沃尔核材（9981.HK）开启招股，引入16家基石，较A股折价34%

Core Viewpoint - Walden Materials (9981.HK) is set to launch its IPO from February 5 to February 10, 2026, with an expected listing on the Hong Kong Stock Exchange on February 13, 2026 [1]. Group 1: IPO Details - The company plans to globally offer 139.9888 million shares, with no over-allotment option and no greenshoe option, representing 10% of the total shares [1]. - The maximum offer price is set at HKD 20.09, which is approximately 34.42% lower than the latest A-share price of RMB 27.51 [1]. - The total fundraising amount could reach up to HKD 2.812 billion, with a post-issue market capitalization of HKD 28.124 billion [1]. Group 2: Investor Participation - The issuance will utilize a mechanism B allocation, with 10% of the shares available for public offering and no mandatory reallocation [1]. - Sixteen cornerstone investors have been introduced, including HHLRA, Huatai Capital Investment, Jump Trading, and others, collectively subscribing to approximately USD 124.3 million, which accounts for 34.45% of the global offering [1][2]. - As of February 5, 5 PM, the total margin subscription for Walden Materials reached HKD 357 million, with a subscription multiple of approximately 1.26 times, indicating full subscription on the first day [2].