// Company Overview //
| Stock Name | 來福諧波 |
|---|---|
| Stock Code | 03952 |
| Company Full Name | 來福諧波 |
| Industry | 机器人科技 |
| Principal Activities | 中國機器人精密傳動核心部件提供商，提供涵蓋諧波減速器、關節模組、機械臂乃至自動化工作站的產品組合，主要應用於人形機器人和工業機器人領域。 |
| Listing Date | 2026-06-30 |
| Listing Rules Era | |
| Listing Rules Chapter | 18C特专科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國 浙江省 嵊州市 甘霖鎮工業園區 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1901室 |
| Place of Incorporation | 中国 |
| Listing Method | 全球发售 |
| Listing Board | Main Board |
| Website | laifual.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | No data |
| A-Share/US Dual Listing | No |
// Offering Information //
| Offering Mechanism | 18C特专科技 |
|---|---|
| Clawback Tiers | 因超购4,572.0倍，回拨至20.0% |
| Offer Period | 2026-06-22 to 2026-06-25 |
| Offer Price | HK$ 85.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,550 |
| Par Value | RMB 1.0 / shares |
| Global Offering Shares | 13,441,900 |
| HK Public Offering Shares | 2,688,400 (20.0%) |
| International Placing Shares | — (0.0%) |
| Offer Ratio | No data |
| Total Shares Post-IPO | 103,398,787 shares |
| Total Global Offering Size | HK$ 1,149,282,450 |
| Public Offering Size | HK$ 229,858,200 (20.0%) |
| Oversubscription Multiple | 4,572.0x |
| Valid Applications | 182,737 |
| Accepted Applications | — |
| Reallocation | No |
| Greenshoe (Over-allotment Option) | Yes |
| Final Public Offering Share | 20.0% |
// Valuation & Financials //
| Market Cap (at Offer Price) | No data |
|---|---|
| Pre-IPO Valuation (Last Round) | No data |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | 亏损约人民币170.6百万元 |
| Period-End Cash Balance | No data |
| Listing Expenses | No data |
| Listing Expenses / Funds Raised | No data |
| Total Pre-IPO Investment | No data |
// First Day Performance
| First Day Close | Loading... |
|---|
// Price Chart //
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// Use of Proceeds
| Use of Proceeds | 约55.0%用于生产设施扩建，约20.0%用于研发能力提升以丰富产品组合，约5.0%用于扩大海外销售网络，约10.0%用于战略投资或收购，剩余约10.0%用于营运资金及一般企业用途 |
|---|
// Underwriting Syndicate //
独家保荐人 (1)
招银国际融资有限公司(sole)
保荐人兼整体协调人 (1)
招银国际融资有限公司(sole)
联席全球协调人 (1)
招银国际融资有限公司(sole)
联席账簿管理人 (1)
招银国际融资有限公司(sole)
联席牵头经办人 (1)
招银国际融资有限公司(sole)
资本市场中介人 (1)
招银国际融资有限公司(sole)
// Service Providers //
| Role | Institution |
|---|---|
| 本公司法律顾问 |
贝克•麦坚时律师事务所 海问律师事务所 Commerce & Finance Law Offices LLP |
| 保荐人/包销商法律顾问 |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| 核数师兼申报会计师 | 毕马威会计师事务所 |
| 行业顾问 | 灼识行业咨询有限公司 |
| 收款银行 | 招商永隆银行有限公司 |
// Cornerstone Investors //
Allotment Results Announcement
| # | Investor Name | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|
| 1 | 明山資本有限公司 | 916,400 | 6.82% | 0.89% | — | — |
| 2 | 嘉實國際資產管理有限公司 | 733,100 | 5.45% | 0.71% | — | — |
| 3 | 易方達基金管理有限公司╱易方達資產管 | 458,200 | 3.41% | 0.44% | — | — |
| 4 | LBC HK Opportunity Fund Limited | 274,900 | 2.05% | 0.27% | — | — |
| 5 | Dream’ee (Hong Kong) Open-ended Fund | 274,900 | 2.05% | 0.27% | — | — |
| 6 | Factorial Master Fund | 274,900 | 2.05% | 0.27% | — | — |
| 7 | Oasis Investments II Master Fund Ltd. | 274,900 | 2.05% | 0.27% | — | — |
| 8 | 華泰資本投資有限公司（附註4） | 4,600 | 0.03% | 0.00% | — | — |
// Directors & Management //
| Chairman | 張傑 |
|---|---|
| Company Secretary | 周文俊、李漪澄 |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 張傑 | — | 執行董事 |
| 2 | 吳迪 | — | 執行董事 |
| 3 | 王海鷹 | — | 執行董事 |
| 4 | 張瀚 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 崔志遠 | — | 非執行董事 |
| 2 | 黃河 | — | 非執行董事 |
| 3 | 李程晟 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李俊 | — | 獨立非執行董事 |
| 2 | 樓宇 | — | 獨立非執行董事 |
| 3 | 田春杉 | — | 獨立非執行董事 |
// Major Shareholders //
| Major Shareholders & Holdings | 單一最大股東集團包括來福投資(20.40%)、傑陽信息(4.43%)、張傑先生(3.59%)及越焯(9.87%)，合計持股38.29%；其他主要股東包括國開基金(8.70%)、聯想基金(6.50%)、國中中小企業基金(4.92%)等。 |
|---|
// Allotment Benchmarks //
Pool A (Small Subscriptions)
| Shares Applied | Applicants | Allottees | Expected Lots |
|---|---|---|---|
| 100 | 63,206 | 3,161 | 0.05 |
| 200 | 7,754 | 450 | 0.06 |
| 300 | 5,117 | 324 | 0.06 |
| 400 | 3,421 | 230 | 0.07 |
| 500 | 17,665 | 1,246 | 0.07 |
| 600 | 3,061 | 225 | 0.07 |
| 700 | 1,686 | 128 | 0.08 |
| 800 | 1,569 | 123 | 0.08 |
| 900 | 1,051 | 85 | 0.08 |
| 1,000 | 9,827 | 804 | 0.08 |
| 1,500 | 3,021 | 270 | 0.09 |
| 2,000 | 2,946 | 280 | 0.10 |
| 2,500 | 2,049 | 204 | 0.10 |
| 3,000 | 2,182 | 226 | 0.10 |
| 3,500 | 1,633 | 175 | 0.11 |
| 4,000 | 1,511 | 167 | 0.11 |
| 4,500 | 1,303 | 147 | 0.11 |
| 5,000 | 2,915 | 337 | 0.12 |
| 6,000 | 2,387 | 287 | 0.12 |
| 7,000 | 1,934 | 240 | 0.13 |
| 8,000 | 1,644 | 210 | 0.13 |
| 9,000 | 1,239 | 162 | 0.14 |
| 10,000 | 7,917 | 1,059 | 0.13 |
| 20,000 | 5,648 | 876 | 0.16 |
| 30,000 | 4,205 | 711 | 0.18 |
| 40,000 | 2,614 | 470 | 0.16 |
| 50,000 | 4,478 | 845 | 0.20 |
Pool B (Large Subscriptions)
| Shares Applied | Applicants | Allottees | Expected Lots |
|---|---|---|---|
| 60,000 | 6,419 | 3,852 | 0.60 |
| 70,000 | 1,835 | 1,155 | 0.63 |
| 80,000 | 1,283 | 842 | 0.64 |
| 90,000 | 982 | 669 | 0.72 |
| 100,000 | 2,838 | 2,009 | 0.70 |
| 150,000 | 1,654 | 1,340 | 0.75 |
| 200,000 | 1,035 | 907 | 0.80 |
| 250,000 | 651 | 619 | 1.00 |
| 300,000 | 345 | 337 | 0.90 |
| 336,000 | 1,712 | 1,712 | 1.01 |
Allotment Benchmarks
