IPO Timeline
Broker Deadline
2025-10-17
Morning deadline
HKEX Deadline
2025-10-17
Noon deadline
Broker Results (T-2)
2025-10-20
Some brokers release in afternoon
Grey Market (T-1)
2025-10-21
Afternoon
HKEX Allotment (T-1)
2025-10-21
Evening
Registrar Allotment (T-1)
2025-10-21
Evening
Listing Day (T)
2025-10-22
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 广和通 |
|---|---|
| Other Market Stock Code | 300638 |
| H-Share Offer Price | HK$ 21.50 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 广和通 |
|---|---|
| Stock Code | 00638 |
| Company Full Name | 广和通 |
| Industry | Telecommunications |
| Principal Activities | 我們是領先的無線通信模組提供商。我們的模組產品包括(i)數傳模組、(ii)智能模組及(iii) AI模組。同時，我們以模組產品為基礎，結合我們對下游應用場景的理解，向客戶提供定制化解決方案，包括(i)端側AI解決方案、(ii)機器人解決方案及(iii)其他解決方案。 |
| Listing Date | 2025-10-22 |
| 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 深圳市南山區 西麗街道西麗社區打石一路 深圳國際創新谷6棟 A座1101 |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | fibocom.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 21.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 4,300 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-14 to 2025-10-17 |
| Global Offering Shares | 135,080,200 shares |
| HK Public Offer Shares (Initial) | 13,508,020 shares (10.0%) |
| Public Offer Lots (Initial) | 67,540lots (33,770lots, 33,770lots) |
| International Placing Shares (Initial) | 121,572,180 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 900,533,742 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 43.0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,904,224,300 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 4,300 |
| 2 lots | 400 | HK$ 8,600 |
| 3 lots | 600 | HK$ 12,900 |
| 4 lots | 800 | HK$ 17,200 |
| 5 lots | 1,000 | HK$ 21,500 |
| 6 lots | 1,200 | HK$ 25,800 |
| 7 lots | 1,400 | HK$ 30,100 |
| 8 lots | 1,600 | HK$ 34,400 |
| 9 lots | 1,800 | HK$ 38,700 |
| 10 lots | 2,000 | HK$ 43,000 |
| 15 lots | 3,000 | HK$ 64,500 |
| 20 lots | 4,000 | HK$ 86,000 |
| 25 lots | 5,000 | HK$ 107,500 |
| 30 lots | 6,000 | HK$ 129,000 |
| 35 lots | 7,000 | HK$ 150,500 |
| 40 lots | 8,000 | HK$ 172,000 |
| 45 lots | 9,000 | HK$ 193,500 |
| 50 lots | 10,000 | HK$ 215,000 |
| 75 lots | 15,000 | HK$ 322,500 |
| 100 lots | 20,000 | HK$ 430,000 |
| 125 lots | 25,000 | HK$ 537,500 |
| 150 lots | 30,000 | HK$ 645,000 |
| 175 lots | 35,000 | HK$ 752,500 |
| 200 lots | 40,000 | HK$ 860,000 |
| 225 lots | 45,000 | HK$ 967,500 |
| 250 lots | 50,000 | HK$ 1,075,000 |
| 300 lots | 60,000 | HK$ 1,290,000 |
| 350 lots | 70,000 | HK$ 1,505,000 |
| 400 lots | 80,000 | HK$ 1,720,000 |
| 450 lots | 90,000 | HK$ 1,935,000 |
| 500 lots | 100,000 | HK$ 2,150,000 |
| 1,000 lots | 200,000 | HK$ 4,300,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 6,450,000 |
| 2,000 lots | 400,000 | HK$ 8,600,000 |
| 2,500 lots | 500,000 | HK$ 10,750,000 |
| 3,000 lots | 600,000 | HK$ 12,900,000 |
| 3,500 lots | 700,000 | HK$ 15,050,000 |
| 4,000 lots | 800,000 | HK$ 17,200,000 |
| 4,500 lots | 900,000 | HK$ 19,350,000 |
| 5,000 lots | 1,000,000 | HK$ 21,500,000 |
| 10,000 lots | 2,000,000 | HK$ 43,000,000 |
| 15,000 lots | 3,000,000 | HK$ 64,500,000 |
| 20,000 lots | 4,000,000 | HK$ 86,000,000 |
| 25,000 lots | 5,000,000 | HK$ 107,500,000 |
| 33,770 lots | 6,754,000 | HK$ 145,211,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 19,361,475,453 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態，但未提供市盈率信息） |
| Profit/Loss Status | 盈利約人民幣423.2百萬元 |
| 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 Performance
| First Day Close | HK$ 18.98 |
|---|---|
| First Day Open | HK$ 21.5 |
| First Day Change | -11.72% |
| First Day Volume | 31770800.0 |
| First Day Turnover | 645676000.0 |
Use of Proceeds
| Use of Proceeds | 1、約55.0%（或1,479.2百萬港元）預期將分配作研發用途，主要包括與AI技術及機器人技術相關的技術創新及產品開發； 2、約15.0%（或403.4百萬港元）預期將于未來五年分配用于在中國深圳建設制造設施，主要用于生產(i)模塊產品及(ii)作為解決方案一部分的終端產品； 3、約10.0%（或268.9百萬港元）預期將分配用于償還若干計息銀行借款； 4、約10.0%（或268.9百萬港元）預期將分配用于戰略投資及╱或收購； 5、約10.0%（或268.9百萬港元）預期將用作營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249
Overall Coordinators (3)
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
招银国际融资有限公司 CE AVM940
Joint Bookrunners (6)
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
华升证券（国际）有限公司 CE AFS030
富途证券国际（香港）有限公司 CE AZT137
Joint Lead Managers (6)
中信里昂证券有限公司 CE AAB893
国证国际证券（香港）有限公司 CE AUW685
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
华升证券（国际）有限公司 CE AFS030
富途证券国际（香港）有限公司 CE AZT137
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Dream’ee (Hong Kong) Open-ended Fund Company | 39,998,600 HKD | — | 1.38% | — | 6 months | 2026-04-22 |
| 2 | RUIHUA (INTERNATIONAL) INVESTMENT LIMITED | 100,164,200 HKD | — | 3.45% | — | 6 months | 2026-04-22 |
| 3 | 广发国际资产管理有限公司 | 56,033,300 HKD | — | 1.93% | — | 6 months | 2026-04-22 |
| 4 | 广发基金管理有限公司 | 99,618,100 HKD | — | 3.43% | — | 6 months | 2026-04-22 |
| 5 | 国泰君安证券投资(香港)有限公司 | 65,716,900 HKD | — | 2.26% | — | 6 months | 2026-04-22 |
| 6 | 太平洋资产管理有限责任公司 | 124,523,700 HKD | — | 4.29% | — | 6 months | 2026-04-22 |
| 7 | 香港勤道赣通有限公司 | 538,914,700 HKD | — | 18.56% | — | 6 months | 2026-04-22 |
| 8 | 张晓雷 | 116,740,700 HKD | — | 4.02% | — | 6 months | 2026-04-22 |
| 9 | 智度投资(香港)有限公司 | 77,000,100 HKD | — | 2.65% | — | 6 months | 2026-04-22 |
| 10 | 中国太保投资管理(香港)有限公司 | 31,127,700 HKD | — | 1.07% | — | 6 months | 2026-04-22 |
Directors & Management
| Chairman | 張天瑜 |
|---|---|
| Company Secretary | 陳仕江 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 張天瑜先生直接持有281,512,495股A股（佔已發行股本總額約36.78%），並被視為於2,627,960股庫存股中擁有權益（佔0.34%）。應凌鵬先生直接持有25,526,106股A股（佔3.33%），並通過廣和創虹持有19,281,816股A股（佔2.52%）。 |
|---|
AI
AI Analysis
Market Sentiment
广和通超额认购倍数高达550.99倍，引发市场热烈追捧，共计191,156份有效申请。但整体中签率极低，尤其甲组分配极为紧张，体现打新热度与供需失衡。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购200,000股）期望中签仅0.1141手，而乙头（申购300,000股）期望中签达0.921手，甲尾中签量反而不及乙头十分之一，出现罕见的倒挂现象。这种分配显著偏向大资金，反映机制B下回拨规则与阶梯费率可能造成的效率差异，小额申购者资金使用效率远低于大额档位。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。券商手续费结构各异，实际成本可能不同。）
Demographics
本次申购人口统计数据（内地占比、性别分布等）均为零或缺失，无法分析具体画像。可能因登记处（卓佳）尚未披露或系统未录入所致，建议以交易所后续公告为准。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。数据可能存在来源文件的错误或遗漏，请以港交所官方文件为准。）
Offering Structure
Subscription Tiers
IPO Timeline
