Core Viewpoint - The IPO of Shuangdeng Co., Ltd. (06960.HK) has a subscription price of HK$14.51, with a one-hand market value of HK$7,255. The subscription rate is extremely low at only 0.02%, marking a historical low, which may lead to significant price increases due to scarcity of shares [1][4]. Group 1: IPO Details - Shuangdeng's IPO pricing is set at HK$14.51, with a one-hand market value of HK$7,255 [1]. - The minimum and maximum number of shares for subscription in Group A is 500 to 300,000, while for Group B it is 400,000 to 2,928,000, with both groups requiring a lottery for allocation [1]. - The public offering portion is fixed at 10%, regardless of subscription multiples, preventing a reallocation mechanism and resulting in a challenging subscription environment [1]. Group 2: Market Sentiment and Performance - The market sentiment is highly optimistic, with predictions of a potential price increase of up to 10 times, driven by recent surges in similar stocks [5]. - The stock has seen a significant increase in interest, with a reported subscription multiple exceeding 3,000 times, indicating strong demand [2][4]. - The performance of Shuangdeng's data center business has surged, with revenue increasing from HK$397 million to HK$873 million year-on-year, now accounting for 46.7% of total revenue [5]. Group 3: Investment Implications - The extremely low subscription rate of 0.02% suggests that shares are scarce, which could lead to speculative trading and price volatility [1][6]. - The company's market capitalization is HK$60.5 billion, with a circulating market value of HK$20.6 billion, indicating potential for significant price movements as it approaches the HK$90 billion threshold for inclusion in the Stock Connect program [4]. - The valuation of Shuangdeng at 16 times earnings is below the industry average, suggesting potential for price appreciation as the renewable energy sector continues to grow [5].
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