ALSCO Pooling Service Co., Ltd. Announces Final Offer Price and Allotment Results for Hong Kong IPO

Key Highlights of the Global Offering

• Company: ALSCO Pooling Service Co., Ltd. (joint stock company incorporated in the PRC)
• Stock Code: 2649
• Number of Offer Shares: 20,336,000 H Shares
• Final Offer Price: HK\$11.00 per H Share
• Total Issued Shares Upon Listing: 90,336,000
• Gross Proceeds: HK\$223.70 million
• Net Proceeds: HK\$175.52 million
• Dealings Commencement Date: March 9, 2026

Offer Structure & Subscription Details

• Hong Kong Public Offering: 2,034,000 H Shares (10% of Global Offering)
• International Offering: 18,302,000 H Shares (90% of Global Offering)
• Subscription Level (Hong Kong): 5,297 times oversubscribed, indicating extremely high demand
• Subscription Level (International): 4.20 times oversubscribed
• Number of Valid Applications (Hong Kong): 162,571
• Number of Successful Applications (Hong Kong): 4,068
• Number of Placees (International): 162

Shareholder Concentration & Potential Price Sensitivity

Warning: The report highlights a high concentration of shareholding in a small number of H shareholders. The top 1 shareholder holds 44.96% of total issued H Shares, and the top 25 shareholders collectively hold over 91% of H Shares. Such concentration means the share price could move substantially even with a small number of shares traded. Investors should exercise extreme caution due to potential volatility.

• Top 1 Placee (International): 3,600,000 H Shares (3.99% of total share capital)
• Top 5 Placees (International): 8% of total share capital
• Top 10 Placees (International): 11.72% of total share capital
• Top 25 Placees (International): 16.97% of total share capital

Shareholder Analysis: After listing, the top 5 shareholders will hold ~73% of total issued share capital, and the top 25 ~91%. This could significantly impact liquidity and price movements.

Lock-up Undertakings & Restrictions

• Controlling Shareholders: Subject to 12-month lock-up period until March 9, 2027, longer than HKEX requirements.
• Pre-IPO Investors & Other Existing Shareholders: Also subject to 12-month lock-up under PRC law.
• Notable Shareholders Under Lock-Up:
  • Mr. Sun Yan’an: 41.18% of H Shares
  • Suzhou Anhua Investment Co., Ltd.: 3.79% of H Shares
  • Several venture capital and fund investors, each holding between 0.36% and 4.16% of H Shares

Compliance & Placement to Connected Clients

• Connected Clients: With Stock Exchange consent, shares allocated to Bosera Asset Management (International) Co., Ltd., Value Partners Limited, and China Asset Management (Hong Kong) Limited.
• Basis: All allocations to connected clients are discretionary fund manager holdings for underlying clients who are independent third parties.
• Regulatory Compliance: Company confirms adherence to Listing Rules and Placing Guidelines, except where waivers/consents have been obtained.
• No Side Agreements: Directors confirm there are no rebates, side agreements, or preferential terms for placees or public subscribers.

Public Float & Free Float

• Public Float: 27,506,138 H Shares (30.45% of total issued Shares) counted towards public float, satisfying HKEX Rule 19A.13A.
• Free Float: Company meets requirements under HKEX Rule 19A.13C(1).
• Shareholder Distribution: At least 300 shareholders at listing; no individual placee will hold more than 10% of enlarged issued share capital; no new substantial shareholder post-listing.

Allotment Basis (Hong Kong Public Offering)

The allotment basis was highly competitive, with only a tiny fraction of applicants receiving shares. For example, only 34 out of 91,248 applicants for 500 shares were successful. The approximate percentage allotted was just 0.04% for Pool A (small applicants) and 0.01% for Pool B (large applicants), reflecting the extreme oversubscription.

Trading Details

• Trading Commencement: 9:00 a.m. on March 9, 2026 (Hong Kong time), provided the offering becomes unconditional.
• Board Lot Size: 200 H Shares
• Stock Code: 2649
• Risks: H Share certificates will become valid evidence of title at 8:00 a.m. on March 9, 2026. Trading ahead of receipt of certificates or their validation is at investors’ own risk.

Potential Price-Sensitive Factors for Investors

• High Shareholder Concentration: Significant risk of volatility due to high concentration in top shareholders.
• Lock-up Expiry: After March 9, 2027, large blocks of shares could potentially enter the market, affecting supply and price.
• Extreme Oversubscription: Indicates strong initial demand, but may also lead to volatility as unmet demand chases limited supply.
• Connected Client Placements: May attract regulatory scrutiny and impact investor perception.
• No Claw-back Triggered: Despite oversubscription, allocation structure remained unchanged, which may affect liquidity.
• Directors’ Confirmation: No special arrangements or rebates, ensuring fair treatment for all investors.

Conclusion

ALSCO Pooling Service Co., Ltd.’s IPO is characterized by strong investor demand, significant shareholder concentration, and strict lock-up undertakings. The combination of extreme oversubscription and concentrated holdings means the share price may be highly volatile post-listing. Investors should remain vigilant to these risks, especially as lock-up periods expire and large shareholdings may be traded. Regulatory compliance and fair allocation have been confirmed, but connected client placements may warrant close watch.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. Investors should review the official prospectus and consult with professional advisers before making investment decisions. The information provided is based on the company’s official announcement and may be subject to change. Trading and investing involve risks, including potential loss of principal.

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