Company Name: Anwood Group
Date of Prospectus: February 27, 2026

Anwood Group IPO: Key Offer Details, Financials, Industry Position, Risks, and Listing Outlook

IPO Snapshot: Pricing, Offer Size, Structure, and Timetable

Anwood Group (Stock code: 2649) launches its public offering with a fully electronic application process, targeting a listing on the Main Board of the Hong Kong Stock Exchange. The IPO is set to commence at 9:00 a.m. on February 27, 2026, with the listing expected at 9:00 a.m. on March 9, 2026 [[5]], [[6]].

The net proceeds are estimated at HK\$204.8 million (mid-point Offer Price), with adjustments for final pricing [[382]]. The proceeds will be allocated for expansion, R&D, working capital, and general corporate purposes, indicating a growth-driven capital raise [[382]].

Use of Proceeds: Growth-Focused Capital Deployment

Allocation of IPO proceeds supports Anwood Group’s expansion, R&D, and operational growth:

• Net proceeds: HK\$204.8 million (Offer Price HK\$12.5 per H Share)
• If priced at HK\$14.0, net proceeds rise by HK\$29.3 million; if HK\$11.0, decrease by HK\$29.3 million; at HK\$9.9, decrease by an additional HK\$24.7 million.
• All proceeds will be allocated on a pro rata basis if final proceeds are lower.

This allocation signals a clear growth-driven story rather than deleveraging.

Offer Breakdown: Public, Institutional, and Pre-IPO Investors

• Hong Kong Public Offering: 2,034,000 H Shares
• International Offering: 18,302,000 H Shares
• Pre-IPO Investors retain 21.80% of the issued shares post-IPO
• Controlling shareholders (Mr. Sun and Suzhou Anhua) collectively hold 43.63% post-IPO
• Public float: 30.45% (27,506,138 H Shares), exceeding regulatory minimum of 25%

Investor Participation and Book Quality

Pre-IPO Investors:

• Suzhou Emerging Industry, Yuandian Zhengze, Suqian International Development, Suzhou Union, Changzhou Shuguang, Shanghai Qianjin, Hangzhou Jintou, Ms. Yu Yue, Dr. Fang Dianjun, Yancheng Fusion Base, Suzhou Industry Investment, Suzhou Shihu, Suzhou Science and Technology
• Pre-IPO investments settled more than 28 days before listing application

Book Quality:

• No early shareholder disposals disclosed
• No oversubscription metrics or anchor investor allocations disclosed
• Book structure suggests strong institutional participation, with public float exceeding minimum requirements and no lock-up restrictions on public H Shares

These factors suggest robust demand and a potentially positive first-day performance, based strictly on the disclosed float and investor structure.

Deal Parties, Underwriting, and Stabilization

Key parties involved in the IPO:

• Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: China Securities (International) Corporate Finance Company Limited
• Other Joint Bookrunners and Lead Managers: DBS Asia Capital Limited, China Sunrise Securities (International) Limited, ABCI Securities Company Limited, CMB International Capital Limited, Futu Securities International (Hong Kong) Limited, Livermore Holdings Limited, SPDB International Capital Limited, TFI Securities and Futures Limited, TradeGo Markets Limited
• Reporting Accountant: Ernst & Young
• PRC Legal Advisor: Commerce & Finance Law Offices

Stabilization and Over-allotment:

• Over-allotment Option: Up to 3,500,000 additional H Shares (15% of initial Offer Shares)
• Stabilization actions possible within seven days of expiration of the stabilization period
• Deal structure and parties suggest listing-day performance could be supported by reputable bookrunners and a robust underwriting syndicate

Business Model, Products, Revenue Streams, and Market Position

Anwood Group is a leading reusable package service provider in China.

• Services: Management and sale of foldable large load carriers, small load carriers, metal racks, and specialized containers
• Key revenue streams: Sale and rental of reusable packaging, supply chain solutions
• Customer segments: Mainly in China, serving industrial and commercial clients
• Industry sector: Logistics packaging, supply chain management

Market Position:

• Brand strength and competitive advantages: Noted as a leading provider in reusable packaging, supported by Pre-IPO institutional investors and a strong management team
• Management: Mr. Sun Yan’an (Controlling Shareholder), Dr. Fang Dianjun (Non-executive Director), Ms. Yu Yue (Pre-IPO Investor), and others

Financial Health: Revenue, Profit, Margins, and Capital Structure

Multi-period financial performance highlights:

Balance sheet highlights:

• Total equity (as of August 2025): RMB457,412,000
• Total non-current liabilities: RMB247,567,000 (2023)
• Net assets: RMB163,504,000 (2023)
• Listing expenses: RMB43.7 million (19.4% of gross proceeds)

Sector, Timing, and Market Environment

Anwood Group operates within China’s logistics packaging sector, an industry characterized by growth in supply chain efficiency and demand for reusable solutions. Key sector trends include:

• Rising adoption of reusable packaging for environmental, social, and governance (ESG) reasons
• Strong demand from industrial and commercial customers
• Sector growth supported by digital supply chain platforms and fintech integration

IPO Timing:

• Offer period: February 27 – March 4, 2026
• Listing date: March 9, 2026

Economic Environment:

• Macro indicators in the prospectus note stable growth and regulatory support for logistics innovation

Recent developments: Conversion to a joint stock company in November 2024; expansion in Europe with subsidiary establishment in the Netherlands in September 2025.

Based on sector growth, timing, and market environment, conditions appear favorable for this IPO.

Risk Factors: Quantified Exposures and Key Concerns

Major risk exposures include:

• Legal and regulatory: Compliance with PRC laws, Listing Rules, and international regulations
• Customer/supplier concentration: Not quantified, but implied through industry structure
• FX risk: RMB, HKD, USD exposure disclosed
• Commodity risk: Not specifically quantified
• Related-party transactions: None materially adverse disclosed
• Single product/geography risk: China-centric operations
• Accounting treatment: Pre-IPO redemption rights terminated and accounted as equity

No material adverse change in financial or trading position since August 31, 2025.

Growth Strategy and Expansion Plans

Anwood Group’s future plans are centered on:

• R&D and product innovation in reusable packaging solutions
• Geographic expansion, including Europe (subsidiary in Netherlands)
• Strengthening supply chain finance platforms and digital integration
• Utilizing IPO proceeds for capex, working capital, and expansion initiatives

Timelines: Immediate deployment post-listing, as outlined in the proceeds allocation table.

Ownership Structure, Lock-ups, and Employee Incentives

Shareholding structure post-IPO (without Over-allotment Option):

• Employee share-based compensation disclosed
• No ESOP or employee allocation specifics provided

Valuation and Peer Comparison

Market capitalization: HK\$1.1 billion (mid-point Offer Price)
Unaudited pro forma adjusted consolidated net tangible asset per Share (August 31, 2025): HK\$7.18 (mid-point Offer Price) [[31]] Other valuation metrics, peer comparisons, sector performance, and comparable IPOs: Not disclosed in the prospectus.

Research and Analyst Opinions

Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. acted as Independent Industry Consultant. No explicit analyst price targets or opinions are included.

IPO Allotment Results

Final subscription outcomes by tranche and oversubscription metrics: Not disclosed in the prospectus.

Listing Outlook: First-Day Performance and Subscription Recommendation

Based on robust financial performance, strong bookrunner syndicate, growth-focused use of proceeds, and favorable sector trends, Anwood Group’s IPO appears attractive for subscription.

• Public float exceeds regulatory minimum
• Pre-IPO investor structure and lock-ups support post-listing stability
• Sector timing and macro environment are favorable

Estimated first-day trading range: Likely at or above the Offer Price, given the float, syndicate structure, and sector momentum. The strength relative to the Offer Price is expected to be positive, with potential upside, strictly based on the prospectus data.

Prospectus Access and Application Process

The prospectus and all related documents are available at:
www.hkexnews.hk
www.anwood.com.cn

How to Apply for Anwood Group IPO

Application channels:

• White Form eIPO service at www.eipo.com.hk
• HKSCC EIPO channel via brokers or custodians who are HKSCC Participants

Application window: February 27, 2026, 9:00 a.m. – March 4, 2026, 12:00 noon

• Applicants must be 18 years or older, with a Hong Kong address (for White Form eIPO)
• Intermediaries, brokers, and agents should advise clients to apply electronically