IPO Timeline
Broker Deadline
2026-01-19
Morning deadline
HKEX Deadline
2026-01-19
Noon deadline
Broker Results (T-2)
2026-01-20
Some brokers release in afternoon
Grey Market (T-1)
2026-01-21
Afternoon
HKEX Allotment (T-1)
2026-01-21
Evening
Registrar Allotment (T-1)
2026-01-21
Evening
Listing Day (T)
2026-01-22
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 龙旗科技 |
|---|---|
| Other Market Stock Code | 603341 |
| H-Share Offer Price | HK$ 31.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 龍旗科技 |
|---|---|
| Stock Code | 09611 |
| Company Full Name | 龍旗科技 |
| Industry | Robotics |
| Principal Activities | subset of the global smart devices ODM market, and in turn, a subset of the global smart device manufacturing industry |
| Listing Date | 2026-01-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business in Hong Kong 46/F, Hopewell Centre 183 Queen’s Road East Wan Chai Hong Kong |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東183號 合和中心46樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.longcheer.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 31.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,100 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-14 to 2026-01-19 |
| Global Offering Shares | 52,259,100 shares |
| HK Public Offer Shares (Initial) | 5,226,000 shares (10.0%) |
| Public Offer Lots (Initial) | 52,260lots (26,130lots, 26,130lots) |
| International Placing Shares (Initial) | 47,033,100 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 522,590,644 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 23.7% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,620,032,100 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,100 |
| 2 lots | 200 | HK$ 6,200 |
| 3 lots | 300 | HK$ 9,300 |
| 4 lots | 400 | HK$ 12,400 |
| 5 lots | 500 | HK$ 15,500 |
| 6 lots | 600 | HK$ 18,600 |
| 7 lots | 700 | HK$ 21,700 |
| 8 lots | 800 | HK$ 24,800 |
| 9 lots | 900 | HK$ 27,900 |
| 10 lots | 1,000 | HK$ 31,000 |
| 20 lots | 2,000 | HK$ 62,000 |
| 30 lots | 3,000 | HK$ 93,000 |
| 40 lots | 4,000 | HK$ 124,000 |
| 50 lots | 5,000 | HK$ 155,000 |
| 60 lots | 6,000 | HK$ 186,000 |
| 70 lots | 7,000 | HK$ 217,000 |
| 80 lots | 8,000 | HK$ 248,000 |
| 90 lots | 9,000 | HK$ 279,000 |
| 100 lots | 10,000 | HK$ 310,000 |
| 200 lots | 20,000 | HK$ 620,000 |
| 300 lots | 30,000 | HK$ 930,000 |
| 400 lots | 40,000 | HK$ 1,240,000 |
| 500 lots | 50,000 | HK$ 1,550,000 |
| 600 lots | 60,000 | HK$ 1,860,000 |
| 700 lots | 70,000 | HK$ 2,170,000 |
| 800 lots | 80,000 | HK$ 2,480,000 |
| 900 lots | 90,000 | HK$ 2,790,000 |
| 1,000 lots | 100,000 | HK$ 3,100,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,200,000 |
| 3,000 lots | 300,000 | HK$ 9,300,000 |
| 4,000 lots | 400,000 | HK$ 12,400,000 |
| 5,000 lots | 500,000 | HK$ 15,500,000 |
| 6,000 lots | 600,000 | HK$ 18,600,000 |
| 7,000 lots | 700,000 | HK$ 21,700,000 |
| 8,000 lots | 800,000 | HK$ 24,800,000 |
| 9,000 lots | 900,000 | HK$ 27,900,000 |
| 10,000 lots | 1,000,000 | HK$ 31,000,000 |
| 15,000 lots | 1,500,000 | HK$ 46,500,000 |
| 20,000 lots | 2,000,000 | HK$ 62,000,000 |
| 26,130 lots | 2,613,000 | HK$ 81,003,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,200,309,964 |
|---|---|
| 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493.4百萬元 |
| Period-End Cash Balance | 人民币37,400,000元 |
| 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 | HK$ 32.1 |
|---|---|
| First Day Open | HK$ 35.0 |
| First Day Change | 3.55% |
| First Day Volume | 24635500.0 |
| First Day Turnover | 836580000.0 |
Use of Proceeds
| Use of Proceeds | 1、約40%或608.3百萬港元將用于擴大境內外的整體產能，從而增強自有生產能力； 2、約20%或304.1百萬港元將用于支持持續的研發工作，特別是加強在關鍵領域的自主研發和創新能力； 3、約10%或152.1百萬港元將用于加強在境內外的市場營銷及客戶拓展工作； 4、約20%或304.1百萬港元將用于支持在全球的戰略性投資或并購； 5、約10%或152.1百萬港元將用作營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
花旗环球金融亚洲有限公司 CE AAA137
海通国际资本有限公司 CE ADQ859
国泰君安融资有限公司 CE AGS488
Sponsor cum Overall Coordinator (3)
花旗环球金融亚洲有限公司 CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
Overall Coordinators (4)
花旗环球金融亚洲有限公司 CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
Joint Global Coordinators (5)
花旗环球金融亚洲有限公司 CE AAA137
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
农银国际融资有限公司 CE AWL249
Joint Bookrunners (8)
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
农银国际融资有限公司 CE AWL249
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (8)
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
农银国际证券有限公司 CE ACX411
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (10)
花旗环球金融亚洲有限公司 CE AAA137
Citigroup Global Markets Limited
海通国际证券有限公司 CE AAF806
国泰君安证券（香港）有限公司 CE ABY236
华泰金融控股（香港）有限公司 CE AOK809
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
开盘证券有限公司 CE ACS694
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
凯易律师事务所 北京德恒律师事务所 Dentons Link Legal Vietthink Law Firm 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔律师事务所 北京市竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| 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 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Qualcomm | 8,000,000 USD | 2,010,613 | 3.85% | 0.38% | 6 months | 2026-07-22 |
| 2 | 江西国控 | 15,500,000 USD | 3,896,700 | 4.00% | 7.46% | 6 months | 2026-07-22 |
| 3 | OmniVision HK | 10,000,000 USD | 2,513,200 | 4.81% | 0.48% | 6 months | 2026-07-22 |
| 4 | 香港裕同 | 10,000,000 USD | 2,513,200 | 4.81% | 0.48% | 6 months | 2026-07-22 |
| 5 | 青岛观澜及国泰君安证券投资（香港）有限公司（与观澜场外掉期有关） | 8,000,000 USD | 2,010,613 | 3.85% | 0.38% | 6 months | 2026-07-22 |
| 6 | Endless Growth | 5,000,000 USD | 1,256,600 | 2.40% | 0.24% | 6 months | 2026-07-22 |
Directors & Management
| Chairman | Mr. Du Junhong |
|---|---|
| Company Secretary | 周良梁 |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杜军红 | — | 執行董事 |
| 2 | 葛振纲 | — | 執行董事 |
| 3 | 关亚东 | — | 執行董事 |
| 4 | 覃艳玲 | — | 執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 沈建新 | — | 獨立非執行董事 |
| 2 | 杨川 | — | 獨立非執行董事 |
| 3 | 牛双霞 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS meeting (rather than by way of written resolutions) and such Director(s) or Shareholder(s) shall abstain from voting on the relevant matter. The independent non-executive Directors who do not have material interest therein shall attend the relevant |
|---|
AI
AI Analysis
Market Sentiment
The IPO attracted overwhelming demand with a 1149.76x oversubscription ratio, reflecting intense market enthusiasm. However, the hit rate is recorded as 0.0%, implying that virtually no applicants received allocations under the reported data. This underscores an extremely tight supply situation. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the A-tail (100,000 shares applied), the expected allocation is only 0.026 lots, while B-head (200,000 shares) expects 0.1074 lots. Despite requiring double the capital, B-head yields about four times the expected lots, indicating a marginal efficiency gain at the B-tier entry. Such a disparity may reflect a ballot design that slightly favors larger applications in extreme oversubscription. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The data shows 0% mainland China and 0% Hong Kong participation, as well as zero total holders, which is likely a placeholder for this future-dated IPO. Typically, Hong Kong IPOs see significant mainland investor interest, but no demographic breakdown is available here. Caution is advised when interpreting these figures due to the lack of concrete data. (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
