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) — 龙旗科技 |
|---|---|
| Other Market Stock Code | 603341 |
| H-Share Offer Price | HK$ 31.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Longcheer |
|---|---|
| Stock Code | 09611 |
| Company Full Name | Shanghai Longcheer Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | subset of the global smart devices ODM market, and in turn, a subset of the global smart device manufacturing industry |
| Listing Date | 2026-01-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business in Hong Kong 46/F, Hopewell Centre 183 Queen’s Road East Wan Chai Hong Kong |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東183號 合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.longcheer.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 31.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,100 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-14 to 2026-01-19 |
| Global Offering Shares | 52,259,100 shares |
| HK Public Offer Shares (Initial) | 5,226,000 shares (10.0%) |
| Public Offer Lots (Initial) | 52,260lots (Pool A26,130lots，Pool B26,130lots) |
| International Placing Shares (Initial) | 47,033,100 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 522,590,644 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | Citigroup Global Markets Asia Limited CE AAA137 |
| Cornerstone Share | 23.7% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,620,032,100 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,100 |
| 2 lots | 200 | HK$ 6,200 |
| 3 lots | 300 | HK$ 9,300 |
| 4 lots | 400 | HK$ 12,400 |
| 5 lots | 500 | HK$ 15,500 |
| 6 lots | 600 | HK$ 18,600 |
| 7 lots | 700 | HK$ 21,700 |
| 8 lots | 800 | HK$ 24,800 |
| 9 lots | 900 | HK$ 27,900 |
| 10 lots | 1,000 | HK$ 31,000 |
| 20 lots | 2,000 | HK$ 62,000 |
| 30 lots | 3,000 | HK$ 93,000 |
| 40 lots | 4,000 | HK$ 124,000 |
| 50 lots | 5,000 | HK$ 155,000 |
| 60 lots | 6,000 | HK$ 186,000 |
| 70 lots | 7,000 | HK$ 217,000 |
| 80 lots | 8,000 | HK$ 248,000 |
| 90 lots | 9,000 | HK$ 279,000 |
| 100 lots | 10,000 | HK$ 310,000 |
| 200 lots | 20,000 | HK$ 620,000 |
| 300 lots | 30,000 | HK$ 930,000 |
| 400 lots | 40,000 | HK$ 1,240,000 |
| 500 lots | 50,000 | HK$ 1,550,000 |
| 600 lots | 60,000 | HK$ 1,860,000 |
| 700 lots | 70,000 | HK$ 2,170,000 |
| 800 lots | 80,000 | HK$ 2,480,000 |
| 900 lots | 90,000 | HK$ 2,790,000 |
| 1,000 lots | 100,000 | HK$ 3,100,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,200,000 |
| 3,000 lots | 300,000 | HK$ 9,300,000 |
| 4,000 lots | 400,000 | HK$ 12,400,000 |
| 5,000 lots | 500,000 | HK$ 15,500,000 |
| 6,000 lots | 600,000 | HK$ 18,600,000 |
| 7,000 lots | 700,000 | HK$ 21,700,000 |
| 8,000 lots | 800,000 | HK$ 24,800,000 |
| 9,000 lots | 900,000 | HK$ 27,900,000 |
| 10,000 lots | 1,000,000 | HK$ 31,000,000 |
| 15,000 lots | 1,500,000 | HK$ 46,500,000 |
| 20,000 lots | 2,000,000 | HK$ 62,000,000 |
| 26,130 lots | 2,613,000 | HK$ 81,003,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 1.15B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,200,309,964 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 1,620,032,100 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 25.4x (based on offer price HK$31 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 493.4 million |
| Period-End Cash Balance | RMB 5,461.5 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 32.1 |
|---|---|
| First Day Open | HK$ 35.0 |
| First Day Change | 3.55% |
| First Day Volume | 24635500.0 |
| First Day Turnover | 836580000.0 |
| Use of Proceeds | 1、約40%或608.3百萬港元將用于擴大境內外的整體產能，從而增強自有生產能力；
2、約20%或304.1百萬港元將用于支持持續的研發工作，特別是加強在關鍵領域的自主研發和創新能力；
3、約10%或152.1百萬港元將用于加強在境內外的市場營銷及客戶拓展工作；
4、約20%或304.1百萬港元將用于支持在全球的戰略性投資或并購；
5、約10%或152.1百萬港元將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (4)
Joint Global Coordinators (5)
Joint Bookrunners (8)
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
ABCI CAPITAL LIMITED CE AWL249
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (8)
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Capital Market Intermediaries (10)
Citigroup Global Markets Asia Limited CE AAA137
Citigroup Global Markets Asia Limited CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Open Securities Limited CE ACS694
Stabilizing Manager (1)
Citigroup Global Markets Asia Limited CE AAA137
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 北京德恒律师事务所 Dentons Link Legal Vietthink Law Firm 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
Herbert Smith Freehills Kramer 北京市竞天公诚律师事务所 |
| 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 | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 中国银行（香港）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 | Qualcomm | 8,000,000 USD | 2,010,613 | 3.85% | 0.38% | 6 months | 2026-07-22 |
| 2 | 江西国控 | 15,500,000 USD | 3,896,700 | 4.00% | 7.46% | 6 months | 2026-07-22 |
| 3 | OmniVision HK | 10,000,000 USD | 2,513,200 | 4.81% | 0.48% | 6 months | 2026-07-22 |
| 4 | 香港裕同 | 10,000,000 USD | 2,513,200 | 4.81% | 0.48% | 6 months | 2026-07-22 |
| 5 | 青岛观澜及国泰君安证券投资（香港）有限公司（与观澜场外掉期有关） | 8,000,000 USD | 2,010,613 | 3.85% | 0.38% | 6 months | 2026-07-22 |
| 6 | Endless Growth | 5,000,000 USD | 1,256,600 | 2.40% | 0.24% | 6 months | 2026-07-22 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Du Junhong | Mr. Du Junhong |
| Company Secretary | 周良梁 | — |
| Executive Director | 杜军红 | DU Junhong |
| Independent Non-Executive Director | 沈建新 | SHEN Jianxin |
| Executive Director | 葛振纲 | GE Zhengang |
| Independent Non-Executive Director | 杨川 | YANG Chuan |
| Executive Director | 关亚东 | GUAN Yadong |
| Independent Non-Executive Director | 牛双霞 | NIU Shuangxia |
| Executive Director | 覃艳玲 | QIN Yanling |
Major Shareholders
| Major Shareholders & Holdings | Mr. Du holds 141,638,563 Class A shares (representing 30.11%) through interests in controlled corporations, 37,415,450 Class A shares (representing 7.96%) as contract party interests, and 1,229,937 Class A shares (representing 0.26%) as treasury share interests; 上海芯禾 holds 95,793,544 Class A shares (representing 20.37%) through interests in controlled corporations; 昆山龍旗 beneficially holds 95,793,544 Class A shares (representing 20.37%); 澄邁旗禾 beneficially holds 45,845,019 Class A shares (representing 9.75%); Mr. Ge beneficially holds 21,443,635 Class A shares (representing 4.56%), 111,765,359 Class A shares (representing 23.76%) through interests in controlled corporations, 45,845,019 Class A shares (representing 9.75%) as contract party interests, and 1,229,937 Class A shares (representing 0.26%) as treasury share interests. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO attracted overwhelming demand with a 1149.76x oversubscription ratio, reflecting intense market enthusiasm. However, the hit rate is recorded as 0.0%, implying that virtually no applicants received allocations under the reported data. This underscores an extremely tight supply situation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the A-tail (100,000 shares applied), the expected allocation is only 0.026 lots, while B-head (200,000 shares) expects 0.1074 lots. Despite requiring double the capital, B-head yields about four times the expected lots, indicating a marginal efficiency gain at the B-tier entry. Such a disparity may reflect a ballot design that slightly favors larger applications in extreme oversubscription. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The data shows 0% mainland China and 0% Hong Kong participation, as well as zero total holders, which is likely a placeholder for this future-dated IPO. Typically, Hong Kong IPOs see significant mainland investor interest, but no demographic breakdown is available here. Caution is advised when interpreting these figures due to the lack of concrete data. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
