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Rate Of Return[HK IPO] Anker Innovation is priced at a discount of about 20%, leaving no room for the market.
Anker Innovations is primarily engaged in the design and development of consumer electronics products in the global smart hardware technology industry, providing trustworthy products and user-centric experiences to consumers worldwide. Our products cover three major product lines—smart charging and energy storage, smart home, and smart audio-visual—with a wide range of products, including mobile charging, consumer-grade energy storage, smart security, smart cleaning, printing, smart audio, and smart projection. We operate on a fabless model, focusing mainly on the design and sales of smart devices, while outsourcing manufacturing to our manufacturing partners.
The company started its IPO subscription on June 23, with an issue price≤HKD 99.32, 100 shares per board lot, minimum subscription of HKD 10,032.16, market cap≤HKD 57.895 billion, total shares issued 46.6328 million, belonging to the consumer telecommunications equipment sector, with a greenshoe option.
The sponsors are CICC, Goldman Sachs Asia, and JP Morgan. The first-day gain rate for projects sponsored by CICC in the past 2 years is 71.83%, for Goldman Sachs Asia it's 58.33%, and for JP Morgan it's 50%. The overall performance of the sponsors is acceptable.
There are a total of 8 cornerstone investors, including Schroders, Aspex, Principal Asset Management, Greenwoods Asset Management, Hillhouse Capital, UBS Asset Management Singapore, Guotai Junan Franklin, Jane Street Capital, Taikang Life Insurance, WT Asset Management, and Value Partners. The cornerstones subscribed a total of USD 295 million, accounting for 49.9% of the total offering, which is a very high cornerstone ratio.
In 2025, the number of market participants in the global mobile charging products industry exceeded 1,000. The global mobile charging products market is relatively fragmented, with the top five companies accounting for 15.2% of the market share by revenue in 2025. By revenue, Anker Innovations ranked first in the global mobile charging products field in 2025.
The company's revenue from 2023 to 2025 was RMB 17.507 billion, RMB 24.71 billion, and RMB 30.514 billion respectively, with 2025 revenue increasing 23.49% year-on-year. Net profit from 2023 to 2025 was RMB 1.694 billion, RMB 2.211 billion, and RMB 2.617 billion respectively, with 2025 net profit increasing 18.36% year-on-year.
Calculated at the upper limit of the issue price, the HKD 57.895 billion market cap corresponds to an issuance of HKD 4.632 billion, an issuance ratio of 8%. With 49.9% locked up by cornerstones, the free float is HKD 2.321 billion.
Anker Innovations has long been listed on the A-share market, and this is a dual primary listing on the Hong Kong stock market. The current A-share price of Anker Innovations is RMB 107.55, converted to HKD 123.57, while the upper limit of the Hong Kong IPO price is HKD 99.32. The H-share discount to the A-share is about 20%. Comparing with several companies in the same industry, their average discount rate is around 45%. Looking at it this way, there is no room left for the market.
This offering adopts Mechanism B under the new Hong Kong IPO rules, with an initial public offering tranche of 10% and no clawback mechanism. The current subscription multiple is 0.77 times, indicating poor subscription sentiment. There are a total of 46,633 board lots, a medium supply size, so the winning rate won't be too low.
Subscription Strategy:
Anker Innovations is primarily engaged in the design and development of consumer electronics products in the global smart hardware technology industry, ranking first in the global mobile charging products industry. The sponsors are CICC, Goldman Sachs Asia, and JP Morgan, and their overall performance is acceptable. Eight cornerstone investors subscribed a total of USD 295 million, accounting for 49.9% of the total offering, which is a very high cornerstone ratio. The financial performance is also good, with revenue and net profit maintaining steady annual growth. This offering adopts Mechanism B, with an initial public offering tranche of 10% and a free float of HKD 2.321 billion. Subscription sentiment is average. There are a total of 46,633 board lots, a medium supply size, so the winning rate won't be too low. The H-share discount to the A-share is about 20%, while the average discount rate for companies in the same industry is around 45%, leaving no room for the market. However, it still depends on the final pricing and the trend of A-shares in the coming days. The market has been quite volatile recently. I plan to give up on this one!
My comments represent my personal views only and do not constitute any investment advice. The stock market carries risks; invest with caution!
$ANKER(00668.HK) $Anker Innovations(300866.SZ)
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