IPO Timeline
Broker Deadline
2026-02-05
Morning deadline
HKEX Deadline
2026-02-05
Noon deadline
Broker Results (T-2)
2026-02-06
Some brokers release in afternoon
Grey Market (T-1)
2026-02-09
Afternoon
HKEX Allotment (T-1)
2026-02-09
Evening
Registrar Allotment (T-1)
2026-02-09
Evening
Listing Day (T)
2026-02-10
First day of trading
Company Overview
| Stock Name | 樂欣戶外 |
|---|---|
| Stock Code | 02720 |
| Company Full Name | 樂欣戶外 |
| Industry | New Energy |
| Principal Activities | global leader in the fishing-related equipment industry |
| Listing Date | 2026-02-10 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Lok Fu Creative Center No. 818, Pingshui East Street Hangzhou, Zhejiang Province PRC Principal Place of Business Room 1915, 19/F, Lee Garden One in Hong Kong 33 Hysan Avenue Causeway Bay Hong Kong |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.ridgeoutdoor.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | and Transfer Campbells Corporate Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 12.25 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 6,125 |
| Par Value | RMB 0.0035 / shares |
| Offer Period | 2026-01-31 to 2026-02-05 |
| Global Offering Shares | 28,205,000 shares |
| HK Public Offer Shares (Initial) | 2,820,500 shares (10.0%) |
| Public Offer Lots (Initial) | 5,641lots (2,820lots, 2,821lots) |
| International Placing Shares (Initial) | 25,384,500 shares (90.0%) |
| Offer Ratio | ~22.0% |
| Total Shares Post-IPO | 128,205,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 39.2% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 345,511,250 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 6,125 |
| 2 lots | 1,000 | HK$ 12,250 |
| 3 lots | 1,500 | HK$ 18,375 |
| 4 lots | 2,000 | HK$ 24,500 |
| 5 lots | 2,500 | HK$ 30,625 |
| 6 lots | 3,000 | HK$ 36,750 |
| 7 lots | 3,500 | HK$ 42,875 |
| 8 lots | 4,000 | HK$ 49,000 |
| 9 lots | 4,500 | HK$ 55,125 |
| 10 lots | 5,000 | HK$ 61,250 |
| 12 lots | 6,000 | HK$ 73,500 |
| 14 lots | 7,000 | HK$ 85,750 |
| 16 lots | 8,000 | HK$ 98,000 |
| 18 lots | 9,000 | HK$ 110,250 |
| 20 lots | 10,000 | HK$ 122,500 |
| 30 lots | 15,000 | HK$ 183,750 |
| 40 lots | 20,000 | HK$ 245,000 |
| 50 lots | 25,000 | HK$ 306,250 |
| 60 lots | 30,000 | HK$ 367,500 |
| 70 lots | 35,000 | HK$ 428,750 |
| 80 lots | 40,000 | HK$ 490,000 |
| 90 lots | 45,000 | HK$ 551,250 |
| 100 lots | 50,000 | HK$ 612,500 |
| 120 lots | 60,000 | HK$ 735,000 |
| 140 lots | 70,000 | HK$ 857,500 |
| 160 lots | 80,000 | HK$ 980,000 |
| 180 lots | 90,000 | HK$ 1,102,500 |
| 200 lots | 100,000 | HK$ 1,225,000 |
| 400 lots | 200,000 | HK$ 2,450,000 |
| 600 lots | 300,000 | HK$ 3,675,000 |
| 800 lots | 400,000 | HK$ 4,900,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 6,125,000 |
| 1,200 lots | 600,000 | HK$ 7,350,000 |
| 1,400 lots | 700,000 | HK$ 8,575,000 |
| 1,600 lots | 800,000 | HK$ 9,800,000 |
| 1,800 lots | 900,000 | HK$ 11,025,000 |
| 2,000 lots | 1,000,000 | HK$ 12,250,000 |
| 2,400 lots | 1,200,000 | HK$ 14,700,000 |
| 2,820 lots | 1,410,000 | HK$ 17,272,500 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 1,570,511,250 |
|---|---|
| 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59.4百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~18.0% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 24.78 |
|---|---|
| First Day Open | HK$ 24.02 |
| First Day Change | 102.29% |
| First Day Volume | 6228020.0 |
| First Day Turnover | 147957000.0 |
Use of Proceeds
| Use of Proceeds | 1、預期所得款項凈額約45.0%或122.3百萬港元將用作品牌開發及推廣； 2、預期所得款項凈額約25.0%或67.9百萬港元將用作產品設計及開發及建立全球釣魚用具創新中心； 3、預期所得款項凈額約20.0%或54.4百萬港元將用作升級生產設施，并提升我們的數字化能力； 4、預期所得款項凈額約10.0%或27.2百萬港元將用作營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Overall Coordinators (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Joint Global Coordinators (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Joint Bookrunners (3)
中国国际金融香港证券有限公司 CE AEN894
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
Joint Lead Managers (3)
中国国际金融香港证券有限公司 CE AEN894
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
Capital Market Intermediaries (3)
中国国际金融香港证券有限公司 CE AEN894
富途证券国际（香港）有限公司 CE AZT137
富泽证券（国际）有限公司 CE AEU761
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 国浩律师（杭州）事务所 凯博律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
海问律师事务所有限法律责任合伙 北京市通商律师事务所 |
| 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 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 中国工商银行（亚洲）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 | 地平线创投 | 80,000,000 HKD | 6,808,500 | 24.14% | 5.31% | 6 months | 2026-08-10 |
| 2 | 黄山德钧 | 50,000,000 HKD | 4,255,000 | 15.09% | 3.32% | 6 months | 2026-08-10 |
Directors & Management
| Chairman | Mr. Yang Baoqing |
|---|---|
| Company Secretary | Ms. Xue Yuanyuan |
執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | LEI YANG | — | 執行董事 |
| 2 | 吴桂华 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨宝庆 | — | 非執行董事 |
| 2 | 温美霞 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 丁锋 | — | 獨立非執行董事 |
| 2 | 韩洪灵 | — | 獨立非執行董事 |
| 3 | 舒元超 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (g) our Directors (including the independent non-executive Directors) will seek independentandprofessionalopinionsfromexternaladvisersatourCompany’scost as and when appropriate in accordance with the Code on Corporate Governance Practices and Corpor |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw extraordinary demand with an oversubscription ratio of 3,654.23 times, driving the hit rate down to just 5.08%. The final offer price was set at HK$12.25, reflecting intense enthusiasm in the Hong Kong retail market. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable inefficiency appeared at the top of the A-tier (甲尾), where 400,000 lots applied yielded an expected 0.1655 lots, slightly below the 0.2 lots for the B-tier threshold (乙头) at 500,000 lots. This inversion implies that larger A-tier bids were less efficient than entering the B-tier with a smaller marginal lot increase, though actual broker fee structures could further alter net outcomes. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated the successful applicant pool at 57.4%, signaling strong cross-border retail interest. Male participants comprised 60.1%, and the average age was 44, indicating a predominantly middle-aged and male investor base. (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
