-IPO | 149,991,249 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 43.6% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,066,964,287 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 2,045 |
| 2 lots | 40 | HK$ 4,089 |
| 3 lots | 60 | HK$ 6,134 |
| 4 lots | 80 | HK$ 8,178 |
| 5 lots | 100 | HK$ 10,223 |
| 6 lots | 120 | HK$ 12,268 |
| 7 lots | 140 | HK$ 14,312 |
| 8 lots | 160 | HK$ 16,357 |
| 9 lots | 180 | HK$ 18,401 |
| 10 lots | 200 | HK$ 20,446 |
| 15 lots | 300 | HK$ 30,669 |
| 20 lots | 400 | HK$ 40,892 |
| 25 lots | 500 | HK$ 51,115 |
| 30 lots | 600 | HK$ 61,338 |
| 35 lots | 700 | HK$ 71,561 |
| 40 lots | 800 | HK$ 81,784 |
| 45 lots | 900 | HK$ 92,007 |
| 50 lots | 1,000 | HK$ 102,230 |
| 100 lots | 2,000 | HK$ 204,460 |
| 150 lots | 3,000 | HK$ 306,690 |
| 200 lots | 4,000 | HK$ 408,920 |
| 250 lots | 5,000 | HK$ 511,150 |
| 300 lots | 6,000 | HK$ 613,380 |
| 350 lots | 7,000 | HK$ 715,610 |
| 400 lots | 8,000 | HK$ 817,840 |
| 450 lots | 9,000 | HK$ 920,070 |
| 500 lots | 10,000 | HK$ 1,022,300 |
| 1,000 lots | 20,000 | HK$ 2,044,600 |
| 1,500 lots | 30,000 | HK$ 3,066,900 |
| 2,000 lots | 40,000 | HK$ 4,089,200 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,500 lots | 50,000 | HK$ 5,111,500 |
| 3,000 lots | 60,000 | HK$ 6,133,800 |
| 3,500 lots | 70,000 | HK$ 7,156,100 |
| 4,000 lots | 80,000 | HK$ 8,178,400 |
| 4,500 lots | 90,000 | HK$ 9,200,700 |
| 5,000 lots | 100,000 | HK$ 10,223,000 |
| 10,000 lots | 200,000 | HK$ 20,446,000 |
| 15,000 lots | 300,000 | HK$ 30,669,000 |
| 20,000 lots | 400,000 | HK$ 40,892,000 |
| 26,092 lots | 521,840 | HK$ 53,347,703 |
Stock Connect Inclusion
| HK Market Cap | HK$ 16.47B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,333,605,385 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 7,258,109,898 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 540.8 million |
| Period-End Cash Balance | RMB 977.01 million |
| Listing Expenses | ~HK$ 147,800,000 |
| Listing Expenses / Funds Raised | ~13.9% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 157.0 |
|---|---|
| First Day Open | HK$ 135.0 |
| First Day Change | 53.58% |
| First Day Volume | 1642440.0 |
| First Day Turnover | 225386000.0 |
Use of Proceeds
| Use of Proceeds | 1、約30%或275.7百萬港元預計將用于擴大產品組合和解決方案以及增強技術，進一步加強涵蓋軟件、硬件和云端車聯網的全方位自主能力； 2、約30%或275.7百萬港元預計將分配用于提高生產、測試及驗證能力； 3、約20%或183.8百萬港元預計將用于擴大銷售和服務網絡，以提高品牌知名度； 4、約10%或91.9百萬港元預計將用于旨在進一步整合行業資源的戰略性投資； 5、約10%或91.9百萬港元將分配用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (5)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CLSA Limited CE AAB893
BOCI ASIA LIMITED CE AET863
ABCI CAPITAL LIMITED CE AWL249
Livermore Holdings Limited CE BJN764
Tiger Brokers (HK) Global Limited CE BMU940
Joint Lead Managers (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CLSA Limited CE AAB893
BOCI ASIA LIMITED CE AET863
ABCI Securities Company Limited CE ACX411
Livermore Holdings Limited CE BJN764
Tiger Brokers (HK) Global Limited CE BMU940
Capital Market Intermediaries (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
CMB International Capital Limited CE AVM940
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
CLSA Limited CE AAB893
BOCI ASIA LIMITED CE AET863
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Livermore Holdings Limited CE BJN764
Tiger Brokers (HK) Global Limited CE BMU940
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 Jingtian & Gongcheng Hogan Lovells |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 通商律师事务所 |
| Auditor and Reporting Accountant | 德勤 • 关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Horizon Together Holding Ltd. | 218,982,794 HKD | — | 20.52% | — | 6 months | 2026-03-29 |
| 2 | JSC International Investment Fund SPC | 206,909,431 HKD | — | 19.39% | — | 6 months | 2026-03-29 |
| 3 | Smart Ventures Limited | 38,898,515 HKD | — | 3.65% | — | 6 months | 2026-03-29 |
Directors & Management
| Chairman | 應先生 |
|---|---|
| Company Secretary | 劉意成 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Ying holds 32,295,581 domestic shares (21.53%) and, through a controlled entity, holds 15,350,000 H shares (10.23%); 疌泉潤東 holds 10,069,203 H shares (6.71%); 新昌創業投資 holds 7,864,556 domestic shares (5.24%); 天津金米 holds 7,758,489 H shares (5.17%); 廣州平安 holds 5,840,017 domestic shares (3.89%); 共青城善源 holds 5,440,017 domestic shares (3.63%); 盛盈創投 holds 5,246,553 H shares (3.50%); 瑞安富海 holds 5,005,729 domestic shares (3.34%); 上海汝佳 holds 4,300,000 H shares (2.87%); 珠海省廣 holds 4,256,977 domestic shares (2.84%); 上海晉鄰 holds 3,750,000 H shares (2.50%); 無錫惠萃恒益 holds 4,718,734 domestic shares (3.15%); 四川製造基金 holds 4,404,152 domestic shares (2.94%); 東風集團 holds 3,622,560 H shares (2.42%). |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
博泰车联IPO以529.79倍超额认购结束，显示汽车出行板块需求极其旺盛。公布的命中率数据为0.0%或存异常，但超高倍数意味散户实际获配比例极低。最终定价102.23港元，无价格区间对比信息。(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
甲尾申购40,000手预期获配0.9992手，而乙头申购50,000手仅预期获配0.0998手，甲尾分配率高出乙头近十倍，形成罕见的中签结构倒挂。乙头投资者动用更多资金却几乎零获配，手续费效率极低，或与股份重新分配至散户优先的机制有关。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
数据未提供持有人总数、内地及香港参与比例等人口统计资料，无法观察地域或群体特征。本次认购有效申请达108,368份，但缺乏进一步的年龄、性别等分布细节，难以分析认购人群结构。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
