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 | Shenzhen (SZSE) — 沃尔核材 |
|---|---|
| Other Market Stock Code | 002130 |
| H-Share Offer Price | HK$ 20.09 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Woer |
|---|---|
| Stock Code | 09981 |
| Company Full Name | ShenZhen Woer Heat-Shrinkable Material Co.,Ltd. |
| Industry | Industrial Goods |
| Principal Activities | Our principal businesses include: (i) the electronic communications business, involving (a) communication cable products (including high-speed copper cables, consumer and industrial cables); and (b) the development, manufacture and sale of electronic materials; (ii) the power transmission business, involving (a) new energy vehicle power transmission products (including new energy vehicle charging products and power battery safety protection products); and (b) the development, manufacture and sale of cable accessories; and (iii) other businesses, mainly comprising wind power generation business. |
| Listing Date | 2026-02-13 |
| 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 廣東省 深圳市 坪山區 青松路53號 |
| Business Address (Hong Kong) | 香港 上環 永樂街60–66號 昌泰商業大廈 5樓504室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.woer.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 20.09 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,018 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-02-05 to 2026-02-10 |
| Global Offering Shares | 139,988,800 shares |
| HK Public Offer Shares (Initial) | 13,999,000 shares (10.0%) |
| Public Offer Lots (Initial) | 69,995lots (Pool A34,997lots，Pool B34,998lots) |
| International Placing Shares (Initial) | 125,989,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,399,887,362 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 34.5% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,812,374,992 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,018 |
| 2 lots | 400 | HK$ 8,036 |
| 3 lots | 600 | HK$ 12,054 |
| 4 lots | 800 | HK$ 16,072 |
| 5 lots | 1,000 | HK$ 20,090 |
| 6 lots | 1,200 | HK$ 24,108 |
| 7 lots | 1,400 | HK$ 28,126 |
| 8 lots | 1,600 | HK$ 32,144 |
| 9 lots | 1,800 | HK$ 36,162 |
| 10 lots | 2,000 | HK$ 40,180 |
| 15 lots | 3,000 | HK$ 60,270 |
| 20 lots | 4,000 | HK$ 80,360 |
| 25 lots | 5,000 | HK$ 100,450 |
| 30 lots | 6,000 | HK$ 120,540 |
| 35 lots | 7,000 | HK$ 140,630 |
| 40 lots | 8,000 | HK$ 160,720 |
| 45 lots | 9,000 | HK$ 180,810 |
| 50 lots | 10,000 | HK$ 200,900 |
| 100 lots | 20,000 | HK$ 401,800 |
| 150 lots | 30,000 | HK$ 602,700 |
| 200 lots | 40,000 | HK$ 803,600 |
| 250 lots | 50,000 | HK$ 1,004,500 |
| 300 lots | 60,000 | HK$ 1,205,400 |
| 350 lots | 70,000 | HK$ 1,406,300 |
| 400 lots | 80,000 | HK$ 1,607,200 |
| 450 lots | 90,000 | HK$ 1,808,100 |
| 500 lots | 100,000 | HK$ 2,009,000 |
| 1,000 lots | 200,000 | HK$ 4,018,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,027,000 |
| 2,000 lots | 400,000 | HK$ 8,036,000 |
| 2,500 lots | 500,000 | HK$ 10,045,000 |
| 3,000 lots | 600,000 | HK$ 12,054,000 |
| 3,500 lots | 700,000 | HK$ 14,063,000 |
| 4,000 lots | 800,000 | HK$ 16,072,000 |
| 4,500 lots | 900,000 | HK$ 18,081,000 |
| 5,000 lots | 1,000,000 | HK$ 20,090,000 |
| 10,000 lots | 2,000,000 | HK$ 40,180,000 |
| 15,000 lots | 3,000,000 | HK$ 60,270,000 |
| 20,000 lots | 4,000,000 | HK$ 80,360,000 |
| 25,000 lots | 5,000,000 | HK$ 100,450,000 |
| 30,000 lots | 6,000,000 | HK$ 120,540,000 |
| 34,997 lots | 6,999,400 | HK$ 140,617,946 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 1.64B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 28,123,737,102 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,812,374,992 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 920.5 million |
| Period-End Cash Balance | RMB 877.49 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~2.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 20.68 |
|---|---|
| First Day Open | HK$ 20.1 |
| First Day Change | 2.94% |
| First Day Volume | 31940300.0 |
| First Day Turnover | 676861000.0 |
| Use of Proceeds | 1、45%或約1,240.8百萬港元將用于實現產品組合多元化及升級產品以擴展業務范圍并增加市場份額及滲透率；
2、27%或約727.4百萬港元將用于拓展全球業務版圖、提升中國及馬來西亞產能，以滿足快速增長的海外市場不斷增加的需求；
3、18%或約492.0百萬港元將用于潛在戰略投資及╱或收購；
4、10%或約273.4百萬港元將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Sponsor cum Overall Coordinator (2)
Overall Coordinators (2)
Joint Global Coordinators (3)
Joint Bookrunners (6)
Joint Lead Managers (6)
Capital Market Intermediaries (6)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 广东信达律师事务所 恒元联合法律事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
天元律师事务所（有限法律责任合伙） 北京金诚同达（深圳）律师事务所 |
| Auditor and Reporting Accountant | 大华马施云会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Gram Capital Limited CE BBX925 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）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 | HHLR Advisors, Ltd. | 25 USD | 9,703,000 | 6.93% | 0.69% | 6 months | 2026-08-13 |
| 2 | 上海景林及华泰资本投资有限公司（有关景林场外掉期） | 18 USD | 6,986,000 | 4.99% | 0.50% | 6 months | 2026-08-13 |
| 3 | Jump Trading Pacific Pte. Ltd. | 3 USD | 1,164,200 | 0.83% | 0.08% | 6 months | 2026-08-13 |
| 4 | 惠州市惠联投资合伙企业（有限合伙） | 26 USD | 9,960,800 | 7.12% | 0.71% | 6 months | 2026-08-13 |
| 5 | 江西铜业及国泰君安证券投资（香港）有限公司（有关江西铜业场外掉期） | 3 USD | 1,164,200 | 0.83% | 0.08% | 6 months | 2026-08-13 |
| 6 | 深圳市新世界投资（香港）有限公司 | 8 USD | 2,986,400 | 2.13% | 0.21% | 6 months | 2026-08-13 |
| 7 | 高时发展有限公司 | 4 USD | 1,692,200 | 1.21% | 0.12% | 6 months | 2026-08-13 |
| 8 | 雾凇资本有限公司 | 1 USD | 398,200 | 0.28% | 0.03% | 6 months | 2026-08-13 |
| 9 | SCV Alpha LP | 4 USD | 1,344,800 | 0.96% | 0.10% | 6 months | 2026-08-13 |
| 10 | Yield Royal Investment Holding (Singapore) PTE. LTD. | 3 USD | 1,164,200 | 0.83% | 0.08% | 6 months | 2026-08-13 |
| 11 | 国惠（香港）控股有限公司 | 5 USD | 1,940,600 | 1.39% | 0.14% | 6 months | 2026-08-13 |
| 12 | 璞信国泰君安证券投资(香港)有限公司（有关璞信场外掉期） | 5 USD | 1,941,200 | 1.39% | 0.14% | 6 months | 2026-08-13 |
| 13 | 新宙邦（香港）有限公司 | 7 USD | 2,737,600 | 1.96% | 0.20% | 6 months | 2026-08-13 |
| 14 | 易亚投资管理有限公司 | 5 USD | 1,940,600 | 1.39% | 0.14% | 6 months | 2026-08-13 |
| 15 | Factorial Master Fund | 2 USD | 776,200 | 0.55% | 0.06% | 6 months | 2026-08-13 |
| 16 | 前海辰星投资 | 6 USD | 2,328,600 | 1.66% | 0.17% | 6 months | 2026-08-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 周和平 | ZhouHeping |
| Company Secretary | 邱微女士 | — |
| Non-Executive Director | 李文友 | LiWenyou |
| Independent Non-Executive Director | 曾凡跃 | ZengFanyue |
| Executive Director | 易华蓉 | YiHuarong |
| Independent Non-Executive Director | 代冰洁 | DaiBingjie |
| Executive Director | 刘占理 | LiuZhanli |
| Independent Non-Executive Director | 王栋 | WangDong |
| Executive Director | 夏春亮 | XiaChunliang |
| Executive Director | 邓艶 | DengYan |
Major Shareholders
| Major Shareholders & Holdings | Mr. Zhou directly holds 139,563,801 A shares, and through Tongyi Fund holds 50,000,000 A shares, totaling 189,563,801 A shares, representing 13.54% of the total number of issued shares immediately after completion of the Global Offering (voting rights 13.64%). Ms. Yi Huarong (spouse of Mr. Zhou) is deemed to have the same interest. Ms. Qiu Limin directly holds 8,772,371 A shares, and through multiple private funds holds 107,263,456 A shares, totaling 116,035,827 A shares, representing 8.29% of the total number of issued shares immediately after completion of the Global Offering (voting rights 8.35%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO of 沃尔核材 attracted extraordinary retail demand, with an oversubscription ratio of 569.58x, reflecting intense market enthusiasm for this industrial manufacturing stock. Despite the massive oversubscription, the overall hit rate is currently reported as 0%, likely due to data lag or incomplete allocation reporting. The final offer price was HK$20.09, but no price range data is available to assess pricing dynamics. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A clear tier inefficiency appears between the last A-tier (甲尾) and first B-tier (乙头). Applicants at 甲尾 (200,000 lots applied) are expected to receive only 0.2362 lots on average, while 乙头 applicants (300,000 lots) see a jump to 0.8053 expected lots, a more than threefold increase for a 50% larger subscription. This makes 甲尾 highly cost-inefficient given similar or higher broker fees per lot—though actual broker fees vary and must be verified. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is currently unavailable or unreported, with holder count and regional breakdowns showing zero values. Typically, Mainland China participation is a key indicator of speculative interest, but no conclusions can be drawn here. The absence of data may be due to reporting delays or data source limitations. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
