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wrote a column · Jun 30 08:00

New IPO Pricing | Lai Fu Harmonic listed today, received over 4,500 times subscription, priced at HK$85.5 per share, with a gain of HK$1,550 per lot in the grey market

Futu News, June 30:$LAIFUAL (03952.HK)$announced its allotment results, pricing shares at HK$85.5 each, issuing a total of 13.4419 million shares, with board lots of 100 shares each; officially listed today.
On the previous trading day, Lai Fu Harmonic's shares rose 18.13% in the grey market, closing at HK$101. With a board lot size of 100 shares and excluding transaction fees, each lot generated a profit of HK$1,550.
During the public offering phase, Lai Fu Harmonic received 4,571.99 times subscription. The final number of shares allocated to the public offering was 2.6884 million shares, representing approximately 20% of the total offering. A total of approximately 182,700 valid applications were received, with about 26,884 applications processed. The percentage of applicants who applied for one lot and were allocated shares relative to the total number of shares applied for was approximately 5%.
Additionally, during the international placement phase, Lai Fu Harmonic received 7.89 times subscription. The final number of shares allocated to the international offering was 10.7535 million shares, accounting for 80% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 30:$LAIFUAL (03952.HK)$announced its allotment results, pricing shares at HK$85.5 each, issuing a total of 13.4419 million shares, with board lots of 100 shares each; officially listed today. On the previous trading day, Lai Fu Harmonic's grey market closed up 18.13% at HK$101, with each board lot consisting of 100 shares, yielding a profit of HK$1,550 per lot excluding fees. During the public offering stage, Lai Fu Harmonic received 4,571.99 times oversubscription. The final number of shares allocated to the public offering was 2.6884 million shares, representing approximately 20% of the total offering. A total of approximately 182,700 valid applications were received, with around 26,884 applications processed. The approximate percentage of applicants who applied for one lot and received an allocation relative to the total number of applied shares was 5%. Additionally, during the international placement stage, Lai Fu Harmonic received 7.89 times oversubscription. The final number of shares allocated to the international offering was 10.7535 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is a leading Chinese provider of core precision transmission components for robotics. Driven by the accelerating adoption of robots, demand for precision transmission solutions is continuously growing, enabling robots to achieve precise motion and interaction. The company offers a comprehensive product portfolio covering harmonic drives, joint modules, robotic arms, and automated workstations. Its products are primarily used in humanoid robots and industrial robots...
Futu News, June 30:$LAIFUAL (03952.HK)$announced its allotment results, pricing shares at HK$85.5 each, issuing a total of 13.4419 million shares, with board lots of 100 shares each; officially listed today. On the previous trading day, Lai Fu Harmonic's grey market closed up 18.13% at HK$101, with each board lot consisting of 100 shares, yielding a profit of HK$1,550 per lot excluding fees. During the public offering stage, Lai Fu Harmonic received 4,571.99 times oversubscription. The final number of shares allocated to the public offering was 2.6884 million shares, representing approximately 20% of the total offering. A total of approximately 182,700 valid applications were received, with around 26,884 applications processed. The approximate percentage of applicants who applied for one lot and received an allocation relative to the total number of applied shares was 5%. Additionally, during the international placement stage, Lai Fu Harmonic received 7.89 times oversubscription. The final number of shares allocated to the international offering was 10.7535 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is a leading Chinese provider of core precision transmission components for robotics. Driven by the accelerating adoption of robots, demand for precision transmission solutions is continuously growing, enabling robots to achieve precise motion and interaction. The company offers a comprehensive product portfolio covering harmonic drives, joint modules, robotic arms, and automated workstations. Its products are primarily used in humanoid robots and industrial robots...
Company Overview
The company is a Chinese provider of core precision transmission components for robots. Driven by the accelerated adoption of robotics, demand for precision transmission solutions is continuously growing, enabling robots to achieve precise motion and interaction. The company offers a product portfolio covering harmonic drives, joint modules, robotic arms, and even automated workstations. Its products are primarily used in humanoid and industrial robots.
The company's competitive advantage stems from its expertise in harmonic drives—a key technical component in precision transmission solutions—and its strong in-house R&D capabilities. According to a CIC Consulting report, based on 2025 shipment volume, the company ranks second among Chinese providers of harmonic drives for robots, with a market share of 21.4%. By revenue, it also ranks second, with a market share of 12.9%.
Financial Summary
The company's revenue for 2023, 2024, and 2025 was RMB 94.5 million, RMB 107.7 million, and RMB 260.9 million, respectively. Gross profit for 2023, 2024, and 2025 amounted to RMB 27.9 million, RMB 25.9 million, and RMB 66.9 million, respectively. The company's gross margin increased from 24.1% in 2024 to 25.6% in 2025.
Futu News, June 30:$LAIFUAL (03952.HK)$announced its allotment results, pricing shares at HK$85.5 each, issuing a total of 13.4419 million shares, with board lots of 100 shares each; officially listed today. On the previous trading day, Lai Fu Harmonic's grey market closed up 18.13% at HK$101, with each board lot consisting of 100 shares, yielding a profit of HK$1,550 per lot excluding fees. During the public offering stage, Lai Fu Harmonic received 4,571.99 times oversubscription. The final number of shares allocated to the public offering was 2.6884 million shares, representing approximately 20% of the total offering. A total of approximately 182,700 valid applications were received, with around 26,884 applications processed. The approximate percentage of applicants who applied for one lot and received an allocation relative to the total number of applied shares was 5%. Additionally, during the international placement stage, Lai Fu Harmonic received 7.89 times oversubscription. The final number of shares allocated to the international offering was 10.7535 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is a leading Chinese provider of core precision transmission components for robotics. Driven by the accelerating adoption of robots, demand for precision transmission solutions is continuously growing, enabling robots to achieve precise motion and interaction. The company offers a comprehensive product portfolio covering harmonic drives, joint modules, robotic arms, and automated workstations. Its products are primarily used in humanoid robots and industrial robots...
Use of Proceeds
Regarding the use of proceeds, Lai Fu Harmonic expects net proceeds from the global offering to amount to approximately HK$1.003 billion (based on an issue price of HK$85.5 per share). According to the prospectus, Lai Fu Harmonic intends to allocate the proceeds from the global offering toward the following purposes:
Approximately 55.0% of the net proceeds will be used over the next three years for the expansion of production facilities, including procurement of related equipment and recruitment of production personnel. Approximately 20.0% of the net proceeds will be allocated to enhancing the company's research and development capabilities to broaden its product portfolio—particularly harmonic reducers—by expanding application scenarios. Approximately 5.0% of the net proceeds will be used to expand the company's overseas sales network. Approximately 10.0% of the net proceeds will be deployed for strategic investments or acquisitions of high-quality potential targets across the industry value chain in both domestic and international markets, aiming to strengthen the company’s competitiveness and market share. The remaining approximately 10.0% of the net proceeds will be used for working capital and other general corporate purposes.
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Futu News, June 30:$LAIFUAL (03952.HK)$announced its allotment results, pricing shares at HK$85.5 each, issuing a total of 13.4419 million shares, with board lots of 100 shares each; officially listed today. On the previous trading day, Lai Fu Harmonic's grey market closed up 18.13% at HK$101, with each board lot consisting of 100 shares, yielding a profit of HK$1,550 per lot excluding fees. During the public offering stage, Lai Fu Harmonic received 4,571.99 times oversubscription. The final number of shares allocated to the public offering was 2.6884 million shares, representing approximately 20% of the total offering. A total of approximately 182,700 valid applications were received, with around 26,884 applications processed. The approximate percentage of applicants who applied for one lot and received an allocation relative to the total number of applied shares was 5%. Additionally, during the international placement stage, Lai Fu Harmonic received 7.89 times oversubscription. The final number of shares allocated to the international offering was 10.7535 million shares, accounting for 80% of the total offering. Futu News has compiled the relevant data in the table below: Company Overview The company is a leading Chinese provider of core precision transmission components for robotics. Driven by the accelerating adoption of robots, demand for precision transmission solutions is continuously growing, enabling robots to achieve precise motion and interaction. The company offers a comprehensive product portfolio covering harmonic drives, joint modules, robotic arms, and automated workstations. Its products are primarily used in humanoid robots and industrial robots...
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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