Hangzhou Qiandaohu Xunlong Sci-tech Co., Ltd. (XUNLONG SCITECH) has finalised the terms of its Hong Kong initial public offering, confirming a HK$75.50 offer price per H share and total gross proceeds of HK$1.23 billion. Net of estimated listing expenses of HK$86.90 million, the company expects to receive HK$1.15 billion.

The Global Offering comprises 16.33 million H shares, split 10% to the Hong Kong public tranche and 90% to the international tranche. Intense demand drove the Hong Kong public offering to 2,134.81 times oversubscription from 179,723 valid applications, while the international placement was 19.87 times covered. An over-allotment of 2.45 million shares has been recorded; any exercise of the corresponding Over-allotment Option will be announced separately.

Upon listing, scheduled for 30 June 2026 under stock code 06715, XUNLONG SCITECH will have 108.89 million shares outstanding, implying a market capitalisation of HK$8.22 billion at the final offer price. Public float will represent 58.74% of total issued share capital, comfortably above the 18.25% minimum required for PRC-based issuers.

Eight cornerstone investors—including BlackRock Funds, Barings, Taikang Life and ICBC Wealth—have taken up 8.15 million shares, equivalent to 49.88% of the offer size and 7.48% of post-listing H-share capital. All cornerstone allocations are subject to a six-month lock-up expiring on 29 December 2026.

High ownership concentration was flagged: the top 10 H-shareholders will control 72.94% of listed H-shares, and the top 25 shareholders will hold 90.97% of total share capital on debut. Regulators cautioned that the share price could be volatile given the limited free float.

The company’s single-largest shareholder group will collectively hold 29.44% of issued shares, locked for one year until 29 June 2027 in line with PRC Company Law. Existing pre-IPO investors, representing 55.58% of total shares, are subject to the same lock-up period.

Trading in XUNLONG SCITECH shares will begin at 9:00 a.m. on 30 June 2026 in board lots of 100 shares each.