IPO Analysis
Upcoming IPOs at a glance — master the key concepts behind IPO mechanics
📊 Upcoming IPOs
| Code | Company | Offer Price | P/S | Listing Date |
|---|---|---|---|---|
| 03231 | 優地機器人 | HK$17.00 | 20.7x | 2026-09-09 |
| 09976 | 江波龍電子 | HK$240.60 | 7.5x | 2026-09-08 |
| 09615 | 梅卡曼德機器人 | HK$98.50 | 29.5x | 2026-09-01 |
| 00625 | 希音-W | HK$48.55 | 0.6x | 2026-09-01 |
| 02523 | 永康控股 | HK$2.44 | 1.3x | 待披露 |
| 03223 | 君正股份 | HK$100.00 | 14.7x | 2026-08-25 |
| 02041 | 麥科田生物醫療 | HK$15.42 | 4.8x | 2026-09-07 |
| 02261 | 拿森科技 | HK$10.42 | — | 2026-08-07 |
| 03308 | 中際旭創 | HK$980.00 | — | 2026-07-30 |
| 02249 | 晶合集成 | HK$32.30 | — | 2026-07-10 |
| 06745 | 濱化股份 | HK$3.48 | — | 2026-07-10 |
| 00537 | 普源精電 | HK$45.98 | — | 2026-07-09 |
| 01377 | 鼎泰高科 | HK$380.00 | — | 2026-07-09 |
| 02475 | 立訊精密 | HK$63.28 | — | 2026-07-09 |
| 02797 | 齊雲山食品 | HK$8.00 | — | 2026-07-09 |
| 03752 | 珞石機器人 | HK$38.00 | — | 2026-07-09 |
| 06951 | 三環集團 | HK$100.30 | — | 2026-07-09 |
| 01770 | 東方科脈科技 | HK$89.88 | 4.0x | 2026-07-08 |
| 06880 | Momenta Group-W | HK$295.60 | 26.9x | 2026-07-08 |
| 07656 | 深圳瑞為技術 | HK$21.66 | 13.9x | 2026-07-08 |
| 07687 | 北京易控智駕科技 | HK$84.54 | 8.1x | 2026-07-08 |
| 08090 | 寶蓋新材料科技 | HK$7.33 | 2.5x | 2026-07-08 |
| 09971 | 基本半導體(深圳) | HK$29.56 | 26.9x | 2026-07-08 |
| 02667 | 北京同仁堂醫養投資 | HK$5.85 | 2.5x | 2026-07-07 |
| 00668 | 安克創新科技 | HK$99.32 | 2.1x | 2026-07-02 |
| 02697 | 廣東真健康醫療-B | HK$135.40 | 367.9x | 2026-06-30 |
| 03952 | 浙江來福諧波傳動 | HK$77.00 | 28.4x | 2026-06-30 |
| 06715 | 杭州千島湖鱘龍科技 | HK$75.50 | 9.9x | 2026-06-30 |
| 06915 | 江西生物製品研究所 | HK$13.06 | 15.9x | 2026-06-30 |
| 01191 | 北京海光芯正科技 | HK$114.00 | 7.8x | 2026-06-29 |
| 02672 | 白鴿在線(廈門)數字科技 | HK$20.28 | — | 2026-06-29 |
| 09637 | 禮邦醫藥(江蘇)-B | HK$22.60 | 233.4x | 2026-06-29 |
| 02272 | 廈門科拓通訊技術 | HK$39.55 | 4.5x | 2026-06-27 |
| 09630 | 合肥芯碁微電子裝備 | HK$252.73 | 24.1x | 2026-06-27 |
| 01688 | 廣東領益智造 | HK$10.18 | 1.5x | 2026-06-26 |
| 01956 | 北京中科聞歌科技 | HK$60.70 | 24.1x | 2026-06-26 |
| 03661 | 聖邦微電子(北京) | HK$85.20 | 13.7x | 2026-06-26 |
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Understand the key mechanisms behind IPO listings to become a smarter investor
Greenshoe / Over-allotment Option
Underwriters are granted the right to sell up to 15% additional shares to stabilise the share price in early trading. When the price rises, underwriters can exercise the greenshoe to meet market demand; when the price falls, they can buy back shares from the market to support the price. The greenshoe period typically lasts 30 days post-listing.
Clawback Mechanism
When the public offering tranche is oversubscribed by a certain multiple, shares from the international placing are "clawed back" to the public offering at preset ratios. For example: 15–50× oversubscription → public offering increases to 30%; 50–100× → 40%; over 100× → 50%. The clawback mechanism ensures retail investors can receive more shares in hot IPOs.
Subscription Methods — White Form / Yellow Form / eIPO
Retail investors can subscribe through three methods: ① White Form — shares registered in your own name and physical certificates issued, refunds sent by cheque; suitable for long-term holders but slower processing. ② Yellow Form — shares deposited directly into CCASS, can be sold on the first listing day, refunds automatically credited to bank account; the most convenient option. ③ eIPO (Electronic White Form) — subscribe online via bank or broker platforms, no paper forms needed; some platforms waive handling fees. The three methods cannot be used with the same HKID for the same IPO.
Margin Subscription (IPO Financing)
Investors borrow from banks or brokers to subscribe for IPOs, amplifying allocation chances. Margin ratios are typically 90% (i.e., HK$100K principal can subscribe for HK$1M worth of shares). Financing interest is payable, with hot IPO margin rates reaching 3–5% p.a. (calculated on actual days used, typically 5–7 days). Note: ① Margin subscription cut-off is usually half a day earlier than cash subscription; ② If the allotment rate is extremely low, interest costs may exceed the value of allocated shares; ③ Withdrawals (pulling applications) must be made before the deadline, and some brokers charge handling fees. Bank margin rates are usually lower than brokers'.
Public Offering Structure — Tranche A & B
The public offering typically accounts for 10% of total offer shares, with the remaining 90% for international placing. Retail subscriptions are divided into two groups: Tranche A for subscriptions ≤HK$5M, and Tranche B for subscriptions >HK$5M. The allocation mechanism favours smaller subscribers — Tranche A allotment rates are usually higher than Tranche B, though Tranche B receives more shares in absolute terms. When the clawback mechanism is triggered, the public offering share can rise from 10% to a maximum of 50%.
International Placing
Allocation of shares to institutional and professional investors, typically accounting for 90% of total offer shares. Placing targets include funds, insurance companies, sovereign wealth funds, etc. The subscription status of the international placing (whether fully covered, oversubscription multiples) is an important indicator of market reception, but data is not publicly disclosed.
Cornerstone Investors
Large institutional investors who have committed to subscribing for a specific number of shares before the IPO, typically with a 6-month lock-up period. Cornerstone participation is viewed as an endorsement of company quality. The prospectus discloses the cornerstone list and subscription amounts; retail investors can gauge institutional acceptance of the IPO from this. Notable cornerstone investors include: GIC, Temasek, China Structural Reform Fund, etc.
Sponsors
Investment banks responsible for ensuring listing companies comply with listing rules. Sponsors must conduct due diligence, assist in drafting the prospectus, and submit the listing application to the Stock Exchange. Every IPO requires at least one sponsor, who bears legal responsibility for the prospectus content. The sponsor's reputation directly affects the IPO's credibility.
Underwriters
Investment banks or brokers responsible for distributing IPO shares. The underwriting syndicate typically includes Joint Global Coordinators (JGC), Joint Bookrunners (JBR), and Joint Lead Managers (JLM). Underwriters assume distribution risk through firm commitment or best efforts arrangements. Under a firm commitment, unsold shares are absorbed by the underwriters themselves.
Lock-up Period
Cornerstone investors and controlling shareholders may not sell shares for 6 months post-listing, extended to 12 months in some cases. Share prices often fluctuate around lock-up expiry as the market anticipates potential stake reductions by major shareholders. The prospectus clearly sets out lock-up arrangements for each shareholder class; investors should note the lock-up expiry dates.
Bookbuilding / Price Discovery
Underwriters collect institutional investor orders through roadshows and determine the final offer price based on demand and price sensitivity. The prospectus first announces a price range; the final price may be below, at, or above the upper end. Pricing typically occurs 2–3 days before listing; investors can adjust their subscription decisions once the price is announced.
Stabilizing Manager
Appointed by the underwriters to execute the greenshoe mechanism and stabilise the share price for 30 days post-listing. When the share price falls below the offer price, the stabilizing manager can buy back shares in the market (up to 15% of the offer size) to support the price. The identity and operating rules of the stabilizing manager are disclosed in the prospectus.
Grey Market Trading
On the trading day before listing, from 4:15 PM to 6:30 PM, investors can trade new shares through grey market platforms offered by brokers such as Futu and Phillip. Grey market prices are an important reference for first-day performance — if the grey market rises, the first-day opening is usually higher; if it falls, the IPO may open below the offer price. Grey market trading is limited to each broker's own clients, and prices may differ across brokers.
Allotment Rate
The higher the public offering oversubscription multiple, the lower the retail allotment rate. For hot IPOs (100×+ oversubscription), Tranche A allotment rates can be as low as 5–10%, meaning 10 lots subscribed results in only 1 lot allocated. Tranche B (>HK$5M subscription) allotment rates are typically lower but the absolute number of shares received is higher. Allotment results are announced the day before listing; funds for unsuccessful applications are refunded.
📚 Want to learn more? Read the IPO Valuation Guide
Dive deeper into P/S and P/B valuation methods, how to select industry benchmarks, and A+H dual listing treatments
Read Guide →⚠️ The above content is for educational reference only and does not constitute investment advice. Investing involves risk; prices may go up or down. Before making any investment decision, consult a licensed professional financial adviser and carefully read the prospectus.