香江电器 02619 Prospectus Information

IPO Timeline

Broker Deadline

2025-06-20

Morning deadline

HKEX Deadline

2025-06-20

Noon deadline

Broker Results (T-2)

2025-06-23

Some brokers release in afternoon

Grey Market (T-1)

2025-06-24

Afternoon

HKEX Allotment (T-1)

2025-06-24

Evening

Registrar Allotment (T-1)

2025-06-24

Evening

Listing Day (T)

2025-06-25

First day of trading

Company Overview

Stock Name	香江电器
Stock Code	02619
Company Full Name	香江电器
Industry	家電家用
Principal Activities	公司是中國的生活家居用品制造商，主要以ODM╱OEM模式營運，并已建立起由全球知名兼歷史悠久的品牌組成的客戶群，例如沃爾瑪、Telebrands、SEB、Sensio、Hamilton Beach及飛利浦等。
Listing Date	2025-06-25
Listing Rules Era	Old Rules
Listing Rules Chapter	To be extracted
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	中國廣東省深圳市鹽田區海山街道沙頭角保稅區7棟7樓
Business Address (Hong Kong)	To be extracted
Place of Incorporation	To be extracted
Listing Method	To be extracted
Listing Board	Main Board
Website	https://www.xjgroup.com/
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	No

Offering Information

Offering Mechanism	To be extracted
Offer Price	HK$ 2.86 / shares
Offer Price Range	To be extracted
Lot Size	To be extracted
Entry Threshold	To be extracted
Par Value	To be extracted
Offer Period	To be extracted
Global Offering Shares	To be extracted
HK Public Offer Shares (Initial)	To be extracted
Public Offer Lots (Initial)	To be extracted
International Placing Shares (Initial)	To be extracted
Offer Ratio	To be extracted
Total Shares Post-IPO	To be extracted
Greenshoe (Over-allotment Option)	Yes
Stabilizing Manager (Greenshoe)	To be extracted
Cornerstone Share	44.0%
Clawback Tiers	To be extracted
Reallocation Option	No
Total Global Offering Size	HK$ 97,554,600

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	1,000	HK$ 2,860
2 lots	2,000	HK$ 5,720
3 lots	3,000	HK$ 8,580
4 lots	4,000	HK$ 11,440
5 lots	5,000	HK$ 14,300
6 lots	6,000	HK$ 17,160
7 lots	7,000	HK$ 20,020
8 lots	8,000	HK$ 22,880
9 lots	9,000	HK$ 25,740
10 lots	10,000	HK$ 28,600
15 lots	15,000	HK$ 42,900
20 lots	20,000	HK$ 57,200
25 lots	25,000	HK$ 71,500
30 lots	30,000	HK$ 85,800
35 lots	35,000	HK$ 100,100
40 lots	40,000	HK$ 114,400
45 lots	45,000	HK$ 128,700
50 lots	50,000	HK$ 143,000
60 lots	60,000	HK$ 171,600
70 lots	70,000	HK$ 200,200
80 lots	80,000	HK$ 228,800
90 lots	90,000	HK$ 257,400
100 lots	100,000	HK$ 286,000
200 lots	200,000	HK$ 572,000
300 lots	300,000	HK$ 858,000
400 lots	400,000	HK$ 1,144,000
500 lots	500,000	HK$ 1,430,000
600 lots	600,000	HK$ 1,716,000
700 lots	700,000	HK$ 2,002,000
800 lots	800,000	HK$ 2,288,000
900 lots	900,000	HK$ 2,574,000
1,000 lots	1,000,000	HK$ 2,860,000
1,500 lots	1,500,000	HK$ 4,290,000

Pool B

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
2,000 lots	2,000,000	HK$ 5,720,000
2,500 lots	2,500,000	HK$ 7,150,000
3,000 lots	3,000,000	HK$ 8,580,000
3,411 lots	3,411,000	HK$ 9,755,460

Valuation & Financials

Market Cap (at Offer Price)	To be extracted
Pre-IPO Valuation (Last Round)	To be extracted
P/E Ratio	To be extracted
Profit/Loss Status	To be extracted
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$ 2.52
First Day Open	HK$ 2.65
First Day Change	-11.89%
First Day Volume	30003000.0
First Day Turnover	80835800.0

Use of Proceeds

Use of Proceeds	1、約41.9%或71.9百萬港元預計將用于設立泰國廠房以增強全球布局； 2、約15.8%或27.2百萬港元預計將用于自動化與數字化升級改造以實現可持續增長； 3、約37.3%或64.1百萬港元預計將用于設立新研發中心； 4、約5.0%或8.6百萬港元預計將用作本集團的一般營運資金。

Underwriting Syndicate

Sole Sponsor (1)

国金证券（香港）有限公司 CE AAI195(sole)

Overall Coordinators (1)

国金证券（香港）有限公司 CE AAI195(sole)

Joint Global Coordinators (2)

国金证券（香港）有限公司 CE AAI195 建银国际金融有限公司 CE AJO225

Joint Bookrunners (8)

国金证券（香港）有限公司 CE AAI195 建银国际金融有限公司 CE AJO225 农银国际融资有限公司 CE AWL249 民银证券有限公司 CE APU820 招银国际融资有限公司 CE AVM940 First Fidelity Capital (International) Limited CE AMS441 众宸证券有限公司 CE BFY678 华盛资本证券有限公司 CE AUL711

Joint Lead Managers (8)

国金证券（香港）有限公司 CE AAI195 建银国际金融有限公司 CE AJO225 农银国际证券有限公司 CE ACX411 民银证券有限公司 CE APU820 招银国际融资有限公司 CE AVM940 First Fidelity Capital (International) Limited CE AMS441 众宸证券有限公司 CE BFY678 华盛资本证券有限公司 CE AUL711

Capital Market Intermediaries (1)

农银国际融资有限公司 CE AWL249

Service Providers

Role	Institution
Legal Advisor to Company	德恒律师事务所（香港）有限法律责任合伙中伦律师事务所 Law Offices of Bin Li & Associates SEA Law Firm DTL Law Office
Legal Advisor to Sponsors/Underwriters	竞天公诚律师事务所有限法律责任合伙信达律师事务所
Auditor and Reporting Accountant	德勤•关黄陈方会计师行
Industry Advisor	弗若斯特沙利文（北京）咨询有限公司上海分公司
Receiving Banks	星展银行（香港）有限公司中国工商银行（亚洲）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	湖北顺捷投资(香港)有限公司	42,922,880 HKD	—	22.00%	—	6 months	2025-12-25
2	香港兴黄控股有限公司	32,192,160 HKD	—	16.50%	—	6 months	2025-12-25
3	香港云星科技贸易管理有限公司	10,730,720 HKD	—	5.50%	—	6 months	2025-12-25

Directors & Management

Chairman	潘允
Company Secretary	胡彥,吳浚鎧

No director data available.

Major Shareholders

Major Shareholders & Holdings	潘允(40.55%),蘄春華鈺科技管理中心(有限合伙)(19.79%),蘄春恒興科技管理中心(有限合伙)(14.66%)

AI AI Analysis

Market Sentiment

The IPO was massively oversubscribed at 852.38x, signaling extreme market enthusiasm. With only 34.16% of applicants successful, the low hit rate reflects fierce competition for shares. The final offer price of HKD 2.86, combined with the clawback reallocation, indicates strong retail demand driving full upward pricing. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Tier Analysis

At the boundary, the A-tail application of HKD 1,000,000 yields just 0.3492 lots while the B-head application of HKD 1,500,000 yields 0.5559 lots, giving B-head a slightly better allocation per dollar (0.371 vs 0.349 lots per HKD 1,000). This unexpected efficiency at the higher tier contrasts with the common pattern where A-tail barely edges out B-head. Broker fee efficiency may vary, so actual cost-effectiveness should be scrutinized. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Demographics

Mainland Chinese investors dominated with 85.0% participation, pointing to strong cross-border interest possibly driven by brand recognition. Male investors formed a clear majority at 61.9%, and the average age of 42.1 years suggests a mature, experienced investor base. The pattern is typical for Hong Kong IPOs with strong retail appeal. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Subscription Tiers

IPO Timeline

香江电器 02619Prospectus Information

Market Sentiment

Tier Analysis

Demographics