先导智能(0470.HK)开启招股，较A股折价超30%，10家基石包揽一半

Group 1 - The company, XianDao Intelligent (0470.HK), is set to launch its IPO from February 3 to February 6, 2026, with an expected listing date on February 11, 2026, on the Hong Kong Stock Exchange [1] - The company plans to issue a total of 93.616 million shares, with a maximum offer price of HKD 45.80 per share, aiming to raise approximately HKD 4.288 billion, resulting in a post-issue market capitalization of HKD 76.018 billion [1] - The offering will be conducted via a mechanism B allocation, with 10% of the shares available for public sale and no mandatory reallocation [1] Group 2 - The company has secured 10 cornerstone investors, including Oaktree Capital, Pinpoint, AMF, MY Asian, Morgan Stanley, and others, who have collectively committed to subscribe for approximately HKD 2.144 billion, representing 50% of the total shares offered [1] - As of February 4, the total margin subscription for XianDao Intelligent has reached HKD 1.761 billion, with a subscription multiple of approximately 4.1 times [2]