IPO Timeline
Broker Deadline
2026-04-14
Morning deadline
HKEX Deadline
2026-04-14
Noon deadline
Broker Results (T-2)
2026-04-15
Some brokers release in afternoon
Grey Market (T-1)
2026-04-16
Afternoon
HKEX Allotment (T-1)
2026-04-16
Evening
Registrar Allotment (T-1)
2026-04-16
Evening
Listing Day (T)
2026-04-17
First day of trading
Company Overview
| Stock Name | 長光辰芯 |
|---|---|
| Stock Code | 03277 |
| Company Full Name | 長光辰芯 |
| Industry | Robotics |
| Principal Activities | provider of CMOS image sensors (“CIS”) |
| Listing Date | 2026-04-17 |
| 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 Office Buildings 1 and 5 Business in the PRC Phase I, Optoelectronic Information Industrial Park No. 7691, Ziyou Road Changchun Economic and Technological Developme |
| Business Address (Hong Kong) | Dah Sing Financial Centre No. 248 Queen’s Road East Wanchai Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | gpixel.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 39.88 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,988 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-09 to 2026-04-14 |
| Global Offering Shares | 65,294,200 shares |
| HK Public Offer Shares (Initial) | 6,529,500 shares (10.0%) |
| Public Offer Lots (Initial) | 65,295lots (32,647lots, 32,648lots) |
| International Placing Shares (Initial) | 58,764,700 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 435,294,200 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 49.9% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,603,932,696 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,988 |
| 2 lots | 200 | HK$ 7,976 |
| 3 lots | 300 | HK$ 11,964 |
| 4 lots | 400 | HK$ 15,952 |
| 5 lots | 500 | HK$ 19,940 |
| 6 lots | 600 | HK$ 23,928 |
| 7 lots | 700 | HK$ 27,916 |
| 8 lots | 800 | HK$ 31,904 |
| 9 lots | 900 | HK$ 35,892 |
| 10 lots | 1,000 | HK$ 39,880 |
| 15 lots | 1,500 | HK$ 59,820 |
| 20 lots | 2,000 | HK$ 79,760 |
| 25 lots | 2,500 | HK$ 99,700 |
| 30 lots | 3,000 | HK$ 119,640 |
| 35 lots | 3,500 | HK$ 139,580 |
| 40 lots | 4,000 | HK$ 159,520 |
| 45 lots | 4,500 | HK$ 179,460 |
| 50 lots | 5,000 | HK$ 199,400 |
| 60 lots | 6,000 | HK$ 239,280 |
| 70 lots | 7,000 | HK$ 279,160 |
| 80 lots | 8,000 | HK$ 319,040 |
| 90 lots | 9,000 | HK$ 358,920 |
| 100 lots | 10,000 | HK$ 398,800 |
| 200 lots | 20,000 | HK$ 797,600 |
| 300 lots | 30,000 | HK$ 1,196,400 |
| 400 lots | 40,000 | HK$ 1,595,200 |
| 500 lots | 50,000 | HK$ 1,994,000 |
| 600 lots | 60,000 | HK$ 2,392,800 |
| 700 lots | 70,000 | HK$ 2,791,600 |
| 800 lots | 80,000 | HK$ 3,190,400 |
| 900 lots | 90,000 | HK$ 3,589,200 |
| 1,000 lots | 100,000 | HK$ 3,988,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 7,976,000 |
| 3,000 lots | 300,000 | HK$ 11,964,000 |
| 4,000 lots | 400,000 | HK$ 15,952,000 |
| 5,000 lots | 500,000 | HK$ 19,940,000 |
| 6,000 lots | 600,000 | HK$ 23,928,000 |
| 7,000 lots | 700,000 | HK$ 27,916,000 |
| 8,000 lots | 800,000 | HK$ 31,904,000 |
| 9,000 lots | 900,000 | HK$ 35,892,000 |
| 10,000 lots | 1,000,000 | HK$ 39,880,000 |
| 20,000 lots | 2,000,000 | HK$ 79,760,000 |
| 32,647 lots | 3,264,700 | HK$ 130,196,236 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 17,359,500,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於盈利狀態，但未提供市盈率信息） |
| Profit/Loss Status | 盈利約人民幣293.1百萬元 |
| Period-End Cash Balance | 人民币166,700,000元 |
| Listing Expenses | ~HK$ 100,400,000 |
| Listing Expenses / Funds Raised | ~3.9% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 70.0 |
|---|---|
| First Day Open | HK$ 72.0 |
| First Day Change | 75.53% |
| First Day Volume | 28022900.0 |
| First Day Turnover | 2010050000.0 |
Use of Proceeds
| Use of Proceeds | 1、約55.0%，或1,377.0百萬港元，預計將用于增加我們的研發投資； 2、約21.0%，或525.8百萬港元，預計將用于建立一個先進的CMOS圖像傳感器研發中心； 3、約4.0%，或100.1百萬港元，預計用于擴展我們的封裝及測試生產線； 4、約10.0%，或250.4百萬港元，預計用于通過戰略性地域擴張，增強我們的海外運營； 5、約10.0%，或250.4百萬港元，預計用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249
国泰君安融资有限公司 CE AGS488
Sponsor cum Overall Coordinator (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Overall Coordinators (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Joint Global Coordinators (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Joint Bookrunners (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Joint Lead Managers (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Capital Market Intermediaries (2)
中信里昂证券有限公司 CE AAB893
国泰君安证券（香港）有限公司 CE ABY236
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
嘉源律师事务所 嘉源律师事务所 大江桥律师事务所 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| 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 | 中信银行（国际）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 | 3W Funds | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
| 2 | Arc Avenue Asset Management Pte. Ltd. | 78,320,332 HKD | — | 3.01% | — | 6 months | 2026-10-17 |
| 3 | Boyu Capital Opportunities Master Fund | 78,320,332 HKD | — | 3.01% | — | 6 months | 2026-10-17 |
| 4 | China Orient Multi-Strategy Master Fund | 13,559,200 HKD | — | 0.52% | — | 6 months | 2026-10-17 |
| 5 | Cithara Global Multi-Strategy SPC — Disruptive Innovation Investment Fund SP | 15,660,876 HKD | — | 0.60% | — | 6 months | 2026-10-17 |
| 6 | CPE Peepal Investment Limited | 117,482,492 HKD | — | 4.51% | — | 6 months | 2026-10-17 |
| 7 | HHLR Advisors, Ltd. | 117,482,492 HKD | — | 4.51% | — | 6 months | 2026-10-17 |
| 8 | Perseverance Asset Management International (Singapore) Pte. Ltd. | 78,320,332 HKD | — | 3.01% | — | 6 months | 2026-10-17 |
| 9 | Source Code Super Holdings Co. | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
| 10 | UBS Asset Management (Singapore) Ltd. | 117,482,492 HKD | — | 4.51% | — | 6 months | 2026-10-17 |
| 11 | WT Asset Management Limited | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
| 12 | Yield Royal Investment Holding (Singapore) PTE. LTD. | 58,739,252 HKD | — | 2.26% | — | 6 months | 2026-10-17 |
| 13 | 富国基金管理有限公司 | 52,163,040 HKD | — | 2.00% | — | 6 months | 2026-10-17 |
| 14 | 富国资产管理(香港)有限公司 | 26,157,292 HKD | — | 1.00% | — | 6 months | 2026-10-17 |
| 15 | 工银理财有限责任公司 | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
| 16 | 广发国际资产管理有限公司 | 31,325,740 HKD | — | 1.20% | — | 6 months | 2026-10-17 |
| 17 | 广发基金管理有限公司 | 46,990,604 HKD | — | 1.80% | — | 6 months | 2026-10-17 |
| 18 | 华夏基金(香港)有限公司 | 15,660,876 HKD | — | 0.60% | — | 6 months | 2026-10-17 |
| 19 | 惠理基金管理香港有限公司 | 15,656,888 HKD | — | 0.60% | — | 6 months | 2026-10-17 |
| 20 | 景林资产管理香港有限公司 | 33,973,772 HKD | — | 1.30% | — | 6 months | 2026-10-17 |
| 21 | 宁远资本有限公司 | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
| 22 | 盘京港景投资基金 | 15,660,876 HKD | — | 0.60% | — | 6 months | 2026-10-17 |
| 23 | 上海景林资产管理有限公司 | 44,346,560 HKD | — | 1.70% | — | 6 months | 2026-10-17 |
| 24 | 未来资产证券(香港)有限公司 | 78,320,332 HKD | — | 3.01% | — | 6 months | 2026-10-17 |
| 25 | 易方达基金管理有限公司 | 23,489,320 HKD | — | 0.90% | — | 6 months | 2026-10-17 |
| 26 | 招商证券投资管理(香港)有限公司 | 7,828,444 HKD | — | 0.30% | — | 6 months | 2026-10-17 |
| 27 | 钟鼎资本八期投资有限公司 | 39,158,172 HKD | — | 1.50% | — | 6 months | 2026-10-17 |
Directors & Management
| Chairman | 王欣洋 |
|---|---|
| Company Secretary | 張艷霞 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, (i) as of the Latest Practicable Date, and (ii) immediately following the completion of the Global Offering (assuming that the Over-allotment Option is not exercised), the following persons are expected to have or |
|---|
AI
AI Analysis
Market Sentiment
Sentiment was exceptionally strong, with the IPO oversubscribed 1138 times, indicating intense demand for this semiconductor listing. The overall hit rate of 17.08% meant over 80% of applicants received no allocation, despite reallocation from institutional to retail. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
Tier Analysis
Noticeable inefficiency at the A-tail to B-head boundary: A-tail applicants expected only 0.96 lots while B-head applicants received a full lot, despite the marginal increase in subscription size. This cliff effect underscores the importance of precise lot sizing in a 'no clawback' mechanism B structure, though broker fee structures vary and actual costs may differ. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
Demographics
Mainland investors dominated with a 67.5% participation rate, a common pattern in hot Hong Kong IPOs, reflecting cross-border enthusiasm for semiconductor exposure. The applicant base skewed male at 58.5% and had an average age of 43, suggesting mature retail investors with significant capital. 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
