【New Stock IPO】LeDong Robots 1236’s first trading gain rose to nearly 1.3 times, earning 6,728 yuan per lot; it was oversubscribed by 6,707 times, ranking second this year in main board oversubscription

Mainland Robot Company Leado Motion Robotics (01236)
First day listing, opening price at HKD 53.5, 103% higher than the IPO price of HKD 26.36.
During the morning session, it reached a high of HKD 66.
Closing at HKD 60, 127.6% above the IPO price, with a 200-share lot earning HKD 6,728 on paper.

▲ Shenzhen Leado Motion Robotics Listing Ceremony: Chairman and General Manager Zhou Wei (left); Co-founder, Executive Director, and General Manager Guo Gaihua (right)

Leado Motion Robotics received 296.7k applications in the public offering, oversubscribed 6,706.66 times, second only to Tianxing Medical (01609) in this year’s main board oversubscription.
Oversubscription multiple of 7,822.13 times, making it the second most oversubscribed new stock on the main board this year.

Leado Motion Robotics’ IPO with a 0.8% chance of winning a lot; even large investors spending HKD 50.5 million to subscribe to the “Head Hammer Flight,” 29% of applications still missed out.
International placement received 111 allottees, oversubscribed 8.54 times.

Leado Motion Robotics traded in the dark pool last Friday.
Its initial dark pool price on Futu once reached HKD 96, 2.6 times higher than the IPO price of HKD 26.36.
A 200-share lot would have a paper profit of nearly HKD 14k.
In the end, the three major dark pool venues saw significant price pullbacks, with Futu performing the best, closing up 1.5 times, earning HKD 7,828 per lot;
Bright Talent and Yao Cai both rose about 90%.

With an issue size of 33.33 million shares, Leado Motion Robotics’ IPO raised nearly HKD 880 million;
The initial price range was HKD 24 to HKD 30.
Entry fee HKD 6,060.50.
Haitong International and Guotai Junan International are joint sponsors.

“Head Hammer Flight” applications still may miss out

Leado Motion Robotics completed its IPO subscription on May 6, with brokers gradually announcing allotment results on Thursday.
According to screenshots from social media, retail investors who applied for 8,333 lots (296.7k shares, worth HKD 50.5 million) of the “Head Hammer Flight” still missed out.

With a margin rate of 6.8%, leverage of 10 times (90% borrowing), and a HKD 100 handling fee,
based on the IPO price of HKD 26.36, the cost of applying for one “Head Hammer Flight” via margin is about HKD 8,620.
If a retail investor only wins 1 lot, Leado Motion Robotics would need to rise 163.5% to HKD 69.46 to break even.
However, some brokers have waived margin interest, switching to a per-“flight” application fee instead.

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