EACON (07687) green shoe mechanism implemented: partial exercise of the overallotment option, multiple brokerages intensively covering with initial buy ratings.

On August 5, 2026, EACON (07687) released the disclosure report for the following day, announcing that part of its over-allotment option had been exercised. On that day, the company issued and allocated 2,771,050 H shares, with an issuance price of HKD 87.92 per share, which is in line with the IPO issuance price. It is reported that this additional issuance represents 1.87% of the total number of shares issued before the change, bringing the total number of issued shares to 150,640,819; the unexercised over-allotment option will simultaneously lapse. The implementation of the green shoe mechanism signals a confidence boost in the secondary market. The over-allotment option (green shoe mechanism) is a conventional tool used by the stabilizing agent for price stabilization during Hong Kong stock IPOs. EACON granted a total of 3,919,800 shares under the over-allotment option during its IPO, and the price stabilization period ended on August 2, 2026. The partial exercise of 2.771 million shares accounts for approximately 10.60% of the total number of shares offered globally before the exercise of the over-allotment option. Against the backdrop of recent poor performance in the Hong Kong tech sector, the significant exercise of the over-allotment option indicates market recognition of EACON's fundamentals and its position in the autonomous mining vehicle sector, with neither significant selling pressure nor prolonged large price fluctuations. Securities firms densely covering the stock give initial "buy" ratings, focusing on the transition of the business model. Since going public, EACONs leading position and growth potential have quickly attracted mainstream attention in the capital market, with the density of securities firms' coverage steadily increasing: Soochow (covered on July 21) pointed out that by the end of 2025, EACON will maintain its industry-leading position with 2,580 active autonomous mining trucks and a 55.5% market share. Soochow's core logic focuses on the company's transition from a heavy-asset fleet ownership model to a light-asset technology output modelthe revenue proportion from the light-asset model is projected to rise from around 42% in 2023 to approximately 57% in 2025, driving the overall gross margin from -18.6% in 2023 to positive 10.1% by 2025. The companys net profit attributable to shareholders is expected to be -249 million yuan, 79 million yuan, and 462 million yuan for 2026-2028, with the initial coverage giving a "buy" rating. Caitong (covered on July 29) expects the companys revenue for 2026-2028 to reach 1.954 billion yuan, 2.750 billion yuan, and 3.606 billion yuan, corresponding to PS ratios of 5.8 times, 4.1 times, and 3.1 times, also issuing a "buy" rating. The research report emphasizes that the companys leading position remains solid, maintaining a 100% high retention rate among all end customer groups. According to data from Frost & Sullivan, the sales penetration rate of autonomous mining trucks in China is expected to rapidly increase from 18% in 2026 to 52% in 2030, with the market size growing from 5.6 billion yuan to 22.3 billion yuan; the global market for autonomous driving solutions in mining areas is projected to reach 7.3 billion USD by 2030, with the industrys prosperity remaining high. Industrial dividend resonance, overseas and challenging scenarios accelerate realization. In addition to the industry beta dividends, EACON's alpha barriers are also deepening. The company continues to conquer challenging operational environments, achieving breakthroughs not only in complex high-altitude metal mining scenarios but also setting benchmarks in the stringent overseas mature mining market the Komatsu HD1500 rigid mining truck equipped with the companys autonomous driving system has officially commenced operations in a real production environment in Western Australia. In the context of optimistic views from mainstream securities firms, the release of high-prosperity sector dividends, and the dual drive of light asset transformation + global expansion, the leading autonomous mining vehicle company is entering a new stage of dual realization in performance and valuation.