Core Insights - The new IPO pricing regulations in Hong Kong have led to a significant increase in interest in new stock offerings, with only 2 out of 24 companies experiencing a decline in share price post-IPO, and 10 companies seeing first-day gains exceeding 100% [1] - Minglue Technology's IPO has garnered substantial attention, with a public offering oversubscribed by 3,399 times, and shares expected to begin trading on November 3, 2025 [1][2] - The IPO valuation of Minglue Technology is approximately HKD 20.357 billion, reflecting a 56% premium over its last funding round [1] IPO Details - Minglue Technology plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international investors, alongside a 15% over-allotment option [1] - The offering price is set at HKD 141 per share, with an entry fee of approximately HKD 5,696.88 [1] - Post-IPO, the shares available for trading will represent only about 2.745% of the total share capital, indicating a limited float [3][4] Shareholder Structure - Major shareholders include Tencent, Kuaishou, Sequoia China, and Temasek, with Tencent being the largest external shareholder, holding 25.96% of the company [4][6] - The introduction of cornerstone investors has locked in approximately 45.1% of the offering shares, which will not be sold for 270 days post-listing [4][6] Financial Performance - Minglue Technology has experienced fluctuating revenue, with reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion from 2022 to 2024, indicating a lack of consistent growth [10][11] - The company has reduced its net losses significantly, achieving a net profit of RMB 24.87 million in the first half of 2025, following losses in previous years [13][14] Market Position - As the largest data intelligence application software provider in China, Minglue Technology holds a market share of approximately 3.8% [17] - The company's high IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on its 2024 revenue, which may be difficult to sustain without rapid revenue growth [17]
新股解读|实际流通筹码预计仅占2.7%，腾讯加码基石的明略科技-W（02718）能否有所表现？