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 | 51World |
|---|---|
| Stock Code | 06651 |
| Company Full Name | Beijing 51World Digital Twin Technology Co., Ltd. |
| Industry | AI & Machine Learning |
| Principal Activities | We are a digital twin technology company in China that has developed core competitiveness around technologies in the three major areas of 3D graphics, simulation and artificial intelligence, and primarily provides digital twin solutions to enterprises, covering more than ten fields, including cities, water conservancy, energy, automobiles, transportation, robotics, entertainment and social media. |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京市海淀區上地信息路19號1號樓3層301室 |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | 51world.com.cn |
| 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 | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 30.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 6,100 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 23,975,200 shares |
| HK Public Offer Shares (Initial) | 1,198,800 shares (5.0%) |
| Public Offer Lots (Initial) | 5,994lots (Pool A2,997lots，Pool B2,997lots) |
| International Placing Shares (Initial) | 22,776,400 shares (95.0%) |
| Offer Ratio | ~5.9% |
| Total Shares Post-IPO | 406,356,152 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Clawback tier B |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 731,243,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 6,100 |
| 2 lots | 400 | HK$ 12,200 |
| 3 lots | 600 | HK$ 18,300 |
| 4 lots | 800 | HK$ 24,400 |
| 5 lots | 1,000 | HK$ 30,500 |
| 6 lots | 1,200 | HK$ 36,600 |
| 7 lots | 1,400 | HK$ 42,700 |
| 8 lots | 1,600 | HK$ 48,800 |
| 9 lots | 1,800 | HK$ 54,900 |
| 10 lots | 2,000 | HK$ 61,000 |
| 15 lots | 3,000 | HK$ 91,500 |
| 20 lots | 4,000 | HK$ 122,000 |
| 25 lots | 5,000 | HK$ 152,500 |
| 30 lots | 6,000 | HK$ 183,000 |
| 35 lots | 7,000 | HK$ 213,500 |
| 40 lots | 8,000 | HK$ 244,000 |
| 45 lots | 9,000 | HK$ 274,500 |
| 50 lots | 10,000 | HK$ 305,000 |
| 100 lots | 20,000 | HK$ 610,000 |
| 150 lots | 30,000 | HK$ 915,000 |
| 200 lots | 40,000 | HK$ 1,220,000 |
| 250 lots | 50,000 | HK$ 1,525,000 |
| 300 lots | 60,000 | HK$ 1,830,000 |
| 350 lots | 70,000 | HK$ 2,135,000 |
| 400 lots | 80,000 | HK$ 2,440,000 |
| 450 lots | 90,000 | HK$ 2,745,000 |
| 500 lots | 100,000 | HK$ 3,050,000 |
| 600 lots | 120,000 | HK$ 3,660,000 |
| 700 lots | 140,000 | HK$ 4,270,000 |
| 800 lots | 160,000 | HK$ 4,880,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 180,000 | HK$ 5,490,000 |
| 1,000 lots | 200,000 | HK$ 6,100,000 |
| 1,250 lots | 250,000 | HK$ 7,625,000 |
| 1,500 lots | 300,000 | HK$ 9,150,000 |
| 1,750 lots | 350,000 | HK$ 10,675,000 |
| 2,000 lots | 400,000 | HK$ 12,200,000 |
| 2,250 lots | 450,000 | HK$ 13,725,000 |
| 2,500 lots | 500,000 | HK$ 15,250,000 |
| 2,750 lots | 550,000 | HK$ 16,775,000 |
| 2,997 lots | 599,400 | HK$ 18,281,700 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 25.21B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 12,393,862,636 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 11,811,867,492 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 78.97 million (2024) |
| Period-End Cash Balance | RMB 40.33 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~5.4% |
| Total Pre-IPO Investment | approximately USD 9.99 million |
| First Day Close | HK$ 39.62 |
|---|---|
| First Day Open | HK$ 35.0 |
| First Day Change | 29.90% |
| First Day Volume | 5321300.0 |
| First Day Turnover | 203838000.0 |
| Use of Proceeds | 1、所得款項凈額約80.0%或約522.2百萬港元預期將用于我們的研發舉措；
2、所得款項凈額約10.0%或約65.3百萬港元預期將用于中國及海外的營銷活動；
3、所得款項凈額約10.0%或約65.3百萬港元預期將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (12)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CMB International Capital Limited CE AVM940
中信建投（国际）融资有限公司 CE BAU112
Futu Securities International (HONG KONG) Limited CE AZT137
VALUABLE CAPITAL LIMITED CE AUL711
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
SPDB International Capital Limited CE BFZ375
ABCI CAPITAL LIMITED CE AWL249
CMBC SECURITIES COMPANY LIMITED CE APU820
建银国际金融有限公司 CE AJO225
Joint Lead Managers (12)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CMB International Capital Limited CE AVM940
中信建投（国际）融资有限公司 CE BAU112
Futu Securities International (HONG KONG) Limited CE AZT137
VALUABLE CAPITAL LIMITED CE AUL711
BOCI ASIA LIMITED CE AET863
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
SPDB International Capital Limited CE BFZ375
ABCI Securities Company Limited CE ACX411
CMBC SECURITIES COMPANY LIMITED CE APU820
建银国际金融有限公司 CE AJO225
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Han Kun Law Offices LLP 北京市中伦律师事务所 霍金路伟律师行 北京桓润律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
金杜律师事务所 金杜律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 李熠 | LiYi |
| Company Secretary | 杜金艷 | — |
| Non-Executive Director | 吕金荣 | LyuJinrong |
| Independent Non-Executive Director | 李攀 | LiPan |
| Executive Director | 王辰康 | WangChenkang |
| Independent Non-Executive Director | 林晨 | LinChen |
| Executive Director | 张雨薇 | ZhangYuwei |
| Independent Non-Executive Director | 张乐宁 | ZhangLening |
| Executive Director | 佟珊 | TongShan |
| Independent Non-Executive Director | 匡鹏 | KuangPeng |
| Executive Director | 蒲鸽 | PuGe |
| Independent Non-Executive Director | 侯涛 | HouTao |
| Independent Non-Executive Director | 侯静静 | HouJingjing |
Major Shareholders
| Major Shareholders & Holdings | Mr. Li (Li Yi) is a member of the single largest shareholder group and, through beneficial ownership and interests in controlled corporations, holds approximately 19.8% in aggregate (after the Global Offering). Other major shareholders include LS 51World (16.3%), Qingdao Wanwu Jingxiang (6.6%) and Hao Lili (6.7%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was heavily oversubscribed at 256x, reflecting robust enthusiasm for the digital twin specialist under Chapter 18C. With a hit rate of 23.62%, only about 1 in 4 applicants received allocations, and reallocation to retail investors through clawback B underscored intense demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The 甲尾 (A-tail) tier with 160,000 shares applied expected just 0.48 lots, slightly below the 乙头 (B-head) at 180,000 shares which expected 0.69 lots, making the B-head marginally more efficient in terms of allocation per share. This anomaly suggests the tier cut-off point compressed the advantage for 甲尾 applicants, although actual broker fee differences may alter net efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated the applicant pool at 82.2%, signaling strong cross-border interest in this specialist tech offering. The gender split skewed male at 67.6% with an average age of 39.4, typical for retail IPO participation in Hong Kong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
