New stock news | The offering of Cig Shanghai (06166) has ended with a total subscription of 107.4 billion Hong Kong dollars, oversubscribed by 232 times.

Cig Shanghai (06166, 603083.SH) will start accepting applications for its IPO from October 20th to 23rd. As the public subscription ended at noon on Thursday (October 23rd), preliminary statistics show that Cig Shanghai has received at least HK$107.4 billion in subscription funds, exceeding 232 times the amount raised through the public offering of HK$462 million. Cig Shanghai plans to issue 67.011 million H shares, with one-tenth being publicly offered in Hong Kong at a maximum offer price of HK$68.88 per share, raising up to HK$4.62 billion. Each board lot consists of 50 shares, with an entry fee of HK$3,478.7. Cig Shanghai is expected to start trading on October 28th, with GUOTAI JUNAN I as the exclusive sponsor. Cig Shanghai stated that there is no mandatory clawback mechanism for the public offering portion, and the sponsor, as the overall coordinator, may exercise discretion to increase up to 15%. The shares available for subscription in the Hong Kong public offer will be evenly divided between Group A and Group B (subscriptions of over HK$5 million). According to the prospectus, Cig Shanghai is mainly engaged in the design, development, and sales of connectivity and data transmission devices. During the reporting period, the company generated revenue primarily from sales of broadband, wireless, and optical module products. According to Frost & Sullivan data, the company is one of the few companies globally that provide all three of these types of technology products to clients. During the reporting period, revenue from overseas markets accounted for 82.9%, 89.3%, 92.6%, and 94.0% of the company's total revenue. In addition to its business in China, the company also has joint headquarters in the United States, overseas R&D centers in the US and Japan, overseas sales offices in the US and Italy, and overseas manufacturing facilities in the US, Germany, and Malaysia. In terms of financials, for the six months ending June 30th in 2022, 2023, 2024, and 2025, the company's revenue was approximately RMB 3.784 billion, RMB 3.085 billion, RMB 3.65 billion, and RMB 2.034 billion respectively; while the profits for the corresponding periods were approximately RMB 171 million, RMB 94.965 million, RMB 167 million, and RMB 118 million respectively.