Last updated 18:29:52
HK$65.55
-6.20%
- Listing price
- HK$69.88
- Open
- HK$67.00
- High
- HK$69.80
- Low
- HK$60.50
- Bid / Ask
- HK$65.55 / HK$65.70
- Volume
- 591,400
Turnover 38,599,960View source
KINWONG
03228A+HListed未分類 · 公司主要从事印制电路板（PCB）的销售，产品应用于汽车电子、智能设备、工业控制及医疗设备、通信与数据基础设施等终端市场。
KINWONG (03228) is a listed Hong Kong IPO. This page brings together the offer price, entry fee, subscription timeline, grey-market context, allotment data and stage-based reference research in one place.
- Offer price
- HK$69.88
- Final offer price
- HK$69.88
- One-lot win rate
- 3.0%
- Proceeds
- HK$5.10B
- Public oversub.
- 94.3x
Predicted 18.0%
Lot / entry fee 100 shares · HK$7K · Sponsor CITIC Securities / Merrill Lynch / Guolian Securities International Capital Market Co., Limited
- Offer starts Sep 21
- /Offer closes Sep 24
- /Grey market Sep 28
- /Listing Sep 29Now
SubscriptionKINWONG: subscription-stage reference
The subscription stage draws on the prospectus, sponsor record and early public filings. Allotment results and grey-market prints have not occurred yet.
Earlier stage- Reference rating
- Cautious
- Reference score
- 57.9
- Forecast grey range
- +0.4% – +22.9%
Pre-greyKINWONG: pre-grey-market reference
The pre-grey stage includes published allotment and public oversubscription data. Grey-market prints are not yet reflected here.
Earlier stage- Reference rating
- Cautious
- Reference score
- 60.4
- Forecast grey range
- -7.6% – +13.4%
Post-greyKINWONG: post-grey-market reference
The post-grey stage includes grey-market price and turnover observations. Listing-day results still follow official trading and company announcements.
Current- Reference rating
- Cautious
- Reference score
- 54.1
- Forecast first-day range
- -7.4% – +0.8%
Data updated · Sep 30, 2026, 18:41 HKT
View factors and research
Model forecastListing-day trendHigh cautionUp probability 18.6%
Published outcome check
First-day resultFlat+1.1%Intraday reversal up
Our call: Trend trap, counted hit
Covered 19/25 core factors
UsedMissingNot yet scorableN/A
Margin oversubscription
High heatOffer size
Weak qualityCornerstone lockup
Strong supportPost-lockup offer value
Weak scarcityRecent same-rule trend
Poor trendRecent same-type trend
Poor trendRecent sector trend
—Valuation
Weak appealFundamental quality
Average qualityGrowth quality
Average qualityProfitability
High qualityCash runway
—Customer concentration
—Cornerstone quality
Strong supportSponsor record
Strong recordGreenshoe arrangementNo greenshoe
Stabilizer track record
—A-share pre-grey trend
Neutral trendA-share listing-day trend
Neutral trendPublic oversubscription
High heatOne-lot win rate
Good heatInternational placing
High heatFinal pricing position
—Actual greenshoe use
—Grey market return
Poor trendThe assessment and probability ranges are informational only and are not investment advice.
AI Research Report
Post-greyThe analysis report for this IPO is being generated.
KINWONG: grey-market trend
KINWONG: predicted allotment
Data updated · Sep 30, 2026, 18:29 HKT
Only key tiers are shown here. Full tiers and other allotment-pattern comparisons are on the allotment-odds page.
- 1 lot
- 18.0%
- A tail · Apply 700 lots
- 3.12 lots
- B head · Apply 800 lots
- 6.47 lots
- Top hammer
- 294.75 lots
Predicted
Official
3.0%
Predicted
Official
9.33 lots
Predicted
Official
7.2 lots
Predicted
Official
240.8 lots
Most likely allotment pattern：Larger Pool A applications get less extra allotment；Pool B allotment is similar across tiersExtra watch · Compare first Flat + FlatView full allotment-odds research
How to read this page
These answers combine this IPO’s published figures with clearly labeled model estimates. They explain how to read the modules above and are not investment advice.
What is the one-lot allotment rate for KINWONG?
Public allotment filings put the official one-lot rate at 3.0%, versus this site's pre-allotment model estimate of 18.0%. It is an observation for a 1-lot application, not a guaranteed result.
What is the difference between A-tail and B-head for KINWONG?
Based on the prospectus's legal application tiers, A-tail is 700 lots and B-head is 800 lots, representing about HK$4.9M and HK$5.6M of application principal. Official average allotment was 9.33 lots and 7.2 lots, versus pre-allotment model estimates of 3.12 lots and 6.47 lots. Pool A and Pool B are allocated separately, so application size alone does not show capital efficiency.
Can the grey-market price of KINWONG be treated as the listing price?
The compiled grey-market observation is about -6.3%, versus +2.2% on the listing day. Grey-market prints are pre-listing sentiment from public sources, not the official opening price.
Why does KINWONG have three reference ratings?
The current status is "Listed", so start with the post-grey section. Subscription, pre-grey and post-grey each use only the public information available at that point, so the score can change. Labels are high attention / neutral / caution only — informational comparison, not a buy or subscribe call.