| Stock Name | 愛芯元智 |
|---|---|
| Stock Code | 00600 |
| Company Full Name | 愛芯元智 |
| Industry | Information Technology |
| Principal Activities | 我们是AI推理SoC的供应商，专注为边缘计算与终端设备AI应用打造高性能感知与计算平台。 |
| Listing Date | 2026-02-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 浙江省 寧波市 鎮海區莊市街道 中官西路777號 科創大廈17樓59室 |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號時代廣場 二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.axera-tech.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 28.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-30 to 2026-02-05 |
| Global Offering Shares | 104,915,200 shares |
| HK Public Offer Shares (Initial) | 10,491,600 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 94,423,600 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 587,760,481 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 48.8% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,958,608,640 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,820 |
| 2 lots | 200 | HK$ 5,640 |
| 3 lots | 300 | HK$ 8,460 |
| 4 lots | 400 | HK$ 11,280 |
| 5 lots | 500 | HK$ 14,100 |
| 6 lots | 600 | HK$ 16,920 |
| 7 lots | 700 | HK$ 19,740 |
| 8 lots | 800 | HK$ 22,560 |
| 9 lots | 900 | HK$ 25,380 |
| 10 lots | 1,000 | HK$ 28,200 |
| 20 lots | 2,000 | HK$ 56,400 |
| 30 lots | 3,000 | HK$ 84,600 |
| 40 lots | 4,000 | HK$ 112,800 |
| 50 lots | 5,000 | HK$ 141,000 |
| 60 lots | 6,000 | HK$ 169,200 |
| 70 lots | 7,000 | HK$ 197,400 |
| 80 lots | 8,000 | HK$ 225,600 |
| 90 lots | 9,000 | HK$ 253,800 |
| 100 lots | 10,000 | HK$ 282,000 |
| 200 lots | 20,000 | HK$ 564,000 |
| 300 lots | 30,000 | HK$ 846,000 |
| 400 lots | 40,000 | HK$ 1,128,000 |
| 500 lots | 50,000 | HK$ 1,410,000 |
| 600 lots | 60,000 | HK$ 1,692,000 |
| 700 lots | 70,000 | HK$ 1,974,000 |
| 800 lots | 80,000 | HK$ 2,256,000 |
| 900 lots | 90,000 | HK$ 2,538,000 |
| 1,000 lots | 100,000 | HK$ 2,820,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 5,640,000 |
| 3,000 lots | 300,000 | HK$ 8,460,000 |
| 4,000 lots | 400,000 | HK$ 11,280,000 |
| 5,000 lots | 500,000 | HK$ 14,100,000 |
| 6,000 lots | 600,000 | HK$ 16,920,000 |
| 7,000 lots | 700,000 | HK$ 19,740,000 |
| 8,000 lots | 800,000 | HK$ 22,560,000 |
| 9,000 lots | 900,000 | HK$ 25,380,000 |
| 10,000 lots | 1,000,000 | HK$ 28,200,000 |
| 20,000 lots | 2,000,000 | HK$ 56,400,000 |
| 30,000 lots | 3,000,000 | HK$ 84,600,000 |
| 52,458 lots | 5,245,800 | HK$ 147,931,560 |
| Market Cap (at Offer Price) | HK$ 16,574,845,564 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | 亏损约人民币904.2百万元（2024年） |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 28.2 |
|---|---|
| First Day Open | HK$ 28.2 |
| First Day Change | -23.76% |
| First Day Volume | 22587400.0 |
| First Day Turnover | 635410000.0 |
| Use of Proceeds | 1、約60.0%（或1,674.1百萬港元）將用于投資優化公司現有的技術平臺，主要對公司的現有產品進行逐步改進以提升性能及效率，及推出新產品； 2、約15.0%（或418.5百萬港元）將用于投資研發項目，主要以開發擴大公司的業務范圍的新技術； 3、約5.0%（或139.5百萬港元）將用于公司的銷售擴張； 4、約10.0%（或279.0百萬港元）將用于股權投資或收購，旨在進一步整合上下游行業資源； 5、約10.0%（或279.0百萬港元）將用于營運資金及其他一般公司用途。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Desay SV Automotive Singapore Pte. Ltd. | 77,978,640 HKD | — | 2.64% | — | 6 months | 2026-08-10 |
| 2 | Factorial Master Fund | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 3 | GRANITE ASIA IX VCC | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 4 | Hel Ved Master Fund | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 5 | Jinyi Capital Multi-Strategy Fund SPC Ltd. | 15,594,600 HKD | — | 0.53% | — | 6 months | 2026-08-10 |
| 6 | Joyson Electronics Holdings Hong Kong Limited | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 7 | JSC International Investment Fund SPC | 210,544,020 HKD | — | 7.12% | — | 6 months | 2026-08-10 |
| 8 | Jupiter Global Master Fund Ltd. | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 9 | NGS Super Pty Limited | 155,957,280 HKD | — | 5.27% | — | 6 months | 2026-08-10 |
| 10 | NonaVerse (Hong Kong) Limited | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 11 | Valliance Asset Management Limited | 54,583,920 HKD | — | 1.84% | — | 6 months | 2026-08-10 |
| 12 | 明山资本有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 13 | 青岛观澜投资管理有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 14 | 深圳市豪恩科技集团股份有限公司 | 38,989,320 HKD | — | 1.32% | — | 6 months | 2026-08-10 |
| 15 | 韦尔半导体香港有限公司 | 272,928,060 HKD | — | 9.22% | — | 6 months | 2026-08-10 |
| 16 | 新马服装国际有限公司 | 272,928,060 HKD | — | 9.22% | — | 6 months | 2026-08-10 |
| Chairman | QIU Xiaoxin |
|---|---|
| Company Secretary | 施曉燁 |
| Major Shareholders & Holdings | QIU博士通过上海衿淩等实体控制约18.70%的H股，为单一最大股东集团。韦豪创芯通过韦豪实体合计持有约12.54%的H股。 |
|---|
Market Sentiment
The IPO was heavily oversubscribed at 104.82 times, signaling intense retail demand. A final hit rate of 47.4% indicates that nearly half of applicants received shares, relatively high for such oversubscription, possibly due to reallocation. The fixed offer price of HKD 28.20 suggests no range setting, reflecting confident issuer pricing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable inefficiency exists between the A-pool tail (甲尾) and B-pool head (乙头): both tiers average only 1.0 expected lot per application despite the B-head requiring twice the subscription amount (HKD 200,000 vs. HKD 100,000). This flat allocation curve means that marginal capital deployment into the B-head yields no additional share allocation, making the A-tail far more capital-efficient. Investors should also consider that broker fee structures may further tilt cost efficiency, as larger subscription amounts might incur higher financing costs without corresponding allocation benefits. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic breakdown data, including mainland China participation rate and geographic distribution, was not available for this IPO. Without such information, no meaningful patterns regarding investor origins or trends can be inferred. Future analyses may benefit from richer applicant profile disclosures. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
