IPO Timeline
Broker Deadline
2026-06-24
Morning deadline
HKEX Deadline
2026-06-24
Noon deadline
Broker Results (T-2)
2026-06-25
Some brokers release in afternoon
Grey Market (T-1)
2026-06-26
Afternoon
HKEX Allotment (T-1)
2026-06-26
Evening
Registrar Allotment (T-1)
2026-06-26
Evening
Listing Day (T)
2026-06-29
First day of trading
Company Overview
| Stock Name | 海光芯正 |
|---|---|
| Stock Code | 01191 |
| Company Full Name | 海光芯正 |
| Industry | 光電互連 |
| Principal Activities | 我們是光電互連產品提供商，提供光模塊、AOC及其他產品。我們的產品廣泛應用於AI數據中心，以支持高速、高密度及高能效的數據傳輸。我們建立從芯片設計到光模塊製造的端到端技術能力，並專注於硅光子技術領域。 |
| Listing Date | 2026-06-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省蘇州市蘇州工業園區月亮灣美頌花園6棟302室 |
| Business Address (Hong Kong) | 香港中環皇后大道中99號中環中心62樓 |
| Place of Incorporation | 中华人民共和国 |
| Listing Method | 全球发售 |
| Listing Board | Main Board |
| Website | www.crealights.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 114.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 5,700 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-18 to 2026-06-24 |
| Global Offering Shares | 13,431,500 shares |
| HK Public Offer Shares (Initial) | 1,343,150 shares (10.0%) |
| Public Offer Lots (Initial) | 26,863lots (13,431lots, 13,432lots) |
| International Placing Shares (Initial) | 12,088,350 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 89,542,045 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 50.3% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,531,191,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 5,700 |
| 2 lots | 100 | HK$ 11,400 |
| 3 lots | 150 | HK$ 17,100 |
| 4 lots | 200 | HK$ 22,800 |
| 5 lots | 250 | HK$ 28,500 |
| 6 lots | 300 | HK$ 34,200 |
| 7 lots | 350 | HK$ 39,900 |
| 8 lots | 400 | HK$ 45,600 |
| 9 lots | 450 | HK$ 51,300 |
| 10 lots | 500 | HK$ 57,000 |
| 12 lots | 600 | HK$ 68,400 |
| 14 lots | 700 | HK$ 79,800 |
| 16 lots | 800 | HK$ 91,200 |
| 18 lots | 900 | HK$ 102,600 |
| 20 lots | 1,000 | HK$ 114,000 |
| 40 lots | 2,000 | HK$ 228,000 |
| 60 lots | 3,000 | HK$ 342,000 |
| 80 lots | 4,000 | HK$ 456,000 |
| 100 lots | 5,000 | HK$ 570,000 |
| 120 lots | 6,000 | HK$ 684,000 |
| 140 lots | 7,000 | HK$ 798,000 |
| 160 lots | 8,000 | HK$ 912,000 |
| 180 lots | 9,000 | HK$ 1,026,000 |
| 200 lots | 10,000 | HK$ 1,140,000 |
| 300 lots | 15,000 | HK$ 1,710,000 |
| 400 lots | 20,000 | HK$ 2,280,000 |
| 500 lots | 25,000 | HK$ 2,850,000 |
| 600 lots | 30,000 | HK$ 3,420,000 |
| 700 lots | 35,000 | HK$ 3,990,000 |
| 800 lots | 40,000 | HK$ 4,560,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 45,000 | HK$ 5,130,000 |
| 1,000 lots | 50,000 | HK$ 5,700,000 |
| 2,000 lots | 100,000 | HK$ 11,400,000 |
| 3,000 lots | 150,000 | HK$ 17,100,000 |
| 4,000 lots | 200,000 | HK$ 22,800,000 |
| 5,000 lots | 250,000 | HK$ 28,500,000 |
| 6,000 lots | 300,000 | HK$ 34,200,000 |
| 8,000 lots | 400,000 | HK$ 45,600,000 |
| 10,000 lots | 500,000 | HK$ 57,000,000 |
| 13,431 lots | 671,550 | HK$ 76,556,700 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,207,793,130 |
|---|---|
| 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 | 虧損約人民幣100.1百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 115,900,000 |
| Listing Expenses / Funds Raised | ~7.57% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 約53.4%用於擴充我們光模塊及其他光電互連產品的產能，並提升各產品線的自動化水平（約756.3百萬港元），餘下用於其他用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Overall Coordinators (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Joint Global Coordinators (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Joint Bookrunners (1)
华泰金融控股（香港）有限公司 CE AOK809
Joint Lead Managers (1)
华泰金融控股（香港）有限公司 CE AOK809
Capital Market Intermediaries (1)
华泰金融控股（香港）有限公司 CE AOK809
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
普衡律师事务所（香港）有限法律责任合伙 国浩律师（南京）事务所 |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 嘉林资本有限公司 CE BBX925 |
| Receiving Banks |
中国银行（香港）有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | （港元）(1)(2)基于发售价114.00港元JSC International Investment Fund SPC（为及代表Jingxin SP） | 250,000,000 HKD | 2,192,950 | 16.33% | 2.45% | 6 months | 2026-12-29 |
| 2 | 双赢科技 | 200,000,000 HKD | 1,754,350 | 13.06% | 1.96% | 6 months | 2026-12-29 |
| 3 | 金山云网络 | 39,172,500 HKD | 343,600 | 2.56% | 0.38% | 6 months | 2026-12-29 |
| 4 | UBS AM Singapore | 156,690,000 HKD | 1,374,450 | 10.23% | 1.53% | 6 months | 2026-12-29 |
| 5 | Perseverance Asset Management | 78,345,000 HKD | 687,200 | 5.12% | 0.77% | 6 months | 2026-12-29 |
| 6 | 易方达 | 391,000,000 HKD | 72,500 | 3.00% | 3.00% | 6 months | 2026-12-29 |
Directors & Management
| Chairman | 胡朝陽 |
|---|---|
| Company Secretary | 陳樂彤 |
執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 胡朝阳 | — | 執行董事 |
| 2 | 胡勇 | — | 執行董事 |
| 3 | 周红 | — | 執行董事 |
| 4 | 孙旭 | — | 執行董事 |
| 5 | 郭青松 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 吴皓南 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 徐浩萍 | — | 獨立非執行董事 |
| 2 | 王飞 | — | 獨立非執行董事 |
| 3 | 张维 | — | 獨立非執行董事 |
| 4 | 赵秀秀 | — | 獨立非執行董事 |
| 5 | 张谢娟 | — | 獨立非執行董事 |
| 6 | 魏善林 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 主要股東包括胡朝陽博士（透過直接持股及員工激勵平台控制）持有約17.95%，蘇州融聯創投持有5.91%，天津泰達持有5.61%，江蘇博華、北京信息發展基金、北京經開區產業升級基金二期各持有4.79%，以及其他股東。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
