江苏宏信 02625 Prospectus Information

IPO Timeline

Broker Deadline

2025-03-26

Morning deadline

HKEX Deadline

2025-03-26

Noon deadline

Broker Results (T-2)

2025-03-27

Some brokers release in afternoon

Grey Market (T-1)

2025-03-28

Afternoon

HKEX Allotment (T-1)

2025-03-28

Evening

Registrar Allotment (T-1)

2025-03-28

Evening

Listing Day (T)

2025-03-31

First day of trading

Company Overview

Stock Name	江苏宏信
Stock Code	02625
Company Full Name	江苏宏信
Industry	零售
Principal Activities	公司是一家糧油批發商，總部設在揚州，主要集中在蘇中地區以「宏信龍」品牌經營超市及便利店零售業務。
Listing Date	2025-03-31
Listing Rules Era	Old Rules
Listing Rules Chapter	To be extracted
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	中國江蘇省揚州市江都區邵伯鎮工業集中區物流園
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.hxsupermarket.cn/
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 Information

Offering Mechanism	To be extracted
Offer Price	HK$ 2.50 / shares
Offer Price Range	To be extracted
Lot Size	To be extracted
Entry Threshold	To be extracted
Par Value	To be extracted
Offer Period	2025-03-26 to 2025-03-26
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	28.8%
Clawback Tiers	To be extracted
Reallocation Option	No
Total Global Offering Size	HK$ 22,230,000

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	1,000	HK$ 2,500
2 lots	2,000	HK$ 5,000
3 lots	3,000	HK$ 7,500
4 lots	4,000	HK$ 10,000
5 lots	5,000	HK$ 12,500
6 lots	6,000	HK$ 15,000
7 lots	7,000	HK$ 17,500
8 lots	8,000	HK$ 20,000
9 lots	9,000	HK$ 22,500
10 lots	10,000	HK$ 25,000
15 lots	15,000	HK$ 37,500
20 lots	20,000	HK$ 50,000
25 lots	25,000	HK$ 62,500
30 lots	30,000	HK$ 75,000
35 lots	35,000	HK$ 87,500
40 lots	40,000	HK$ 100,000
45 lots	45,000	HK$ 112,500
50 lots	50,000	HK$ 125,000
60 lots	60,000	HK$ 150,000
70 lots	70,000	HK$ 175,000
80 lots	80,000	HK$ 200,000
90 lots	90,000	HK$ 225,000
100 lots	100,000	HK$ 250,000
150 lots	150,000	HK$ 375,000
200 lots	200,000	HK$ 500,000
250 lots	250,000	HK$ 625,000
300 lots	300,000	HK$ 750,000
350 lots	350,000	HK$ 875,000
400 lots	400,000	HK$ 1,000,000
450 lots	450,000	HK$ 1,125,000
500 lots	500,000	HK$ 1,250,000
600 lots	600,000	HK$ 1,500,000
700 lots	700,000	HK$ 1,750,000
800 lots	800,000	HK$ 2,000,000
900 lots	900,000	HK$ 2,250,000
1,000 lots	1,000,000	HK$ 2,500,000
1,250 lots	1,250,000	HK$ 3,125,000
1,500 lots	1,500,000	HK$ 3,750,000
1,750 lots	1,750,000	HK$ 4,375,000

Pool B

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
2,250 lots	2,250,000	HK$ 5,625,000

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$ 2.5
First Day Open	HK$ 3.44
First Day Change	35.20%
First Day Volume	27790000.0
First Day Turnover	80316400.0

Use of Proceeds

Use of Proceeds	1、約人民幣30.0百萬元（相當于約32.5百萬港元）或約30.9%將用作開設新零售店鋪； 2、約人民幣40.0百萬元（相當于約43.3百萬港元）或約41.2%將用作建立新配送中心； 3、約人民幣26.0百萬元（相當于約28.1百萬港元）或約26.8%將用作建立新的餐食中央廚房； 4、約人民幣1.1百萬元（相當于約1.2百萬港元）或約1.1%將用于增強ERP系統及基礎設施系統，以提高運營效率。

1、約人民幣30.0百萬元（相當于約32.5百萬港元）或約30.9%將用作開設新零售店鋪； 2、約人民幣40.0百萬元（相當于約43.3百萬港元）或約41.2%將用作建立新配送中心； 3、約人民幣26.0百萬元（相當于約28.1百萬港元）或約26.8%將用作建立新的餐食中央廚房； 4、約人民幣1.1百萬元（相當于約1.2百萬港元）或約1.1%將用于增強ERP系統及基礎設施系統，以提高運營效率。

Underwriting Syndicate

Sole Sponsor (1)

绰耀资本有限公司 CE BJG062(sole)

Sponsor cum Overall Coordinator (1)

绰耀资本有限公司 CE BJG062(sole)

Overall Coordinators (2)

绰耀资本有限公司 CE BJG062 民银证券有限公司 CE APU820

Joint Global Coordinators (3)

绰耀资本有限公司 CE BJG062 民银证券有限公司 CE APU820 建银国际金融有限公司 CE AJO225

Joint Bookrunners (9)

绰耀资本有限公司 CE BJG062 民银证券有限公司 CE APU820 建银国际金融有限公司 CE AJO225 招银国际融资有限公司 CE AVM940 盈立证券有限公司 CE BJA907 星河证券有限公司 CE BJG526 艾德证券期货有限公司 CE BHT550 INNOVAX SECURITIES LIMITED CE BHV052 长桥证券（香港）有限公司

Joint Lead Managers (9)

Capital Market Intermediaries (9)

Service Providers

Role	Institution
Legal Advisor to Company	德恒律师事务所（香港）有限法律责任合伙北京德和衡律师事务所 Loeb & Loeb LLP
Legal Advisor to Sponsors/Underwriters	柯伍陈律师事务所北京大成律师事务所
Auditor and Reporting Accountant	毕马威会计师事务所
Industry Advisor	北京慧辰资道资讯股份有限公司
Compliance Advisor	绰耀资本有限公司 CE BJG062
Receiving Banks	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	Top Legend SPC	38,610,000 HKD	—	28.83%	—	6 months	2025-09-30

Directors & Management

Chairman	高峰
Company Secretary	徐春玲,許鴻群

No director data available.

Major Shareholders

Major Shareholders & Holdings	高峰(12.27%),江蘇省疌泉供銷合作產業發展基金(有限合伙)(10.07%),江蘇瑞川達投資有限公司(9.99%),揚州市江都區重大項目專項投資基金有限公司(7.65%),袁原(5.21%)

AI AI Analysis

Market Sentiment

The IPO for Jiangsu Hongxin (02625) saw robust retail demand with an oversubscription ratio of 46.96 times, indicating strong market enthusiasm. The overall hit rate was 27.42%, meaning only about one in four applicants received an allocation, reflecting high competition. The final offer price was set at HK$2.5 per share, but without the initial range, it's unclear if it was priced at the top; nonetheless, the significant oversubscription suggests positive sentiment. (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 exists: the A-tail (甲尾) application of HK$1.5 million expects 1.0 lot, while the B-head (乙头) application of HK$1.75 million expects only 0.4 lots. This indicates a steep drop in expected allocation per lot after crossing into the B-tier, making the marginal capital efficiency worse for B-head applicants. Broker fees further reduce net gains, so the A-tail appears more cost-effective in this case, though actual costs vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Demographics

The provided data shows zero holders with breakdowns for mainland and HK participation, suggesting demographic information was not captured or reported for this IPO. Without such data, it is difficult to assess geographic or demographic trends among applicants. Investors should note that the registrar may have omitted this detail; always verify against official filings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Subscription Tiers

IPO Timeline

江苏宏信 02625Prospectus Information

Market Sentiment

Tier Analysis

Demographics