The bookbuilding period for LAIFUAL (03952), a Mainland Chinese manufacturer of robotic transmission components and a Chapter 18C listing applicant, concluded on June 25. According to statistics, the company's public offering has garnered approximately HK$159 billion in margin financing subscriptions. Against a public offering tranche size of HK$57.46 million, this indicates an oversubscription level of around 2,766 times.

LAIFUAL plans to issue 13.442 million H shares, with 5% allocated for the public offering in Hong Kong. The indicative price range is set between HK$77 and HK$85.5 per share, aiming to raise up to HK$1.15 billion. Each board lot comprises 100 shares, requiring a minimum investment of approximately HK$8,636.2. The company is scheduled to list on the Hong Kong Stock Exchange on June 30, with China Merchants Bank International acting as the sole sponsor.

As a Chapter 18C applicant, LAIFUAL is subject to a clawback mechanism. Initially, the public offering is set at 5% of the total shares. However, if the public offering is oversubscribed by 10 times or 50 times or more, the public tranche will be increased to 10% or 20% of the total offering size, respectively.

According to its prospectus, LAIFUAL is a provider of core precision transmission components for robots in China. Its product portfolio includes harmonic reducers, joint modules, robotic arms, and automated workstations, primarily used in humanoid and industrial robotics.

A report by CIC indicates that based on projected 2025 shipment volume, LAIFUAL ranks second among Chinese harmonic reducer providers for robotics, with an estimated market share of 21.4%. In terms of revenue, it also holds the second position with an estimated 12.9% market share for the same period. Furthermore, the same source notes that as of December 31, 2025, LAIFUAL was one of only two domestic manufacturers identified as having delivered harmonic reducers for humanoid robots and entered mass production.

Through years of operational experience, LAIFUAL has established technological advantages. Specifically, its harmonic reducers achieved a positioning accuracy of ±15 arcseconds in 2025, with a service life exceeding 10,000 hours. The company has developed core competencies in product design, electric actuation and drive systems, and production technology, enabling it to serve various precision transmission applications such as welding, handling, spraying, assembly, and sorting.

The company's products are currently primarily delivered to domestic customers, with a smaller portion exported to international markets including Europe, the United States, Japan, and South Korea.