| Stock Name | 金岩高岭新材 |
|---|---|
| Stock Code | 02693 |
| Company Full Name | 金岩高岭新材 |
| Industry | AI & Machine Learning |
| Principal Activities | 我們在中國專營煤系高嶺土，擁有橫跨從採礦、研發、加工到生產、銷售的全價值鏈的整合能力。我們的產品主要包括精鑄用莫來石材料和耐火用莫來石材料，這些產品是精鑄型殼和耐火材料的重要材料。我們也銷售生焦生粉，客戶可進一步加工。 |
| Listing Date | 2025-12-03 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place of 50 meters north of Shuobei Road Business in the PRC Shuoli Town, Duji District, Huaibei Anhui Province, PRC |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.grkaolin.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 7.30 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 3,650 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-11-25 to 2025-11-28 |
| Global Offering Shares | 24,300,000 shares |
| HK Public Offer Shares (Initial) | 2,430,000 shares (10.0%) |
| Public Offer Lots (Initial) | 4,860lots (2,430lots, 2,430lots) |
| International Placing Shares (Initial) | 21,870,000 shares (90.0%) |
| Offer Ratio | ~25.0% |
| Total Shares Post-IPO | 97,194,316 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 177,390,000 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 3,650 |
| 2 lots | 1,000 | HK$ 7,300 |
| 3 lots | 1,500 | HK$ 10,950 |
| 4 lots | 2,000 | HK$ 14,600 |
| 5 lots | 2,500 | HK$ 18,250 |
| 6 lots | 3,000 | HK$ 21,900 |
| 7 lots | 3,500 | HK$ 25,550 |
| 8 lots | 4,000 | HK$ 29,200 |
| 9 lots | 4,500 | HK$ 32,850 |
| 10 lots | 5,000 | HK$ 36,500 |
| 12 lots | 6,000 | HK$ 43,800 |
| 14 lots | 7,000 | HK$ 51,100 |
| 16 lots | 8,000 | HK$ 58,400 |
| 18 lots | 9,000 | HK$ 65,700 |
| 20 lots | 10,000 | HK$ 73,000 |
| 30 lots | 15,000 | HK$ 109,500 |
| 40 lots | 20,000 | HK$ 146,000 |
| 50 lots | 25,000 | HK$ 182,500 |
| 60 lots | 30,000 | HK$ 219,000 |
| 70 lots | 35,000 | HK$ 255,500 |
| 80 lots | 40,000 | HK$ 292,000 |
| 90 lots | 45,000 | HK$ 328,500 |
| 100 lots | 50,000 | HK$ 365,000 |
| 120 lots | 60,000 | HK$ 438,000 |
| 140 lots | 70,000 | HK$ 511,000 |
| 160 lots | 80,000 | HK$ 584,000 |
| 180 lots | 90,000 | HK$ 657,000 |
| 200 lots | 100,000 | HK$ 730,000 |
| 400 lots | 200,000 | HK$ 1,460,000 |
| 600 lots | 300,000 | HK$ 2,190,000 |
| 800 lots | 400,000 | HK$ 2,920,000 |
| 1,000 lots | 500,000 | HK$ 3,650,000 |
| 1,200 lots | 600,000 | HK$ 4,380,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 700,000 | HK$ 5,110,000 |
| 1,600 lots | 800,000 | HK$ 5,840,000 |
| 1,800 lots | 900,000 | HK$ 6,570,000 |
| 2,000 lots | 1,000,000 | HK$ 7,300,000 |
| 2,200 lots | 1,100,000 | HK$ 8,030,000 |
| 2,430 lots | 1,215,000 | HK$ 8,869,500 |
| Market Cap (at Offer Price) | HK$ 177,400,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | 盈利约人民币52.6百万元 |
| Period-End Cash Balance | 人民币20,400,000元 |
| Listing Expenses | ~HK$ 53,100,000 |
| Listing Expenses / Funds Raised | ~29.93% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 7.46 |
|---|---|
| First Day Open | HK$ 9.3 |
| First Day Change | 2.19% |
| First Day Volume | 11290500.0 |
| First Day Turnover | 99597900.0 |
| Use of Proceeds | 1、約70.8%（或88.0百萬港元）將用于莫來石基鋁硅系材料深加工項目； 2、約20.6%（或25.6百萬港元）將用于建立硅鋁新材料工程技術研究中心； 3、約0.6%（或0.8百萬港元）將用于償還公司若干銀行貸款的本金總額及應計利息； 4、約8.0%（或9.9百萬港元）將分配至營運資金及一般企業用途。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 安徽天禾律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
中伦律师事务所有限法律合伙 中伦律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor |
国元融资（香港）有限公司 CE BDV271 金联资本（企业融资）有限公司 |
| Receiving Banks | 中国工商银行（亚洲）有限公司 |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 煤神马控股集团有限公司 | — | — | — | — | 6 months | 2026-06-03 |
| 2 | 香港创力赢泰投资有限公司 | — | — | — | — | 6 months | 2026-06-03 |
| 3 | 山机械制造有限公司 | — | — | — | — | 6 months | 2026-06-03 |
| 4 | 香港金源工贸有限公司 | — | — | — | — | 6 months | 2026-06-03 |
| 5 | 德高矿山科技有限公司 | — | — | — | — | 6 months | 2026-06-03 |
| Chairman | Mr. Zhang Kuang |
|---|---|
| Company Secretary | Mr. Wang Wei |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 张矿 | — | 執行董事 |
| 2 | 王玉丽 | — | 執行董事 |
| 3 | 陈艳 | — | 執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 焦道杰 | — | 非執行董事 |
| 2 | 杨冲 | — | 非執行董事 |
| 3 | 李壮志 | — | 非執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 蒋卫东 | — | 獨立非執行董事 |
| 2 | 李晨辉 | — | 獨立非執行董事 |
| 3 | 缪广红 | — | 獨立非執行董事 |
| 4 | 陈毅奋 | — | 獨立非執行董事 |
| 5 | 丁浩杰 | — | 獨立非執行董事 |
| 6 | 胡于红 | — | 獨立非執行董事 |
| 7 | 朱坚强 | — | 獨立非執行董事 |
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (2) we have an independent financial system and make financial decisions according to our Company’s own business needs independently. We have internal control and accountingsystemsandanindependentfinancedepartment.NoneofourControlling Shareholders a |
|---|
Market Sentiment
The IPO of 金岩高岭新材 saw extreme retail demand with an oversubscription ratio of 6,876.17 times. Despite this frenzy, the hit rate is recorded as 0.0%, suggesting either data reporting anomalies or effectively zero allocation probability. The final offer price was fixed at HK$7.3 per share. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A tail applicants (600,000 lots) expected 0.2147 lots, which is higher than B head applicants (700,000 lots) who expected only 0.1301 lots, creating an unusual tier efficiency inversion. Typically, B head allocations are higher than A tail due to marginal demand curves, so this anomaly may reflect a skewed lottery algorithm or data error. Investors should note that broker fee structures and actual allotment costs vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is not available for this IPO as total holders, mainland China, and Hong Kong participation rates are all reported as 0. Consequently, it is not possible to assess regional participation patterns. Normally, high oversubscription ratios correlate with strong mainland investor interest, but no conclusions can be drawn here. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
