博雷顿上市仅半年再度融资2.5亿港元 超IPO发行规模 2026年面临超60%股份解禁

Core Viewpoint - The company Boleton, an electric engineering machinery provider, has completed a HKD 250 million placement financing at a price of HKD 25.08 per share, reflecting a discount of approximately 14.98% from the previous closing price of HKD 29.50, raising concerns about its operational status and development strategy [1][6]. Group 1: Financing and Capital Structure - The funds raised will be allocated to three main areas: investment and development of overseas photovoltaic and energy storage projects, repayment of interest-bearing loans, and the development and commercialization of a multi-modal large model-driven autonomous mining truck scheduling system [1]. - Boleton's IPO in May 2025 raised approximately HKD 230 million, but faced a lukewarm response from institutional investors, with only 0.92 times subscription in the international placement, relying on retail investors to fill the gap [1][6]. - The recent placement of HKD 250 million exceeds the amount raised during the IPO, indicating potential cash flow issues [3][8]. Group 2: Stock Performance and Market Reaction - Boleton's stock price initially surged by 38% on its first trading day, reaching HKD 36.5 per share by June 30, 2025, with a total market capitalization of HKD 8.8 billion [2][7]. - The stock price peaked at HKD 55.55 on September 12, 2025, resulting in a total market capitalization of HKD 20.9 billion, a 2.6 times increase from the IPO [2][7]. - However, the stock price has since entered a downward trend, raising concerns about the sustainability of its previous gains [2][7]. Group 3: Financial Performance and Cash Flow - For the first half of 2025, Boleton reported revenue of HKD 327 million, a year-on-year increase of 22.2%, but also experienced a loss of HKD 174 million, a 12.9% increase in losses compared to the previous year [2][7]. - The company has been facing negative cash flows from operating and investing activities, with outflows of HKD 150 million and HKD 60 million, respectively, indicating a reliance on external financing [2][7][8]. - As of mid-2025, Boleton's cash balance was HKD 327 million, while short-term and long-term borrowings totaled HKD 4.16 billion, highlighting significant debt pressure [3][8]. Group 4: Market Sentiment and Institutional Support - The placement's pricing discount of nearly 15% aimed to attract investors, but the ongoing decline in stock price has diminished investor confidence [9]. - The placement primarily targets institutional investors, but skepticism remains regarding the ability to secure sufficient institutional support, given the lack of coverage from sell-side analysts since the IPO [4][9]. - Future unlock pressure from cornerstone investors and H-share shareholders, with a total of 64.7% of shares subject to lock-up, poses additional risks to the stock price [5][9].