IPO Timeline
Broker Deadline
2026-07-06
Morning deadline
HKEX Deadline
2026-07-06
Noon deadline
Broker Results (T-2)
2026-07-07
Some brokers release in afternoon
Grey Market (T-1)
2026-07-08
Afternoon
HKEX Allotment (T-1)
2026-07-08
Evening
Registrar Allotment (T-1)
2026-07-08
Evening
Listing Day (T)
2026-07-09
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) |
|---|---|
| Other Market Stock Code | 300408 |
| H-Share Offer Price | HK$ 100.30 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 三環集團 |
|---|---|
| Stock Code | 06951 |
| Company Full Name | 三環集團 |
| Industry | Industrial Goods |
| Principal Activities | 我們是電子陶瓷材料和零部件解決方案提供商，產品包括電子及陶瓷材料、電子元件、通信器件、設備組件，應用於通信、AI及數據中心、消費電子、汽車電子、半導體製造及封裝、新能源、智能工業控制等領域。 |
| Listing Date | 2026-07-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省潮州市鳳塘三環工業城 |
| 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 | cctc.cc |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 100.30 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 10,030 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-30 to 2026-07-06 |
| Global Offering Shares | 71,364,300 shares |
| HK Public Offer Shares (Initial) | 7,136,500 shares (10.0%) |
| Public Offer Lots (Initial) | 71,365lots (35,682lots, 35,683lots) |
| International Placing Shares (Initial) | 64,227,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,987,861,671 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 中国银河国际证券（香港）有限公司 CE AXM459 |
| Cornerstone Share | 49.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 7,157,839,290 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 10,030 |
| 2 lots | 200 | HK$ 20,060 |
| 3 lots | 300 | HK$ 30,090 |
| 4 lots | 400 | HK$ 40,120 |
| 5 lots | 500 | HK$ 50,150 |
| 6 lots | 600 | HK$ 60,180 |
| 7 lots | 700 | HK$ 70,210 |
| 8 lots | 800 | HK$ 80,240 |
| 9 lots | 900 | HK$ 90,270 |
| 10 lots | 1,000 | HK$ 100,300 |
| 15 lots | 1,500 | HK$ 150,450 |
| 20 lots | 2,000 | HK$ 200,600 |
| 25 lots | 2,500 | HK$ 250,750 |
| 30 lots | 3,000 | HK$ 300,900 |
| 35 lots | 3,500 | HK$ 351,050 |
| 40 lots | 4,000 | HK$ 401,200 |
| 45 lots | 4,500 | HK$ 451,350 |
| 50 lots | 5,000 | HK$ 501,500 |
| 60 lots | 6,000 | HK$ 601,800 |
| 70 lots | 7,000 | HK$ 702,100 |
| 80 lots | 8,000 | HK$ 802,400 |
| 90 lots | 9,000 | HK$ 902,700 |
| 100 lots | 10,000 | HK$ 1,003,000 |
| 200 lots | 20,000 | HK$ 2,006,000 |
| 300 lots | 30,000 | HK$ 3,009,000 |
| 400 lots | 40,000 | HK$ 4,012,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 500 lots | 50,000 | HK$ 5,015,000 |
| 1,000 lots | 100,000 | HK$ 10,030,000 |
| 1,500 lots | 150,000 | HK$ 15,045,000 |
| 2,000 lots | 200,000 | HK$ 20,060,000 |
| 2,500 lots | 250,000 | HK$ 25,075,000 |
| 5,000 lots | 500,000 | HK$ 50,150,000 |
| 7,500 lots | 750,000 | HK$ 75,225,000 |
| 10,000 lots | 1,000,000 | HK$ 100,300,000 |
| 12,500 lots | 1,250,000 | HK$ 125,375,000 |
| 15,000 lots | 1,500,000 | HK$ 150,450,000 |
| 20,000 lots | 2,000,000 | HK$ 200,600,000 |
| 25,000 lots | 2,500,000 | HK$ 250,750,000 |
| 30,000 lots | 3,000,000 | HK$ 300,900,000 |
| 35,682 lots | 3,568,200 | HK$ 357,890,460 |
Stock Connect Inclusion
| HK Market Cap | 88亿港元 |
|---|
| Inclusion Pathway | A+H 有绿鞋（30天入通） |
|---|---|
| Est. Threshold | 无市值门槛 |
| Analysis Result | 超额配股权失效后纳入（上市后约30日） |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 199,382,525,601 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | To be extracted |
| Profit/Loss Status | 盈利約人民幣2,617.0百萬元 |
| 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 | 約41.2%用於國外新建擴建項目及自動化建設，約48.8%用於技術迭代和材料創新，約10.0%用於營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中国银河国际证券（香港）有限公司 CE AXM459(sole)
Sponsor cum Overall Coordinator (1)
中国银河国际证券（香港）有限公司 CE AXM459(sole)
Overall Coordinators (1)
中国银河国际证券（香港）有限公司 CE AXM459(sole)
Joint Global Coordinators (4)
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
Joint Bookrunners (5)
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
Joint Lead Managers (5)
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
Capital Market Intermediaries (5)
中国银河国际证券（香港）有限公司 CE AXM459
华泰金融控股（香港）有限公司 CE AOK809
工银国际证券有限公司 CE ARO299
中银国际亚洲有限公司 CE AET863
建银国际金融有限公司 CE AJO225
Stabilizing Manager (1)
中国银河国际证券（香港）有限公司 CE AXM459
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
富而德律师事务所 君合律师事务所 Jun He Law Offices LLC |
| Legal Advisor to Sponsors/Underwriters |
金杜律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 信永中和（香港）会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 中国工商银行（亚洲）有限公司 中国农业银行有限公司香港分行 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 淡馬錫 | 50 USD | 3,906,700 | 5.47% | 0.20% | 6 months | 2027-01-09 |
| 2 | JPMAMAPL | 50 USD | 3,906,700 | 5.47% | 0.20% | 6 months | 2027-01-09 |
| 3 | CPE River | 50 USD | 3,906,700 | 5.47% | 0.20% | 6 months | 2027-01-09 |
| 4 | Ninety One Asia | 30 USD | 2,344,000 | 3.28% | 0.12% | 6 months | 2027-01-09 |
| 5 | Alibaba Investment | 30 USD | 2,344,000 | 3.28% | 0.12% | 6 months | 2027-01-09 |
| 6 | 黃河 | 25 USD | 1,953,300 | 2.74% | 0.10% | 6 months | 2027-01-09 |
| 7 | GSAM | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 8 | 宏利 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 9 | 泰康人壽 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 10 | 匯添富投資者 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 11 | 博時國際 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 12 | 工銀理財 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 13 | IvyRock | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 14 | 大灣區共同家園投資 | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 15 | Metazone | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 16 | Verition Fund | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
| 17 | GMF與IRMF | 20 USD | 1,562,600 | 2.19% | 0.08% | 6 months | 2027-01-09 |
Directors & Management
| Chairman | 李鋼 |
|---|---|
| Company Secretary | 郭泓 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 張萬鎮 | — | 非執行董事 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李鋼 | — | 執行董事 |
| 2 | 馬艷紅 | — | 執行董事 |
| 3 | 邱基華 | — | 執行董事 |
獨立非執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 蔣利軍 | — | 獨立非執行董事 |
| 2 | 溫學禮 | — | 獨立非執行董事 |
| 3 | 蘇彥奇 | — | 獨立非執行董事 |
| 4 | 黃斯穎 | — | 獨立非執行董事 |
| 5 | 溫 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 張先生（通過直接及間接持股）持有約35.42%股份，三江投資持有約32.72%股份。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
