Group 1 - The core point of the article is that Dipu Technology's stock has surged by 111.93% as of the report date [1] - The public offering phase received a subscription rate of 7569.83 times, indicating strong demand from investors [1] - The international placement phase achieved a subscription rate of 16.61 times, further reflecting investor interest [1]

滴普科技IPO定价26.66港元，香港公开发售获7569.83倍认购，国际配售获16.61倍认购。据悉，滴普科 技香港公开发售超购倍数已超越今年9月上市的大行科工(超购7557.4倍)，成为香港历来超购王第二位， 同时也是今年港股新股AI领域的超购王。 港股"企业级大模型AI应用第一股"滴普科技(1384.HK)今日首日在港挂牌上市，高开111.93%报56.5港 元。 滴普科技是企业级大模型人工智能应用解决方案提供商，可助力高效整合企业的数据、决策运营及生产 制造等领域专业知识，构建企业级大模型AI应用，为客户在运营决策和生产力提升相关核心场景，基 于客户专属数据和业务知识逻辑提供符合企业级高精度零幻觉的专业AI数字员工。 ...

滴普科技公布其全球发售H股的配发结果。公司共发售2663.2万股H股，其中香港公开发售占20%，国 际发售占80%。每股发售价定为26.66港元，预计全球发售将净筹集约6.098亿港元。滴普科技的H股将 于2025年10月28日（星期二）上午9时开始在香港联交所进行买卖。 在认购方面，香港公开发售获得了7569.83倍的超额认购，而国际发售则获得了16.61倍的认购。 （文章来源：证券时报网） ...

Core Viewpoint - Dipo Technology (01384) has successfully completed its global offering of H-shares, raising approximately HKD 609.8 million with a strong demand from both local and international investors [1] Summary by Category Offering Details - The company issued a total of 26.632 million H-shares, with 20% allocated for the Hong Kong public offering and 80% for international placement [1] - The offering price was set at HKD 26.66 per share, and each lot consists of 200 H-shares [1] Subscription Demand - The Hong Kong public offering was oversubscribed by 7,569.83 times, indicating significant interest from local investors [1] - The international offering saw a subscription rate of 16.61 times, reflecting strong demand from global investors [1] Trading Information - H-shares are expected to commence trading on the Hong Kong Stock Exchange on October 28, 2025, at 9:00 AM [1]

Core Points - DPU Technology (01384) announced the results of its share placement, with a total of 26.632 million H-shares being offered globally [1] - The offering consisted of 20% for public sale in Hong Kong and 80% for international placement [1] - The share price was set at HKD 26.66 per share, raising approximately HKD 609.8 million in net proceeds from the global offering [1] - Each lot consists of 200 H-shares, and trading on the Hong Kong Stock Exchange is expected to commence on October 28, 2025, at 9:00 AM [1] - The Hong Kong public offering was oversubscribed by 7,569.83 times, while the international offering was oversubscribed by 16.61 times [1]

Core Viewpoint - Dipo Technology (01384.HK) announced a global offering of 26,632,000 H-shares at a price of HKD 26.66 per share, with net proceeds amounting to HKD 610 million [1] Summary by Category Offering Details - The Hong Kong public offering accounted for 20.00% of the total global offering, with a subscription rate of 7,569.83 times [1] - The international offering represented 80.00% of the total global offering, with a subscription rate of 16.61 times [1] Trading Information - If the global offering becomes unconditional by October 28, 2025, trading of the H-shares is expected to commence at 9:00 AM (Hong Kong time) on the same day [1] - H-shares will be traded in lots of 200 shares, with the stock code being 1384 [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結 算有限公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與滴普科技股份有限公司（「本公司」）刊 發日期為2025年10月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比 亞特區）發佈、刊發、派發。本公告並不構成亦不屬於在香港、美國或任何其他 司法權區購買或認購證券的任何要約或招攬的一部分。發售股份並無亦不會根據 1933年美國《證券法》（經不時修訂）（「美國《證券法》」）登記。發售股份不得於美 國境內提呈發售、出售、質押或以其他方式轉讓，惟根據美國《證券法》其他登記 豁免或在毋須遵守美國《證券法》登記規定的交易中除外。發售股份不會在美國公 開發售。發售股份根據美國《證券法》S規例在美國境外以離岸交易方式提呈發售 及出售。 就全球發售而言，中信證券（香港）有限公司、民銀資本有限公司、國泰君安融資 ...

Core Insights - The strength of underwriters is crucial for attracting global long-term funds to a company, beyond just fundamentals and sponsors [1] - Dipo Technology's IPO in Hong Kong has garnered over 7500 times oversubscription, setting a new record for the Hong Kong main board [1] - The company is being compared to Palantir, with expectations of high growth potential due to its strong business fundamentals and market position [4][5] Underwriters and Market Response - Dipo Technology has engaged top underwriters, Huanghe Securities and Livermore Securities, which are highly influential in attracting global long-term funds [1] - The IPO has attracted participation from major global long-term funds, including VanCapital, BlackRock, and Millennium, among others [1] - The underwriters' previous success with IPOs, such as Zhidatech's first-day surge of over 190%, highlights their capability [1] Financial Performance - Dipo Technology's revenue is projected to grow from 100 million to 243 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 55.5% [4] - In the first half of 2025, the company's revenue increased by 118.4% year-on-year to 132 million yuan, showcasing strong growth momentum [4] - The FastAGI enterprise-level AI solution has become a significant growth driver, with revenue reaching 73.07 million yuan in the first half of 2025, a year-on-year increase of 191% [4] Market Position and Future Outlook - Dipo Technology is positioned as a leader in the "Data+AI" sector, with solutions that have been successfully implemented across various industries [4] - The company is expected to maintain a growth trajectory that exceeds that of Palantir, benefiting from its first-mover advantage in the Chinese market [4][5] - The overwhelming market response to its IPO indicates strong investor confidence in Dipo Technology's future performance [5]

Core Viewpoint - The strength of underwriters is crucial for attracting global long-term funds to a company, with Dipo Technology's IPO being notably supported by top underwriters Huanghe Securities and Livermore Securities, which has drawn significant interest from renowned global long-term funds [1] Group 1: IPO Highlights - Dipo Technology's Hong Kong IPO achieved over 7500 times oversubscription, setting a new record for the Hong Kong main board, with an amount exceeding 270 billion HKD [1] - The IPO attracted participation from six of the world's top ten asset management firms, including BlackRock, VanCapital, and Millennium [1] Group 2: Company Performance - Dipo Technology is viewed as a potential "Chinese version of Palantir," benefiting from strong business fundamentals and a significant first-mover advantage in a uniquely Chinese market environment [4] - The company's revenue is projected to grow from 100 million to 243 million CNY from 2022 to 2024, reflecting a compound annual growth rate of 55.5% [4] - In the first half of 2025, Dipo Technology's revenue increased by 118.4% year-on-year to 132 million CNY, showcasing robust growth potential [4][5] Group 3: Product Solutions - Dipo Technology's core solutions, FastData and FastAGI, are driving its business growth, with FastAGI contributing significantly to revenue, reaching 73 million CNY in the first half of 2025, a year-on-year increase of 191% [5]

Core Viewpoint - The article discusses the recent performance of four companies entering the Hong Kong stock market, highlighting the contrasting outcomes of their dark pool trading, particularly noting the unexpected decline of SANY Heavy Industry while others saw significant gains. Group 1: Company Performance - SANY Heavy Industry experienced a decline of 2.44% in the dark pool trading, marking it as the worst performer among the four companies [2][3][12] - In contrast, Dipo Technology, Bama Tea, and Cambridge Technology saw substantial increases in their stock prices, with gains of 94.67%, 78.80%, and 36.90% respectively [4][5][9] - Dipo Technology achieved an oversubscription rate of 7590 times, making it the "super subscription king" in the history of the Hong Kong main board [6][9] Group 2: Company Profiles - Dipo Technology focuses on providing enterprise-level AI application solutions, with a projected market size of RMB 239.4 billion by 2029, growing at a CAGR of 44.0% from 2024 to 2029 [9][10] - Cambridge Technology specializes in the design and sale of connectivity and data transmission devices, ranking fifth globally in the optical and wireless connectivity device market with a 4.1% market share [10][11] - Bama Tea is recognized as the largest high-end tea supplier in China, leading in sales and store count within the high-end tea market [13][14] Group 3: Market Context - The article indicates a strong market preference for AI-related companies, as evidenced by the performance of Dipo Technology and Cambridge Technology [9][10] - SANY Heavy Industry's unexpected decline is notable given its established position as a leading engineering machinery company with a market cap nearing RMB 200 billion [15]