Shandong Baogai New Materials Technology Co., Ltd. (BAOGAI) released the final pricing and allotment results for its listing on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. Trading of BAOGAI H Shares is scheduled to commence on 8 July 2026 under the stock code 08090.
Key Offer Terms • Final offer price: HK$6.22 per H Share, plus standard levies and fees. • Share Offer size: 14.47 million H Shares, split into 1.45 million Public Offer Shares (10%) and 13.02 million Placing Shares (90%). • Gross proceeds: HK$90.00 million; estimated net proceeds after HK$20.60 million listing expenses: HK$69.40 million. • Post-listing share capital: 57.87 million Shares (H Shares and Domestic Shares combined).
Demand and Allocation • Public Offer attracted 117,154 valid applications, representing 3,015.69× subscription. • No claw-back mechanism was triggered; final allocation of 1.45 million H Shares to 2,894 successful applicants. • Placing tranche was 1.26× subscribed, distributed among 60 placees. The top five placees took 59.73% of Placing Shares, reflecting a high concentration of holdings. • Overall, the 25 largest placees will control 22.13% of the total issued share capital at listing.
Ownership Structure and Lock-ups • Controlling shareholders—Mr. Liu Zhentao, Ms. Li Xiaoyan and Baocheng—will collectively hold 72.58% of total shares and are subject to a 12-month lock-up until 7 July 2027. • Other existing shareholders representing 2.42% of the company are similarly locked up for 12 months.
Free Float Compliance • Post-offer, more than 25% of issued shares qualify as public float, satisfying GEM Rule 25.07A. • The three largest public shareholders will collectively hold below 50% of the public float, meeting Rule 11.23(8). At least 100 shareholders will hold Shares upon listing as required by Rule 11.23(2)(b).
Trading Details • Share certificates become valid at 8:00 a.m. on 8 July 2026; trading begins at 9:00 a.m. the same day. • Shares will trade in board lots of 500 units under the short name “BAOGAI.”
Regulatory Notes The company confirms full compliance with applicable GEM Listing Rules and that all Offer Shares were subscribed at the final offer price without preferential financing from insiders. H Shareholders are cautioned about potential price volatility due to concentrated holdings.
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