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 | DIRECT DRIVE |
|---|---|
| Stock Code | 06731 |
| Company Full Name | Direct Drive Tech Limited |
| Industry | Robotics |
| Principal Activities | We are a robotics technology company with direct drive technology as our core capability. We primarily engage in the sales of robotic actuator modules, and to a lesser extent, robots, in China. Our product portfolio comprises (i) robotic actuator modules, including (a) robotic direct drive actuator modules and (b) embodied joint modules, and (ii) wheel-legged robots including Diablo, TITA, TITATIT and D1. Our robotic direct drive actuator modules are integrated motion units delivering direct drive torque output without external transmission components, used in consumer robots such as household cleaning robots, AI companion robots, as well as industrial and commercial robots. Our embodied joint modules serve embodied intelligence robots. We sell our products primarily to robot providers and research institutions, mainly in the PRC. |
| Listing Date | 2026-09-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C Specialist Technology |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京市通州區北京經濟技術開發區經海五路3號院5號樓2層225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 | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | directdrive.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 21.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,160 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-09-21 to 2026-09-24 |
| Global Offering Shares | 50,000,000 shares |
| HK Public Offer Shares (Initial) | 2,500,000 shares (5.0%) |
| Public Offer Lots (Initial) | 25,000lots (Pool A12,500lots，Pool B12,500lots) |
| International Placing Shares (Initial) | 47,500,000 shares (95.0%) |
| Offer Ratio | ~13.53% |
| Total Shares Post-IPO | 369,588,080 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CLSA LIMITED CE AAB893 |
| Cornerstone Share | 43.5% |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,080,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,160 |
| 2 lots | 200 | HK$ 4,320 |
| 3 lots | 300 | HK$ 6,480 |
| 4 lots | 400 | HK$ 8,640 |
| 5 lots | 500 | HK$ 10,800 |
| 6 lots | 600 | HK$ 12,960 |
| 7 lots | 700 | HK$ 15,120 |
| 8 lots | 800 | HK$ 17,280 |
| 9 lots | 900 | HK$ 19,440 |
| 10 lots | 1,000 | HK$ 21,600 |
| 15 lots | 1,500 | HK$ 32,400 |
| 20 lots | 2,000 | HK$ 43,200 |
| 25 lots | 2,500 | HK$ 54,000 |
| 30 lots | 3,000 | HK$ 64,800 |
| 35 lots | 3,500 | HK$ 75,600 |
| 40 lots | 4,000 | HK$ 86,400 |
| 45 lots | 4,500 | HK$ 97,200 |
| 50 lots | 5,000 | HK$ 108,000 |
| 60 lots | 6,000 | HK$ 129,600 |
| 70 lots | 7,000 | HK$ 151,200 |
| 80 lots | 8,000 | HK$ 172,800 |
| 90 lots | 9,000 | HK$ 194,400 |
| 100 lots | 10,000 | HK$ 216,000 |
| 200 lots | 20,000 | HK$ 432,000 |
| 300 lots | 30,000 | HK$ 648,000 |
| 400 lots | 40,000 | HK$ 864,000 |
| 500 lots | 50,000 | HK$ 1,080,000 |
| 600 lots | 60,000 | HK$ 1,296,000 |
| 700 lots | 70,000 | HK$ 1,512,000 |
| 800 lots | 80,000 | HK$ 1,728,000 |
| 900 lots | 90,000 | HK$ 1,944,000 |
| 1,000 lots | 100,000 | HK$ 2,160,000 |
| 2,000 lots | 200,000 | HK$ 4,320,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 3,000 lots | 300,000 | HK$ 6,480,000 |
| 4,000 lots | 400,000 | HK$ 8,640,000 |
| 5,000 lots | 500,000 | HK$ 10,800,000 |
| 6,000 lots | 600,000 | HK$ 12,960,000 |
| 7,000 lots | 700,000 | HK$ 15,120,000 |
| 8,000 lots | 800,000 | HK$ 17,280,000 |
| 9,000 lots | 900,000 | HK$ 19,440,000 |
| 10,000 lots | 1,000,000 | HK$ 21,600,000 |
| 11,000 lots | 1,100,000 | HK$ 23,760,000 |
| 12,500 lots | 1,250,000 | HK$ 27,000,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 15.82B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,983,102,528 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 880.98 million |
| Period-End Cash Balance | RMB 353.87 million |
| Listing Expenses | ~HK$ 97,500,000 |
| Listing Expenses / Funds Raised | ~9.0% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 17,538 | 79,802 | 281,715 |
| Cost of sales | -15,176 | -64,406 | -221,130 |
| Gross profit | 2,362 | 15,396 | 60,585 |
| Other income and gains, net | 1,413 | 1,922 | 4,152 |
| Selling and distribution expenses | -10,662 | -11,651 | -12,934 |
| Administrative expenses | -14,656 | -34,786 | -98,685 |
| Net finance costs | -1,663 | -1,561 | -1,726 |
| Profit before tax | -75,585 | -93,735 | -880,977 |
| Income tax expense | 0 | 0 | 0 |
| Profit for the year | -75,585 | -93,735 | -880,977 |
| Profit attributable to owners | -75,585 | -93,735 | -880,977 |
Balance Sheet
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 412 | 15,840 | 353,871 | |
| Trade and bills receivables | 9,098 | 40,794 | 79,439 | |
| Inventories | 13,834 | 26,222 | 32,120 | |
| Total current assets | 26,191 | 86,536 | 510,559 | |
| Total assets | 39,542 | 101,183 | 545,731 | |
| Total current liabilities | 157,827 | 286,111 | 1,555,000 | |
| Total liabilities | 159,908 | 299,792 | 1,565,088 | |
| Total equity | -120,366 | -198,609 | -1,019,357 | |
| Equity attributable to owners | -120,366 | -198,609 | -1,019,357 | |
| Interest-bearing borrowings | 16,313 | 37,152 | 44,778 | 30,919 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Net cash from operating activities | -52,960 | -66,687 | -69,563 | |
| Net cash from investing activities | -2,950 | -8,079 | -12,949 | |
| Net cash from financing activities | 38,786 | 86,902 | 424,220 | |
| Net increase in cash | -38,374 | 15,428 | 338,268 | |
| Depreciation of PP&E | 1,103 | 2,658 | 4,319 | 2,409 |
| Depreciation of right-of-use assets | 957 | 1,634 | 3,133 | 2,621 |
| Purchase of PP&E | -8,221 | -5,033 | -16,389 | -12,969 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 50% will be used to enhance the research and development capabilities of key robotics technologies; approximately 20% will be used to deepen industry cooperation, expand the sales network and brand awareness; approximately 20% will be used to improve production capacity and efficiency; and approximately 10% will be used for working capital and general corporate purposes. |
Underwriting Syndicate
Sole Sponsor (1)
CITIC Securities (Hong Kong) Limited CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
CLSA LIMITED CE AAB893
Overall Coordinators (1)
CLSA LIMITED CE AAB893
Joint Global Coordinators (4)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
CLSA LIMITED CE AAB893
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
普衡律师事务所（香港）有限法律责任合伙 汉坤律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 海问律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 香港科创领航壹号投资有限公司 | 299,000,000 HKD | 13,842,500 | 27.69% | 3.75% | 6 months | 2027-03-29 |
| 2 | JSC International Investment Fund SPC – Shenghai SP | 173,002,500 HKD | 7,929,400 | 15.86% | 2.15% | 6 months | 2027-03-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 張笛 | — |
| Company Secretary | 張洪波 | — |
| Executive Director | 张笛 | ZHANGDi |
| Non-Executive Director | 陈璨 | CHENCan |
| Independent Non-Executive Director | 林国燊 | LAMKwokSun |
| Executive Director | 刘许洋 | LIUXuyang |
| Non-Executive Director | 赵云 | ZHAOYun |
| Independent Non-Executive Director | 王虞倩 | WANGYuqian |
| Executive Director | 张洪波 | ZHANGHongbo |
| Non-Executive Director | 纪海泉 | JIHaiquan |
| Independent Non-Executive Director | 黄旻 | HUANGMin |
Major Shareholders
| Major Shareholders & Holdings | Mr. Zhang (holding 131,991,840 H shares through interests in controlled corporations, representing 35.71% of the total share capital), 沃壤眾合 (18.99%), 北京國管 (17.35%), 聚無限 (16.72%), 眾創三號 (13.77%), Dr. Liu Xuyang (13.77%), 沃壤眾創 (13.77%), 北京京國管置業管理 (12.71%), 北京京國管置業投資 (12.71%), 京國瑞管理公司 (10.38%), 北京市政府投資引導基金管理有限公司 (10.10%), 北京市引導基金 (10.10%) |
|---|
