Meet Xiaomian and TIANYU SEMI open recruitment, margin subscription oversubscribed by 10 times, no forced buyback

Stheadline
2025.11.28 03:30

Two new stocks, Aito and TIANYU SEMI, have begun their initial public offerings, raising a maximum of HKD 2.43 billion, with no mandatory buyback. Aito was oversubscribed by 10.4 times, while TIANYU SEMI was oversubscribed by 9.4 times. TIANYU SEMI's issue price is HKD 58, raising HKD 1.74 billion, and Aito's issue price ranges from HKD 5.64 to HKD 7.04, raising a maximum of HKD 690 million. LeMo Technology and Jinyan Gaoling New Materials will close their offerings today. Soul App has submitted its listing application, with Tencent holding a 49.9% stake

Two new stocks began their subscription yesterday, including the mainland Chinese chain noodle restaurant "Yujian Xiaomian" (2408), which entered Hong Kong in April last year, and TIANYU SEMI (2658), with a total fundraising of up to HKD 2.43 billion, both without mandatory buybacks. The subscription will close next Tuesday and will be listed next Friday. The subscription response for both stocks is currently comparable. According to data from 11 brokerage firms, Yujian Xiaomian has a margin of HKD 780 million, raising HKD 68.54 million through public offering, oversubscribed by 10.4 times; TIANYU SEMI has HKD 1.81 billion, raising HKD 170 million through public offering, oversubscribed by 9.4 times.

TIANYU SEMI has a larger fundraising amount, issuing nearly 30.071 million shares, with 10% for public offering in Hong Kong. The offer price is set at HKD 58, raising HKD 1.74 billion, with an entry fee of over HKD 2,929.2 for one lot of 50 shares. CITIC Securities is the sponsor. The stock has introduced Guangdong Original Forest and GF Global (in terms of OTC swaps) and Glory Ocean as cornerstone investors, with a total subscription amount of about HKD 160 million, accounting for approximately 9.3%. TIANYU SEMI focuses on the manufacturing of silicon carbide epitaxial wafers.

Soul App Submits Listing Application

As for Yujian Xiaomian, it is issuing about 97.365 million shares, with 10% for public offering. The offer price ranges from HKD 5.64 to HKD 7.04, raising up to HKD 690 million, with an entry fee of over HKD 3,555.5 for one lot of 500 shares. CMB International is the sponsor. The stock has introduced five cornerstone investors, including Hillhouse Capital, Junyi Investors, Shengying Investment, Sidat Capital, and Haidilao (6862), with a total investment of about HKD 170 million, accounting for 25% of this issuance. Additionally, the mainland shared massage equipment provider Lemo Technology (2539) and the new three-board listed Jinyan Gaoling New Materials (2693) will close their subscriptions today.

The mainland AI-driven immersive social platform Soul App has submitted a listing application to the Hong Kong Stock Exchange, with Tencent (700) as its strategic investor (not participating in daily management and business operations) holding 49.9%. CITIC Securities is the exclusive sponsor for the company

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