IPO Timeline
Broker Deadline
2026-01-08
Morning deadline
HKEX Deadline
2026-01-08
Noon deadline
Broker Results (T-2)
2026-01-09
Some brokers release in afternoon
Grey Market (T-1)
2026-01-12
Afternoon
HKEX Allotment (T-1)
2026-01-12
Evening
Registrar Allotment (T-1)
2026-01-12
Evening
Listing Day (T)
2026-01-13
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 兆易创新 |
|---|---|
| Other Market Stock Code | 603986 |
| H-Share Offer Price | HK$ 162.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 兆易创新 |
|---|---|
| Stock Code | 03986 |
| Company Full Name | 兆易创新 |
| Industry | Robotics |
| Principal Activities | IC design house for a diverse range of chips covering NOR Flash, SLC NAND Flash, niche DRAM, MCU, analog chips and sensor chips |
| Listing Date | 2026-01-13 |
| 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 Room 101, 1/F to 5/F, Building 8 Business in the PRC No. 9 Fenghao East Road Haidian District Beijing PRC Place of Business in Hong Kong Room 1915, 19/F Lee Garden |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.gigadevice.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 162.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 16,200 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-31 to 2026-01-08 |
| Global Offering Shares | 28,915,800 shares |
| HK Public Offer Shares (Initial) | 2,891,600 shares (10.0%) |
| Public Offer Lots (Initial) | 28,916lots (14,458lots, 14,458lots) |
| International Placing Shares (Initial) | 26,024,200 shares (90.0%) |
| Offer Ratio | ~4.15% |
| Total Shares Post-IPO | 696,765,151 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,684,359,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 16,200 |
| 2 lots | 200 | HK$ 32,400 |
| 3 lots | 300 | HK$ 48,600 |
| 4 lots | 400 | HK$ 64,800 |
| 5 lots | 500 | HK$ 81,000 |
| 6 lots | 600 | HK$ 97,200 |
| 7 lots | 700 | HK$ 113,400 |
| 8 lots | 800 | HK$ 129,600 |
| 9 lots | 900 | HK$ 145,800 |
| 10 lots | 1,000 | HK$ 162,000 |
| 15 lots | 1,500 | HK$ 243,000 |
| 20 lots | 2,000 | HK$ 324,000 |
| 25 lots | 2,500 | HK$ 405,000 |
| 30 lots | 3,000 | HK$ 486,000 |
| 35 lots | 3,500 | HK$ 567,000 |
| 40 lots | 4,000 | HK$ 648,000 |
| 45 lots | 4,500 | HK$ 729,000 |
| 50 lots | 5,000 | HK$ 810,000 |
| 60 lots | 6,000 | HK$ 972,000 |
| 70 lots | 7,000 | HK$ 1,134,000 |
| 80 lots | 8,000 | HK$ 1,296,000 |
| 90 lots | 9,000 | HK$ 1,458,000 |
| 100 lots | 10,000 | HK$ 1,620,000 |
| 200 lots | 20,000 | HK$ 3,240,000 |
| 300 lots | 30,000 | HK$ 4,860,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 40,000 | HK$ 6,480,000 |
| 500 lots | 50,000 | HK$ 8,100,000 |
| 600 lots | 60,000 | HK$ 9,720,000 |
| 700 lots | 70,000 | HK$ 11,340,000 |
| 800 lots | 80,000 | HK$ 12,960,000 |
| 900 lots | 90,000 | HK$ 14,580,000 |
| 1,000 lots | 100,000 | HK$ 16,200,000 |
| 2,000 lots | 200,000 | HK$ 32,400,000 |
| 3,000 lots | 300,000 | HK$ 48,600,000 |
| 4,000 lots | 400,000 | HK$ 64,800,000 |
| 5,000 lots | 500,000 | HK$ 81,000,000 |
| 6,000 lots | 600,000 | HK$ 97,200,000 |
| 7,000 lots | 700,000 | HK$ 113,400,000 |
| 8,000 lots | 800,000 | HK$ 129,600,000 |
| 9,000 lots | 900,000 | HK$ 145,800,000 |
| 10,000 lots | 1,000,000 | HK$ 162,000,000 |
| 12,000 lots | 1,200,000 | HK$ 194,400,000 |
| 14,458 lots | 1,445,800 | HK$ 234,219,600 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 112,875,954,462 |
|---|---|
| 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1,100.9百万元 |
| Period-End Cash Balance | 人民币7,863,100,000元 |
| Listing Expenses | ~HK$ 69,960,000 |
| Listing Expenses / Funds Raised | ~1.49% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 222.8 |
|---|---|
| First Day Open | HK$ 235.0 |
| First Day Change | 37.53% |
| First Day Volume | 10434000.0 |
| First Day Turnover | 2393990000.0 |
Use of Proceeds
| Use of Proceeds | 1、約40.0%或1,672.3百萬港元將用于持續提升我們的研發能力； 2、約35.0%或1,463.2百萬港元將用于戰略性行業相關投資及收購； 3、約9.0%或376.3百萬港元將用于我們的全球戰略擴張及加強我們的全球影響力； 4、約6.0%或250.8百萬港元將用于提高營運效率； 5、約10.0%或418.1百萬港元將用于營運資金及其他一般企業用途。 |
|---|
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 (1)
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 (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 Bookrunners (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 Lead Managers (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
Capital Market Intermediaries (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
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
富而德律师事务所 金杜律师事务所 DLA Piper Singapore Pte. Ltd. |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 中伦律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| 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 | 华泰资本投资有限公司 | — | — | — | — | 6 months | 2026-07-13 |
| 2 | 金管理有限公司 | — | — | — | — | 6 months | 2026-07-13 |
| 3 | 奇点资产管理有限公司 | — | — | — | — | 6 months | 2026-07-13 |
| 4 | 3W Fund Management Limited | — | — | — | — | 6 months | 2026-07-13 |
| 5 | Green Better Limited | — | — | — | — | 6 months | 2026-07-13 |
| 6 | 泰康人寿保险有限责任公司 | — | — | — | — | 6 months | 2026-07-13 |
| 7 | 顺和资产管理有限公司 | — | — | — | — | 6 months | 2026-07-13 |
| 8 | 工银理财有限责任公司 | — | — | — | — | 6 months | 2026-07-13 |
| 9 | Mega Prime Development Limited | — | — | — | — | 6 months | 2026-07-13 |
Directors & Management
| Chairman | Mr. Zhu Yiming |
|---|---|
| Company Secretary | Ms. Dong Lingyan |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 朱一明 | — | 執行董事 |
| 2 | 何卫 | — | 執行董事 |
| 3 | 胡洪 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 文恬 | — | 非執行董事 |
獨立非執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 周海涛 | — | 獨立非執行董事 |
| 2 | 钱鹤 | — | 獨立非執行董事 |
| 3 | 杨小雯 | — | 獨立非執行董事 |
| 4 | 陈洁 | — | 獨立非執行董事 |
| 5 | 郑晓东 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as the Directors are aware, immediately following the completion of the Global Offering (assuming the Offer Size Adjustment Option and the Over-allotment Option are not exercised and no additional Shares are issued pursuant to the Share Incen |
|---|
AI
AI Analysis
Market Sentiment
The IPO saw overwhelming enthusiasm with an oversubscription ratio of 542.22x, signaling extremely strong demand for this semiconductor listing. An overall hit rate of 17.43%—with 25,871 accepted out of 148,419 valid applications—is relatively high for such a steep oversubscription, suggesting the allocation was spread more broadly than typical 500x+ offerings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Specific tier-level allocation data is not provided, so detailed tier anomaly analysis cannot be performed. However, under Mechanism B with no clawback and a 'yes' reallocation, it is common for smaller applicant tiers to experience proportionally lower win rates relative to larger ones. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland China applicants dominated at 73.9%, reflecting strong cross-border demand aligned with the semiconductor industry theme, while Hong Kong residents made up 25.2%. The investor base leaned male (60.2%) with a mature average age of 43.4, indicating participation from experienced, middle-aged investors. (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
