IPO Timeline
Broker Deadline
2026-03-17
Morning deadline
HKEX Deadline
2026-03-17
Noon deadline
Broker Results (T-2)
2026-03-18
Some brokers release in afternoon
Grey Market (T-1)
2026-03-19
Afternoon
HKEX Allotment (T-1)
2026-03-19
Evening
Registrar Allotment (T-1)
2026-03-19
Evening
Listing Day (T)
2026-03-20
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 广合科技 |
|---|---|
| Other Market Stock Code | 001389 |
| H-Share Offer Price | HK$ 71.88 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 廣合科技 |
|---|---|
| Stock Code | 01989 |
| Company Full Name | 廣合科技 |
| Industry | Industrial Goods |
| Principal Activities | 我們主要從事研發、生產及銷售應用於算力服務器及其他算力場景的定制化印刷電路板（「PCB」）。 |
| Listing Date | 2026-03-20 |
| 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 廣州保稅區 保盈南路22號 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1928室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | delton.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 71.88 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,188 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-03-12 to 2026-03-17 |
| Global Offering Shares | 46,000,000 shares |
| HK Public Offer Shares (Initial) | 4,600,000 shares (10.0%) |
| Public Offer Lots (Initial) | 46,000lots (23,000lots, 23,000lots) |
| International Placing Shares (Initial) | 41,400,000 shares (90.0%) |
| Offer Ratio | ~9.74% |
| Total Shares Post-IPO | 472,446,482 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 45.0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,306,480,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,188 |
| 2 lots | 200 | HK$ 14,376 |
| 3 lots | 300 | HK$ 21,564 |
| 4 lots | 400 | HK$ 28,752 |
| 5 lots | 500 | HK$ 35,940 |
| 6 lots | 600 | HK$ 43,128 |
| 7 lots | 700 | HK$ 50,316 |
| 8 lots | 800 | HK$ 57,504 |
| 9 lots | 900 | HK$ 64,692 |
| 10 lots | 1,000 | HK$ 71,880 |
| 15 lots | 1,500 | HK$ 107,820 |
| 20 lots | 2,000 | HK$ 143,760 |
| 25 lots | 2,500 | HK$ 179,700 |
| 30 lots | 3,000 | HK$ 215,640 |
| 35 lots | 3,500 | HK$ 251,580 |
| 40 lots | 4,000 | HK$ 287,520 |
| 45 lots | 4,500 | HK$ 323,460 |
| 50 lots | 5,000 | HK$ 359,400 |
| 60 lots | 6,000 | HK$ 431,280 |
| 70 lots | 7,000 | HK$ 503,160 |
| 80 lots | 8,000 | HK$ 575,040 |
| 90 lots | 9,000 | HK$ 646,920 |
| 100 lots | 10,000 | HK$ 718,800 |
| 200 lots | 20,000 | HK$ 1,437,600 |
| 300 lots | 30,000 | HK$ 2,156,400 |
| 400 lots | 40,000 | HK$ 2,875,200 |
| 500 lots | 50,000 | HK$ 3,594,000 |
| 600 lots | 60,000 | HK$ 4,312,800 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,031,600 |
| 800 lots | 80,000 | HK$ 5,750,400 |
| 900 lots | 90,000 | HK$ 6,469,200 |
| 1,000 lots | 100,000 | HK$ 7,188,000 |
| 2,000 lots | 200,000 | HK$ 14,376,000 |
| 3,000 lots | 300,000 | HK$ 21,564,000 |
| 4,000 lots | 400,000 | HK$ 28,752,000 |
| 5,000 lots | 500,000 | HK$ 35,940,000 |
| 6,000 lots | 600,000 | HK$ 43,128,000 |
| 7,000 lots | 700,000 | HK$ 50,316,000 |
| 8,000 lots | 800,000 | HK$ 57,504,000 |
| 9,000 lots | 900,000 | HK$ 64,692,000 |
| 10,000 lots | 1,000,000 | HK$ 71,880,000 |
| 15,000 lots | 1,500,000 | HK$ 107,820,000 |
| 20,000 lots | 2,000,000 | HK$ 143,760,000 |
| 23,000 lots | 2,300,000 | HK$ 165,324,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 33,959,453,126 |
|---|---|
| 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676.1百萬元 |
| 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$ 0.92 |
|---|---|
| First Day Open | HK$ 0.88 |
| First Day Change | 33.33% |
| First Day Volume | 392276000.0 |
| First Day Turnover | 354517000.0 |
Use of Proceeds
| Use of Proceeds | 1、約19.7%或625.8百萬港元（相當于約人民幣552.8百萬元）預計將用于購置及安裝先進的生產設備，以及優化專注于算力場景PCB的泰國基地二期的生產工藝及產品質量，進而提升生產能力； 2、約52.1%或1,655.1百萬港元（相當于約人民幣1,461.9百萬元）預期將用于擴建及升級在廣州基地的生產設施，尤其是HDIPCB的產能； 3、約10.0%或317.5百萬港元（相當于約人民幣280.5百萬元）預期將用于提升在開發材料技術、改良生產工藝及產品開發方面的研發能力； 4、約8.2%或259.3百萬港元（相當于約人民幣229.1百萬元）預期將用于尋求與業務互補及符合發展策略的戰略合作伙伴關系、投資或收購項目； 5、約10.0%或317.5百萬港元（相當于約人民幣280.5百萬元）預期將用作營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249
香港上海汇丰银行有限公司
Overall Coordinators (5)
中信里昂证券有限公司 CE AAB893
香港上海汇丰银行有限公司
GF Securities (Hong Kong) Brokerage Limited CE AOB364
华泰金融控股（香港）有限公司 CE AOK809
Guolian Securities International Capital Market Co., Limited CE BQU633
Joint Bookrunners (5)
中信里昂证券有限公司 CE AAB893
香港上海汇丰银行有限公司
GF Securities (Hong Kong) Brokerage Limited CE AOB364
华泰金融控股（香港）有限公司 CE AOK809
Guolian Securities International Capital Market Co., Limited CE BQU633
Joint Lead Managers (5)
中信里昂证券有限公司 CE AAB893
香港上海汇丰银行有限公司
GF Securities (Hong Kong) Brokerage Limited CE AOB364
华泰金融控股（香港）有限公司 CE AOK809
Guolian Securities International Capital Market Co., Limited CE BQU633
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CPE Funds | 124,359,588 HKD | — | 3.76% | — | 6 months | 2026-09-20 |
| 2 | Eastspring Investments (Singapore) Limited | 117,322,536 HKD | — | 3.55% | — | 6 months | 2026-09-20 |
| 3 | MY Asian Opportunities Master Fund, L.P. | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 4 | UBS Asset Management (Singapore) Ltd. | 234,652,260 HKD | — | 7.10% | — | 6 months | 2026-09-20 |
| 5 | 霸菱资产管理(亚洲)有限公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 6 | 大家人寿保险股份有限公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 7 | 大湾区共同家园投资有限公司 | 117,315,348 HKD | — | 3.55% | — | 6 months | 2026-09-20 |
| 8 | 工银理财有限责任公司 | 78,212,628 HKD | — | 2.37% | — | 6 months | 2026-09-20 |
| 9 | 国泰君安证券投资(香港)有限公司 | 110,285,484 HKD | — | 3.34% | — | 6 months | 2026-09-20 |
| 10 | 惠理基金管理香港有限公司 | 234,652,260 HKD | — | 7.10% | — | 6 months | 2026-09-20 |
| 11 | 景林资产管理香港有限公司 | 228,233,376 HKD | — | 6.90% | — | 6 months | 2026-09-20 |
| 12 | 上海景林及中信证券国际资本管理有限公司 | 6,411,696 HKD | — | 0.19% | — | 6 months | 2026-09-20 |
Directors & Management
| Chairman | 肖紅星 |
|---|---|
| Company Secretary | 曾楊清 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 肖先生通過臻蘊投資、廣生投資、廣財投資合計持有228,808,321股A股，佔全部已發行股本約53.65%（全球發售完成後約48.43%）。劉女士為肖先生配偶，被視為擁有相同權益。曾紅女士通過廣諧投資持有43,249,099股A股，佔全部已發行股本約10.14%（全球發售完成後約9.15%）。 |
|---|
AI
AI Analysis
Market Sentiment
The offering saw extraordinary demand with an oversubscription ratio of 1070.72, reflecting frenzied investor enthusiasm. However, the 0.0% hit rate underscores an extreme allocation squeeze, leaving virtually all retail participants empty-handed despite the reallocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The 甲尾 (A-tail) expected 0.4557 lots on 60,000 lots applied, while 乙头 (B-head) expected 0.56 lots on 70,000 lots, a negligible 0.1-lot difference that erodes the incentive for upgrading to a higher-cost tier. This tight spread points to an inefficient tier design where marginal additional capital yields almost no extra allocation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland China applicants made up 70.5% of the base, signaling heavy cross-border interest, likely concentrated in Guangdong given typical flows. The pool skewed male (60.8%) with an average age of 42.3, consistent with the profile of seasoned retail speculators. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
