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 | ADASPACE |
|---|---|
| Stock Code | 06935 |
| Company Full Name | Adaspace Technology Co., Ltd. |
| Industry | Commercial Aerospace |
| Principal Activities | We are a commercial aerospace company in China, with a strategic focus on satellite and related services and satellite-based solutions. Leveraging our core strengths in commercial aerospace and artificial intelligence (AI), we design and produce commercial satellites, ensuring stable operations and management, and deliver customized satellite-based solutions to meet the diverse needs of our customers. |
| Listing Date | 2026-11-13 |
| Listing Status | Pre-listing |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 1/F, Building 4, No. 1699 Jinhe Road, China (Sichuan) Pilot Free Trade Zone, Chengdu, PRC |
| Business Address (Hong Kong) | 31/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong |
| Place of Incorporation | PRC |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | adaspace.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 | Mechanism B |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 24.90 - 33.20 |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,320 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-11-05 to 2026-11-10 |
| Global Offering Shares | 30,121,000 shares |
| HK Public Offer Shares (Initial) | 3,012,100 shares (10.0%) |
| Public Offer Lots (Initial) | 30,121lots (Pool A15,060lots，Pool B15,061lots) |
| International Placing Shares (Initial) | 27,108,900 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 602,419,740 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 国泰君安证券（香港）有限公司 CE ABY236 |
| Cornerstone Share | 6.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,000,017,200 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,320 |
| 2 lots | 200 | HK$ 6,640 |
| 3 lots | 300 | HK$ 9,960 |
| 4 lots | 400 | HK$ 13,280 |
| 5 lots | 500 | HK$ 16,600 |
| 6 lots | 600 | HK$ 19,920 |
| 7 lots | 700 | HK$ 23,240 |
| 8 lots | 800 | HK$ 26,560 |
| 9 lots | 900 | HK$ 29,880 |
| 10 lots | 1,000 | HK$ 33,200 |
| 15 lots | 1,500 | HK$ 49,800 |
| 20 lots | 2,000 | HK$ 66,400 |
| 25 lots | 2,500 | HK$ 83,000 |
| 30 lots | 3,000 | HK$ 99,600 |
| 35 lots | 3,500 | HK$ 116,200 |
| 40 lots | 4,000 | HK$ 132,800 |
| 45 lots | 4,500 | HK$ 149,400 |
| 50 lots | 5,000 | HK$ 166,000 |
| 60 lots | 6,000 | HK$ 199,200 |
| 70 lots | 7,000 | HK$ 232,400 |
| 80 lots | 8,000 | HK$ 265,600 |
| 90 lots | 9,000 | HK$ 298,800 |
| 100 lots | 10,000 | HK$ 332,000 |
| 150 lots | 15,000 | HK$ 498,000 |
| 200 lots | 20,000 | HK$ 664,000 |
| 250 lots | 25,000 | HK$ 830,000 |
| 300 lots | 30,000 | HK$ 996,000 |
| 350 lots | 35,000 | HK$ 1,162,000 |
| 400 lots | 40,000 | HK$ 1,328,000 |
| 450 lots | 45,000 | HK$ 1,494,000 |
| 500 lots | 50,000 | HK$ 1,660,000 |
| 600 lots | 60,000 | HK$ 1,992,000 |
| 700 lots | 70,000 | HK$ 2,324,000 |
| 800 lots | 80,000 | HK$ 2,656,000 |
| 900 lots | 90,000 | HK$ 2,988,000 |
| 1,000 lots | 100,000 | HK$ 3,320,000 |
| 1,250 lots | 125,000 | HK$ 4,150,000 |
| 1,500 lots | 150,000 | HK$ 4,980,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,750 lots | 175,000 | HK$ 5,810,000 |
| 2,000 lots | 200,000 | HK$ 6,640,000 |
| 2,500 lots | 250,000 | HK$ 8,300,000 |
| 3,000 lots | 300,000 | HK$ 9,960,000 |
| 3,500 lots | 350,000 | HK$ 11,620,000 |
| 4,000 lots | 400,000 | HK$ 13,280,000 |
| 4,500 lots | 450,000 | HK$ 14,940,000 |
| 5,000 lots | 500,000 | HK$ 16,600,000 |
| 6,000 lots | 600,000 | HK$ 19,920,000 |
| 7,000 lots | 700,000 | HK$ 23,240,000 |
| 8,000 lots | 800,000 | HK$ 26,560,000 |
| 9,000 lots | 900,000 | HK$ 29,880,000 |
| 10,000 lots | 1,000,000 | HK$ 33,200,000 |
| 12,500 lots | 1,250,000 | HK$ 41,500,000 |
| 15,000 lots | 1,500,000 | HK$ 49,800,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 14.21B |
| Est. Threshold | HK$ 9.49B Met |
| Analysis Result | 预计2027年3月8日入通 |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,000,251,526 - 20,000,335,368 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 10,657,826,733 - 14,210,435,644 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 255.9 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 24.4% for construction of the Shenzhen Center, approx. 35.6% for enhancing R&D capabilities, approx. 20.0% for strategic investment and acquisitions, approx. 10.0% for repayment of borrowings, approx. 10.0% for working capital. |
Underwriting Syndicate
Sole Sponsor (1)
国泰君安融资有限公司 CE AGS488(sole)
Sponsor cum Overall Coordinator (1)
国泰君安证券（香港）有限公司 CE ABY236
Joint Global Coordinators (5)
Joint Bookrunners (7)
Joint Lead Managers (7)
Capital Market Intermediaries (7)
Stabilizing Manager (1)
国泰君安证券（香港）有限公司 CE ABY236
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 海问律师事务所 Hogan Lovells Cadwalader International LLP |
| Legal Advisor to Sponsors/Underwriters |
的近律师行 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks |
中国银行（香港）有限公司 中国建设银行（亚洲）股份有限公司 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 | 晶科能源投资 | 5,000,000 HKD | 172,100 | 0.60% | 0.03% | 6 months | 2027-05-13 |
| 2 | 锦信 | 55,000,000 HKD | 1,893,200 | 6.30% | 0.30% | 6 months | 2027-05-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Lu Chuan | Lu Chuan |
| Company Secretary | Wang Fang, Tong Ka Kei | Wang Fang, Tong Ka Kei |
| Executive Director | 陆川 | — |
| Non-Executive Director | 吴韬 | — |
| Independent Non-Executive Director | 黄明建 | — |
| Executive Director | 王磊 | — |
| Non-Executive Director | 刘实雄 | — |
| Independent Non-Executive Director | 张田余 | — |
| Executive Director | 赵宏杰 | — |
| Non-Executive Director | 邱慧 | — |
| Independent Non-Executive Director | 黄建伟 | — |
| Executive Director | 黄若亮 | — |
| Non-Executive Director | 朱振华 | — |
| Independent Non-Executive Director | 杨峰 | — |
| Executive Director | 郭勇 | — |
| Non-Executive Director | 盛希泰 | — |
| Independent Non-Executive Director | 高志鹏 | — |
Major Shareholders
| Major Shareholders & Holdings | Dr. Lu Chuan (through controlled corporations): 21.36% post-Global Offering; Beijing Xingrong Yuhang: 14.95%; Beijing New Era Space: 6.41%; Dr. Sheng Xitai: 8.35%; Galaxy Industry Group: 5.14%; Wuxi Guoxing Fund: 2.92%; Huizhou Yilin Investment: 1.78%; Guangdong Wanquan Investment: 1.51%. |
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