IPO Timeline
Broker Deadline
2025-11-19
Morning deadline
HKEX Deadline
2025-11-19
Noon deadline
Broker Results (T-2)
2025-11-20
Some brokers release in afternoon
Grey Market (T-1)
2025-11-21
Afternoon
HKEX Allotment (T-1)
2025-11-21
Evening
Registrar Allotment (T-1)
2025-11-21
Evening
Listing Day (T)
2025-11-24
First day of trading
Company Overview
| Stock Name | 创新实业 |
|---|---|
| Stock Code | 02788 |
| Company Full Name | 创新实业 |
| Industry | Industrial Goods |
| Principal Activities | 我们聚焦于铝产业链上游中的氧化铝精炼和电解铝冶炼。我们的业务主要分为电解铝和氧化铝及其他相关产品的生产和销售。 |
| Listing Date | 2025-11-24 |
| Listing Rules Era | |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 内蒙古霍林郭勒西南工业园区C区 |
| Business Address (Hong Kong) | 香港中环夏悫道10号长江集团中心二期东座3601室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | innovationigi.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 10.99 / shares |
| Offer Price Range | To be extracted |
| Lot Size | 500 shares |
| Entry Threshold | To be extracted |
| Par Value | RMB 5e-06 / shares |
| Offer Period | 2025-11-14 to 2025-11-19 |
| Global Offering Shares | 500,000,000 shares |
| HK Public Offer Shares (Initial) | 50,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | 100,000lots (50,000lots, 50,000lots) |
| International Placing Shares (Initial) | 450,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 2,000,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 49.6% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 549,500,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 5,495 |
| 2 lots | 1,000 | HK$ 10,990 |
| 3 lots | 1,500 | HK$ 16,485 |
| 4 lots | 2,000 | HK$ 21,980 |
| 5 lots | 2,500 | HK$ 27,475 |
| 6 lots | 3,000 | HK$ 32,970 |
| 7 lots | 3,500 | HK$ 38,465 |
| 8 lots | 4,000 | HK$ 43,960 |
| 9 lots | 4,500 | HK$ 49,455 |
| 10 lots | 5,000 | HK$ 54,950 |
| 12 lots | 6,000 | HK$ 65,940 |
| 14 lots | 7,000 | HK$ 76,930 |
| 16 lots | 8,000 | HK$ 87,920 |
| 18 lots | 9,000 | HK$ 98,910 |
| 20 lots | 10,000 | HK$ 109,900 |
| 30 lots | 15,000 | HK$ 164,850 |
| 40 lots | 20,000 | HK$ 219,800 |
| 50 lots | 25,000 | HK$ 274,750 |
| 60 lots | 30,000 | HK$ 329,700 |
| 70 lots | 35,000 | HK$ 384,650 |
| 80 lots | 40,000 | HK$ 439,600 |
| 90 lots | 45,000 | HK$ 494,550 |
| 100 lots | 50,000 | HK$ 549,500 |
| 120 lots | 60,000 | HK$ 659,400 |
| 140 lots | 70,000 | HK$ 769,300 |
| 160 lots | 80,000 | HK$ 879,200 |
| 180 lots | 90,000 | HK$ 989,100 |
| 200 lots | 100,000 | HK$ 1,099,000 |
| 400 lots | 200,000 | HK$ 2,198,000 |
| 600 lots | 300,000 | HK$ 3,297,000 |
| 800 lots | 400,000 | HK$ 4,396,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 5,495,000 |
| 1,200 lots | 600,000 | HK$ 6,594,000 |
| 1,400 lots | 700,000 | HK$ 7,693,000 |
| 1,600 lots | 800,000 | HK$ 8,792,000 |
| 1,800 lots | 900,000 | HK$ 9,891,000 |
| 2,000 lots | 1,000,000 | HK$ 10,990,000 |
| 4,000 lots | 2,000,000 | HK$ 21,980,000 |
| 6,000 lots | 3,000,000 | HK$ 32,970,000 |
| 8,000 lots | 4,000,000 | HK$ 43,960,000 |
| 10,000 lots | 5,000,000 | HK$ 54,950,000 |
| 12,000 lots | 6,000,000 | HK$ 65,940,000 |
| 14,000 lots | 7,000,000 | HK$ 76,930,000 |
| 16,000 lots | 8,000,000 | HK$ 87,920,000 |
| 18,000 lots | 9,000,000 | HK$ 98,910,000 |
| 20,000 lots | 10,000,000 | HK$ 109,900,000 |
| 40,000 lots | 20,000,000 | HK$ 219,800,000 |
| 50,000 lots | 25,000,000 | HK$ 274,750,000 |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| 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2,629.5百万元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 197,500,000 |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 14.59 |
|---|---|
| First Day Open | HK$ 15.2 |
| First Day Change | 32.76% |
| First Day Volume | 170340000.0 |
| First Day Turnover | 2465020000.0 |
Use of Proceeds
| Use of Proceeds | 1、約50.0%或2,556.6百萬港元，預期將用于拓展海外產能，包括建設一家電解鋁冶煉廠以及購買及安裝生產設備； 2、約40.0%或2,045.3百萬港元，預期將用于綠色能源項目，包括建設綠色能源發電站以及購買及安裝其所用設備； 3、約10.0%或511.3百萬港元，預期將用于營運資金及一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
Sponsor cum Overall Coordinator (2)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
Overall Coordinators (2)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
Joint Global Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
大华继显（香港）有限公司 CE AAW261
招银国际融资有限公司 CE AVM940
Joint Bookrunners (7)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
大华继显（香港）有限公司 CE AAW261
招银国际融资有限公司 CE AVM940
中银国际亚洲有限公司 CE AET863
中航资信环球资产管理有限公司 CE BHF812
南华证券投资有限公司 CE AAA874
Joint Lead Managers (10)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
大华继显（香港）有限公司 CE AAW261
招银国际融资有限公司 CE AVM940
中银国际亚洲有限公司 CE AET863
中航资信环球资产管理有限公司 CE BHF812
南华证券投资有限公司 CE AAA874
富途证券国际（香港）有限公司 CE AZT137
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
Capital Market Intermediaries (10)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
大华继显（香港）有限公司 CE AAW261
招银国际融资有限公司 CE AVM940
中银国际亚洲有限公司 CE AET863
中航资信环球资产管理有限公司 CE BHF812
南华证券投资有限公司 CE AAA874
富途证券国际（香港）有限公司 CE AZT137
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 |
高伟绅律师行 北京市通商律师事务所 凯博律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | CRU International Limited |
| Receiving Banks |
招商永隆银行有限公司 中国银行（香港）有限公司 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 | Brilliant Partners Fund LP及China Core Fund | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 2 | Cephei | 46,641,560 HKD | — | 0.85% | — | 6 months | 2026-05-24 |
| 3 | Glencore International AG | 233,229,780 HKD | — | 4.24% | — | 6 months | 2026-05-24 |
| 4 | Hillhouse Funds | 777,443,590 HKD | — | 14.15% | — | 6 months | 2026-05-24 |
| 5 | Integrated Core Strategies (Asia) Pte. Ltd. | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 6 | Investcorp Verdant Holdings Limited | 116,614,890 HKD | — | 2.12% | — | 6 months | 2026-05-24 |
| 7 | Jane Street Asia Trading Limited | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 8 | Mercuria Holdings (Singapore) Pte. Ltd. | 233,229,780 HKD | — | 4.24% | — | 6 months | 2026-05-24 |
| 9 | TURQUOISE HIME, L.P. | 116,614,890 HKD | — | 2.12% | — | 6 months | 2026-05-24 |
| 10 | 柏骏资本管理(香港)有限公司 | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 11 | 宝达投资(香港)有限公司 | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 12 | 富国资产管理(香港)有限公司 | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 13 | 广发基金管理有限公司 | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
| 14 | 景林资产管理香港有限公司 | 68,181,960 HKD | — | 1.24% | — | 6 months | 2026-05-24 |
| 15 | 上海景林及CICC Financial Trading Limited | 48,432,930 HKD | — | 0.88% | — | 6 months | 2026-05-24 |
| 16 | 泰康人寿保险有限责任公司 | 233,229,780 HKD | — | 4.24% | — | 6 months | 2026-05-24 |
| 17 | 中国宏桥集团有限公司 | 233,229,780 HKD | — | 4.24% | — | 6 months | 2026-05-24 |
| 18 | 中国太保投资管理(香港)有限公司 | 77,743,260 HKD | — | 1.41% | — | 6 months | 2026-05-24 |
Directors & Management
| Chairman | 崔立新 |
|---|---|
| Company Secretary | 张建乡 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 崔先生通过Bloomsbury Holding持有本公司1,500,000,000股股份，占紧随全球发售完成后已发行股份的75%（假设超额配股权并无获行使）。 |
|---|
AI
AI Analysis
Market Sentiment
创新实业 (Stock Code: 02788) attracted extraordinary retail enthusiasm, with an oversubscription ratio of 447.2 times and a hit rate of only 35.67%. The massive demand far exceeded the 10% Hong Kong public offer tranche, triggering a full clawback and reallocation, yet final pricing at midpoint HKD 10.99 suggests controlled price tension. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency exists: 甲尾 applicants (last A-tier) applied for 400,000 shares (800 lots) and could only expect 1 lot, while 乙头 (first B-tier) applicants put up 500,000 shares (1,000 lots) also for just 1 expected lot. This flat allocation reward for 25% more capital deployed heightens the cost–benefit gap at these threshold tiers and may favor smaller A-tier applications for better capital efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is sparse; total holders are reported as zero with zero percentages for both mainland and Hong Kong participation, likely reflecting incomplete or pending registry filings. Without reliable breakdowns, no regional or gender patterns can be inferred. (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
