| Stock Name | 聚水潭 |
|---|---|
| Stock Code | 06687 |
| Company Full Name | 聚水潭 |
| Industry | AI & Machine Learning |
| Principal Activities | core competence to effectively acquire and retain customers, leading to long-term customer relationships and increasing operating productivity |
| Listing Date | 2025-10-21 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 990 Shenchang Road Shanghai PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1917室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | jushuitan.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | ICS Corporate Services (Cayman) |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 30.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,060 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-10-13 to 2025-10-16 |
| Global Offering Shares | 68,166,200 shares |
| HK Public Offer Shares (Initial) | 6,816,700 shares (10.0%) |
| Public Offer Lots (Initial) | 68,167lots (34,083lots, 34,084lots) |
| International Placing Shares (Initial) | 61,349,500 shares (90.0%) |
| Offer Ratio | ~16.0% |
| Total Shares Post-IPO | 426,038,600 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$ 2,085,885,720 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,060 |
| 2 lots | 200 | HK$ 6,120 |
| 3 lots | 300 | HK$ 9,180 |
| 4 lots | 400 | HK$ 12,240 |
| 5 lots | 500 | HK$ 15,300 |
| 6 lots | 600 | HK$ 18,360 |
| 7 lots | 700 | HK$ 21,420 |
| 8 lots | 800 | HK$ 24,480 |
| 9 lots | 900 | HK$ 27,540 |
| 10 lots | 1,000 | HK$ 30,600 |
| 15 lots | 1,500 | HK$ 45,900 |
| 20 lots | 2,000 | HK$ 61,200 |
| 25 lots | 2,500 | HK$ 76,500 |
| 30 lots | 3,000 | HK$ 91,800 |
| 35 lots | 3,500 | HK$ 107,100 |
| 40 lots | 4,000 | HK$ 122,400 |
| 45 lots | 4,500 | HK$ 137,700 |
| 50 lots | 5,000 | HK$ 153,000 |
| 60 lots | 6,000 | HK$ 183,600 |
| 70 lots | 7,000 | HK$ 214,200 |
| 80 lots | 8,000 | HK$ 244,800 |
| 90 lots | 9,000 | HK$ 275,400 |
| 100 lots | 10,000 | HK$ 306,000 |
| 200 lots | 20,000 | HK$ 612,000 |
| 300 lots | 30,000 | HK$ 918,000 |
| 400 lots | 40,000 | HK$ 1,224,000 |
| 500 lots | 50,000 | HK$ 1,530,000 |
| 600 lots | 60,000 | HK$ 1,836,000 |
| 700 lots | 70,000 | HK$ 2,142,000 |
| 800 lots | 80,000 | HK$ 2,448,000 |
| 900 lots | 90,000 | HK$ 2,754,000 |
| 1,000 lots | 100,000 | HK$ 3,060,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,120,000 |
| 3,000 lots | 300,000 | HK$ 9,180,000 |
| 4,000 lots | 400,000 | HK$ 12,240,000 |
| 5,000 lots | 500,000 | HK$ 15,300,000 |
| 10,000 lots | 1,000,000 | HK$ 30,600,000 |
| 15,000 lots | 1,500,000 | HK$ 45,900,000 |
| 20,000 lots | 2,000,000 | HK$ 61,200,000 |
| 34,083 lots | 3,408,300 | HK$ 104,293,980 |
| Market Cap (at Offer Price) | HK$ 13,036,781,160 |
|---|---|
| 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12.2百万元（2024年） |
| Period-End Cash Balance | 人民币897,300,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 37.9 |
|---|---|
| First Day Open | HK$ 38.0 |
| First Day Change | 23.86% |
| First Day Volume | 37490700.0 |
| First Day Turnover | 1440500000.0 |
| Use of Proceeds | 1、約55%或1,065.6百萬港元，將于未來五年用于提升研發能力，以豐富產品矩陣； 2、約25%或484.4百萬港元，將用于未來五年提升銷售及營銷能力； 3、約10%或193.8百萬港元，將在未來五年用于戰略投資； 4、約10%或193.8百萬港元，將用于一般公司用途。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
达维律师事务所 通商律师事务所 衡力斯律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
年利达律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 招商永隆银行有限公司 |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 汇添富基金管理股份有限公司 | — | — | — | — | 6 months | 2026-04-21 |
| 2 | Fourier Capital Management Limited | — | — | — | — | 6 months | 2026-04-21 |
| 3 | 景林资产管理香港有限公司 | — | — | — | — | 6 months | 2026-04-21 |
| 4 | GTCS Holdings Limited | — | — | — | — | 6 months | 2026-04-21 |
| 5 | Jain Global Master Fund Ltd | — | — | — | — | 6 months | 2026-04-21 |
| 6 | 3W Fund Management Limited | — | — | — | — | 6 months | 2026-04-21 |
| Chairman | Mr. Luo Haidong |
|---|---|
| Company Secretary | Mr. Liu Luyao |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 骆海东 | — | 執行董事 |
| 2 | 贺兴建 | — | 執行董事 |
| 3 | 李灿升 | — | 執行董事 |
| 4 | 王瑜 | — | 執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | Wang Donghui | — | 非執行董事 |
| 2 | 陈洪亮 | — | 非執行董事 |
| 3 | 周逵 | — | 非執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 罗玫 | — | 獨立非執行董事 |
| 2 | 李嘉俊 | — | 獨立非執行董事 |
| 3 | 盛凯强 | — | 獨立非執行董事 |
| 4 | (1) 截至最后实际可行日期，Wang Donghui | — | 獨立非執行董事 |
| 5 | Wang Donghui | — | 獨立非執行董事 |
| 6 | 玫 | — | 獨立非執行董事 |
| 7 | 生、陈洪亮 | — | 獨立非執行董事 |
| 8 | 独立非执行董事须占董事会人数至少三分之一。Wang Donghui | — | 獨立非執行董事 |
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS advice to our Shareholders. Our independent non-executive Directors individually and collectively possess the requisite knowledge and experience to perform their duties.TheywillreviewwhetherthereisanyconflictofinterestsbetweenourGroup and our Contro |
|---|
Market Sentiment
The IPO is oversubscribed by 1952.95 times, indicating extremely strong market demand and a frenzied retail subscription environment. With only 12.75% of applicants receiving shares, the hit rate is remarkably low, reflecting severe allocation scarcity. The offer price of HK$30.6 suggests pricing at the upper end of expectations or a fixed premium, underscoring high investor confidence. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Both 甲尾 (A-tail, 100,000 shares) and 乙头 (B-head, 200,000 shares) applicants received only 1 lot, causing a notable tier inefficiency where twice the capital commitment yields no incremental allocation. This flattening means 甲尾 applicants achieved the same outcome as 乙头 with lower capital outlay, which may incentivize under-subscription at higher tiers. Broker fee efficiency comparisons are skewed because the per-lot cost is effectively identical despite different application sizes. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is unavailable in the provided dataset (total_holders, mainland_pct, and hk_pct are all zero), precluding any analysis of regional or gender participation. Typically, tech listings with extreme oversubscription attract heavy mainland Chinese retail interest, but this cannot be verified here. Without this data, no conclusions about demographic patterns can be drawn. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
