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 | Reconova |
|---|---|
| Stock Code | 07656 |
| Company Full Name | Reconova Technologies Co., Ltd. |
| Industry | Information Technology |
| Principal Activities | Provides visual intelligence technologies and products, based on its independently developed large visual models, deep learning-related technologies, multispectral imaging technologies, and software-hardware co-design capabilities, providing intelligent products for visual perception, cognition, and reasoning, applied in scenarios such as civil aviation, commercial spaces, and safe driving. |
| Listing Date | 2026-07-08 |
| 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) | 中國廣東省深圳市南山區西麗街道沙河西路3185號南山智谷產業園F座4-5層 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1922室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.reconova.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$ 21.66 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,332 |
| Par Value | RMB 0.2 / shares |
| Offer Period | 2026-06-29 to 2026-07-03 |
| Global Offering Shares | 28,087,000 shares |
| HK Public Offer Shares (Initial) | 1,404,400 shares (5.0%) |
| Public Offer Lots (Initial) | 7,022lots (Pool A3,511lots，Pool B3,511lots) |
| International Placing Shares (Initial) | 26,682,600 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 305,292,905 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 608,364,420 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,332 |
| 2 lots | 400 | HK$ 8,664 |
| 3 lots | 600 | HK$ 12,996 |
| 4 lots | 800 | HK$ 17,328 |
| 5 lots | 1,000 | HK$ 21,660 |
| 6 lots | 1,200 | HK$ 25,992 |
| 7 lots | 1,400 | HK$ 30,324 |
| 8 lots | 1,600 | HK$ 34,656 |
| 9 lots | 1,800 | HK$ 38,988 |
| 10 lots | 2,000 | HK$ 43,320 |
| 15 lots | 3,000 | HK$ 64,980 |
| 20 lots | 4,000 | HK$ 86,640 |
| 25 lots | 5,000 | HK$ 108,300 |
| 30 lots | 6,000 | HK$ 129,960 |
| 35 lots | 7,000 | HK$ 151,620 |
| 40 lots | 8,000 | HK$ 173,280 |
| 45 lots | 9,000 | HK$ 194,940 |
| 50 lots | 10,000 | HK$ 216,600 |
| 100 lots | 20,000 | HK$ 433,200 |
| 150 lots | 30,000 | HK$ 649,800 |
| 200 lots | 40,000 | HK$ 866,400 |
| 250 lots | 50,000 | HK$ 1,083,000 |
| 300 lots | 60,000 | HK$ 1,299,600 |
| 350 lots | 70,000 | HK$ 1,516,200 |
| 400 lots | 80,000 | HK$ 1,732,800 |
| 450 lots | 90,000 | HK$ 1,949,400 |
| 500 lots | 100,000 | HK$ 2,166,000 |
| 600 lots | 120,000 | HK$ 2,599,200 |
| 700 lots | 140,000 | HK$ 3,032,400 |
| 800 lots | 160,000 | HK$ 3,465,600 |
| 900 lots | 180,000 | HK$ 3,898,800 |
| 1,000 lots | 200,000 | HK$ 4,332,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,250 lots | 250,000 | HK$ 5,415,000 |
| 1,500 lots | 300,000 | HK$ 6,498,000 |
| 1,750 lots | 350,000 | HK$ 7,581,000 |
| 2,000 lots | 400,000 | HK$ 8,664,000 |
| 2,250 lots | 450,000 | HK$ 9,747,000 |
| 2,500 lots | 500,000 | HK$ 10,830,000 |
| 3,000 lots | 600,000 | HK$ 12,996,000 |
| 3,511 lots | 702,200 | HK$ 15,209,652 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 4.01B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +136% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,612,644,322 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 68.1 million |
| Period-End Cash Balance | RMB 38.1 million |
| Listing Expenses | ~HK$ 79,300,000 |
| Listing Expenses / Funds Raised | ~13.03% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 55.8% will be used for the continued research of core technologies and the enhancement of product supply, approximately 26.3% will be used for establishing production bases, and approximately 17.9% will be used for replenishing working capital and general corporate purposes. |
Underwriting Syndicate
Joint Sponsors (3)
Joint Bookrunners (9)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
CMBC SECURITIES COMPANY LIMITED CE APU820
Huafu International Securities Limited CE BQC241
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SUNFUND SECURITIES LIMITED CE BHV050
Futu Securities International (HONG KONG) Limited CE AZT137
Yuet Sheung International Securities Limited CE BEZ371
Joint Lead Managers (9)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
建银国际金融有限公司 CE AJO225
ABCI Securities Company Limited CE ACX411
CMBC SECURITIES COMPANY LIMITED CE APU820
Huafu International Securities Limited CE BQC241
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SUNFUND SECURITIES LIMITED CE BHV050
Futu Securities International (HONG KONG) Limited CE AZT137
Yuet Sheung International Securities Limited CE BEZ371
Capital Market Intermediaries (10)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
建银国际金融有限公司 CE AJO225
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
CMBC SECURITIES COMPANY LIMITED CE APU820
Huafu International Securities Limited CE BQC241
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
SUNFUND SECURITIES LIMITED CE BHV050
Futu Securities International (HONG KONG) Limited CE AZT137
Yuet Sheung International Securities Limited CE BEZ371
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
金杜律师事务所 金杜律师事务所 Sherman Shi Law Group P.C. |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 信达律师事务所 |
| 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 |
| Receiving Banks |
中国建设银行（亚洲）股份有限公司 中国银行（香港）有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 詹東暉 | — |
| Company Secretary | 于金喜、賴浩恩 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. 詹東暉, Mr. 蘇曉生, Ms. 遲暢 and Mr. 韓松光, as persons acting in concert, together with their controlled corporations, in aggregate hold approximately 39.60% of the Shares. |
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