Huayan Robotics fixes HK$17.00 IPO price after record-high 5,059x retail demand

Bulletin Express03-27

Guangdong Huayan Robotics Co., Ltd. will debut on the Hong Kong Stock Exchange on 30 March 2026. Key terms of the HK$17.00 per-share offering are as follows:

• Deal size and proceeds – 92.90 million H-shares are being issued after full exercise of the 15% Offer Size Adjustment Option, equivalent to 17.10% of enlarged share capital before any over-allotment. – Gross proceeds reach HK$1.58 billion, with estimated net proceeds of HK$1.48 billion after HK$101.17 million of listing expenses.

• Allocation structure – Hong Kong Public Offering: 16.16 million shares (17.4% of the deal) following claw-back from the international tranche. – International Offering: 76.75 million shares (82.6%). – An over-allocation of 13.94 million shares has been reported; this may be covered by market purchases or by exercising the 15% over-allotment option.

• Subscription response – Retail tranche was subscribed 5,059.38 times, triggering maximum claw-back. – International tranche drew 16.65-times demand from 151 placees.

• Investor mix and concentration – Top 25 placees took 96.96% of the international shares; the largest single placee received 13.80 million shares (17.98% of that tranche). – Post-listing, the top 25 H-shareholders will own 92.23% of the class, while public float stands at 53.39% of total share capital, comfortably above the 16.23% regulatory minimum.

• Cornerstone investors Nine cornerstone investors subscribed 45.27 million shares (8.61% of issued share capital), led by HHLR Advisors and GF Fund at 13.80 million shares each.

• Lock-ups Founders, controlling shareholders, pathfinder strategic investors and pre-IPO shareholders—together representing about 90% of total share capital—are subject to 6- to 12-month lock-ups, with most expiring on 29 March 2027.

• Capital structure on listing (pre over-allotment) Total issued shares: 543.60 million, comprising 290.24 million H-shares and 253.36 million domestic shares. The implied market capitalisation at listing is approximately HK$9.24 billion.

Investors are cautioned that a high concentration of ownership could lead to share-price volatility once trading commences.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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