IPO Timeline
Broker Deadline
2026-06-25
Morning deadline
HKEX Deadline
2026-06-25
Noon deadline
Broker Results (T-2)
2026-06-26
Some brokers release in afternoon
Grey Market (T-1)
2026-06-29
Afternoon
HKEX Allotment (T-1)
2026-06-29
Evening
Registrar Allotment (T-1)
2026-06-29
Evening
Listing Day (T)
2026-06-30
First day of trading
Company Overview
| Stock Name | 來福諧波 |
|---|---|
| Stock Code | 03952 |
| Company Full Name | 來福諧波 |
| Industry | Industrial Goods |
| Principal Activities | 中國機器人精密傳動核心部件提供商，提供涵蓋諧波減速器、關節模組、機械臂乃至自動化工作站的產品組合，主要應用於人形機器人和工業機器人領域。 |
| Listing Date | 2026-06-30 |
| Listing Rules Era | |
| Listing Rules Chapter | 18C特专科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國 浙江省 嵊州市 甘霖鎮工業園區 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1901室 |
| Place of Incorporation | 中国 |
| Listing Method | 全球发售 |
| Listing Board | Main Board |
| Website | laifual.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Chapter 18C (Specialist Tech) |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 77.00 - 85.50 |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 8,550 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-22 to 2026-06-25 |
| Global Offering Shares | 13,441,900 shares |
| HK Public Offer Shares (Initial) | 672,100 shares (5.0%) |
| Public Offer Lots (Initial) | 6,721lots (3,360lots, 3,361lots) |
| International Placing Shares (Initial) | 12,769,800 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 103,398,787 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,149,282,450 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 8,550 |
| 2 lots | 200 | HK$ 17,100 |
| 3 lots | 300 | HK$ 25,650 |
| 4 lots | 400 | HK$ 34,200 |
| 5 lots | 500 | HK$ 42,750 |
| 6 lots | 600 | HK$ 51,300 |
| 7 lots | 700 | HK$ 59,850 |
| 8 lots | 800 | HK$ 68,400 |
| 9 lots | 900 | HK$ 76,950 |
| 10 lots | 1,000 | HK$ 85,500 |
| 15 lots | 1,500 | HK$ 128,250 |
| 20 lots | 2,000 | HK$ 171,000 |
| 25 lots | 2,500 | HK$ 213,750 |
| 30 lots | 3,000 | HK$ 256,500 |
| 35 lots | 3,500 | HK$ 299,250 |
| 40 lots | 4,000 | HK$ 342,000 |
| 45 lots | 4,500 | HK$ 384,750 |
| 50 lots | 5,000 | HK$ 427,500 |
| 60 lots | 6,000 | HK$ 513,000 |
| 70 lots | 7,000 | HK$ 598,500 |
| 80 lots | 8,000 | HK$ 684,000 |
| 90 lots | 9,000 | HK$ 769,500 |
| 100 lots | 10,000 | HK$ 855,000 |
| 200 lots | 20,000 | HK$ 1,710,000 |
| 300 lots | 30,000 | HK$ 2,565,000 |
| 400 lots | 40,000 | HK$ 3,420,000 |
| 500 lots | 50,000 | HK$ 4,275,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 60,000 | HK$ 5,130,000 |
| 700 lots | 70,000 | HK$ 5,985,000 |
| 800 lots | 80,000 | HK$ 6,840,000 |
| 900 lots | 90,000 | HK$ 7,695,000 |
| 1,000 lots | 100,000 | HK$ 8,550,000 |
| 1,500 lots | 150,000 | HK$ 12,825,000 |
| 2,000 lots | 200,000 | HK$ 17,100,000 |
| 2,500 lots | 250,000 | HK$ 21,375,000 |
| 3,000 lots | 300,000 | HK$ 25,650,000 |
| 3,360 lots | 336,000 | HK$ 28,728,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 7,961,706,599 - 8,840,596,288 |
|---|---|
| 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 | 亏损约人民币170.6百万元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 约55.0%用于生产设施扩建，约20.0%用于研发能力提升以丰富产品组合，约5.0%用于扩大海外销售网络，约10.0%用于战略投资或收购，剩余约10.0%用于营运资金及一般企业用途 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
招银国际融资有限公司 CE AVM940(sole)
Sponsor cum Overall Coordinator (1)
招银国际融资有限公司 CE AVM940(sole)
Joint Global Coordinators (1)
招银国际融资有限公司 CE AVM940(sole)
Joint Bookrunners (1)
招银国际融资有限公司 CE AVM940(sole)
Joint Lead Managers (1)
招银国际融资有限公司 CE AVM940(sole)
Capital Market Intermediaries (1)
招银国际融资有限公司 CE AVM940(sole)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
贝克•麦坚时律师事务所 海问律师事务所 Commerce & Finance Law Offices LLP |
| 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 | 毕马威会计师事务所 |
| 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 | 明山資本有限公司 | — | — | — | — | 6 months | 2026-12-30 |
| 2 | 嘉實國際資產管理有限公司 | — | — | — | — | 6 months | 2026-12-30 |
| 3 | CDH Global Frontier Ventures Limited | — | — | — | — | 6 months | 2026-12-30 |
| 4 | 易方達基金管理有限公司 | — | — | — | — | 6 months | 2026-12-30 |
| 5 | Management Limited | — | — | — | — | 6 months | 2026-12-30 |
| 6 | Prime Healthcare Master Fund Limited | — | — | — | — | 6 months | 2026-12-30 |
| 7 | Healthcare Master Fund Limited | — | — | — | — | 6 months | 2026-12-30 |
| 8 | Oasis Investments II Master Fund Limited | — | — | — | — | 6 months | 2026-12-30 |
Directors & Management
| Chairman | 張傑 |
|---|---|
| Company Secretary | 周文俊、李漪澄 |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 張傑 | — | 執行董事 |
| 2 | 吳迪 | — | 執行董事 |
| 3 | 王海鷹 | — | 執行董事 |
| 4 | 張瀚 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 崔志遠 | — | 非執行董事 |
| 2 | 黃河 | — | 非執行董事 |
| 3 | 李程晟 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李俊 | — | 獨立非執行董事 |
| 2 | 樓宇 | — | 獨立非執行董事 |
| 3 | 田春杉 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 單一最大股東集團包括來福投資(20.40%)、傑陽信息(4.43%)、張傑先生(3.59%)及越焯(9.87%)，合計持股38.29%；其他主要股東包括國開基金(8.70%)、聯想基金(6.50%)、國中中小企業基金(4.92%)等。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
