| Stock Name | 銅師傅 |
|---|---|
| Stock Code | 00664 |
| Company Full Name | 銅師傅 |
| Industry | Consumer Discretionary |
| Principal Activities | 我們（即銅師傅）自成立以來，一直專注於將傳統工藝與現代設計和使用場景相結合，開發銅質文創產品。根據弗若斯特沙利文報告，截至2024年12月31日止年度，我們在中國銅質文創工藝產品市場按總收入計位列第一，市場份額達35.0%。 |
| Listing Date | 2026-03-31 |
| 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 建德市 洋溪街道雅鼎路777號 |
| Business Address (Hong Kong) | 灣仔 皇后大道東183號 合和中心 46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | tongshifu.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$ 60.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 6,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-23 to 2026-03-26 |
| Global Offering Shares | 7,406,800 shares |
| HK Public Offer Shares (Initial) | 740,700 shares (10.0%) |
| Public Offer Lots (Initial) | 7,407lots (3,703lots, 3,704lots) |
| International Placing Shares (Initial) | 6,666,100 shares (90.0%) |
| Offer Ratio | ~11.5% |
| Total Shares Post-IPO | 64,406,800 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 6.8% |
| Clawback Tiers | 回拨A档 |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 444,408,000 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,000 |
| 2 lots | 200 | HK$ 12,000 |
| 3 lots | 300 | HK$ 18,000 |
| 4 lots | 400 | HK$ 24,000 |
| 5 lots | 500 | HK$ 30,000 |
| 6 lots | 600 | HK$ 36,000 |
| 7 lots | 700 | HK$ 42,000 |
| 8 lots | 800 | HK$ 48,000 |
| 9 lots | 900 | HK$ 54,000 |
| 10 lots | 1,000 | HK$ 60,000 |
| 15 lots | 1,500 | HK$ 90,000 |
| 20 lots | 2,000 | HK$ 120,000 |
| 25 lots | 2,500 | HK$ 150,000 |
| 30 lots | 3,000 | HK$ 180,000 |
| 35 lots | 3,500 | HK$ 210,000 |
| 40 lots | 4,000 | HK$ 240,000 |
| 45 lots | 4,500 | HK$ 270,000 |
| 50 lots | 5,000 | HK$ 300,000 |
| 60 lots | 6,000 | HK$ 360,000 |
| 70 lots | 7,000 | HK$ 420,000 |
| 80 lots | 8,000 | HK$ 480,000 |
| 90 lots | 9,000 | HK$ 540,000 |
| 100 lots | 10,000 | HK$ 600,000 |
| 200 lots | 20,000 | HK$ 1,200,000 |
| 300 lots | 30,000 | HK$ 1,800,000 |
| 400 lots | 40,000 | HK$ 2,400,000 |
| 500 lots | 50,000 | HK$ 3,000,000 |
| 600 lots | 60,000 | HK$ 3,600,000 |
| 700 lots | 70,000 | HK$ 4,200,000 |
| 800 lots | 80,000 | HK$ 4,800,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 90,000 | HK$ 5,400,000 |
| 1,000 lots | 100,000 | HK$ 6,000,000 |
| 1,200 lots | 120,000 | HK$ 7,200,000 |
| 1,400 lots | 140,000 | HK$ 8,400,000 |
| 1,600 lots | 160,000 | HK$ 9,600,000 |
| 1,800 lots | 180,000 | HK$ 10,800,000 |
| 2,000 lots | 200,000 | HK$ 12,000,000 |
| 2,500 lots | 250,000 | HK$ 15,000,000 |
| 3,000 lots | 300,000 | HK$ 18,000,000 |
| 3,703 lots | 370,300 | HK$ 22,218,000 |
| Market Cap (at Offer Price) | HK$ 3,864,408,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 盈利約人民幣78.982百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 56,100,000 |
| Listing Expenses / Funds Raised | ~12.62% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 30.5 |
|---|---|
| First Day Open | HK$ 35.42 |
| First Day Change | -49.17% |
| First Day Volume | 2897000.0 |
| First Day Turnover | 111474000.0 |
| Use of Proceeds | 1、約38.0%（相當于約158.8百萬港元）分配用于提升產品開發及設計能力，其乃增長策略的基礎； 2、約24.0%（相當于約100.3百萬港元）分配用于提升內部產能及加強需求預測與制造產出的一致性，從而提高履約靈活性并支持長期產品供應； 3、約24.0%（相當于約100.3百萬港元）分配用于擴大及加強零售及營銷基礎設施，重點鞏固在中國的直營店網絡、加快國際化布局及增強數字化營銷和內容開發能力； 4、約4.0%（相當于約16.7百萬港元）分配用于加強數字化和信息基礎設施； 5、約10.0%（相當于約41.8百萬港元）將保留用于一般營運資金及運營靈活性。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 建投国际(香港)有限公司 | 30,000,000 HKD | — | 6.75% | — | 6 months | 2026-09-30 |
| Chairman | 俞光 |
|---|---|
| Company Secretary | 徐佳穎 |
| Major Shareholders & Holdings | 俞先生持有23.24%的H股權益；順為持有11.85%的H股權益；天津金米持有8.46%的H股權益；北京合眾持有3.12%的境內非上市股份權益；上海如碼持有0.27%的境內非上市股份權益。 |
|---|
Market Sentiment
The IPO saw a significant oversubscription ratio of 59.55x, indicating strong retail demand. The overall hit rate of 11.43% is relatively low, reflecting high competition for the modest 10% HK public offering tranche. Pricing at the top of the range contributed to the enthusiastic reception. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier anomaly is evident: the expected lots at the A-tier tail (0.2778 for 70,000 lots applied) are lower than at the B-tier head (0.4058 for 80,000 lots applied), meaning the per-lot allocation is less favorable for top A-tier applicants. This slight inefficiency may prompt large applicants to size their subscriptions just into the B-tier for a better expected allocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The demographic breakdown was not available in the provided data, with mainland China and Hong Kong participation rates both showing zero. Without this information, it is impossible to draw conclusions about regional concentration or investor profile trends commonly observed in Hong Kong IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
