IPO Timeline
Broker Deadline
2025-09-25
Morning deadline
HKEX Deadline
2025-09-25
Noon deadline
Broker Results (T-2)
2025-09-25
Some brokers release in afternoon
Grey Market (T-1)
2025-09-26
Afternoon
HKEX Allotment (T-1)
2025-09-26
Evening
Registrar Allotment (T-1)
2025-09-26
Evening
Listing Day (T)
2025-09-29
First day of trading
Company Overview
| Stock Name | 博泰车联 |
|---|---|
| Stock Code | 02889 |
| Company Full Name | 博泰车联 |
| Industry | Consumer Discretionary |
| Principal Activities | 我們是中國智能座艙解決方案的領先供應商，提供軟件、硬件及雲端服務相結合的智能座艙解決方案及網聯服務。 |
| Listing Date | 2025-09-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市虹口區東長治路866號3701室 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.pateo.com.cn |
| 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$ 102.23 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 20 shares |
| Entry Threshold | HK$ 2,044 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-09-22 to 2025-09-25 |
| Global Offering Shares | 10,436,900 shares |
| HK Public Offer Shares (Initial) | 1,043,700 shares (10.0%) |
| Public Offer Lots (Initial) | 52,185lots (26,092lots, 26,093lots) |
| International Placing Shares (Initial) | 9,393,200 shares (90.0%) |
| Offer Ratio | ~6.96% |
| Total Shares Post-IPO | 149,991,249 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 43.6% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,066,964,287 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 2,045 |
| 2 lots | 40 | HK$ 4,089 |
| 3 lots | 60 | HK$ 6,134 |
| 4 lots | 80 | HK$ 8,178 |
| 5 lots | 100 | HK$ 10,223 |
| 6 lots | 120 | HK$ 12,268 |
| 7 lots | 140 | HK$ 14,312 |
| 8 lots | 160 | HK$ 16,357 |
| 9 lots | 180 | HK$ 18,401 |
| 10 lots | 200 | HK$ 20,446 |
| 15 lots | 300 | HK$ 30,669 |
| 20 lots | 400 | HK$ 40,892 |
| 25 lots | 500 | HK$ 51,115 |
| 30 lots | 600 | HK$ 61,338 |
| 35 lots | 700 | HK$ 71,561 |
| 40 lots | 800 | HK$ 81,784 |
| 45 lots | 900 | HK$ 92,007 |
| 50 lots | 1,000 | HK$ 102,230 |
| 100 lots | 2,000 | HK$ 204,460 |
| 150 lots | 3,000 | HK$ 306,690 |
| 200 lots | 4,000 | HK$ 408,920 |
| 250 lots | 5,000 | HK$ 511,150 |
| 300 lots | 6,000 | HK$ 613,380 |
| 350 lots | 7,000 | HK$ 715,610 |
| 400 lots | 8,000 | HK$ 817,840 |
| 450 lots | 9,000 | HK$ 920,070 |
| 500 lots | 10,000 | HK$ 1,022,300 |
| 1,000 lots | 20,000 | HK$ 2,044,600 |
| 1,500 lots | 30,000 | HK$ 3,066,900 |
| 2,000 lots | 40,000 | HK$ 4,089,200 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,500 lots | 50,000 | HK$ 5,111,500 |
| 3,000 lots | 60,000 | HK$ 6,133,800 |
| 3,500 lots | 70,000 | HK$ 7,156,100 |
| 4,000 lots | 80,000 | HK$ 8,178,400 |
| 4,500 lots | 90,000 | HK$ 9,200,700 |
| 5,000 lots | 100,000 | HK$ 10,223,000 |
| 10,000 lots | 200,000 | HK$ 20,446,000 |
| 15,000 lots | 300,000 | HK$ 30,669,000 |
| 20,000 lots | 400,000 | HK$ 40,892,000 |
| 26,092 lots | 521,840 | HK$ 53,347,703 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,333,605,385 |
|---|---|
| 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 | 虧損人民幣540.8百萬元 |
| Period-End Cash Balance | 人民币330,800,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~13.9% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 157.0 |
|---|---|
| First Day Open | HK$ 135.0 |
| First Day Change | 53.58% |
| First Day Volume | 1642440.0 |
| First Day Turnover | 225386000.0 |
Use of Proceeds
| Use of Proceeds | 1、約30%或275.7百萬港元預計將用于擴大產品組合和解決方案以及增強技術，進一步加強涵蓋軟件、硬件和云端車聯網的全方位自主能力； 2、約30%或275.7百萬港元預計將分配用于提高生產、測試及驗證能力； 3、約20%或183.8百萬港元預計將用于擴大銷售和服務網絡，以提高品牌知名度； 4、約10%或91.9百萬港元預計將用于旨在進一步整合行業資源的戰略性投資； 5、約10%或91.9百萬港元將分配用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (5)
中国国际金融香港证券有限公司 CE AEN894
国泰君安融资有限公司 CE AGS488
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信证券（香港）有限公司 CE AAK249
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894
Overall Coordinators (5)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
Joint Global Coordinators (5)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
Joint Bookrunners (9)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
农银国际融资有限公司 CE AWL249
利弗莫尔证券有限公司 CE BJN764
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (9)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
农银国际证券有限公司 CE ACX411
利弗莫尔证券有限公司 CE BJN764
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (10)
中国国际金融香港证券有限公司 CE AEN894
国泰君安证券（香港）有限公司 CE ABY236
招银国际融资有限公司 CE AVM940
华泰金融控股（香港）有限公司 CE AOK809
中信里昂证券有限公司 CE AAB893
中银国际亚洲有限公司 CE AET863
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
利弗莫尔证券有限公司 CE BJN764
老虎证券（香港）环球有限公司 CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
科律香港律师事务所 竞天公诚律师事务所 Hogan Lovells |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 通商律师事务所 |
| Auditor and Reporting Accountant | 德勤 • 关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| 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 | Horizon Together Holding Ltd. | 218,982,794 HKD | — | 20.52% | — | 6 months | 2026-03-29 |
| 2 | JSC International Investment Fund SPC | 206,909,431 HKD | — | 19.39% | — | 6 months | 2026-03-29 |
| 3 | Smart Ventures Limited | 38,898,515 HKD | — | 3.65% | — | 6 months | 2026-03-29 |
Directors & Management
| Chairman | 應先生 |
|---|---|
| Company Secretary | 劉意成 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 應先生持有32,295,581股內資股（21.53%）及通過受控法團持有15,350,000股H股（10.23%）；疌泉潤東持有10,069,203股H股（6.71%）；新昌創業投資持有7,864,556股內資股（5.24%）；天津金米持有7,758,489股H股（5.17%）；廣州平安持有5,840,017股內資股（3.89%）；共青城善源持有5,440,017股內資股（3.63%）；盛盈創投持有5,246,553股H股（3.50%）；瑞安富海持有5,005,729股內資股（3.34%）；上海汝佳持有4,300,000股H股（2.87%）；珠海省廣持有4,256,977股內資股（2.84%）；上海晉鄰持有3,750,000股H股（2.50%）；無錫惠萃恒益持有4,718,734股內資股（3.15%）；四川製造基金持有4,404,152股內資股（2.94%）；東風集團持有3,622,560股H股（2.42%）。 |
|---|
AI
AI Analysis
Market Sentiment
博泰车联IPO以529.79倍超额认购结束，显示汽车出行板块需求极其旺盛。公布的命中率数据为0.0%或存异常，但超高倍数意味散户实际获配比例极低。最终定价102.23港元，无价格区间对比信息。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
甲尾申购40,000手预期获配0.9992手，而乙头申购50,000手仅预期获配0.0998手，甲尾分配率高出乙头近十倍，形成罕见的中签结构倒挂。乙头投资者动用更多资金却几乎零获配，手续费效率极低，或与股份重新分配至散户优先的机制有关。(This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
数据未提供持有人总数、内地及香港参与比例等人口统计资料，无法观察地域或群体特征。本次认购有效申请达108,368份，但缺乏进一步的年龄、性别等分布细节，难以分析认购人群结构。(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
