Huaqin Co., Ltd. (stock name: HUAQIN) has set the final offer price of its Hong Kong H-share listing at HK$77.70 per share, the top end of the indicated range. The Global Offering comprises 58.55 million H-shares, split into 5.85 million shares (10 %) for the Hong Kong Public Offering and 52.69 million shares (90 %) for the International Offering.
The deal generated gross proceeds of HK$4.55 billion and net proceeds of HK$4.46 billion after estimated listing expenses of HK$86.10 million. Trading is scheduled to begin on 23 April 2026 under the stock code 03296.
Demand was strong across both tranches: • Hong Kong Public Offering: 140,150 valid applications drove subscription to 531.33 times the shares on offer; 42,660 applicants received allocations. • International Offering: 171 placees subscribed for 13.34 times the initial allocation.
Cornerstone investors purchased 29.25 million shares, representing 49.96 % of the H-shares offered and 2.72 % of the company’s enlarged share capital. The largest cornerstone allocation went to JPMAMAPL with 6.86 million shares (11.71 % of the H-share total).
An over-allocation of 8.78 million shares has been reported; this may be covered through the 15 % over-allotment option or secondary-market stabilisation.
Shareholding remains concentrated: the top 10 placees account for 52.54 % of the International Offering, and the top 25 hold 79.25 %. The company highlighted the potential for substantial price movement on limited trading volume.
Post-listing, 1.07 billion shares will be in issue. The public float meets Hong Kong Listing Rules, with H-shares held by the public valued at approximately HK$4.55 billion—above the HK$3 billion threshold—and at least 300 H-shareholders expected on debut.
The controlling shareholder group—led by Chairman Qiu Wensheng—will hold 440.52 million shares (41.01 % of total share capital) subject to lock-up restrictions through April 2027. Cornerstone investors are locked up until 22 October 2026.
All regulatory approvals, waiver conditions and placement guidelines have been satisfied, and share certificates will become valid at 8:00 a.m. on the listing date, subject to the Global Offering becoming unconditional.
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