IPO Timeline
Broker Deadline
2026-09-16
Morning deadline
HKEX Deadline
2026-09-16
Noon deadline
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 688031 |
| HK$ 49.00 - 61.00 | |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 星環科技 |
|---|---|
| Stock Code | 06727 |
| Company Full Name | 星環科技 |
| Industry | Information Technology |
| Principal Activities | 我們是中國領先的AI基礎設施軟件提供商。我們主要通過向企業及政府客戶銷售AI與大數據基礎設施軟件產品以及相關服務產生收入。通過深度融合人工智能、大數據與雲技術，我們助力企業高效構建AI基礎設施軟件，推動各行業智能化轉型與商業模式創新。 |
| Listing Date | 0 |
| Listing Rules Era | |
| Listing Rules Chapter | 18C特專科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市徐匯區虹漕路88號越虹廣場3樓及B棟11樓 |
| 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 | 中國 |
| Listing Method | 全球發售 |
| Listing Board | Main Board |
| Website | transwarp.cn |
| 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 | Yes |
Offering Information
| Offering Mechanism | 18C特專科技 |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 49.00 - 61.00 |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 6,100 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-09-11 to 2026-09-16 |
| Global Offering Shares | 14,010,800 shares |
| HK Public Offer Shares (Initial) | 700,600 shares (5.0%) |
| Public Offer Lots (Initial) | 7,006lots (3,503lots, 3,503lots) |
| International Placing Shares (Initial) | 13,310,200 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 135,146,716 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 854,658,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,100 |
| 2 lots | 200 | HK$ 12,200 |
| 3 lots | 300 | HK$ 18,300 |
| 4 lots | 400 | HK$ 24,400 |
| 5 lots | 500 | HK$ 30,500 |
| 6 lots | 600 | HK$ 36,600 |
| 7 lots | 700 | HK$ 42,700 |
| 8 lots | 800 | HK$ 48,800 |
| 9 lots | 900 | HK$ 54,900 |
| 10 lots | 1,000 | HK$ 61,000 |
| 15 lots | 1,500 | HK$ 91,500 |
| 20 lots | 2,000 | HK$ 122,000 |
| 25 lots | 2,500 | HK$ 152,500 |
| 30 lots | 3,000 | HK$ 183,000 |
| 35 lots | 3,500 | HK$ 213,500 |
| 40 lots | 4,000 | HK$ 244,000 |
| 45 lots | 4,500 | HK$ 274,500 |
| 50 lots | 5,000 | HK$ 305,000 |
| 60 lots | 6,000 | HK$ 366,000 |
| 70 lots | 7,000 | HK$ 427,000 |
| 80 lots | 8,000 | HK$ 488,000 |
| 90 lots | 9,000 | HK$ 549,000 |
| 100 lots | 10,000 | HK$ 610,000 |
| 150 lots | 15,000 | HK$ 915,000 |
| 200 lots | 20,000 | HK$ 1,220,000 |
| 250 lots | 25,000 | HK$ 1,525,000 |
| 300 lots | 30,000 | HK$ 1,830,000 |
| 350 lots | 35,000 | HK$ 2,135,000 |
| 400 lots | 40,000 | HK$ 2,440,000 |
| 450 lots | 45,000 | HK$ 2,745,000 |
| 500 lots | 50,000 | HK$ 3,050,000 |
| 600 lots | 60,000 | HK$ 3,660,000 |
| 700 lots | 70,000 | HK$ 4,270,000 |
| 800 lots | 80,000 | HK$ 4,880,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 900 lots | 90,000 | HK$ 5,490,000 |
| 1,000 lots | 100,000 | HK$ 6,100,000 |
| 1,250 lots | 125,000 | HK$ 7,625,000 |
| 1,500 lots | 150,000 | HK$ 9,150,000 |
| 1,750 lots | 175,000 | HK$ 10,675,000 |
| 2,000 lots | 200,000 | HK$ 12,200,000 |
| 2,500 lots | 250,000 | HK$ 15,250,000 |
| 3,000 lots | 300,000 | HK$ 18,300,000 |
| 3,500 lots | 350,000 | HK$ 21,350,000 |
Stock Connect Inclusion
| HK Market Cap | 8.5亿港元 |
|---|
| Inclusion Pathway | A+H 无绿鞋（首日入通） |
|---|---|
| Est. Threshold | 无市值门槛 |
| Analysis Result | 上市当日入通 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 6,622,189,084 - 8,243,949,676 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 686,529,200 - 854,658,800 |
| 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 | 截至2025年12月31日止年度虧損人民幣245.2百萬元 |
| Period-End Cash Balance | 人民幣353.95百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Use of Proceeds
| Use of Proceeds | 約30%用於提升及優化產品和解決方案堆棧的研發及創新能力；約20%用於升級及擴展產品及解決方案堆棧；約15%用於加強中國及海外重點市場的銷售渠道和團隊建設；約5%用於提升商業化能力及品牌影響力；約20%用於戰略投資；約10%用作營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
海通国际资本有限公司 CE ADQ859(sole)
Sponsor cum Overall Coordinator (1)
海通国际证券有限公司 CE AAF806
Overall Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Bookrunners (1)
微牛证券有限公司 CE BNG700
Joint Lead Managers (8)
富途证券国际（香港）有限公司 CE AZT137
交银国际证券有限公司 CE APJ121
第一證券（香港）有限公司
申万宏源证券（香港）有限公司 CE AAC927
华福国际证券有限公司 CE BQC241
招银国际融资有限公司 CE AVM940
天风国际证券与期货有限公司 CE BAV573
浦银国际融资有限公司 CE BFZ375
Capital Market Intermediaries (13)
海通国际证券有限公司 CE AAF806
富途证券国际（香港）有限公司 CE AZT137
申万宏源证券（香港）有限公司 CE AAC927
微牛证券有限公司 CE BNG700
交银国际证券有限公司 CE APJ121
华福国际证券有限公司 CE BQC241
招银国际融资有限公司 CE AVM940
天风国际证券与期货有限公司 CE BAV573
浦银国际融资有限公司 CE BFZ375
第一證券（香港）有限公司
君合律师事务所
君合律师事务所
君合律师事务所
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 息產業股份有限公司 | — | — | — | — | 6 months | — |
| 2 | 洛陽科創集團有限公司 | — | — | — | — | 6 months | — |
| 3 | 洛陽科創為洛陽國宏投資控股集團有限公司 | — | — | — | — | 6 months | — |
Directors & Management
| Chairman | 孫元浩 |
|---|---|
| Company Secretary | 李一多 |
執行董事 (6)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 孫元浩 | — | 執行董事 |
| 2 | 呂程 | — | 執行董事 |
| 3 | 朱珺辰 | — | 執行董事 |
| 4 | 溫燁 | — | 執行董事 |
| 5 | 張立明 | — | 執行董事 |
| 6 | 李一多 | — | 執行董事 |
獨立非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 黃宜華 | — | 獨立非執行董事 |
| 2 | 馬冬明 | — | 獨立非執行董事 |
| 3 | 劉東 | — | 獨立非執行董事 |
| 4 | 劉瑾 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 緊隨全球發售完成後，孫元浩先生（連同其一致行動人士）為單一最大股東集團，合共持有約19.46%已發行股本。其他主要股東包括：產業投資基金（5.00%）、林芝利創（4.74%，由騰訊控股有限公司最終控制）。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
