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 | Creality |
|---|---|
| Stock Code | 03388 |
| Company Full Name | Shenzhen Creality 3D Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | global consumer 3D printing product and service provider |
| Listing Date | 2026-05-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8.05(3) (Market Cap/Revenue Test) |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 1808, Jinxiu Hongdu Building Business in the PRC Meilong Avenue, Xinniu Community Minzhi Street, Longhua District Shenzhen, Guangdong Province PRC Place of Bus |
| Business Address (Hong Kong) | Room 1910, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | creality.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Tricor Investor Services Limited, 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 18.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 150 shares |
| Entry Threshold | HK$ 2,820 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-05-20 to 2026-05-26 |
| Global Offering Shares | 73,427,550 shares |
| HK Public Offer Shares (Initial) | 7,342,800 shares (10.0%) |
| Public Offer Lots (Initial) | 48,952lots (Pool A24,476lots，Pool B24,476lots) |
| International Placing Shares (Initial) | 66,084,750 shares (90.0%) |
| Offer Ratio | ~15.73% |
| Total Shares Post-IPO | 466,840,101 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 | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,380,379,400 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 150 | HK$ 2,820 |
| 2 lots | 300 | HK$ 5,640 |
| 3 lots | 450 | HK$ 8,460 |
| 4 lots | 600 | HK$ 11,280 |
| 5 lots | 750 | HK$ 14,100 |
| 6 lots | 900 | HK$ 16,920 |
| 7 lots | 1,050 | HK$ 19,740 |
| 8 lots | 1,200 | HK$ 22,560 |
| 9 lots | 1,350 | HK$ 25,380 |
| 10 lots | 1,500 | HK$ 28,200 |
| 20 lots | 3,000 | HK$ 56,400 |
| 30 lots | 4,500 | HK$ 84,600 |
| 40 lots | 6,000 | HK$ 112,800 |
| 50 lots | 7,500 | HK$ 141,000 |
| 60 lots | 9,000 | HK$ 169,200 |
| 70 lots | 10,500 | HK$ 197,400 |
| 80 lots | 12,000 | HK$ 225,600 |
| 90 lots | 13,500 | HK$ 253,800 |
| 100 lots | 15,000 | HK$ 282,000 |
| 200 lots | 30,000 | HK$ 564,000 |
| 300 lots | 45,000 | HK$ 846,000 |
| 400 lots | 60,000 | HK$ 1,128,000 |
| 500 lots | 75,000 | HK$ 1,410,000 |
| 600 lots | 90,000 | HK$ 1,692,000 |
| 700 lots | 105,000 | HK$ 1,974,000 |
| 800 lots | 120,000 | HK$ 2,256,000 |
| 900 lots | 135,000 | HK$ 2,538,000 |
| 1,000 lots | 150,000 | HK$ 2,820,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 300,000 | HK$ 5,640,000 |
| 3,000 lots | 450,000 | HK$ 8,460,000 |
| 4,000 lots | 600,000 | HK$ 11,280,000 |
| 5,000 lots | 750,000 | HK$ 14,100,000 |
| 6,000 lots | 900,000 | HK$ 16,920,000 |
| 7,000 lots | 1,050,000 | HK$ 19,740,000 |
| 8,000 lots | 1,200,000 | HK$ 22,560,000 |
| 9,000 lots | 1,350,000 | HK$ 25,380,000 |
| 10,000 lots | 1,500,000 | HK$ 28,200,000 |
| 20,000 lots | 3,000,000 | HK$ 56,400,000 |
| 24,476 lots | 3,671,400 | HK$ 69,022,320 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 7.69B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,776,600,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Series A investors (Qianhai FOF, Shenchuangtou Capital, Tencent VC etc.) proceeds fully utilized |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | FY2023 net profit RMB 128.5M; FY2024 net profit RMB 88.7M; FY2025 net loss RMB 182.4M (mainly due to Pre-IPO share issuance & dividend RMB 240.3M); Adjusted net profit FY2025: RMB 92.4M |
| Period-End Cash Balance | RMB 277,310,000 (as of Dec 31, 2025) |
| Listing Expenses | ~HK$ 108,100,000 |
| Listing Expenses / Funds Raised | ~7.8% |
| Total Pre-IPO Investment | Pre-IPO investors include Qianhai FOF, Shenchuangtou Capital, Tencent VC, Pingshan Kaisheng etc., proceeds fully utilized |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | 30.0% of the net proceeds, or HK$382 million, is expected to be; 18.0% of the net proceeds, or HK$229 million, will be used to; 12.0% of the net proceeds, or HK$153 million, will be used to; 25.0% of the net proceeds, or HK$318 million, is expected to be; 15.0% of the net proceeds, or HK$191 million, will be used to; 10.0% of the net proceeds, or HK$127 million, will be used; 25.0% of the net proceeds, or HK$318 million, is expected to be; 15.0% of the net proceeds, or HK$191 million, will be used to |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Deutsche Bank AG, Hong Kong Branch CE AAK077
AVICT Global Asset Management Limited CE BHF812
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
Joint Lead Managers (2)
Capital Market Intermediaries (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Deutsche Bank AG, Hong Kong Branch CE AAK077
AVICT Global Asset Management Limited CE BHF812
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
SPDB International Capital Limited CE BFZ375
Livermore Holdings Limited CE BJN764
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Paul Hastings (Hong Kong) LLP 金杜律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
Latham & Watkins LLP 通商律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| 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
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Taikang Life | 20,000,000 USD | 8,327,250 | 11.34% | 1.78% | 6 months | 2026-11-29 |
| 2 | CITIC Xingye International | 15,000,000 USD | 6,245,400 | 8.51% | 1.34% | 6 months | 2026-11-29 |
| 3 | CPE Greater China | 10,000,000 USD | 4,163,550 | 5.67% | 0.89% | 6 months | 2026-11-29 |
| 4 | Martis Fund | 8,000,000 USD | 3,330,900 | 4.54% | 0.71% | 6 months | 2026-11-29 |
| 5 | Boyue Fund | 5,000,000 USD | 2,081,700 | 2.84% | 0.45% | 6 months | 2026-11-29 |
| 6 | GBAHIL | 5,000,000 USD | 2,081,700 | 2.84% | 0.45% | 6 months | 2026-11-29 |
| 7 | Apex Insight Investment | 5,000,000 USD | 2,081,700 | 2.84% | 0.45% | 6 months | 2026-11-29 |
| 8 | Oasis Fund | 4,000,000 USD | 1,665,450 | 2.27% | 0.36% | 6 months | 2026-11-29 |
| 9 | Jump Trading | 4,000,000 USD | 1,665,450 | 2.27% | 0.36% | 6 months | 2026-11-29 |
| 10 | Polymer | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
| 11 | Dingxin Securities | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
| 12 | Colloway | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
| 13 | Seven Grand | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
| 14 | ICSA | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
| 15 | Optimas Capital | 2,000,000 USD | 832,650 | 1.13% | 0.18% | 6 months | 2026-11-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Chen Chun | Mr. Chen Chun |
| Company Secretary | Ms. Yeung Siu Wai Kitty | Ms. Yeung Siu Wai Kitty |
| Executive Director | 陈春 | Chen Chun |
| Executive Director | 敖丹军 | Ao Danjun |
| Executive Director | 刘辉林 | Liu Huilin |
| Executive Director | 唐京科 | Tang Jingke |
| Executive Director | 方宗棣 | Fang Zongdi |
| Non-Executive Director | 黄宏满 | Huang Hongman |
| Independent Non-Executive Director | 高丽 | Gao Li |
| Independent Non-Executive Director | 王雅婷 | Wang Yating |
| Independent Non-Executive Director | 梁华权 | Liang Huaquan |
Major Shareholders
| Major Shareholders & Holdings | 控股股东: 陈春先生、敖丹军先生、刘辉林先生、唐京科先生（一致行动安排，合计69.2%）; 员工持股平台: 創想三維（有限合夥）; Pre-IPO投资者: 前海FOF(5.8%), 深創投資本(4.4%), 腾讯创投(2.2%), 坪山凯晟(1.4%) |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was massively oversubscribed by over 3,800 times, reflecting extreme market enthusiasm for 创想三维 in the 3D printing/consumer electronics sector. The low hit rate of 17.64% underscores the intense competition for allocations. With HK initial retail tranche at 10% and no clawback triggered under Mechanism B, pricing dynamics remain efficient. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The tier distribution shows extreme granularity, with the last A-tier (甲尾) expecting only 0.3249 lots per successful application, barely below the first B-tier (乙头) at 0.4 lots. This minor differential, combined with the much higher capital requirement for B-tiers, makes the B-head tier inefficient for most retail investors. No clawback was triggered under Mechanism B, keeping the retail tranche at the initial 10% despite massive oversubscription. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
No demographic data was provided in the source filings, with mainland and HK participation percentages both showing as zero. This likely indicates incomplete reporting or data extraction errors, as these metrics are usually disclosed for major IPOs. Investors should verify with official HKEX filings for regional and gender breakdowns. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
