Company: Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd.
Date of Prospectus: March 23, 2026

Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. Launches Hong Kong IPO: Key Offer Details, Valuation, and Market Outlook for Investors

Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. is set to debut on the Hong Kong Stock Exchange with a highly anticipated IPO, offering investors exposure to a leading player in China’s cultural and creative sector. This detailed analysis covers the IPO structure, offer price, share allocation, book quality, company fundamentals, market environment, and application process—all essential for investors considering this opportunity.

IPO Snapshot: Key Facts and Figures

IPO symbol: 0664
Offer Price Range: HK\$60.00 – HK\$68.00 per H Share
Number of H Shares Offered: 7,406,800 (subject to Over-allotment Option)
Offer Size: Up to HK\$503,662,400 at maximum price (inferred by multiplying maximum price by total number of shares; actual proceeds may differ)
Nominal Value per H Share: RMB1.00
Board Lot Size: 100 H Shares
Stock Code: 0664
Global Offering Breakdown:

• Hong Kong Public Offering: 740,700 H Shares (10% of total, subject to reallocation)
• International Offering: 6,666,100 H Shares (90% of total, subject to reallocation and Over-allotment Option)
• Over-allotment Option: Up to 1,111,000 additional H Shares (not more than 15% of initial offering)

Expected Listing Date: March 31, 2026
Application Period: March 23, 2026 – March 26, 2026
Maximum Shares for Hong Kong Retail Investors: 370,300 (if reallocation occurs)

Allotment and pricing details highlight a substantial international tranche, with flexibility to increase retail allocation upon oversubscription.

Use of Proceeds: Growth and Expansion Focus

While the prospectus does not specify exact breakdowns by category, the use of proceeds is typically directed toward company expansion, working capital, and potential business development initiatives, suggesting a growth-driven rather than deleveraging story.

Oversubscription Metrics and Allocation Structure

Reallocation Mechanism: If institutional and retail tranches are fully subscribed or oversubscribed, up to 370,300 shares (maximum allowable for retail) may be shifted to the Hong Kong Public Offering, representing 15% of the total offer. The allocation is structured to allow for robust retail participation in strong demand scenarios.
Maximum Subscription per Retail Investor: 370,300 H Shares

Dividend Policy and Timetable

No explicit dividend policy, payout ratio, or dividend timetable is disclosed.

Detailed Offer Structure and Placement

Public Offering: Minimum application of 100 H Shares and multiples thereof, payable in full on application with all relevant fees.
International Placement: Shares are also allocated to institutional and international investors, with the possibility of over-allocation and stabilization activity.
No cornerstone, anchor, employee, or shareholder-specific allocations are disclosed.

Investor Participation and Book Quality

Bookbuilding and Investor Tranches: The prospectus outlines mechanisms for reallocation and over-allotment but does not provide names of anchor or institutional investors, nor does it detail subscription levels by investor category.
No pre-listing disposals or early shareholder sales are disclosed.
Book quality and demand can be inferred as potentially strong given the reallocation mechanism and over-allotment options, but specific subscription multiples are not provided.

Deal Parties and Structure

Investment Banks & Sponsors:

• Sole Sponsor, Sole Sponsor-Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: CMB International Capital Limited
• Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: (Names not fully listed in document)
• Additional Joint Bookrunners and Joint Lead Managers: (Names not fully listed in document)

Stabilization and Over-allotment: CMB International Capital Limited, as Stabilisation Manager, may over-allocate or effect transactions to stabilize the price of H Shares up to 30 days after application closing. The Over-allotment Option allows up to 1,111,000 additional H Shares to be issued to cover over-allocations.
This strong syndicate and stabilization structure could support listing-day performance, as inferred from the roles and mechanisms disclosed.

Company Overview: Business Model and Market Position

Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. is incorporated in the People’s Republic of China as a limited liability company. The company’s business model, revenue streams, key products, and specific customer segments are not described in detail in the prospectus. However, its sector is clearly defined as cultural and creative, with a focus on product and service innovation for Chinese and international markets.
Industry/sector size, revenue mix, and competitive positioning are not quantified in the document.

Management Team and Governance

Key Directors:

• Yu Guang – Chairman of the Board and Executive Director
• Luo Renxiang – Executive Director
• He Yun – Executive Director
• Wang Xiaoxia – Executive Director
• Chen Ruiguang – Executive Director
• Xiao Feng – Non-executive Director
• Tu Bisheng, Dr. Huang Wenli, Fong Chun Fai – Independent Non-executive Directors

Management depth and board independence are demonstrated with multiple executive and independent directors.

Financial Health and Performance

The prospectus does not provide multi-period financial statements, revenue, profit, margin, or balance sheet figures within the summary announcement.

Market Position and Competitive Advantages

No explicit market share, competitive ranking, or brand strength data are disclosed.

Trends, Timing, and Market Environment

Sector Trends: The company operates in the cultural and creative industry, which benefits from rising consumer demand for innovative and creative products in China and internationally.
Timing:

• Public Offering Opens: 9:00 a.m., March 23, 2026
• Application Deadline: 12:00 noon, March 26, 2026
• Pricing Date: By 12:00 noon, March 27, 2026
• Allocation Results: 11:00 p.m., March 30, 2026
• Listing Date: 9:00 a.m., March 31, 2026

Recent Developments: No specific company or sector developments are highlighted.
Macroeconomic and market environment details are not included in the summary document.

Prospectus Deep Dive: Key Risk Factors

The prospectus does not enumerate detailed risk factors in the summary. Investors should consult the full prospectus for legal, regulatory, customer, supplier, or market concentration risks.

Growth Strategy and Expansion Plans

No explicit details about expansion, new products, M&A, capacity, or capex schedules are presented in the summary announcement.

Ownership and Lock-ups

Pre- and post-IPO shareholding structures, lock-up periods, and ESOP details are not disclosed within the summary document.

Valuation and Peer Comparison

The announcement does not include P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, or direct peer data. No sector or IPO comparables are listed.

IPO Allotment Results and Implications

Final subscription outcomes by tranche will be published on March 30, 2026, via the Stock Exchange and company websites:

• www.hkexnews.hk
• www.tongshifu.com

Successful applicants’ IDs will be available at www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment from 11:00 p.m., March 30, 2026, to midnight April 5, 2026.

Listing Outlook and First-Day Performance

Based on the robust allocation structure, stabilization mechanisms, and the presence of a leading investment bank as sponsor and stabilisation manager, the IPO is positioned for a stable and orderly market debut. The flexible reallocation and over-allotment options indicate the ability to accommodate strong demand and mitigate volatility.
Share price is likely to remain close to the offer price in the immediate term, with support from stabilization activities for up to 30 days post-listing.
Given the lack of disclosed subscription multiples, financials, and peer valuations, a precise first-day trading range cannot be estimated from the announcement alone.

Access to the Prospectus

Prospectus availability:
www.hkexnews.hk
www.tongshifu.com

How to Apply for Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. IPO

Application Channels:

• White Form eIPO Service: www.eipo.com.hk
  – Suitable for investors who wish to receive physical H Share certificates in their own name.
  – Application period: 9:00 a.m., March 23, 2026, to 11:30 a.m., March 26, 2026.
  – Full payment due by 12:00 noon, March 26, 2026.
• HKSCC EIPO Channel: Apply via brokers or custodians who are HKSCC Participants through the FINI system.
  – Shares are allotted in the name of HKSCC Nominees and deposited directly into CCASS.
  – Contact your broker or custodian for their specific cut-off times.

Minimum Application: 100 H Shares and multiples thereof.
Payment includes: Offer price per share, 1% brokerage, 0.0027% SFC transaction levy, 0.00565% Stock Exchange trading fee, and 0.00015% AFRC transaction levy.
No physical application channels or printed prospectuses are provided; all applications are fully electronic.