SANHUA(SZ:002050) Xin Lang Cai Jing·2025-06-23 06:08Core Viewpoint - Zhejiang Sanhua Intelligent Controls Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 93.36 billion through its IPO, with a strong demand reflected in the oversubscription rates for both public and international offerings [2][5]. Group 1: IPO Details - The IPO involved a global offering of 414.38 million H-shares, representing 9.99% of the total shares post-issue, with a maximum fundraising potential of HKD 107.36 billion if the overallotment option is fully exercised [2][4]. - The public offering was oversubscribed by 747.92 times, while the international offering saw a 23.57 times oversubscription [2]. - The company attracted 18 cornerstone investors who collectively subscribed for 195.68 million shares, amounting to approximately HKD 44.09 billion, which represents 47.22% of the global offering [2][4]. Group 2: Shareholding Structure - Post-listing, the controlling shareholders, including Zhang Daochai and Yu Qingjuan, hold approximately 40.16% of the company, with Zhang Daochai being the father of Zhang Yabo and Zhang Shaobo, who are also significant shareholders [3][4]. - Other A-shareholders hold 49.85%, while H-shareholders account for 9.99% of the total shares [3][4]. Group 3: Company Overview - Established in 1994, Zhejiang Sanhua is the world's largest manufacturer of refrigeration and air conditioning control components, with a market share of approximately 45.5% in 2024 [4]. - The company also ranks fifth globally in the automotive thermal management system components market, holding a market share of about 4.1% [4]. - The company is focused on energy efficiency solutions and is expanding into emerging fields such as bionic robotics and electromechanical actuators [4].