异动解读 | 小马智行-W港股上市首日大跌12%,定价较美股溢价或为主因

异动解读
Nov 06, 2025

11月6日,自动驾驶公司小马智行-W(02026.HK)在港交所主板正式挂牌上市。开盘后,该股股价大幅下跌,盘中一度跌幅超过12%。

小马智行此次在港股发行4824.9万股,最终发售价定为每股139港元,较此前公布的最高配售价180港元有所下调。公司募集资金净额约64.54亿港元。香港公开发售部分获得15.88倍超额认购,国际配售部分获得7.72倍认购。

分析人士指出,小马智行港股发行价较其美股价格仍有一定溢价,这可能是导致上市首日股价下跌的主要原因。数据显示,小马智行美股近期股价持续走低,过去一个月股价缩水近30%。截至11月4日,其美股收盘价为16.58美元/ADS,总市值为63.88亿美元。相比之下,港股139港元的发行价仍显溢价。

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