IPO Timeline
Broker Deadline
2025-12-11
Morning deadline
HKEX Deadline
2025-12-11
Noon deadline
Broker Results (T-2)
2025-12-12
Some brokers release in afternoon
Grey Market (T-1)
2025-12-15
Afternoon
HKEX Allotment (T-1)
2025-12-15
Evening
Registrar Allotment (T-1)
2025-12-15
Evening
Listing Day (T)
2025-12-16
First day of trading
Company Overview
| Stock Name | 果下科技 |
|---|---|
| Stock Code | 02655 |
| Company Full Name | 果下科技 |
| Industry | AI & Machine Learning |
| Principal Activities | renewable energy solutions and products provider in the energy storage industry in the PRC |
| Listing Date | 2025-12-16 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 9 Huicheng Road Changan Sub-district Huishan District Wuxi City Jiangsu Province PRC Corporate headquarters and Principal No. 9 Huicheng Road Place of Business in the PRC Changan Sub-district Huis |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東183 號 合和中心46 樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.guoxiatech.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 20.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,010 |
| Par Value | RMB 0.2 / shares |
| Offer Period | 2025-12-08 to 2025-12-11 |
| Global Offering Shares | 38,930,800 shares |
| HK Public Offer Shares (Initial) | 3,385,300 shares (8.7%) |
| Public Offer Lots (Initial) | 33,853lots (16,926lots, 16,927lots) |
| International Placing Shares (Initial) | 30,467,600 shares (91.3%) |
| Offer Ratio | ~7.68% |
| Total Shares Post-IPO | 506,794,075 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 10.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 782,509,080 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,010 |
| 2 lots | 200 | HK$ 4,020 |
| 3 lots | 300 | HK$ 6,030 |
| 4 lots | 400 | HK$ 8,040 |
| 5 lots | 500 | HK$ 10,050 |
| 6 lots | 600 | HK$ 12,060 |
| 7 lots | 700 | HK$ 14,070 |
| 8 lots | 800 | HK$ 16,080 |
| 9 lots | 900 | HK$ 18,090 |
| 10 lots | 1,000 | HK$ 20,100 |
| 20 lots | 2,000 | HK$ 40,200 |
| 30 lots | 3,000 | HK$ 60,300 |
| 40 lots | 4,000 | HK$ 80,400 |
| 50 lots | 5,000 | HK$ 100,500 |
| 60 lots | 6,000 | HK$ 120,600 |
| 70 lots | 7,000 | HK$ 140,700 |
| 80 lots | 8,000 | HK$ 160,800 |
| 90 lots | 9,000 | HK$ 180,900 |
| 100 lots | 10,000 | HK$ 201,000 |
| 200 lots | 20,000 | HK$ 402,000 |
| 300 lots | 30,000 | HK$ 603,000 |
| 400 lots | 40,000 | HK$ 804,000 |
| 500 lots | 50,000 | HK$ 1,005,000 |
| 600 lots | 60,000 | HK$ 1,206,000 |
| 700 lots | 70,000 | HK$ 1,407,000 |
| 800 lots | 80,000 | HK$ 1,608,000 |
| 900 lots | 90,000 | HK$ 1,809,000 |
| 1,000 lots | 100,000 | HK$ 2,010,000 |
| 1,500 lots | 150,000 | HK$ 3,015,000 |
| 2,000 lots | 200,000 | HK$ 4,020,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,500 lots | 250,000 | HK$ 5,025,000 |
| 3,000 lots | 300,000 | HK$ 6,030,000 |
| 3,500 lots | 350,000 | HK$ 7,035,000 |
| 4,000 lots | 400,000 | HK$ 8,040,000 |
| 4,500 lots | 450,000 | HK$ 9,045,000 |
| 5,000 lots | 500,000 | HK$ 10,050,000 |
| 6,000 lots | 600,000 | HK$ 12,060,000 |
| 7,000 lots | 700,000 | HK$ 14,070,000 |
| 8,000 lots | 800,000 | HK$ 16,080,000 |
| 9,000 lots | 900,000 | HK$ 18,090,000 |
| 10,000 lots | 1,000,000 | HK$ 20,100,000 |
| 12,000 lots | 1,200,000 | HK$ 24,120,000 |
| 14,000 lots | 1,400,000 | HK$ 28,140,000 |
| 16,926 lots | 1,692,600 | HK$ 34,021,260 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,186,560,907 |
|---|---|
| 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 | 盈利約人民幣49.1百萬元 |
| 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$ 43.8 |
|---|---|
| First Day Open | HK$ 38.0 |
| First Day Change | 117.91% |
| First Day Volume | 8732200.0 |
| First Day Turnover | 353954000.0 |
Use of Proceeds
| Use of Proceeds | 1、約44.0%或266.5百萬港元，將用于提升研發能力； 2、約19.0%或115.1百萬港元將用于建設海外運營及服務網絡，以支持國際化增長策略； 3、約27.0%或163.5百萬港元，將用于擴大大型儲能系統產品、工商業儲能系統產品及戶用儲能系統產品的產能，從而有效支持成長策略，并大幅降低因現有產能限制所導致的外包依存度； 4、約10.0%或60.6百萬港元，將用作營運資金及作其他一般公司用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中国光大融资有限公司 CE ACE409(sole)
Sponsor cum Overall Coordinator (1)
中国光大证券（香港）有限公司 CE AAW536
Overall Coordinators (1)
中国光大证券（香港）有限公司 CE AAW536
Joint Global Coordinators (1)
中国光大证券（香港）有限公司 CE AAW536
Joint Bookrunners (4)
中国光大证券（香港）有限公司 CE AAW536
利弗莫尔证券有限公司 CE BJN764
农银国际融资有限公司 CE AWL249
黄河证券有限公司 CE BIX927
Joint Lead Managers (18)
中国光大证券（香港）有限公司 CE AAW536
利弗莫尔证券有限公司 CE BJN764
农银国际证券有限公司 CE ACX411
黄河证券有限公司 CE BIX927
元宇宙（国际）证券有限公司 CE BIL855
西牛证券有限公司 CE BHT553
中银国际亚洲有限公司 CE AET863
工银国际证券有限公司 CE ARO299
越秀证券有限公司 CE ABQ722
申万宏源证券（香港）有限公司 CE AAC927
招银国际融资有限公司 CE AVM940
民银证券有限公司 CE APU820
浦银国际融资有限公司 CE BFZ375
建银国际金融有限公司 CE AJO225
财通国际证券有限公司 CE AZF063
富途证券国际（香港）有限公司 CE AZT137
华福国际证券有限公司 CE BQC241
天风国际证券与期货有限公司 CE BAV573
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
周俊轩律师事务所 北京市通商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚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 | 灼识企业管理咨询（上海）有限公司 |
| Receiving Banks | 中国银行（香港）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 | 百分比百分比百分比百分比百分比百分比百分比百分比惠开香港 | 54,250,000 HKD | 2,699,000 | 7.97% | 0.53% | 6 months | 2026-06-16 |
| 2 | Dream’ee HK Fund | 10,000,000 HKD | 497,500 | 1.47% | 0.10% | 6 months | 2026-06-16 |
| 3 | 雾凇资本 | 10,000,000 HKD | 497,500 | 1.47% | 0.10% | 6 months | 2026-06-16 |
Directors & Management
| Chairman | Mr. Feng Lizheng |
|---|---|
| Company Secretary | Mr. Wang Zhenlin |
執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 冯立正 | — | 執行董事 |
| 2 | 张晰 | — | 執行董事 |
| 3 | 刘子叶 | — | 執行董事 |
| 4 | 白洋 | — | 執行董事 |
| 5 | 朱帅帅 | — | 執行董事 |
| 6 | 王振淋 | — | 執行董事 |
獨立非執行董事 (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 钱凯明 | — | 獨立非執行董事 |
| 2 | （前称钱麒帆 | — | 獨立非執行董事 |
| 3 | 蒋炜 | — | 獨立非執行董事 |
| 4 | 蒋幸男 | — | 獨立非執行董事 |
| 5 | 孙蓓蓓 | — | 獨立非執行董事 |
| 6 | 钱增磊 | — | 獨立非執行董事 |
| 7 | 胡一芳 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following the completion of the Global Offering and without taking into account any H Shares which may be issued pursuant to the exercise of the Over- allotment Option, the following persons will have a |
|---|
AI
AI Analysis
Market Sentiment
果下科技IPO录得1890.73倍超额认购，市场情绪极度亢奋，成为近年新能源板块最受追捧的新股之一。最终发售价定为20.1港元，但极高的认购倍数导致中签率极低，甲尾期望仅0.1293手，反映散户中签难度空前。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购2000手）期望中签0.1293手，而乙头（申购2500手）可稳中1手，资金效率差异显著。甲尾以逾400万港元资金仅博得不足0.13手的期望分配，而乙头多投入约100万港元即可获得确定性中签，凸显在极度超额认购下乙组门槛的“保底”机制对大户更具吸引力。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Demographics
本次申购来源地区数据暂未详细披露，内地参与率、性别年龄分布等指标无法量化。从历史规律看，超1800倍认购的新能源标的往往吸引大量内地资金涌入，广东等地占比可能较高，但具体仍需以官方后续公布为准。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Offering Structure
Subscription Tiers
IPO Timeline
