--- title: "[HK IPO] Tianju Diji + Laopu Gold subscription strategy" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/21993203.md" description: "1、Tianju Dihé (Aggregate Intellect) is a comprehensive API data circulation service provider in China. We provide standard API services and customized data management solutions to internet companies, telecom operators, technology companies, other commercial and government organizations, as well as application developers and technology professionals. The comprehensive API data circulation service market, together with industry-specific API data circulation service markets, constitutes the overall API data circulation service market, which itself is part of the broader API service market..." datetime: "2024-06-21T14:15:32.000Z" locales: - [en](https://longbridge.com/en/topics/21993203.md) - [zh-CN](https://longbridge.com/zh-CN/topics/21993203.md) - [zh-HK](https://longbridge.com/zh-HK/topics/21993203.md) author: "[小散老俞](https://longbridge.com/en/profiles/3011188.md)" --- # [HK IPO] Tianju Diji + Laopu Gold subscription strategy **1、Tianju Dihui** The company is a comprehensive API data circulation service provider in China. We provide standard API services and customized data management solutions to internet companies, telecom operators, technology companies, other commercial and government organizations, as well as application developers and technology professionals. The comprehensive API data circulation service market, together with industry-specific API data circulation service markets, constitutes the overall API data circulation service market, which itself is part of the broader API service market. The company started its IPO subscription on June 20, with an offer price of HKD 83.33 per share, 50 shares per lot, a minimum subscription of HKD 5,208.53, a market cap of HKD 4.176 billion, and an issuance of 4.8182 million shares. It belongs to the system development and IT consulting industry, with no greenshoe but cornerstone investors. The sponsor is CITIC Securities, which has a solid track record, with a 66.66% first-day rise rate for projects it sponsored in the past two years. There are four cornerstone investors: Reynold Lemkins, Yuanfeng International, Xuzhou Economic and Technological Development Zone (Hong Kong), and Gold Wings. At the offer price, the cornerstone investors subscribed to a total of USD 41.041 million, accounting for 79.61% of the total issuance—a very high proportion. The lock-up period is six months. The company's revenue from 2021 to 2023 was HKD 260 million, HKD 329 million, and HKD 441 million, respectively, with a 34.09% YoY growth in 2023. Net profit for the same period was HKD 45.966 million, HKD 41.284 million, and HKD 35.061 million, with a -15.07% YoY growth in 2023. In terms of issuance structure, with a market cap of HKD 4.176 billion and an issuance of HKD 400 million, cornerstone investors alone account for 79.61%, leaving a free float of just over HKD 80 million—less than 2%. The issuance ratio is small, cornerstone participation is high, and pre-IPO shareholders are locked up, making the free float very limited and the offering relatively stable. Moreover, the company chose to list in June, a critical month for Hang Seng Index inclusion reviews, clearly with strategic intent. The listing date, June 28, coincides with the Hang Seng Index inclusion assessment day. With an IPO market cap of HKD 4.176 billion and the general threshold for Hang Seng Index inclusion at HKD 5.8 billion, there’s at least 40% upside potential. To play it safe, a 50% rise would almost guarantee inclusion, making this a strong bet. The current subscription multiple is 53.59x, indicating extremely high demand. With four days left in the subscription period, the final multiple is expected to exceed 100x. **Subscription Strategy:** The company is a comprehensive API data circulation service provider in China. The sponsor is CITIC Securities, which has a solid track record, with a 66.66% first-day rise rate for projects it sponsored in the past two years. Cornerstone investors subscribed to USD 41.041 million, accounting for 79.61% of the total issuance—a very high proportion. While the company's 2023 performance declined and there’s no greenshoe, the free float is just over HKD 80 million—less than 2% of the total issuance. The small issuance ratio and strategic timing for potential Hang Seng Index inclusion make this a compelling bet. Subscription demand is extremely high, so the allotment rate will likely be very low. Interested investors should consider applying for the B group. I plan to participate heavily! **2、Laopu Gold** Laopu Gold is certified by the China Gold Association as "the first brand in China to promote the concept of 'ancient-style gold' and the leading professional brand for ancient-style handmade gold artifacts in China." Inheriting Chinese classical culture and intangible cultural heritage craftsmanship, Laopu Gold combines cultural value with distinctive product differentiation. According to Frost & Sullivan, the company held 2.0% and 0.6% shares in China's ancient-style gold jewelry market and gold jewelry market, respectively, based on 2023 revenue. The company started its IPO subscription on June 20, with an offer price of HKD 40.5 per share, 100 shares per lot, a minimum subscription of HKD 4,090.85, a market cap of HKD 6.565 billion, and an issuance of 19.4513 million shares. It belongs to the other retailers category, with a greenshoe and cornerstone investors. The sponsor is China Securities (CSC), with a decent track record—a 53.33% first-day rise rate for projects it sponsored in the past two years. There are three cornerstone investors: Tencent Holdings, Southern Fund, and Yuanfeng Fund. At the offer price, the cornerstone investors subscribed to a total of USD 56 million, accounting for 55.53% of the total issuance—a decent proportion. The lock-up period is six months. The company's revenue from 2021 to 2023 was HKD 1.265 billion, HKD 1.294 billion, and HKD 3.18 billion, respectively, with a 145.67% YoY growth in 2023. Net profit for the same period was HKD 114 million, HKD 94.529 million, and HKD 416 million, with a 340.4% YoY growth in 2023—stellar performance. In terms of issuance structure, with a market cap of HKD 6.565 billion and an issuance of HKD 788 million, cornerstone investors account for 55.53%, leaving a free float of HKD 437 million—higher than Tianju Dihui's but still manageable. The current subscription multiple is 75.03x, indicating extremely high demand. With four days left in the subscription period, the final multiple is expected to be even higher. **Subscription Strategy:** The company is the leading professional brand for ancient-style handmade gold artifacts in China, ranking 7th in the ancient-style gold jewelry market. The sponsor is China Securities (CSC), with a decent track record—a 53.33% first-day rise rate for projects it sponsored in the past two years. Cornerstone investors subscribed to USD 56 million, accounting for 55.53% of the total issuance—a decent proportion. Companies backed by Tencent usually perform well, and this offering includes a greenshoe. The company's performance is outstanding, with a 340.4% YoY net profit growth in 2023. The current subscription multiple is 75.03x, indicating extremely high demand. I plan to participate! My views are personal and do not constitute investment advice. The stock market is risky; invest with caution! Follow me: Small Investor Lao Yu$LAOPU GOLD(06181.HK) $TIANJUDIHE(02479.HK) ### Related Stocks - [02479.HK](https://longbridge.com/en/quote/02479.HK.md) - [06181.HK](https://longbridge.com/en/quote/06181.HK.md)