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2026 IPO bonanza! Over 90% of new stocks rose on their debut!
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joined discussion · Apr 17 08:07

IPO Pricing | Changguang Chenxin goes public today, with 1,138.21 times subscription, priced at HKD 39.88 per share, earning HKD 2,872 per lot in the gray market

Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today.
In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872.
During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%.
In addition, during the international placement phase, Changguang Chenguang received 22.69 times subscription, with the final number of international placement shares being 58.7647 million shares, accounting for 90% of the total offering shares. Futu Information has compiled the relevant data in the table below:
Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today. In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872. During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%. Additionally, during the international placement phase, Changguang Chenxin was subscribed 22.69 times, with the final number of shares placed internationally being 58,764,700, equivalent to 90% of the total offering. Futu Information has compiled relevant data as shown in the table below: Company Overview Changguang Chenxin is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the R&D of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the performance record period, the company mainly served downstream customers in the industrial imaging and scientific imaging industries...
Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today. In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872. During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%. Additionally, during the international placement phase, Changguang Chenxin was subscribed 22.69 times, with the final number of shares placed internationally being 58,764,700, equivalent to 90% of the total offering. Futu Information has compiled relevant data as shown in the table below: Company Overview Changguang Chenxin is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the R&D of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the performance record period, the company mainly served downstream customers in the industrial imaging and scientific imaging industries...
Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today. In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872. During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%. Additionally, during the international placement phase, Changguang Chenxin was subscribed 22.69 times, with the final number of shares placed internationally being 58,764,700, equivalent to 90% of the total offering. Futu Information has compiled relevant data as shown in the table below: Company Overview Changguang Chenxin is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the R&D of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the performance record period, the company mainly served downstream customers in the industrial imaging and scientific imaging industries...
Company Overview
Gpixel is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the research and development of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional photography, and medical imaging. During the performance record period, the company primarily designed and sold CIS for downstream customers in the industrial imaging and scientific imaging sectors, operating in a fabless model. The company's products play a crucial role in enhancing the performance and imaging quality of industrial cameras, scientific cameras, professional cinematography cameras, and other imaging equipment.
With years of expertise in the CMOS image sensor industry, the company’s customer base includes leading domestic and international manufacturers of industrial imaging equipment, scientific instrument makers, system integrators, and top-tier research institutions. Renowned partners covering four key application areas (industrial imaging, scientific imaging, professional photography, and medical imaging) include global industry leaders, well-known research institutions, and prominent domestic enterprises like Hikvision Robotics, DTP Photonics, and $Hefei I-TEK OptoElectronics (688610.SH)$ .
Financial Summary
Gpixel’s revenue increased by 11.3% from RMB 604.8 million in 2023 to RMB 673.0 million in 2024, and further rose by 27.3% to RMB 856.5 million in 2025. For the three years ended December 31, 2025, the company reported gross profits of RMB 384.0 million, RMB 396.9 million, and RMB 573.3 million respectively, with gross profit margins of 63.5%, 59.0%, and 66.9%.
Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today. In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872. During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%. Additionally, during the international placement phase, Changguang Chenxin was subscribed 22.69 times, with the final number of shares placed internationally being 58,764,700, equivalent to 90% of the total offering. Futu Information has compiled relevant data as shown in the table below: Company Overview Changguang Chenxin is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the R&D of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the performance record period, the company mainly served downstream customers in the industrial imaging and scientific imaging industries...
Use of Proceeds
In terms of use of proceeds, Changguang Chenguang is expected to receive net proceeds from the global offering of approximately HKD 2.504 billion (based on an offer price of HKD 39.88). According to the prospectus, Changguang Chenguang intends to allocate the proceeds from the global offering for the following purposes in the amounts indicated:
Approximately 55% is expected to be used to increase the company’s R&D investment to drive continuous innovation and support ongoing R&D and product iteration in its key application scenarios (namely industrial imaging, scientific imaging, professional imaging, and medical imaging solutions); about 21% is expected to be used to establish an advanced CMOS image sensor R&D center; around 4% will be allocated to expanding the company’s packaging and testing production lines; about 10% will be used for enhancing overseas operations through strategic geographic expansion; and around 10% is earmarked for working capital and general corporate purposes.
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Futu News, April 17th $GPIXEL (03277.HK)$ Announced the allocation results, priced at HKD 39.88 per share, issuing a total of 65,294,200 shares, with each lot consisting of 100 shares, officially listed today. In the last trading session, Changguang Chenxin's gray market closed up 72.02%, at HKD 68.60 per share, with each lot consisting of 100 shares. Excluding handling fees, each lot earned HKD 2,872. During the public offering phase, Changguang Chenxin was subscribed 1,138.21 times, with the final number of shares offered to the public being 6,529,500, accounting for approximately 10% of the total offering. A total of about 266,501 valid applications were received, with about 45,516 applications processed. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of shares applied for was approximately 1%. Additionally, during the international placement phase, Changguang Chenxin was subscribed 22.69 times, with the final number of shares placed internationally being 58,764,700, equivalent to 90% of the total offering. Futu Information has compiled relevant data as shown in the table below: Company Overview Changguang Chenxin is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the R&D of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. During the performance record period, the company mainly served downstream customers in the industrial imaging and scientific imaging industries...
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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