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joined discussion · Jun 29 07:31

IPO Pricing | Baige Online listed today, received 242.05x subscription, priced at HK$15.6 per share, with a dark pool profit of HK$8,500 per lot

Futu News, June 29: $BAIGE DIGITAL (02672.HK)$ announced its allotment results, pricing shares at HK$15.6 each, issuing a total of 33,344,400 shares, with a board lot size of 200 shares, officially listing today.
On the previous trading day, White Pigeon Online's shares rose 272.44% in the grey market, closing at HK$58.10. With a board lot size of 200 shares and excluding brokerage fees, one lot generated a profit of HK$8,500.
During the public offering stage, White Pigeon Online received 242.05 times subscription. The final number of shares allocated to the public offering was 3.3346 million shares, representing approximately 10% of the total offering. A total of approximately 44,599 valid applications were received, with about 8,936 applications processed. The approximate percentage of applicants who applied for one lot and were allotted shares relative to the total number of shares applied for was 10%.
Additionally, during the international placement stage, White Pigeon Online received 2.44 times subscription. The final number of shares allocated to the international offering was 30.0098 million shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 29: $BAIGE DIGITAL (02672.HK)$ announced its allotment results, pricing shares at HK$15.6 each, issuing a total of 33,344,400 shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Baige Online's dark pool closed up 272.44% at HK$58.1 per share. With a board lot of 200 shares and excluding fees, each lot generated a profit of HK$8,500. During the public offering phase, Baige Online received 242.05x subscription. The final number of shares allocated to the public offering was 3,334,600 shares, representing approximately 10% of the total offering. A total of approximately 44,599 valid applications were received, with around 8,936 applications processed. The approximate percentage of applicants receiving one lot relative to the total number of shares applied for was 10%. Additionally, during the international placing phase, Baige Online received 2.44x subscription. The final number of shares allocated to the international placing was 30,009,800 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is an insurtech firm primarily engaged in providing technology-enabled insurance intermediary services to scenario partners and insurance companies. It generates revenue through insurance transaction services, precision marketing and digital solutions, and third-party administrator (TPA) services. Under its insurance transaction services segment, the company’s core business involves distributing scenario-based insurance products to end policyholders. These products are offered by...
Futu News, June 29: $BAIGE DIGITAL (02672.HK)$ announced its allotment results, pricing shares at HK$15.6 each, issuing a total of 33,344,400 shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Baige Online's dark pool closed up 272.44% at HK$58.1 per share. With a board lot of 200 shares and excluding fees, each lot generated a profit of HK$8,500. During the public offering phase, Baige Online received 242.05x subscription. The final number of shares allocated to the public offering was 3,334,600 shares, representing approximately 10% of the total offering. A total of approximately 44,599 valid applications were received, with around 8,936 applications processed. The approximate percentage of applicants receiving one lot relative to the total number of shares applied for was 10%. Additionally, during the international placing phase, Baige Online received 2.44x subscription. The final number of shares allocated to the international placing was 30,009,800 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is an insurtech firm primarily engaged in providing technology-enabled insurance intermediary services to scenario partners and insurance companies. It generates revenue through insurance transaction services, precision marketing and digital solutions, and third-party administrator (TPA) services. Under its insurance transaction services segment, the company’s core business involves distributing scenario-based insurance products to end policyholders. These products are offered by...
Company Overview
The company is an insurtech firm primarily engaged in providing technology-enabled insurance intermediary services to contextual partners and insurance companies. It generates revenue through insurance transaction services, precision marketing and digital solutions, and TPA (Third-Party Administrator) services. Under its insurance transaction services segment, the company's core business involves distributing contextual insurance products to end policyholders. These products are underwritten by insurance companies, from which the company earns commission income.
The company collaborates with insurers and contextual partners on the design and customization of insurance products. Contextual insurance typically refers to tailored, short-term, or low-premium insurance products designed for specific scenarios and needs, offering policyholders targeted coverage. These products are highly flexible, feature short coverage periods but broad protection scopes, and can penetrate diverse everyday life scenarios to meet situational protection demands.
Financial Summary
The company’s total revenue increased by 38.5% from RMB 659.9 million for the year ended December 31, 2023, to RMB 914.2 million for the year ended December 31, 2024, and further rose by 34.2% to RMB 1,227.1 million for the year ended December 31, 2025. Commission income amounted to RMB 535.9 million, RMB 825.3 million, and RMB 821.2 million in 2023, 2024, and 2025, respectively, accounting for 81.2%, 90.3%, and 66.9% of total revenue in the respective years.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, White Pigeon Online expects net proceeds from the global offering to be approximately HK$466 million (based on an issue price of HK$15.60 per share). According to the prospectus, White Pigeon Online intends to allocate the proceeds from the global offering toward the following purposes:
Approximately 44.4% will be used for research and development of solutions and services, recruitment and retention of relevant R&D talent, and infrastructure enhancement. Approximately 20.0% will be allocated toward pursuing acquisition and investment opportunities in target companies within the same industry or upstream and/or downstream ecosystem partners to further accelerate business growth and strengthen the company’s competitiveness. Approximately 15.6% will be used to expand sales network branches in China and overseas. Approximately 10.0%, together with the company’s own funds of approximately HKD 838 million, will be used to establish an R&D center and an office building equipped with a smart showroom. The remaining 10.0% will be used for general working capital and general corporate purposes to support the company’s day-to-day operations and growth.
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Futu News, June 29: $BAIGE DIGITAL (02672.HK)$ announced its allotment results, pricing shares at HK$15.6 each, issuing a total of 33,344,400 shares, with a board lot size of 200 shares, officially listing today. On the previous trading day, Baige Online's dark pool closed up 272.44% at HK$58.1 per share. With a board lot of 200 shares and excluding fees, each lot generated a profit of HK$8,500. During the public offering phase, Baige Online received 242.05x subscription. The final number of shares allocated to the public offering was 3,334,600 shares, representing approximately 10% of the total offering. A total of approximately 44,599 valid applications were received, with around 8,936 applications processed. The approximate percentage of applicants receiving one lot relative to the total number of shares applied for was 10%. Additionally, during the international placing phase, Baige Online received 2.44x subscription. The final number of shares allocated to the international placing was 30,009,800 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is an insurtech firm primarily engaged in providing technology-enabled insurance intermediary services to scenario partners and insurance companies. It generates revenue through insurance transaction services, precision marketing and digital solutions, and third-party administrator (TPA) services. Under its insurance transaction services segment, the company’s core business involves distributing scenario-based insurance products to end policyholders. These products are offered by...
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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