IPO Timeline Raw facts
Broker Deadline
2026-07-03
Morning deadline
HKEX Deadline
2026-07-03
Noon deadline
Broker Results (T-2)
2026-07-06
Some brokers release in afternoon
Grey Market (T-1)
2026-07-07
Afternoon
HKEX Allotment (T-1)
2026-07-07
Evening
Registrar Allotment (T-1)
2026-07-07
Evening
Listing Day (T)
2026-07-08
First day of trading
Company Overview
| Stock Name | Baogai |
|---|---|
| Stock Code | 08090 |
| Company Full Name | Shandong Baogai New Materials Technology Co., Ltd. |
| Industry | Industrial Goods |
| Principal Activities | We are a specialized manufacturer in China’s composite material trench cover plate industry, specializing in the production of composite material trench cover plate products for engineering and infrastructure needs, mainly including cable trench cover plates, drainage trench cover plates and manhole covers, and providing services to the power, transportation, urban public utilities, water conservancy, real estate and petrochemical engineering sectors. |
| Listing Date | 2026-07-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國山東省淄博經濟開發區河莊村9號新材料園區 |
| Business Address (Hong Kong) | 香港干諾道中111號永安中心9樓901–905室 |
| Place of Incorporation | China |
| Listing Method | Share Offer |
| Listing Board | GEM |
| Website | baogai.net |
| 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 | HK$ 0.28 / shares |
| Offer Price Range | HK$ 6.15 - 8.51 |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,255 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-29 to 2026-07-03 |
| Global Offering Shares | 14,470,000 shares |
| HK Public Offer Shares (Initial) | 1,447,000 shares (10.0%) |
| Public Offer Lots (Initial) | 2,894lots |
| International Placing Shares (Initial) | 13,023,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 57,870,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 123,139,700 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
不分甲乙组
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,255 |
| 2 lots | 1,000 | HK$ 8,510 |
| 3 lots | 1,500 | HK$ 12,765 |
| 4 lots | 2,000 | HK$ 17,020 |
| 5 lots | 2,500 | HK$ 21,275 |
| 6 lots | 3,000 | HK$ 25,530 |
| 7 lots | 3,500 | HK$ 29,785 |
| 8 lots | 4,000 | HK$ 34,040 |
| 9 lots | 4,500 | HK$ 38,295 |
| 10 lots | 5,000 | HK$ 42,550 |
| 12 lots | 6,000 | HK$ 51,060 |
| 14 lots | 7,000 | HK$ 59,570 |
| 16 lots | 8,000 | HK$ 68,080 |
| 18 lots | 9,000 | HK$ 76,590 |
| 20 lots | 10,000 | HK$ 85,100 |
| 30 lots | 15,000 | HK$ 127,650 |
| 40 lots | 20,000 | HK$ 170,200 |
| 50 lots | 25,000 | HK$ 212,750 |
| 60 lots | 30,000 | HK$ 255,300 |
| 70 lots | 35,000 | HK$ 297,850 |
| 80 lots | 40,000 | HK$ 340,400 |
| 90 lots | 45,000 | HK$ 382,950 |
| 100 lots | 50,000 | HK$ 425,500 |
| 120 lots | 60,000 | HK$ 510,600 |
| 140 lots | 70,000 | HK$ 595,700 |
| 160 lots | 80,000 | HK$ 680,800 |
| 180 lots | 90,000 | HK$ 765,900 |
| 200 lots | 100,000 | HK$ 851,000 |
| 240 lots | 120,000 | HK$ 1,021,200 |
| 280 lots | 140,000 | HK$ 1,191,400 |
| 320 lots | 160,000 | HK$ 1,361,600 |
| 360 lots | 180,000 | HK$ 1,531,800 |
| 400 lots | 200,000 | HK$ 1,702,000 |
| 500 lots | 250,000 | HK$ 2,127,500 |
| 600 lots | 300,000 | HK$ 2,553,000 |
| 700 lots | 350,000 | HK$ 2,978,500 |
| 800 lots | 400,000 | HK$ 3,404,000 |
| 1,000 lots | 500,000 | HK$ 4,255,000 |
| 1,200 lots | 600,000 | HK$ 5,106,000 |
| 1,447 lots | 723,500 | HK$ 6,156,985 |
Stock Connect Inclusion
| HK Market Cap | HK$ 65M |
|---|
| 26Q3 Fast Review | |
| Inclusion Pathway | Quarterly Fast Inclusion |
|---|---|
| Est. Threshold | HK$ 19.15B Market cap gap 100% |
| Analysis Result | Market cap below threshold (gap 100%) |
| 26Q4 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 9.53B Market cap gap 99% |
| Analysis Result | Market cap below threshold (gap 99%) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 355,900,500 - 492,473,700 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 24.1 million |
| Period-End Cash Balance | RMB 33.12 million |
| Listing Expenses | ~HK$ 21,800,000 |
| Listing Expenses / Funds Raised | ~20.6% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | Approximately 30% will be used to introduce a carbon fiber composite material production line, approximately 25% for the intelligent upgrading of production equipment, approximately 15% for expanding R&D investment, approximately 20.1% for expanding sales and marketing channels, and approximately 9.9% for general working capital. |
|---|
Underwriting Syndicate
Sole Sponsor (1)
ZHONGTAI INTERNATIONAL CAPITAL LIMITED CE BBY334(sole)
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | To be extracted |
|---|---|
| Company Secretary | 李東、楊雷 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Liu and Ms. Li, as a couple, through direct and indirect shareholdings, will jointly hold approximately 72.58% of the equity interests in the Company immediately after the Global Offering. |
|---|
