51 World 06651 Prospectus Information

IPO Timeline

Broker Deadline

2025-12-23

Morning deadline

HKEX Deadline

2025-12-23

Noon deadline

Broker Results (T-2)

2025-12-24

Some brokers release in afternoon

Grey Market (T-1)

2025-12-29

Afternoon

HKEX Allotment (T-1)

2025-12-29

Evening

Registrar Allotment (T-1)

2025-12-29

Evening

Listing Day (T)

2025-12-30

First day of trading

Company Overview

Stock Name	51 World
Stock Code	06651
Company Full Name	51 World
Industry	Information Technology
Principal Activities	digital twin technology company in China
Listing Date	2025-12-30
Listing Rules Era	New Rules (after Aug 2025)
Listing Rules Chapter	Chapter 18C
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	中國北京市海淀區上地信息路19號1號樓3層301室
Business Address (Hong Kong)	香港銅鑼灣勿地臣街1號時代廣場二座31樓
Place of Incorporation	To be extracted
Listing Method	To be extracted
Listing Board	Main Board
Website	51world.com.cn
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	18C特专科技
Offer Price	HK$ 30.50 / shares
Offer Price Range	Final offer price only, no range
Lot Size	200 shares
Entry Threshold	HK$ 6,100
Par Value	RMB 1.0 / shares
Offer Period	2025-12-18 to 2025-12-23
Global Offering Shares	23,975,200 shares
HK Public Offer Shares (Initial)	1,198,800 shares (5.0%)
Public Offer Lots (Initial)	5,994lots (2,997lots, 2,997lots)
International Placing Shares (Initial)	22,776,400 shares (95.0%)
Offer Ratio	~5.9%
Total Shares Post-IPO	406,356,152 shares
Greenshoe (Over-allotment Option)	Yes
Stabilizing Manager (Greenshoe)	To be extracted
Cornerstone Share	0%
Clawback Tiers	回拨B档
Reallocation Option	No
Total Global Offering Size	HK$ 731,243,600

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	200	HK$ 6,100
2 lots	400	HK$ 12,200
3 lots	600	HK$ 18,300
4 lots	800	HK$ 24,400
5 lots	1,000	HK$ 30,500
6 lots	1,200	HK$ 36,600
7 lots	1,400	HK$ 42,700
8 lots	1,600	HK$ 48,800
9 lots	1,800	HK$ 54,900
10 lots	2,000	HK$ 61,000
15 lots	3,000	HK$ 91,500
20 lots	4,000	HK$ 122,000
25 lots	5,000	HK$ 152,500
30 lots	6,000	HK$ 183,000
35 lots	7,000	HK$ 213,500
40 lots	8,000	HK$ 244,000
45 lots	9,000	HK$ 274,500
50 lots	10,000	HK$ 305,000
100 lots	20,000	HK$ 610,000
150 lots	30,000	HK$ 915,000
200 lots	40,000	HK$ 1,220,000
250 lots	50,000	HK$ 1,525,000
300 lots	60,000	HK$ 1,830,000
350 lots	70,000	HK$ 2,135,000
400 lots	80,000	HK$ 2,440,000
450 lots	90,000	HK$ 2,745,000
500 lots	100,000	HK$ 3,050,000
600 lots	120,000	HK$ 3,660,000
700 lots	140,000	HK$ 4,270,000
800 lots	160,000	HK$ 4,880,000

Pool B

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
900 lots	180,000	HK$ 5,490,000
1,000 lots	200,000	HK$ 6,100,000
1,250 lots	250,000	HK$ 7,625,000
1,500 lots	300,000	HK$ 9,150,000
1,750 lots	350,000	HK$ 10,675,000
2,000 lots	400,000	HK$ 12,200,000
2,250 lots	450,000	HK$ 13,725,000
2,500 lots	500,000	HK$ 15,250,000
2,750 lots	550,000	HK$ 16,775,000
2,997 lots	599,400	HK$ 18,281,700

Valuation & Financials

Market Cap (at Offer Price)	HK$ 12,393,862,636
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78,972千元（2024年）
Period-End Cash Balance	人民币31,800,000元
Listing Expenses	To be extracted
Listing Expenses / Funds Raised	~5.4%
Total Pre-IPO Investment	To be extracted

First Day Performance

First Day Close	HK$ 39.62
First Day Open	HK$ 35.0
First Day Change	29.90%
First Day Volume	5321300.0
First Day Turnover	203838000.0

Use of Proceeds

Use of Proceeds	1、所得款項凈額約80.0%或約522.2百萬港元預期將用于我們的研發舉措； 2、所得款項凈額約10.0%或約65.3百萬港元預期將用于中國及海外的營銷活動； 3、所得款項凈額約10.0%或約65.3百萬港元預期將用于營運資金及一般企業用途。

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 (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 (5)

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 招银国际融资有限公司 CE AVM940 中信建投（国际）融资有限公司 CE BAU112 富途证券国际（香港）有限公司 CE AZT137

Joint Global Coordinators (5)

Joint Bookrunners (12)

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 招银国际融资有限公司 CE AVM940 中信建投（国际）融资有限公司 CE BAU112 富途证券国际（香港）有限公司 CE AZT137 华盛资本证券有限公司 CE AUL711 中银国际亚洲有限公司 CE AET863 工银国际证券有限公司 CE ARO299 浦银国际融资有限公司 CE BFZ375 农银国际融资有限公司 CE AWL249 民银证券有限公司 CE APU820 建银国际金融有限公司 CE AJO225

Joint Lead Managers (12)

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 招银国际融资有限公司 CE AVM940 中信建投（国际）融资有限公司 CE BAU112 富途证券国际（香港）有限公司 CE AZT137 华盛资本证券有限公司 CE AUL711 中银国际亚洲有限公司 CE AET863 工银国际证券有限公司 CE ARO299 浦银国际融资有限公司 CE BFZ375 农银国际证券有限公司 CE ACX411 民银证券有限公司 CE APU820 建银国际金融有限公司 CE AJO225

Service Providers

Role	Institution
Legal Advisor to Company	汉坤律师事务所有限法律责任合伙北京市中伦律师事务所霍金路伟律师行北京桓润律师事务所
Legal Advisor to Sponsors/Underwriters	金杜律师事务所金杜律师事务所
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

This stock has no cornerstone investors.

Directors & Management

Chairman	李熠
Company Secretary	杜金艷

執行董事 (5)

#	Name	English Name	Type
1	李熠	—	執行董事
2	王辰康	—	執行董事
3	张雨薇	—	執行董事
4	佟珊	—	執行董事
5	蒲鸽	—	執行董事

非執行董事 (1)

#	Name	English Name	Type
1	吕金荣	—	非執行董事

獨立非執行董事 (6)

#	Name	English Name	Type
1	李攀	—	獨立非執行董事
2	林晨	—	獨立非執行董事
3	张乐宁	—	獨立非執行董事
4	匡鹏	—	獨立非執行董事
5	侯涛	—	獨立非執行董事
6	侯静静	—	獨立非執行董事

Major Shareholders

Major Shareholders & Holdings	李先生（李熠）為單一最大股東集團成員，通過實益擁有及受控法團權益合計持有約19.8%（全球發售後）。其他主要股東包括LS 51World（16.3%）、青島萬物鏡像（6.6%）及郝麗麗（6.7%）。

AI AI Analysis

Market Sentiment

The IPO was heavily oversubscribed at 256x, reflecting robust enthusiasm for the digital twin specialist under Chapter 18C. With a hit rate of 23.62%, only about 1 in 4 applicants received allocations, and reallocation to retail investors through clawback B underscored intense demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Tier Analysis

The 甲尾 (A-tail) tier with 160,000 shares applied expected just 0.48 lots, slightly below the 乙头 (B-head) at 180,000 shares which expected 0.69 lots, making the B-head marginally more efficient in terms of allocation per share. This anomaly suggests the tier cut-off point compressed the advantage for 甲尾 applicants, although actual broker fee differences may alter net efficiency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Demographics

Mainland Chinese investors dominated the applicant pool at 82.2%, signaling strong cross-border interest in this specialist tech offering. The gender split skewed male at 67.6% with an average age of 39.4, typical for retail IPO participation in Hong Kong. (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

51 World 06651Prospectus Information

Market Sentiment

Tier Analysis

Demographics