IPO Timeline
Broker Deadline
2026-03-04
Morning deadline
HKEX Deadline
2026-03-04
Noon deadline
Broker Results (T-2)
2026-03-05
Some brokers release in afternoon
Grey Market (T-1)
2026-03-06
Afternoon
HKEX Allotment (T-1)
2026-03-06
Evening
Registrar Allotment (T-1)
2026-03-06
Evening
Listing Day (T)
2026-03-09
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 埃斯顿 |
|---|---|
| Other Market Stock Code | 002747 |
| H-Share Offer Price | HK$ 15.36 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 埃斯頓 |
|---|---|
| Stock Code | 02715 |
| Company Full Name | 埃斯頓 |
| Industry | Robotics |
| Principal Activities | leading industrial robotics company in China |
| Listing Date | 2026-03-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of No. 1888 Jiyin Avenue Business in the PRC Jiangning, Nanjing Jiangsu Province PRC |
| Business Address (Hong Kong) | 香港中環康樂廣場1號怡和大廈4樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | estun.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 15.36 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,072 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-02-27 to 2026-03-04 |
| Global Offering Shares | 96,780,000 shares |
| HK Public Offer Shares (Initial) | 9,678,000 shares (10.0%) |
| Public Offer Lots (Initial) | 48,390lots (24,195lots, 24,195lots) |
| International Placing Shares (Initial) | 87,102,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 967,798,453 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 33.4% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,486,540,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,072 |
| 2 lots | 400 | HK$ 6,144 |
| 3 lots | 600 | HK$ 9,216 |
| 4 lots | 800 | HK$ 12,288 |
| 5 lots | 1,000 | HK$ 15,360 |
| 6 lots | 1,200 | HK$ 18,432 |
| 7 lots | 1,400 | HK$ 21,504 |
| 8 lots | 1,600 | HK$ 24,576 |
| 9 lots | 1,800 | HK$ 27,648 |
| 10 lots | 2,000 | HK$ 30,720 |
| 15 lots | 3,000 | HK$ 46,080 |
| 20 lots | 4,000 | HK$ 61,440 |
| 25 lots | 5,000 | HK$ 76,800 |
| 30 lots | 6,000 | HK$ 92,160 |
| 35 lots | 7,000 | HK$ 107,520 |
| 40 lots | 8,000 | HK$ 122,880 |
| 45 lots | 9,000 | HK$ 138,240 |
| 50 lots | 10,000 | HK$ 153,600 |
| 100 lots | 20,000 | HK$ 307,200 |
| 150 lots | 30,000 | HK$ 460,800 |
| 200 lots | 40,000 | HK$ 614,400 |
| 250 lots | 50,000 | HK$ 768,000 |
| 300 lots | 60,000 | HK$ 921,600 |
| 350 lots | 70,000 | HK$ 1,075,200 |
| 400 lots | 80,000 | HK$ 1,228,800 |
| 450 lots | 90,000 | HK$ 1,382,400 |
| 500 lots | 100,000 | HK$ 1,536,000 |
| 1,000 lots | 200,000 | HK$ 3,072,000 |
| 1,500 lots | 300,000 | HK$ 4,608,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 400,000 | HK$ 6,144,000 |
| 2,500 lots | 500,000 | HK$ 7,680,000 |
| 3,000 lots | 600,000 | HK$ 9,216,000 |
| 3,500 lots | 700,000 | HK$ 10,752,000 |
| 4,000 lots | 800,000 | HK$ 12,288,000 |
| 4,500 lots | 900,000 | HK$ 13,824,000 |
| 5,000 lots | 1,000,000 | HK$ 15,360,000 |
| 7,500 lots | 1,500,000 | HK$ 23,040,000 |
| 10,000 lots | 2,000,000 | HK$ 30,720,000 |
| 15,000 lots | 3,000,000 | HK$ 46,080,000 |
| 24,195 lots | 4,839,000 | HK$ 74,327,040 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 14,865,384,238 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | To be extracted |
| Profit/Loss Status | 盈利約人民幣XX百萬元 |
| Period-End Cash Balance | 人民币668,300,000元 |
| Listing Expenses | ~HK$ 79,900,000 |
| Listing Expenses / Funds Raised | ~5.1% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 12.9 |
|---|---|
| First Day Open | HK$ 15.36 |
| First Day Change | -16.02% |
| First Day Volume | 20582500.0 |
| First Day Turnover | 293044000.0 |
Use of Proceeds
| Use of Proceeds | 1、約25.0%，即約371.5百萬港元，將用于擴充公司的全球生產能力； 2、約25.0%，即約371.5百萬港元，將用于在全球工業機器人產業鏈上下游有選擇地尋求戰略聯盟、投資及收購機會； 3、約20.0%，即約297.2百萬港元，將投資于研發項目，以推動下一代工業機器人技術的發展； 4、約10.0%，即約148.6百萬港元，將用于提升公司的全球服務能力及開發組織范圍內的數字化管理系統； 5、約10.0%，即約148.6百萬港元，將用于部分償還現有貸款； 6、約10.0%，即約148.6百萬港元，將用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Overall Coordinators (3)
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (4)
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
招银国际融资有限公司 CE AVM940
交银国际证券有限公司 CE APJ121
Joint Bookrunners (11)
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
招银国际融资有限公司 CE AVM940
交银国际证券有限公司 CE APJ121
农银国际融资有限公司 CE AWL249
工银国际证券有限公司 CE ARO299
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
利弗莫尔证券有限公司 CE BJN764
TradeGo Markets Limited CE BRO637
华安证券（香港）经纪有限公司 CE BRG799
Joint Lead Managers (11)
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
招银国际融资有限公司 CE AVM940
交银国际证券有限公司 CE APJ121
农银国际证券有限公司 CE ACX411
工银国际证券有限公司 CE ARO299
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
利弗莫尔证券有限公司 CE BJN764
TradeGo Markets Limited CE BRO637
华安证券（香港）经纪有限公司 CE BRG799
Capital Market Intermediaries (12)
华泰金融控股（香港）有限公司 CE AOK809
广发证券（香港）经纪有限公司
招银国际融资有限公司 CE AVM940
交银国际证券有限公司 CE APJ121
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
工银国际证券有限公司 CE ARO299
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
利弗莫尔证券有限公司 CE BJN764
TradeGo Markets Limited CE BRO637
华安证券（香港）经纪有限公司 CE BRG799
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
中伦律师事务所有限法律责任合伙 中伦律师事务所 Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo |
| Legal Advisor to Sponsors/Underwriters |
天元律师事务所（有限法律责任合伙） 通商律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国工商银行（亚洲）有限公司 中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Harvest Oriental | 20,000,000 HKD | 9,661,400 | 9.98% | 1.00% | 6 months | 2026-09-09 |
| 2 | 亨通光电国际 | 15,000,000 HKD | 7,246,000 | 7.49% | 0.75% | 6 months | 2026-09-09 |
| 3 | Dream'ee HK Fund | 10,240,000 HKD | 4,944,200 | 5.11% | 0.51% | 6 months | 2026-09-09 |
| 4 | 至源 | 10,000,000 HKD | 4,830,600 | 4.99% | 0.50% | 6 months | 2026-09-09 |
| 5 | Haitian Huayuan | 4,880,000 HKD | 2,355,600 | 2.43% | 0.24% | 6 months | 2026-09-09 |
| 6 | 裕祥 | 3,800,000 HKD | 1,835,600 | 1.90% | 0.19% | 6 months | 2026-09-09 |
| 7 | 前海合众投资 | 3,000,000 HKD | 1,449,200 | 1.50% | 0.15% | 6 months | 2026-09-09 |
Directors & Management
| Chairman | 吳波 |
|---|---|
| Company Secretary | 肖婷婷 |
執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 吴波 | — | 執行董事 |
| 2 | 吴侃 | — | 執行董事 |
| 3 | 诸春华 | — | 執行董事 |
| 4 | 周爱林 | — | 執行董事 |
| 5 | 何灵军 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陈银兰 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 汤文成 | — | 獨立非執行董事 |
| 2 | 韩小芳 | — | 獨立非執行董事 |
| 3 | 林金俊 | — | 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 without taking into account any H Shares which may be issued pursuant to the exercise of the Over-allotment Option and any A Shares to be issued upon exer |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw a moderate oversubscription of 19.67 times, resulting in a hit rate of 25.01%. This indicates solid but not excessive retail interest, with reallocation from the international tranche occurring despite the no-clawback mechanism B. Overall, the subscription dynamics suggest cautious market enthusiasm for this industrial robotics firm. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾 (A-tail) applicants with a subscription of HKD 200,000 received an expected allocation of 0.5269 lots, while 乙头 (B-head) applicants at HKD 300,000 achieved only 0.3944 lots. This results in a counterintuitive drop in expected lots for a higher tier, making the A-tail more capital-efficient and raising questions about the tier structure under the no-clawback mechanism. Investors should consider that broker fees may alter net returns, and actual allocations can deviate from expected values. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The provided data does not include any demographic breakdown; mainland and Hong Kong participation rates are listed as zero, likely indicating unavailable figures. Without this information, it is not possible to assess regional or demographic trends in the applicant pool. Investors should refer to official disclosures for any demographic insights. (This is AI-generated commentary based on historical data. Data may contain errors or omissions from source documents — verify against official HKEX filings. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
