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2026 IPO bonanza! Over 90% of new stocks rose on their debut
牛牛新股君
joined discussion · Mar 20 07:31

IPO Pricing | Guanghe Technology goes public today, with over 1000 times subscription, priced at HKD 71.88 per share, earning HKD 2312 per lot in the grey market

Futu Information reported on March 20th,$DELTON (01989.HK)$Announced the allocation results, pricing at HKD 71.88 per share, issuing a total of 46 million shares, 100 shares per lot, officially listed today.
On the previous trading day, Guanghe Technology's grey market closed up 32.16% at HKD 95 per share. With a board lot of 100 shares and excluding handling fees, one lot generated a profit of HKD 2,312.
During the public offering phase, Guanghe Technology was subscribed 1,070.72 times over. The final number of shares available for public offering was 4.6 million shares, accounting for approximately 10% of the total shares offered. A total of about 202,400 valid applications were received, with approximately 39,425 processed applications. The percentage allocation for one-lot subscriptions was approximately 5% of the total shares applied for.
In addition, during the international placement phase, Guanghe Technology was subscribed 14.64 times over. The final number of shares in the international offering was 41.4 million shares, representing 90% of the total shares issued. Futu Information has compiled the relevant data as shown in the table below.
Futu Information reported on March 20th,$DELTON (01989.HK)$Announced the allocation results, pricing at HKD 71.88 per share, issuing a total of 46 million shares, 100 shares per lot, officially listed today. On the last trading day, Guanghe Technology's grey market closed up 32.16%, at HKD 95 per share, 100 shares per lot, excluding handling fees, earning HKD 2312 per lot. During the public offering phase, Guanghe Technology received 1070.72 times subscription, with the final number of public offering shares being 4.6 million, accounting for approximately 10% of the total offering shares. A total of about 202,400 valid applications were received, with around 39,425 accepted applications, and the percentage of allocated shares to applied shares was approximately 5%. In addition, during the international placement phase, Guanghe Technology received 14.64 times subscription, with the final number of international placement shares being 41.4 million, equivalent to 90% of the total offering shares. Futu Information compiled relevant data as shown in the table below: Company Overview The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers. The company focuses on computing power servers and other PC scenarios...
Futu Information reported on March 20th,$DELTON (01989.HK)$Announced the allocation results, pricing at HKD 71.88 per share, issuing a total of 46 million shares, 100 shares per lot, officially listed today. On the last trading day, Guanghe Technology's grey market closed up 32.16%, at HKD 95 per share, 100 shares per lot, excluding handling fees, earning HKD 2312 per lot. During the public offering phase, Guanghe Technology received 1070.72 times subscription, with the final number of public offering shares being 4.6 million, accounting for approximately 10% of the total offering shares. A total of about 202,400 valid applications were received, with around 39,425 accepted applications, and the percentage of allocated shares to applied shares was approximately 5%. In addition, during the international placement phase, Guanghe Technology received 14.64 times subscription, with the final number of international placement shares being 41.4 million, equivalent to 90% of the total offering shares. Futu Information compiled relevant data as shown in the table below: Company Overview The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers. The company focuses on computing power servers and other PC scenarios...
Company Overview
The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers.
The company focuses strategically on PCBs for computing servers and other computing scenarios while expanding its product line strategically. As of September 30, 2025, the company's PCB products have been deployed in (i) computing scenarios, mainly covering computing PCBs such as AI server PCBs, general-purpose server PCBs, and data center switch PCBs; (ii) industrial scenarios, including industrial control PCBs for equipment, automotive electronics PCBs (covering applications like central control units), and communication PCBs; and (iii) consumer scenarios, mainly including consumer electronics PCBs and security electronics PCBs used in printers, laptops, wearable devices, and emerging display devices (including mini and micro LED displays).
Financial Overview
The company’s gross profit increased by 41.9% from RMB 628.7 million in 2022 to RMB 891.8 million in 2023, and further increased by 39.8% to RMB 1,246.5 million in 2024. The company’s gross profit rose by 49.7% from RMB 892.7 million for the nine months ended September 30, 2024, to RMB 1,336.5 million for the nine months ended September 30, 2025.
For the years 2022, 2023, and 2024, as well as the nine-month periods ending September 30, 2024, and 2025, the company's gross margin was 26.1%, 33.3%, 33.4%, 33.3%, and 34.8%, respectively. During the same period, the gross margin for PCBs in computing scenarios was 28.8%, 38.0%, 37.0%, 37.8%, and 36.2%, maintaining the highest gross margin level across all product categories.
Futu Information reported on March 20th,$DELTON (01989.HK)$Announced the allocation results, pricing at HKD 71.88 per share, issuing a total of 46 million shares, 100 shares per lot, officially listed today. On the last trading day, Guanghe Technology's grey market closed up 32.16%, at HKD 95 per share, 100 shares per lot, excluding handling fees, earning HKD 2312 per lot. During the public offering phase, Guanghe Technology received 1070.72 times subscription, with the final number of public offering shares being 4.6 million, accounting for approximately 10% of the total offering shares. A total of about 202,400 valid applications were received, with around 39,425 accepted applications, and the percentage of allocated shares to applied shares was approximately 5%. In addition, during the international placement phase, Guanghe Technology received 14.64 times subscription, with the final number of international placement shares being 41.4 million, equivalent to 90% of the total offering shares. Futu Information compiled relevant data as shown in the table below: Company Overview The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers. The company focuses on computing power servers and other PC scenarios...
Use of Proceeds
In terms of use of proceeds, Guanghe Technology is expected to receive net proceeds from the global offering amounting to approximately HKD 3.175 billion (based on an issue price of HKD 71.88). According to the prospectus, Guanghe Technology plans to allocate the proceeds from the global offering for the following purposes in the amounts specified:
Approximately 19.7% will be used for Phase II of the company’s Thailand base, aligning with one of the strategies outlined in the business strategy - market strategy: expanding and deepening global operations; around 52.1% will be allocated to expand and upgrade the production facilities at the company’s Guangzhou base; about 10.0% will be dedicated to enhancing the company’s R&D capabilities in material technology development, process improvement, and product development; roughly 8.2% will be used to pursue strategic partnerships, investments, or acquisition projects that complement the company’s business and align with its development strategy; and approximately 10.0% will be utilized as working capital and for general corporate purposes.
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Futu Information reported on March 20th,$DELTON (01989.HK)$Announced the allocation results, pricing at HKD 71.88 per share, issuing a total of 46 million shares, 100 shares per lot, officially listed today. On the last trading day, Guanghe Technology's grey market closed up 32.16%, at HKD 95 per share, 100 shares per lot, excluding handling fees, earning HKD 2312 per lot. During the public offering phase, Guanghe Technology received 1070.72 times subscription, with the final number of public offering shares being 4.6 million, accounting for approximately 10% of the total offering shares. A total of about 202,400 valid applications were received, with around 39,425 accepted applications, and the percentage of allocated shares to applied shares was approximately 5%. In addition, during the international placement phase, Guanghe Technology received 14.64 times subscription, with the final number of international placement shares being 41.4 million, equivalent to 90% of the total offering shares. Futu Information compiled relevant data as shown in the table below: Company Overview The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers. The company focuses on computing power servers and other PC scenarios...
Editor/Vincent
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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