| Stock Name | Tuopu CNC |
|---|---|
| Stock Code | 07688 |
| Company Full Name | Tuopu CNC |
| Industry | Robotics |
| Principal Activities | enterprise specialising in the R&D, design, production and sales of high-end intelligent manufacturing equipment, comprising primarily five-axis CNC machine tools, in China |
| Listing Date | 2026-05-20 |
| Listing Rules Era | |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市閔行區 光華路888號 |
| 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 | topnc.com.cn |
| Share Registrar | |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 26.39 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,639 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-05-12 to 2026-05-15 |
| Global Offering Shares | 65,330,000 shares |
| HK Public Offer Shares (Initial) | 6,533,000 shares (10.0%) |
| Public Offer Lots (Initial) | 65,330lots (32,665lots, 32,665lots) |
| International Placing Shares (Initial) | 58,797,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 409,281,790 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,724,058,700 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,639 |
| 2 lots | 200 | HK$ 5,278 |
| 3 lots | 300 | HK$ 7,917 |
| 4 lots | 400 | HK$ 10,556 |
| 5 lots | 500 | HK$ 13,195 |
| 6 lots | 600 | HK$ 15,834 |
| 7 lots | 700 | HK$ 18,473 |
| 8 lots | 800 | HK$ 21,112 |
| 9 lots | 900 | HK$ 23,751 |
| 10 lots | 1,000 | HK$ 26,390 |
| 15 lots | 1,500 | HK$ 39,585 |
| 20 lots | 2,000 | HK$ 52,780 |
| 25 lots | 2,500 | HK$ 65,975 |
| 30 lots | 3,000 | HK$ 79,170 |
| 35 lots | 3,500 | HK$ 92,365 |
| 40 lots | 4,000 | HK$ 105,560 |
| 45 lots | 4,500 | HK$ 118,755 |
| 50 lots | 5,000 | HK$ 131,950 |
| 60 lots | 6,000 | HK$ 158,340 |
| 70 lots | 7,000 | HK$ 184,730 |
| 80 lots | 8,000 | HK$ 211,120 |
| 90 lots | 9,000 | HK$ 237,510 |
| 100 lots | 10,000 | HK$ 263,900 |
| 200 lots | 20,000 | HK$ 527,800 |
| 300 lots | 30,000 | HK$ 791,700 |
| 400 lots | 40,000 | HK$ 1,055,600 |
| 500 lots | 50,000 | HK$ 1,319,500 |
| 600 lots | 60,000 | HK$ 1,583,400 |
| 700 lots | 70,000 | HK$ 1,847,300 |
| 800 lots | 80,000 | HK$ 2,111,200 |
| 900 lots | 90,000 | HK$ 2,375,100 |
| 1,000 lots | 100,000 | HK$ 2,639,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 5,278,000 |
| 3,000 lots | 300,000 | HK$ 7,917,000 |
| 4,000 lots | 400,000 | HK$ 10,556,000 |
| 5,000 lots | 500,000 | HK$ 13,195,000 |
| 6,000 lots | 600,000 | HK$ 15,834,000 |
| 7,000 lots | 700,000 | HK$ 18,473,000 |
| 8,000 lots | 800,000 | HK$ 21,112,000 |
| 9,000 lots | 900,000 | HK$ 23,751,000 |
| 10,000 lots | 1,000,000 | HK$ 26,390,000 |
| 20,000 lots | 2,000,000 | HK$ 52,780,000 |
| 32,665 lots | 3,266,500 | HK$ 86,202,935 |
| Market Cap (at Offer Price) | HK$ 10,800,946,438 |
|---|---|
| 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 | 盈利約人民幣1.6百萬元 |
| Period-End Cash Balance | 人民币14,800,000元 |
| Listing Expenses | ~HK$ 117,650,000 |
| Listing Expenses / Funds Raised | ~6.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ -- |
| Use of Proceeds | 1、約人民幣869.1百萬元（約992.4百萬港元），占所得款項凈額的61.8%，將撥作研發推進； 2、約人民幣144.4百萬元（約164.9百萬港元），占所得款項凈額的10.3%，將撥作拓展銷售及營銷網絡； 3、約人民幣170.0百萬元（約194.1百萬港元），占所得款項凈額的12.1%，將撥作潛在收購及投資； 4、約人民幣83.9百萬元（約95.7百萬港元），占所得款項凈額的6.0%，將撥作償還本集團的部分計息銀行借款； 5、約人民幣139.5百萬元（約159.3百萬港元），占所得款項凈額的9.9%，將撥作營運資金及一般企業用途。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 Holman Fenwick Willan LLP |
| Legal Advisor to Sponsors/Underwriters |
德恒律师事务所（香港）有限法律责任合伙 中伦律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| 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 |
中国银行(香港)有限公司 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 | 3W Fund Management Limited | — | — | — | — | 6 months | 2026-11-20 |
| 2 | CDH Global Frontier Ventures Limited | — | — | — | — | 6 months | 2026-11-20 |
| 3 | 上海闵行金融投资发展有限公司 | — | — | — | — | 6 months | 2026-11-20 |
| 4 | 过上海国泰海通证券资产管理有限公司 | — | — | — | — | 6 months | 2026-11-20 |
| 5 | TT International Asset Management Ltd | — | — | — | — | 6 months | 2026-11-20 |
| Chairman | Dr. Wang Yuhan |
|---|---|
| Company Secretary | Mr. Wang Jinsen |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王宇晗 | — | 執行董事 |
| 2 | 李宇昊 | — | 執行董事 |
| 3 | 姚彬 | — | 執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李庆丰 | — | 非執行董事 |
| 2 | 李永昊 | — | 非執行董事 |
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨建国 | — | 獨立非執行董事 |
| 2 | 冯虎田 | — | 獨立非執行董事 |
| 3 | 刘玥衡 | — | 獨立非執行董事 |
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS To the best of the Directors’ knowledge and information, the following persons will, immediately following the completion of the Global Offering, have interests or short positions in our Shares or underlying Shares which would be required to be disc |
|---|
Market Sentiment
The IPO attracted extraordinary demand, with an oversubscription ratio of 3,764.63 times, implying only a 16.42% overall hit rate among 344,049 valid applications. Such extreme enthusiasm in the industrial manufacturing sector, coupled with a reallocation of shares from the international tranche, signals a fiercely competitive and optimistic market reception. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the top of the A pool, an application for 100,000 shares expected just 0.1516 lots, while the entry-level B application for 200,000 shares expected 0.4 lots—more than double the allocation despite twice the shares applied, revealing a disproportionate advantage at the B-head tier. This gap suggests that for large applicants, breaking into the B pool materially improves the chance of receiving a meaningful allotment, though both tiers still face extremely low hit rates. Broker fee efficiency varies significantly; for A-tail applicants, fixed costs may erode any potential gain given the fractional expected lots. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland investors dominated with 66.6% of successful applicants, reflecting strong cross-border demand likely channeled through Stock Connect, while Hong Kong residents accounted for 32.5%. The holder base skewed male (61.5%) and middle-aged, with an average age of 41.6, which aligns with typical patterns of risk-tolerant, active IPO participants concentrated in regions like Guangdong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
