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) |
|---|---|
| Other Market Stock Code | 601678 |
| H-Share Offer Price | HK$ 3.48 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Befar Group |
|---|---|
| Stock Code | 06745 |
| Company Full Name | Befar Group Co., Ltd |
| Industry | 氯鹼化工 |
| Principal Activities | We are a domestic integrated chemical group, primarily engaged in the production and sales of chlor-alkali chemicals, C3/C4 chemicals and wet electronic chemicals. Our core products include caustic soda, propylene oxide, MTBE, electronic-grade hydrofluoric acid, etc. |
| Listing Date | 2026-07-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國山東省濱州市濱城區黃河五路888號 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.befar.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 3.48 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,000 shares |
| Entry Threshold | HK$ 3,480 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-30 to 2026-07-07 |
| Global Offering Shares | 352,126,000 shares |
| HK Public Offer Shares (Initial) | 35,213,000 shares (10.0%) |
| Public Offer Lots (Initial) | 35,213lots (Pool A17,606lots，Pool B17,607lots) |
| International Placing Shares (Initial) | 316,913,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 2,408,962,276 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 30.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,225,398,480 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 3,480 |
| 2 lots | 2,000 | HK$ 6,960 |
| 3 lots | 3,000 | HK$ 10,440 |
| 4 lots | 4,000 | HK$ 13,920 |
| 5 lots | 5,000 | HK$ 17,400 |
| 6 lots | 6,000 | HK$ 20,880 |
| 7 lots | 7,000 | HK$ 24,360 |
| 8 lots | 8,000 | HK$ 27,840 |
| 9 lots | 9,000 | HK$ 31,320 |
| 10 lots | 10,000 | HK$ 34,800 |
| 15 lots | 15,000 | HK$ 52,200 |
| 20 lots | 20,000 | HK$ 69,600 |
| 25 lots | 25,000 | HK$ 87,000 |
| 30 lots | 30,000 | HK$ 104,400 |
| 35 lots | 35,000 | HK$ 121,800 |
| 40 lots | 40,000 | HK$ 139,200 |
| 45 lots | 45,000 | HK$ 156,600 |
| 50 lots | 50,000 | HK$ 174,000 |
| 60 lots | 60,000 | HK$ 208,800 |
| 70 lots | 70,000 | HK$ 243,600 |
| 80 lots | 80,000 | HK$ 278,400 |
| 90 lots | 90,000 | HK$ 313,200 |
| 100 lots | 100,000 | HK$ 348,000 |
| 200 lots | 200,000 | HK$ 696,000 |
| 300 lots | 300,000 | HK$ 1,044,000 |
| 400 lots | 400,000 | HK$ 1,392,000 |
| 500 lots | 500,000 | HK$ 1,740,000 |
| 1,000 lots | 1,000,000 | HK$ 3,480,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 1,500,000 | HK$ 5,220,000 |
| 2,000 lots | 2,000,000 | HK$ 6,960,000 |
| 2,500 lots | 2,500,000 | HK$ 8,700,000 |
| 3,000 lots | 3,000,000 | HK$ 10,440,000 |
| 4,000 lots | 4,000,000 | HK$ 13,920,000 |
| 5,000 lots | 5,000,000 | HK$ 17,400,000 |
| 6,000 lots | 6,000,000 | HK$ 20,880,000 |
| 7,000 lots | 7,000,000 | HK$ 24,360,000 |
| 8,000 lots | 8,000,000 | HK$ 27,840,000 |
| 9,000 lots | 9,000,000 | HK$ 31,320,000 |
| 10,000 lots | 10,000,000 | HK$ 34,800,000 |
| 17,606 lots | 17,606,000 | HK$ 61,268,880 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 891.9M |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,383,188,720 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 235.5 million |
| Period-End Cash Balance | RMB 1,701.6 million |
| Listing Expenses | ~HK$ 66,700,000 |
| Listing Expenses / Funds Raised | ~5.7% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 40% will be used for the construction of source-grid-load-storage projects, approximately 30% for enhancing research and development capabilities, and approximately 10% for the construction of production facilities for high-end electronic chemicals. |
Underwriting Syndicate
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Overall Coordinators (3)
Joint Global Coordinators (5)
Joint Bookrunners (6)
Joint Lead Managers (6)
Capital Market Intermediaries (6)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
君合律师事务所 北京市通商律师事务所 |
| 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
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 北京益安及華泰資本投資（有關北京益安場外掉期） | 15,000,000 HKD | 32,739,000 | 9.30% | 1.39% | 6 months | 2027-01-10 |
| 2 | 魯花道生及華泰資本投資（有關魯花道生場外掉期） | 6,000,000 HKD | 13,095,000 | 3.72% | 0.56% | 6 months | 2027-01-10 |
| 3 | Aurora SF（有關安排） | 5,900,000 HKD | 12,814,000 | 3.64% | 0.55% | 6 months | 2027-01-10 |
| 4 | 中國宏橋 | 7,500,000 HKD | 16,369,000 | 4.65% | 0.70% | 6 months | 2027-01-10 |
| 5 | Hyperion Venture | 2,900,000 HKD | 6,407,000 | 1.82% | 0.27% | 6 months | 2027-01-10 |
| 6 | 天圖 | 10,000,000 HKD | 21,826,000 | 6.20% | 0.93% | 6 months | 2027-01-10 |
| 7 | 盛威 | 2,500,000 HKD | 5,571,000 | 1.58% | 0.24% | 6 months | 2027-01-10 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 于江 | Yu Jiang |
| Company Secretary | 孫淑芳 | — |
| Non-Executive Director | 宋樹華 | Song Shuhua |
| Independent Non-Executive Director | 郝銀平 | Hao Yinping |
| Executive Director | 董紅波 | Dong Hongbo |
| Independent Non-Executive Director | 李海霞 | Li Haixia |
| Executive Director | 任元濱 | Ren Yuanbin |
| Independent Non-Executive Director | 王謙 | Wang Qian |
| Executive Director | 劉洪安 | Liu Hongan |
| Independent Non-Executive Director | 曹春萌 | Cao Chunmeng |
Major Shareholders
| Major Shareholders & Holdings | The single largest shareholder group is 濱州和宜 and 濱州和遠 (as general partners), together holding approximately 11.26%; other major shareholders include 張忠正 (2.55%), 于江 (1.77%), among others. |
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