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
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 华勤技术 |
|---|---|
| Other Market Stock Code | 603296 |
| H-Share Offer Price | HK$ 77.70 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Huaqin |
|---|---|
| Stock Code | 03296 |
| Company Full Name | Huaqin Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | technology-driven platform, specializing in smart products, providing end-to-end integrated solutions for the R&D, design and manufacturing |
| Listing Date | 2026-04-23 |
| 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）自由貿易試驗區 科苑路399號 1幢 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1912室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.huaqin.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 77.70 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,770 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-15 to 2026-04-20 |
| Global Offering Shares | 58,548,200 shares |
| HK Public Offer Shares (Initial) | 5,854,900 shares (10.0%) |
| Public Offer Lots (Initial) | 58,549lots (Pool A29,274lots，Pool B29,275lots) |
| International Placing Shares (Initial) | 52,693,300 shares (90.0%) |
| Offer Ratio | ~5.45% |
| Total Shares Post-IPO | 1,074,280,544 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 49.9% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,549,195,140 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,770 |
| 2 lots | 200 | HK$ 15,540 |
| 3 lots | 300 | HK$ 23,310 |
| 4 lots | 400 | HK$ 31,080 |
| 5 lots | 500 | HK$ 38,850 |
| 6 lots | 600 | HK$ 46,620 |
| 7 lots | 700 | HK$ 54,390 |
| 8 lots | 800 | HK$ 62,160 |
| 9 lots | 900 | HK$ 69,930 |
| 10 lots | 1,000 | HK$ 77,700 |
| 15 lots | 1,500 | HK$ 116,550 |
| 20 lots | 2,000 | HK$ 155,400 |
| 25 lots | 2,500 | HK$ 194,250 |
| 30 lots | 3,000 | HK$ 233,100 |
| 35 lots | 3,500 | HK$ 271,950 |
| 40 lots | 4,000 | HK$ 310,800 |
| 45 lots | 4,500 | HK$ 349,650 |
| 50 lots | 5,000 | HK$ 388,500 |
| 60 lots | 6,000 | HK$ 466,200 |
| 70 lots | 7,000 | HK$ 543,900 |
| 80 lots | 8,000 | HK$ 621,600 |
| 90 lots | 9,000 | HK$ 699,300 |
| 100 lots | 10,000 | HK$ 777,000 |
| 200 lots | 20,000 | HK$ 1,554,000 |
| 300 lots | 30,000 | HK$ 2,331,000 |
| 400 lots | 40,000 | HK$ 3,108,000 |
| 500 lots | 50,000 | HK$ 3,885,000 |
| 600 lots | 60,000 | HK$ 4,662,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,439,000 |
| 800 lots | 80,000 | HK$ 6,216,000 |
| 900 lots | 90,000 | HK$ 6,993,000 |
| 1,000 lots | 100,000 | HK$ 7,770,000 |
| 2,000 lots | 200,000 | HK$ 15,540,000 |
| 3,000 lots | 300,000 | HK$ 23,310,000 |
| 4,000 lots | 400,000 | HK$ 31,080,000 |
| 5,000 lots | 500,000 | HK$ 38,850,000 |
| 6,000 lots | 600,000 | HK$ 46,620,000 |
| 7,000 lots | 700,000 | HK$ 54,390,000 |
| 8,000 lots | 800,000 | HK$ 62,160,000 |
| 9,000 lots | 900,000 | HK$ 69,930,000 |
| 10,000 lots | 1,000,000 | HK$ 77,700,000 |
| 15,000 lots | 1,500,000 | HK$ 116,550,000 |
| 20,000 lots | 2,000,000 | HK$ 155,400,000 |
| 25,000 lots | 2,500,000 | HK$ 194,250,000 |
| 29,274 lots | 2,927,400 | HK$ 227,458,980 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 6.15B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 83,471,598,268 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,549,195,140 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 4,131.6 million |
| Period-End Cash Balance | RMB 10,270.2 million |
| Listing Expenses | ~HK$ 86,100,000 |
| Listing Expenses / Funds Raised | ~1.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 88.0 |
|---|---|
| First Day Open | HK$ 87.55 |
| First Day Change | 13.26% |
| First Day Volume | 24599400.0 |
| First Day Turnover | 2148880000.0 |
| Use of Proceeds | 1、約40.0%（約1,785.2百萬港元）將用于以產品為核心的研發投入，增強技術實力；
2、約35.0%（約1,562.1百萬港元）將用于擴大及優化制造體系；
3、約15.0%（約669.5百萬港元）將用于戰略投資與垂直整合；
4、約10.0%（約446.3百萬港元）將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (3)
Joint Global Coordinators (5)
Joint Bookrunners (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
CLSA LIMITED CE AAB893
ABCI CAPITAL LIMITED CE AWL249
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Capital Market Intermediaries (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
CLSA LIMITED CE AAB893
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
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 |
Linklaters 北京市中伦律师事务所 Pillsbury Winthrop Shaw Pittman LLP |
| Legal Advisor to Sponsors/Underwriters |
Latham & Watkins LLP 北京德恒律师事务所 |
| 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 | Somerley Capital Limited CE BAU754 |
| Receiving Banks |
中国银行（香港）有限公司 Standard Chartered Bank (Hong Kong) Limited 中信银行（国际）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 | 百分比百分比(3) 百分比百分比(3) 百分比百分比(3) 百分比百分比(3)JPMAMAPL | 68,000,000 USD | 6,858,800 | 11.71% | 0.64% | 6 months | 2026-10-23 |
| 2 | UBS AM Singapore | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 3 | 上海高毅及CICC FT（就高毅场外掉期而言） | 12,200,000 USD | 1,230,500 | 2.10% | 0.11% | 6 months | 2026-10-23 |
| 4 | Perseverance Asset Management | 7,800,000 USD | 786,700 | 1.34% | 0.07% | 6 months | 2026-10-23 |
| 5 | Cloud Map | 20,000,000 USD | 2,017,300 | 3.45% | 0.19% | 6 months | 2026-10-23 |
| 6 | 泰康人寿 | 20,000,000 USD | 2,017,300 | 3.45% | 0.19% | 6 months | 2026-10-23 |
| 7 | 3W Fund | 15,000,000 USD | 1,512,900 | 2.58% | 0.14% | 6 months | 2026-10-23 |
| 8 | New China Asset Management | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 9 | 光大理财 | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 10 | 常春藤 | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 11 | Aurora SF（就安排而言） | 25,000,000 USD | 2,521,600 | 4.31% | 0.23% | 6 months | 2026-10-23 |
| 12 | 建滔投资 | 25,000,000 USD | 2,521,600 | 4.31% | 0.23% | 6 months | 2026-10-23 |
| 13 | OmniVision HK | 15,000,000 USD | 1,512,900 | 2.58% | 0.14% | 6 months | 2026-10-23 |
| 14 | Green Better | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 15 | 宏兴国际 | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 16 | 香港君正 | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 17 | 艾唯技术有限公司 | 10,000,000 USD | 1,008,600 | 1.72% | 0.09% | 6 months | 2026-10-23 |
| 18 | JinYi Capita（l 为及代表Structured Credit SP Fund行事） | 2,000,000 USD | 201,700 | 0.34% | 0.02% | 6 months | 2026-10-23 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Qiu Wensheng | Mr. Qiu Wensheng |
| Company Secretary | Ms. Li Yutao No | Ms. Li Yutao No |
| Executive Director | 邱文生 | Qiu Wensheng |
| Independent Non-Executive Director | 胡赛雄 | Hu Saixiong |
| Executive Director | 崔国鹏 | Cui Guopeng |
| Independent Non-Executive Director | 黄治国 | Huang Zhiguo |
| Executive Director | 吴振海 | Wu Zhenhai |
| Independent Non-Executive Director | 余方 | Yu Fang |
| Executive Director | 陈晓蓉 | Chen Xiaorong |
| Executive Director | 奚平华 | Xi Pinghua |
| Executive Director | 邓治国 | Deng Zhiguo |
Major Shareholders
| Major Shareholders & Holdings | Mr. 邱文生 (beneficial owner 4.54%, controlled corporation interest 35.18%, concert party interest 1.28%); 上海奧勤 (beneficial owner 29.91%, concert party interest 11.10%); 上海海賢 (beneficial owner 5.28%, concert party interest 35.73%); Mr. 邱文輝 (beneficial owner 0.00%, controlled corporation interest and concert party interest 41.01%); 福建悅翔 (beneficial owner 1.28%, concert party interest 39.73%); Ms. 林敏 (controlled corporation interest 41.01%); 海南勤沅創業投資合夥企業（有限合夥） (beneficial owner 4.66%, concert party interest 2.12%); Mr. 崔國鵬 (beneficial owner 2.12%, controlled corporation interest 4.66%); 海南摩致投資合夥企業（有限合夥） (beneficial owner 3.97%, concert party interest 1.76%); Mr. 吳振海 (beneficial owner 1.76%, controlled corporation interest 3.97%); 海南軟勝創業投資合夥企業（有限合夥） (beneficial owner 4.36%, concert party interest 1.41%); Ms. 陳曉蓉 (beneficial owner 1.41%, controlled corporation interest 4.36%) |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
华勤技术超额认购高达531.33倍，市场申购热度极为狂热，有效申请数达140,150份。受此火爆认购影响，最终中签率极低（官方数据暂未显示），投资者获配难度显著高于市场常态。最终发售价定于77.7港元，未披露价格区间，但超高倍数或暗示定价偏保守。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
档位分布出现明显异常：甲尾（申购60,000股）期望中签0.6802手，而乙头（申购70,000股）仅0.2602手，甲尾期望中签高出乙头一倍以上，这在回拨机制下极为罕见。通常乙组中签率应高于甲尾，此现象暗示回拨比例或分配规则可能存在特殊情况，导致大额申购反而资金效率更低。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。券商手续费结构各异，实际成本可能不同。数据可能存在错误或遗漏，请以港交所官方文件为准。）
Demographics
申购人群以中国内地投资者为主，占比高达69.4%，显示该消费电子股对内地资金吸引力强劲，香港本地参与仅30.2%。性别分布上男性占61.4%，男性偏好更为显著；平均年龄42.4岁，反映参与者以成熟投资者为主，年轻群体参与度偏低。 （以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。数据可能存在错误或遗漏，请以港交所官方文件为准。）
