| Stock Name | 乐舒适 |
|---|---|
| Stock Code | 02698 |
| Company Full Name | 乐舒适 |
| Industry | New Energy |
| Principal Activities | experienced corporation of baby and feminine hygiene products in the Emerging Markets and benefit from enormous market growth opportunities |
| Listing Date | 2025-11-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | To be extracted |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | softcarehome.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 26.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 5,240 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-10-31 to 2025-11-05 |
| Global Offering Shares | 90,884,000 shares |
| HK Public Offer Shares (Initial) | 9,088,400 shares (10.0%) |
| Public Offer Lots (Initial) | 45,442lots (22,721lots, 22,721lots) |
| International Placing Shares (Initial) | 81,795,600 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 605,884,000 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$ 2,381,160,800 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 5,240 |
| 2 lots | 400 | HK$ 10,480 |
| 3 lots | 600 | HK$ 15,720 |
| 4 lots | 800 | HK$ 20,960 |
| 5 lots | 1,000 | HK$ 26,200 |
| 6 lots | 1,200 | HK$ 31,440 |
| 7 lots | 1,400 | HK$ 36,680 |
| 8 lots | 1,600 | HK$ 41,920 |
| 9 lots | 1,800 | HK$ 47,160 |
| 10 lots | 2,000 | HK$ 52,400 |
| 15 lots | 3,000 | HK$ 78,600 |
| 20 lots | 4,000 | HK$ 104,800 |
| 25 lots | 5,000 | HK$ 131,000 |
| 30 lots | 6,000 | HK$ 157,200 |
| 35 lots | 7,000 | HK$ 183,400 |
| 40 lots | 8,000 | HK$ 209,600 |
| 45 lots | 9,000 | HK$ 235,800 |
| 50 lots | 10,000 | HK$ 262,000 |
| 100 lots | 20,000 | HK$ 524,000 |
| 150 lots | 30,000 | HK$ 786,000 |
| 200 lots | 40,000 | HK$ 1,048,000 |
| 250 lots | 50,000 | HK$ 1,310,000 |
| 300 lots | 60,000 | HK$ 1,572,000 |
| 350 lots | 70,000 | HK$ 1,834,000 |
| 400 lots | 80,000 | HK$ 2,096,000 |
| 450 lots | 90,000 | HK$ 2,358,000 |
| 500 lots | 100,000 | HK$ 2,620,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 5,240,000 |
| 1,500 lots | 300,000 | HK$ 7,860,000 |
| 2,000 lots | 400,000 | HK$ 10,480,000 |
| 2,500 lots | 500,000 | HK$ 13,100,000 |
| 3,000 lots | 600,000 | HK$ 15,720,000 |
| 3,500 lots | 700,000 | HK$ 18,340,000 |
| 4,000 lots | 800,000 | HK$ 20,960,000 |
| 4,500 lots | 900,000 | HK$ 23,580,000 |
| 5,000 lots | 1,000,000 | HK$ 26,200,000 |
| 7,500 lots | 1,500,000 | HK$ 39,300,000 |
| 10,000 lots | 2,000,000 | HK$ 52,400,000 |
| 12,500 lots | 2,500,000 | HK$ 65,500,000 |
| 15,000 lots | 3,000,000 | HK$ 78,600,000 |
| 17,500 lots | 3,500,000 | HK$ 91,700,000 |
| 20,000 lots | 4,000,000 | HK$ 104,800,000 |
| 22,721 lots | 4,544,200 | HK$ 119,058,040 |
| Market Cap (at Offer Price) | HK$ 15,874,160,800 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態） |
| Profit/Loss Status | 盈利約人民幣95.1百萬美元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 149,300,000 |
| Listing Expenses / Funds Raised | ~6.5% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 33.0 |
|---|---|
| First Day Open | HK$ 34.98 |
| First Day Change | 25.95% |
| First Day Volume | 42610300.0 |
| First Day Turnover | 1487090000.0 |
| Use of Proceeds | 71.4; 32.1; 34.5; 4.8; 1.8; 70; 86; 3.9 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
盛德律师事务所 康德明律师事务所 北京市通商律师事务所 D2A Société Civile Professionnelle d’Avocats Jing & Partners Consortium Legal Bentsi-Enchill, Letsa & Ankomah 柯伍陈律师事务所 Haller Lomax LLP Coulson Harney LLP Estudio Muñiz Mame Adama Gueye & Partners Bowmans Tanzania Limited Hadef & Partners LLC AF Mpanga Advocates Chibesakunda & Co DLA Piper Singapore Pte. Ltd. |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔律师事务所 君合律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 弗若斯特沙利文有限公司 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）有限公司 |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Arcane Nexus Limited | — | — | — | — | 6 months | 2026-05-10 |
| 2 | 富国基金管理有限公司 | — | — | — | — | 6 months | 2026-05-10 |
| 3 | 易方达基金管理有限公司 | — | — | — | — | 6 months | 2026-05-10 |
| 4 | Charisma Mega Limited | — | — | — | — | 6 months | 2026-05-10 |
| 5 | Jane Street Asia Trading Limited | — | — | — | — | 6 months | 2026-05-10 |
| Chairman | 沈延昌 |
|---|---|
| Company Secretary | Mr. Lung Shei Kei |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 罗继超 | — | 執行董事 |
| 2 | 赵永强 | — | 執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 沈延昌 | — | 非執行董事 |
| 2 | 杨艳娟 | — | 非執行董事 |
| 3 | 周仁伟 | — | 非執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 娄爱东 | — | 獨立非執行董事 |
| 2 | 高建明 | — | 獨立非執行董事 |
| 3 | 徐景 | — | 獨立非執行董事 |
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, the following persons will, immediately prior to and following the completion of the Global Offering, assuming the Over-allotment Option is not exercised and without taking into account any Shares which may be issu |
|---|
Market Sentiment
The IPO saw an extraordinary oversubscription ratio of 1813.77x, indicating overwhelming market enthusiasm. The overall hit rate plummeted to just 14.09%, reflecting fierce competition for allocations. Final pricing at HK$26.2 per share anchored the deal at its ceiling, underscoring robust demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The largest A-tier (甲尾) application of 100,000 lots received a mere 0.57 expected lots, while the smallest B-tier (乙头) at 200,000 lots got only 0.6001 lots — a negligible 0.03-lot advantage for doubling the commitment. This near-parity signals extreme dilution across upper tiers, making large subscriptions highly inefficient. Broker fee economics heavily favor lower-tier applicants in this context. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors comprised 69.2% of successful applicants, highlighting dominant northbound participation. Males led at 60%, with an average age of 43.1, suggesting a mature, risk-aware investor base. The demographic tilt toward experienced, mainland-based shareholders may shape post-listing trading dynamics. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
