IPO Timeline
Broker Deadline
2026-01-30
Morning deadline
HKEX Deadline
2026-01-30
Noon deadline
Broker Results (T-2)
2026-02-02
Some brokers release in afternoon
Grey Market (T-1)
2026-02-03
Afternoon
HKEX Allotment (T-1)
2026-02-03
Evening
Registrar Allotment (T-1)
2026-02-03
Evening
Listing Day (T)
2026-02-04
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 国恩股份 |
|---|---|
| Other Market Stock Code | 002768 |
| H-Share Offer Price | HK$ 36.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 國恩科技 |
|---|---|
| Stock Code | 02768 |
| Company Full Name | 國恩科技 |
| Industry | Biotech & Pharma |
| Principal Activities | PRC-based supplier of new chemical materials and upstream and downstream products derived from gelatin and collagen |
| Listing Date | 2026-02-04 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 山東省青島市城陽區棘洪灘街道青大工業園2號路 |
| Business Address (Hong Kong) | Room 05, 58/F Two International Finance Centre 8 Finance Street Central Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.qdgon.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$ 36.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 7,200 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-27 to 2026-01-30 |
| Global Offering Shares | 30,000,000 shares |
| HK Public Offer Shares (Initial) | 3,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | 15,000lots (7,500lots, 7,500lots) |
| International Placing Shares (Initial) | 27,000,000 shares (90.0%) |
| Offer Ratio | ~9.96% |
| Total Shares Post-IPO | 301,250,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,080,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 7,200 |
| 2 lots | 400 | HK$ 14,400 |
| 3 lots | 600 | HK$ 21,600 |
| 4 lots | 800 | HK$ 28,800 |
| 10 lots | 2,000 | HK$ 72,000 |
| 15 lots | 3,000 | HK$ 108,000 |
| 20 lots | 4,000 | HK$ 144,000 |
| 25 lots | 5,000 | HK$ 180,000 |
| 30 lots | 6,000 | HK$ 216,000 |
| 35 lots | 7,000 | HK$ 252,000 |
| 40 lots | 8,000 | HK$ 288,000 |
| 45 lots | 9,000 | HK$ 324,000 |
| 50 lots | 10,000 | HK$ 360,000 |
| 100 lots | 20,000 | HK$ 720,000 |
| 125 lots | 25,000 | HK$ 900,000 |
| 150 lots | 30,000 | HK$ 1,080,000 |
| 175 lots | 35,000 | HK$ 1,260,000 |
| 200 lots | 40,000 | HK$ 1,440,000 |
| 225 lots | 45,000 | HK$ 1,620,000 |
| 250 lots | 50,000 | HK$ 1,800,000 |
| 300 lots | 60,000 | HK$ 2,160,000 |
| 350 lots | 70,000 | HK$ 2,520,000 |
| 400 lots | 80,000 | HK$ 2,880,000 |
| 450 lots | 90,000 | HK$ 3,240,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 7,200,000 |
| 1,250 lots | 250,000 | HK$ 9,000,000 |
| 1,500 lots | 300,000 | HK$ 10,800,000 |
| 1,750 lots | 350,000 | HK$ 12,600,000 |
| 2,000 lots | 400,000 | HK$ 14,400,000 |
| 2,250 lots | 450,000 | HK$ 16,200,000 |
| 2,500 lots | 500,000 | HK$ 18,000,000 |
| 3,000 lots | 600,000 | HK$ 21,600,000 |
| 3,500 lots | 700,000 | HK$ 25,200,000 |
| 4,000 lots | 800,000 | HK$ 28,800,000 |
| 4,500 lots | 900,000 | HK$ 32,400,000 |
| 5,000 lots | 1,000,000 | HK$ 36,000,000 |
| 5,500 lots | 1,100,000 | HK$ 39,600,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 11,457,000,000 |
|---|---|
| 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720.6百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 82,300,000 |
| Listing Expenses / Funds Raised | ~7.62% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 2.58 |
|---|---|
| First Day Open | HK$ 2.58 |
| First Day Change | 4.03% |
| First Day Volume | 35447000.0 |
| First Day Turnover | 89788100.0 |
Use of Proceeds
| Use of Proceeds | 1、約50.0%或528.5百萬港元（或人民幣475.0百萬元）將分配至擴大位于泰國的新生產基地的產能； 2、約35.0%或370.5百萬港元（或人民幣333.0百萬元）將分配至擴大位于中國的新生產基地產能； 3、約10.0%或105.7百萬港元（或人民幣95.0百萬元）將分配至在香港的投資，包括設立地區總部及生產基地升級； 4、約5.0%或53.0百萬港元（或人民幣47.6百萬元）所得款項凈額將用作運營資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
招商证券（香港）有限公司 CE AAI650(sole)
Sponsor cum Overall Coordinator (1)
招商证券（香港）有限公司 CE AAI650(sole)
Overall Coordinators (3)
招商证券（香港）有限公司 CE AAI650
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
Joint Global Coordinators (3)
招商证券（香港）有限公司 CE AAI650
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
Joint Bookrunners (6)
招商证券（香港）有限公司 CE AAI650
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
老虎证券（香港）环球有限公司 CE BMU940
利弗莫尔证券有限公司 CE BJN764
Joint Lead Managers (6)
招商证券（香港）有限公司 CE AAI650
中信里昂证券有限公司 CE AAB893
中国国际金融香港证券有限公司 CE AEN894
招银国际融资有限公司 CE AVM940
老虎证券（香港）环球有限公司 CE BMU940
利弗莫尔证券有限公司 CE BJN764
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 柯伍陈律师事务所 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
周俊轩律师事务所 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 信永中和（香港）会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks | 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 | 利冠投资有限公司 | — | — | — | — | 6 months | 2026-08-04 |
| 2 | SLD International Enterprises Limited | — | — | — | — | 6 months | 2026-08-04 |
| 3 | 丞安国际有限公司 | — | — | — | — | 6 months | 2026-08-04 |
| 4 | 申万宏源证券有限公司 | — | — | — | — | 6 months | 2026-08-04 |
| 5 | 新嘉财富证券有限公司 | — | — | — | — | 6 months | 2026-08-04 |
| 6 | Luminous Horizon Limited | — | — | — | — | 6 months | 2026-08-04 |
| 7 | 富国基金管理有限公司 | — | — | — | — | 6 months | 2026-08-04 |
Directors & Management
| Chairman | 王愛國 |
|---|---|
| Company Secretary | Ms. Yu Yu Room |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王爱国 | — | 執行董事 |
| 2 | 李宗好 | — | 執行董事 |
| 3 | 李慧颖 | — | 執行董事 |
| 4 | 韩博 | — | 執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王亚平 | — | 獨立非執行董事 |
| 2 | 孙建强 | — | 獨立非執行董事 |
| 3 | 项婷 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS Operational Independence We have established our own organisational structure consisting of individual departments with different functions for, among others, sales, operations, marketing and after-sales services. Each department is assigned specifi |
|---|
AI
AI Analysis
Market Sentiment
国恩科技 IPO 录得 2,251.85 倍的惊人超额认购，反映散户需求极度狂热。每股 36.00 港元定价、入场门槛仅 7,200 港元，低门槛推高了参与热情。尽管提供的中签率数据为 0.0%（或存在缺失），根据超额倍数推算的实际中签率仅约 0.04%，远低于市场一般水平。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾预期可获 0.2508 手，乙头预期可获 0.369 手，乙头仅较甲尾高出约 47%，但申购金额却从 90,000 港元增至 200,000 港元，边际效率明显减弱。两档预期获配均不足一手，多数申请人将空手而归。相对于预期获配市值，券商佣金占比可能偏高，但实际费用因券商而异。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
现有资料中内地及香港参与者占比均为 0%，可能因数据缺失或未披露，难以评估真实的投资者构成。过往类似火爆 IPO 中，内地投资者往往占有相当比例，但基于现有数据无法确认。(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
