Master Tong's listing drops below the IPO price on the first day, opening nearly 41% lower, with market capitalization falling to HKD 2.28 billion.

MaticHoleFiller · 2026-04-05T16:31:48+00:00

Hot Topics Watchlist Data Center Market Center Capital Flows Simulated Trading Client App Master Copper (0664.HK) debuted today on the Main Board of the Hong Kong Stock Exchange, opening below the offering price. The stock opened at HKD 35.42, down 40.97% from the issue price of HKD 60.00, with a market capitalization dropping to 22

MaticHoleFiller

2026-04-05 16:31:48

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Tong Shifu (0664.HK) today made its first-day debut on the Main Board of the Hong Kong Stock Exchange, trading below its issue price immediately at the open. The stock opened at HK$35.42, down 40.97% from the issue price of HK$60.00. Its market capitalization fell to HK$2.28 billion.

During the public offering phase, Tong Shifu was subscribed at 59.55 times. The final number of offer shares under the public offering was 1.11M shares, representing approximately 15% of the total number of offer shares. A total of approximately 26,280 valid applications were received, with about 3,004 applications accepted. The approximate percentage of shares allocated per “one board lot” application to the total number of shares applied for was 2.78%.

In addition, during the international placement phase, Tong Shifu was subscribed at 1.56 times. The final number of international offer shares was 6.6661 million shares, representing 85% of the total number of offer shares.

Tong Shifu is primarily engaged in the development and sales of copper-based cultural and creative products. According to the prospectus, based on total revenue for 2024, the company ranked first in the industry in the Chinese copper-based cultural and creative craft products market with a market share of 35.0%.

In terms of sales channels, Tong Shifu adopts three modes: direct sales, distribution, and agency sales. However, the prospectus data shows that during the reporting period (2022, 2023, 2024 and Jan-Sep 2025), the number of offline distributors decreased year by year, at 68, 72, 54 and 53 respectively. As of March 13, 2026, the last practical date, the number of offline distributors further fell to 51.

Tong Shifu’s current IPO is handled by China CITIC Securities as the sole sponsor. According to the IPO arrangements, the company’s total number of global offering shares is some number, and the proceeds are intended to be used for purposes such as capacity expansion, product development, brand promotion and working capital.

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责任编辑：Hao Xinyu

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