IPO Timeline
Broker Deadline
2026-03-19
Morning deadline
HKEX Deadline
2026-03-19
Noon deadline
Broker Results (T-2)
2026-03-20
Some brokers release in afternoon
Grey Market (T-1)
2026-03-23
Afternoon
HKEX Allotment (T-1)
2026-03-23
Evening
Registrar Allotment (T-1)
2026-03-23
Evening
Listing Day (T)
2026-03-24
First day of trading
Company Overview
| Stock Name | 澤景股份 |
|---|---|
| Stock Code | 02632 |
| Company Full Name | 澤景股份 |
| Industry | Consumer Discretionary |
| Principal Activities | 我們專注於HUD解決方案，提供以擋風玻璃HUD（W-HUD）解決方案CyberLens及增強現實HUD（AR-HUD）解決方案CyberVision為主，以測試解決方案和其他創新視覺技術解決方案為輔的綜合解決方案。 |
| Listing Date | 2026-03-24 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 江蘇省揚州市儀徵市汽車工業園天越路3號汽車電子產業園1棟 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園1期19樓1918室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | zjautomotive.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 | Mechanism B |
|---|---|
| Offer Price | HK$ 44.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 2,210 |
| Par Value | RMB 0.5 / shares |
| Offer Period | 2026-03-16 to 2026-03-19 |
| Global Offering Shares | 16,226,500 shares |
| HK Public Offer Shares (Initial) | 1,622,650 shares (10.0%) |
| Public Offer Lots (Initial) | 32,453lots (16,226lots, 16,227lots) |
| International Placing Shares (Initial) | 14,603,850 shares (90.0%) |
| Offer Ratio | ~13.15% |
| Total Shares Post-IPO | 123,395,266 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 15.1% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 717,211,300 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 2,210 |
| 2 lots | 100 | HK$ 4,420 |
| 3 lots | 150 | HK$ 6,630 |
| 4 lots | 200 | HK$ 8,840 |
| 5 lots | 250 | HK$ 11,050 |
| 6 lots | 300 | HK$ 13,260 |
| 7 lots | 350 | HK$ 15,470 |
| 8 lots | 400 | HK$ 17,680 |
| 9 lots | 450 | HK$ 19,890 |
| 10 lots | 500 | HK$ 22,100 |
| 12 lots | 600 | HK$ 26,520 |
| 14 lots | 700 | HK$ 30,940 |
| 16 lots | 800 | HK$ 35,360 |
| 18 lots | 900 | HK$ 39,780 |
| 20 lots | 1,000 | HK$ 44,200 |
| 30 lots | 1,500 | HK$ 66,300 |
| 40 lots | 2,000 | HK$ 88,400 |
| 50 lots | 2,500 | HK$ 110,500 |
| 60 lots | 3,000 | HK$ 132,600 |
| 70 lots | 3,500 | HK$ 154,700 |
| 80 lots | 4,000 | HK$ 176,800 |
| 90 lots | 4,500 | HK$ 198,900 |
| 100 lots | 5,000 | HK$ 221,000 |
| 120 lots | 6,000 | HK$ 265,200 |
| 140 lots | 7,000 | HK$ 309,400 |
| 160 lots | 8,000 | HK$ 353,600 |
| 180 lots | 9,000 | HK$ 397,800 |
| 200 lots | 10,000 | HK$ 442,000 |
| 400 lots | 20,000 | HK$ 884,000 |
| 600 lots | 30,000 | HK$ 1,326,000 |
| 800 lots | 40,000 | HK$ 1,768,000 |
| 1,000 lots | 50,000 | HK$ 2,210,000 |
| 1,200 lots | 60,000 | HK$ 2,652,000 |
| 1,400 lots | 70,000 | HK$ 3,094,000 |
| 1,600 lots | 80,000 | HK$ 3,536,000 |
| 1,800 lots | 90,000 | HK$ 3,978,000 |
| 2,000 lots | 100,000 | HK$ 4,420,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 4,000 lots | 200,000 | HK$ 8,840,000 |
| 6,000 lots | 300,000 | HK$ 13,260,000 |
| 8,000 lots | 400,000 | HK$ 17,680,000 |
| 10,000 lots | 500,000 | HK$ 22,100,000 |
| 12,000 lots | 600,000 | HK$ 26,520,000 |
| 14,000 lots | 700,000 | HK$ 30,940,000 |
| 16,226 lots | 811,300 | HK$ 35,859,460 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,454,070,757 |
|---|---|
| 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 | 虧損人民幣137.9百萬元（2024年） |
| Period-End Cash Balance | 人民币125,700,000元 |
| Listing Expenses | ~HK$ 68,060,000 |
| Listing Expenses / Funds Raised | ~9.49% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 27.88 |
|---|---|
| First Day Open | HK$ 43.9 |
| First Day Change | -36.92% |
| First Day Volume | 5219350.0 |
| First Day Turnover | 230200000.0 |
Use of Proceeds
| Use of Proceeds | 1、約46.7%（或309.1百萬港元）將用于生產線擴展及自動化、智能化升級； 2、約32.4%（或214.7百萬港元）將用于提升研發及技術能力，以及升級現有解決方案及開發基于同源技術的新產品； 3、約10.9%（或72.1百萬港元）將用于與專注于光學成像、近眼顯示、可穿戴產品等其他相關領域的產業價值鏈參與者的潛在戰略合作，旨在鞏固及提升領先市場地位及技術能力； 4、約10.0%（或66.2百萬港元）將用于營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
海通国际资本有限公司 CE ADQ859
中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (1)
海通国际证券有限公司 CE AAF806
Overall Coordinators (2)
海通国际证券有限公司 CE AAF806
中银国际亚洲有限公司 CE AET863
Joint Global Coordinators (3)
海通国际证券有限公司 CE AAF806
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
Joint Bookrunners (5)
海通国际证券有限公司 CE AAF806
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
百惠证券有限公司 CE BPQ161
Joint Lead Managers (5)
海通国际证券有限公司 CE AAF806
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
百惠证券有限公司 CE BPQ161
Capital Market Intermediaries (4)
海通国际证券有限公司 CE AAF806
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
富途证券国际（香港）有限公司 CE AZT137
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师事务所 上海市锦天城律师事务所 Ashurst Tokyo (Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo) |
| Legal Advisor to Sponsors/Underwriters |
贝克•麦坚时律师事务所 世辉律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks | 交通银行股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 盈科壹号 | 55,000,000 USD | 1,222,200 | 7.53% | 8.37% | 6 months | 2026-09-24 |
| 2 | 香港高精尖 | 54,950,000 USD | 1,221,100 | 7.53% | 8.36% | 6 months | 2026-09-24 |
Directors & Management
| Chairman | 張濤 |
|---|---|
| Company Secretary | 馬海蓉 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张涛 | — | 執行董事 |
| 2 | 张波 | — | 執行董事 |
| 3 | 范鑫 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 胡滨 | — | 非執行董事 |
| 2 | 由天宇 | — | 非執行董事 |
| 3 | 郑诗赢 | — | 非執行董事 |
獨立非執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨孟瑛 | — | 獨立非執行董事 |
| 2 | 孙晖 | — | 獨立非執行董事 |
| 3 | 白剑 | — | 獨立非執行董事 |
| 4 | 张宁波 | — | 獨立非執行董事 |
| 5 | 肖江玉 | — | 獨立非執行董事 |
| 6 | 单超 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 控股股東集團（包括張濤先生、張波先生、王正剛先生、呂濤先生、葉靜女士、郭慧女士、呂湘連女士、揚州澤盈及揚州澤蕪）合共持有約44.66%權益。緊隨全球發售完成後，控股股東集團將持有約38.79%。 |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted 68.89x oversubscription, reflecting enthusiastic retail interest. Although the hit rate is shown as 0.0%, this likely reflects incomplete data; normal allocation would be around 1.5%. The final price of HK$44.2 at a low entry of HK$2,210 per lot made it accessible. (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: applying for 100,000 lots in 甲尾 yields an expected 1 lot, while 乙头 at 200,000 lots yields only 0.0435 lots. This extreme inefficiency makes B‑head far more expensive per expected lot, with A‑tail offering far better broker fee efficiency. The sharp drop highlights heavy B‑tier congestion. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Over 90% of applicants were from Mainland China, with only 9.5% from Hong Kong, signaling strong cross‑border interest. Males dominated at 67.7%, and the average age was 38.5 years, typical of IPO investors. Guangdong likely accounted for a large share given regional trends. (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
