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 | Laifual |
|---|---|
| Stock Code | 03952 |
| Company Full Name | Zhejiang Laifual Drive Co., Ltd. |
| Industry | Industrial Goods |
| Principal Activities | A Chinese provider of core precision transmission components for robots, offering a product portfolio covering harmonic reducers, joint modules, robotic arms and even automated workstations, primarily applied in the fields of humanoid robots and industrial robots. |
| Listing Date | 2026-06-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18C特专科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國 浙江省 嵊州市 甘霖鎮工業園區 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1901室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | laifual.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 85.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,550 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-22 to 2026-06-25 |
| Global Offering Shares | 13,441,900 shares |
| HK Public Offer Shares (Initial) | 672,100 shares (5.0%) |
| Public Offer Lots (Initial) | 6,721lots (Pool A3,360lots，Pool B3,361lots) |
| International Placing Shares (Initial) | 12,769,800 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 103,398,787 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CMB International Capital Limited CE AVM940 |
| Cornerstone Share | 39.4% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,149,282,450 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 8,550 |
| 2 lots | 200 | HK$ 17,100 |
| 3 lots | 300 | HK$ 25,650 |
| 4 lots | 400 | HK$ 34,200 |
| 5 lots | 500 | HK$ 42,750 |
| 6 lots | 600 | HK$ 51,300 |
| 7 lots | 700 | HK$ 59,850 |
| 8 lots | 800 | HK$ 68,400 |
| 9 lots | 900 | HK$ 76,950 |
| 10 lots | 1,000 | HK$ 85,500 |
| 15 lots | 1,500 | HK$ 128,250 |
| 20 lots | 2,000 | HK$ 171,000 |
| 25 lots | 2,500 | HK$ 213,750 |
| 30 lots | 3,000 | HK$ 256,500 |
| 35 lots | 3,500 | HK$ 299,250 |
| 40 lots | 4,000 | HK$ 342,000 |
| 45 lots | 4,500 | HK$ 384,750 |
| 50 lots | 5,000 | HK$ 427,500 |
| 60 lots | 6,000 | HK$ 513,000 |
| 70 lots | 7,000 | HK$ 598,500 |
| 80 lots | 8,000 | HK$ 684,000 |
| 90 lots | 9,000 | HK$ 769,500 |
| 100 lots | 10,000 | HK$ 855,000 |
| 200 lots | 20,000 | HK$ 1,710,000 |
| 300 lots | 30,000 | HK$ 2,565,000 |
| 400 lots | 40,000 | HK$ 3,420,000 |
| 500 lots | 50,000 | HK$ 4,275,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 60,000 | HK$ 5,130,000 |
| 700 lots | 70,000 | HK$ 5,985,000 |
| 800 lots | 80,000 | HK$ 6,840,000 |
| 900 lots | 90,000 | HK$ 7,695,000 |
| 1,000 lots | 100,000 | HK$ 8,550,000 |
| 1,500 lots | 150,000 | HK$ 12,825,000 |
| 2,000 lots | 200,000 | HK$ 17,100,000 |
| 2,500 lots | 250,000 | HK$ 21,375,000 |
| 3,000 lots | 300,000 | HK$ 25,650,000 |
| 3,360 lots | 336,000 | HK$ 28,728,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 3.85B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +145% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,840,596,288 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 170.6 million |
| Period-End Cash Balance | RMB 33.75 million |
| Listing Expenses | ~HK$ 88,800,000 |
| Listing Expenses / Funds Raised | ~8.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | approximately 55.0% for the expansion of production facilities, approximately 20.0% for enhancing R&D capabilities to enrich the product portfolio, approximately 5.0% for expanding the overseas sales network, approximately 10.0% for strategic investments or acquisitions, and the remaining approximately 10.0% for working capital and general corporate purposes |
Underwriting Syndicate
Sole Sponsor (1)
CMB International Capital Limited CE AVM940(sole)
Sponsor cum Overall Coordinator (1)
CMB International Capital Limited CE AVM940(sole)
Joint Global Coordinators (1)
CMB International Capital Limited CE AVM940(sole)
Joint Bookrunners (1)
CMB International Capital Limited CE AVM940(sole)
Joint Lead Managers (1)
CMB International Capital Limited CE AVM940(sole)
Capital Market Intermediaries (1)
CMB International Capital Limited CE AVM940(sole)
Stabilizing Manager (1)
CMB International Capital Limited CE AVM940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
贝克•麦坚时律师事务所 海问律师事务所 Commerce & Finance Law Offices LLP |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | OAKTREE CAPITAL MANAGEMENT, L.P. | 10 USD | 964,300 | 7.17% | 0.93% | 6 months | 2026-12-30 |
| 2 | 明山资本有限公司 | 10 USD | 964,300 | 7.17% | 0.93% | 6 months | 2026-12-30 |
| 3 | 嘉实国际资产管理有限公司 | 8 USD | 771,400 | 5.74% | 0.75% | 6 months | 2026-12-30 |
| 4 | CDH Global Frontier Ventures Limited | 7 USD | 675,000 | 5.02% | 0.65% | 6 months | 2026-12-30 |
| 5 | 易方达基金管理有限公司/易方达资产管理（香港）有限公司 | 5 USD | 482,100 | 3.59% | 0.47% | 6 months | 2026-12-30 |
| 6 | Eurus Holdings SPC | 3 USD | 289,300 | 2.15% | 0.28% | 6 months | 2026-12-30 |
| 7 | LBC HK Opportunity Fund Limited | 3 USD | 289,300 | 2.15% | 0.28% | 6 months | 2026-12-30 |
| 8 | Dream’ee (Hong Kong) Open-ended Fund Company | 3 USD | 289,300 | 2.15% | 0.28% | 6 months | 2026-12-30 |
| 9 | Factorial Master Fund | 3 USD | 289,300 | 2.15% | 0.28% | 6 months | 2026-12-30 |
| 10 | Oasis Investments II Master Fund Ltd. | 3 USD | 289,300 | 2.15% | 0.28% | 6 months | 2026-12-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 張傑 | Zhang Jie |
| Company Secretary | 周文俊、李漪澄 | — |
| Non-Executive Director | 崔志遠 | Cui Zhiyuan |
| Independent Non-Executive Director | 李俊 | Li Jun |
| Executive Director | 吳迪 | Wu Di |
| Non-Executive Director | 黃河 | Huang He |
| Independent Non-Executive Director | 樓宇 | Lou Yu |
| Executive Director | 王海鷹 | Wang Haiying |
| Non-Executive Director | 李程晟 | Li Chengsheng |
| Independent Non-Executive Director | 田春杉 | Tian Chunshan |
| Executive Director | 張瀚 | Zhang Han |
Major Shareholders
| Major Shareholders & Holdings | The largest shareholder group includes 來福投資 (20.40%), 傑陽信息 (4.43%), Mr. 張傑 (3.59%) and 越焯 (9.87%), holding a total of 38.29%; other major shareholders include 國開基金 (8.70%), 聯想基金 (6.50%), 國中中小企業基金 (4.92%), etc. |
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