Knowledge Atlas Technology Joint Stock Company Limited

Date of Prospectus: December 30, 2025

Knowledge Atlas Technology’s Blockbuster Hong Kong IPO: Offer Details, Allocation Analysis, and 2026 Listing Outlook

IPO Snapshot: Key Terms and Offer Structure

Knowledge Atlas Technology Joint Stock Company Limited is embarking on a landmark Hong Kong IPO, signaling a major milestone for the technology sector. This global offering is set to attract significant institutional and retail interest, with robust allocation to cornerstone investors and a high degree of oversubscription.

Public Offer: 7,483,900 H Shares (20% of the Global Offering, after reallocation)
International Offer: 29,935,600 H Shares (80% of the Global Offering, after reallocation and subject to over-allotment)
Nominal Value: RMB0.10 per H Share
Stock Code: 2513

Use of Proceeds: Net proceeds of HK\$4,173.4 million after estimated listing expenses of HK\$174.7 million. The company will allocate funds in line with its outlined “Future Plans and Use of Proceeds,” targeting growth-driven investments across R&D, expansion, and working capital. Allocation is subject to adjustment if the over-allotment option is exercised.

Oversubscription and Investor Demand

Retail demand was exceptionally strong, with the public offering subscribed 1,159.46 times. This high level of retail interest triggered the claw-back mechanism, resulting in a significant reallocation of shares to the public tranche. The international offering was subscribed 15.28 times, reflecting robust institutional demand.

Dividend Policy and Timetable

No explicit dividend policy, payout ratio, or future dividend timetable is disclosed in the document.

Placement and Issuance Breakdown

Public Offering: 7,483,900 H Shares (20%)
International Offering: 29,935,600 H Shares (80%)
Cornerstone Investors: Accounted for 25,681,600 H Shares (68.63% of the International Offer, 11.91% of total H Shares post-offer)
Over-allocation: 5,612,900 H Shares (potentially covered by the over-allotment option or secondary market purchases)

Investor Participation and Book Quality

Anchor and cornerstone demand was exceptional, with 68.63% of the International Offering allocated to cornerstone investors. Key institutions include JSC International Investment Fund SPC (Qizhi SP), JinYi Capital, Perseverance Asset Management, and WT Asset Management. The large allocations to leading funds, particularly those with existing shareholdings, signal high institutional confidence in Knowledge Atlas Technology’s business and future prospects.

Allotment to the public and institutional tranches followed strict compliance and allocation rules, with no evidence of preferential treatment beyond disclosed cornerstone terms.
No pre-listing disposals or sales by early shareholders were disclosed.
The combination of massive oversubscription, strong book quality, and broad cornerstone participation indicates a likely strong first-day performance, especially in the absence of major pre-IPO sell-downs.

Deal Parties, Structure, and Stabilization

Key deal parties:
– Sole Sponsor, Sponsor-Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: China International Capital Corporation Hong Kong Securities Limited
– Other Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: (Other syndicate members not named in the excerpt)
Stabilization and Over-allotment: The Stabilizing Manager may over-allocate or effect transactions to stabilize the H Share price for up to 30 days after the close of subscriptions (expected to expire February 4, 2026). Over-allocation of 5,612,900 shares may be covered by exercising the over-allotment option or market purchases, adding support to potential listing-day performance. All actions will be in compliance with Hong Kong’s regulatory framework.

Company Overview: Business Model, Sector, and Market Position

Knowledge Atlas Technology is a joint stock company established in the People’s Republic of China with limited liability. It operates in the technology sector, but the document does not provide a detailed business model, product/service summary, or breakdown of revenue streams, key customer segments, or geographic focus. Further details on industry definition, sector size, and company ranking are not included in the provided excerpt.

Financial Health and Key Metrics

No detailed multi-period financials (revenue, gross margin, profit, cash flow, capex, debt) are provided in the excerpt. Financial health and profitability cannot be assessed from the available data.

Market Position, Competitive Advantages, and Management Team

No specific market share, competitive advantage, or brand ranking is disclosed in the excerpt.
Management Team (as at January 7, 2026):

• Dr. Liu Debing: Chairman of the Board and Executive Director
• Dr. Zhang Peng: Executive Director
• Ms. Zhang Xiaohan: Executive Director
• Dr. Li Juanzi: Non-Executive Director
• Mr. Li Jiaqing: Non-Executive Director
• Mr. Wang Meng: Non-Executive Director
• Dr. Yang Qiang: Independent Non-Executive Director
• Dr. Xie Deren: Independent Non-Executive Director
• Mr. Tang Ying: Independent Non-Executive Director

Trends, Timing, and Market Environment

IPO application period: Ended February 4, 2026 (last day for lodging applications)
Listing date: January 8, 2026
No explicit sector, regional, or macroeconomic trends are described in the excerpt. The environment appears favorable for IPOs, as indicated by robust demand, successful cornerstone allocations, and the application of claw-back mechanisms due to oversubscription.

Risk Factors: Key Risks and Quantified Exposures

The prospectus excerpt does not provide detailed or quantified risk factors. However, standard risks can be inferred, such as high concentration of shareholding in a small number of shareholders, which may result in substantial price volatility even with modest trading volumes. Investors are warned to exercise extreme caution when dealing in H Shares.

Growth Strategy and Expansion Pipeline

While the allocation of net proceeds to R&D, expansion, and working capital suggests a growth-driven strategy, specific expansion plans, new products, M&A activity, capacity additions, or market entry timelines are not disclosed in the excerpt.

Ownership, Lock-Up Arrangements, and ESOPs

Pre- and Post-IPO Shareholding Structure:
After the offering, major shareholders and lock-up arrangements are as follows:

Pathfinder SIIs: Legend Capital SIIs and Meituan SII are subject to lock-ups until July 7, 2026. All cornerstone investors have a 6-month lock-up post-listing, and all existing shareholders are restricted from disposals for 12 months.

Valuation and Peer Comparison

No peer company symbols, valuation multiples, or sector comparison metrics are disclosed in the excerpt. Thus, no comparison table is provided.

Recent IPOs and Sector Performance

No details on other IPOs in the same period or sector performance are included in the excerpt.

Research Coverage and Analyst Opinions

No analyst names, covering institutions, or price targets are disclosed in the excerpt.

IPO Allotment Results and Implications

– Public Offer: 204,871 valid applications, 50,907 successful, at a subscription level of 1,159.46 times.
– International Offer: 221 placees, at a subscription level of 15.28 times.
– Claw-back: Initiated due to high retail demand.
– Shareholder and Placee Concentration: Top 5 placees held 74.69% of the International Offering and 9.89% of the total post-listing share capital. Over 50% of H Shares are held by the top 25 shareholders, indicating a high degree of concentration but strong institutional support.
– Public Float: 46.73% of total issued share capital, well above the 10% minimum.
– Free Float: Satisfies the 10% requirement after accounting for cornerstone lock-ups.
– Listing Date: Dealings commence January 8, 2026 at 9:00 a.m. (HK time).

Listing Outlook and First-Day Performance Estimate

Based strictly on the prospectus data, Knowledge Atlas Technology’s IPO demonstrates overwhelming demand, broad cornerstone participation, and institutional support, all of which are positive indicators for strong listing-day performance. The presence of stabilizing mechanisms and a substantial over-allotment option should help support the share price against volatility. The high shareholding concentration among institutions and cornerstones may amplify price movements, but the oversubscription ratio and depth of the book suggest the stock is likely to trade above the offer price, at least in the initial sessions. Investors should remain mindful of the high concentration risk and exercise caution in volatile market conditions.

How to Access the Full Prospectus and Apply

The full prospectus and allotment results can be accessed at: www.hkeipo.hk/IPOResult

Investors may apply via participating brokers, banks, or the listed e-IPO platforms. The application period closed on February 4, 2026. For specific application steps and eligibility, refer to the relevant broker or platform.