After oversubscribing by 14855 times, the grey market closed up more than 70%. With no cornerstone investors and no greenshoe option, will Wing Fai Technology (06871) usher in a "soaring moment"?

Wingtech Technology (06871), which has become the "super subscription king" in the Hong Kong stock market, closed over 70% higher in the dark market. Specializing in light industrial application scenarios, Siasun Robot & Automation manufacturer Wingtech Technology concluded its initial public offering on May 13th. According to the company's allocation results announcement, Wingtech Technology's public offering portion was oversubscribed by approximately 14,855.40 times, far surpassing the historical record set by last year's GEM IPO newcomer Golden Leaf International (08549) at 11,464 times, officially topping the list of oversubscribed new stocks in the Hong Kong stock market. Stimulated by the market's rush, according to Levermore Securities data, Wingtech Technology surged over 103% in the dark market on May 15th. By the close of the dark market, Wingtech Technology's price increases on Futu, Bright, and Bright Smart were 79.18%, 75.57%, and 77.05%, respectively, all exceeding 70%. Although the astonishing subscription multiple and significant narrowing in the dark market reflect market attention, the listing trajectory of the previous "super subscription king," Golden Leaf International, undoubtedly sounded an "alarm" for the high market sentiment. Golden Leaf International, which was priced at HK$0.5, closed over 470% higher in the dark market. On the first day of trading, although it opened 500% higher at HK$3, it quickly fell back after two minutes and ultimately closed up 330%. Subsequently, the company's stock price entered a long-term decline, closing at HK$0.228 on May 13th, more than halving from the IPO price. The post-listing performance of the stock price, in essence, was a game of "speculation - realization - sales" of micro-caps. Wingtech Technology, as an 18C chapter special technology company listed on the Hong Kong Stock Exchange, has fundamentally different characteristics from Golden Leaf International, which is listed on the GEM. However, the label of "super subscription king" itself only indicates scarce chips and does not predict investment value. Will Wingtech Technology, which set a new record, repeat the decline fate of Golden Leaf International, or will it build an independent market trend based on industrial logic? The early performance after listing on May 18th can provide an observation window: short-term fund speculation and long-term industry realizationtime will provide answers. Scarcity of chips is the key to oversubscription, no cornerstone, no greenshoe indicates large stock price fluctuations. Whether it is Golden Leaf International or Wingtech Technology, the core reason for the record high oversubscription multiple is the scarcity of chips. Looking back at Golden Leaf International, its IPO global offering was 100 million shares, with the public offering accounting for 10%, priced at HK$0.5 per share, meaning that the fundraising amount under the public offering was only HK$5 million. In the case of Wingtech Technology's IPO, the company offered 24.6 million H shares globally, accounting for approximately 10.04% of the total share capital. The Hong Kong public offering shares were 1.23 million shares, representing 5% of the offering shares, and the international placement shares were 23.37 million shares, accounting for 95% of the offering shares. Wingtech Technology was priced at HK$30.50 per share, meaning that the fundraising amount under the Hong Kong public offering was only HK$37.51 million. Naturally, the scarcity of chips under the public offering attracted the "crazy rush" of retail investors, and after triggering the recall mechanism with an oversubscription multiple of about 14,855.40 times, the proportion of public offering shares increased from 5% to 20%, reaching 4.92 million shares. However, the corresponding market value was only HK$150 million. Looking at the distribution ratio of share issuance, the initial proportion under the public offering was only 5%. This extreme distribution structure aims to lock more "chips" in the hands of institutional investors under the international placement. The company hopes to dilute the retail investors' share proportion, reduce speculative selling pressure and liquidity disturbance in the early stages of listing, and actively stabilize the company's stock price. However, compared to the frenzy of public offerings of thousands of times, institutional investors under the international placement are relatively calm. According to the distribution results announcement, the final number of shares sold under the international placement was 19.68 million shares, accounting for 80% of the total offering shares, with an oversubscription multiple of 9.77 times. This "retail hot, institutional cool" chip structure often indicates that the stock price in the early stages of listing will mainly rely on retail investor sentiment and turnover support. It is worth noting that Wingtech Technology did not introduce cornerstone investors, which means that the 80% of the offering shares under the international placement can be sold directly on the first day of listing. This lack of long-term institutional funds in the international placement as a ballast could significantly amplify volatility. More critically, Wingtech Technology did not set a greenshoe mechanism in this IPO, the absence of this stabilizer means that the stock price, when faced with profit-taking selling pressure in the market, lacks a buffer line. High-speed expansion and continuous losses coexist, the valuation has been reasonably priced during the dark market phase. Amid the hot Siasun Robot & Automation track, the 'pocket-sized' float structure, the amazing popularity of the public offering, and the impressive performance in the dark market, Wingtech Technology, listed on May 18th, is likely to attract capital speculation after it commences trading. However, amid the excitement, its fundamentals and current valuation level are the "invisible ceiling" determining the height of this capital feast. From a fundamental perspective, Wingtech Technology is currently in a phase of rapid expansion but has yet to become profitable. With years of experience in industrial Siasun Robot & Automation, having carefully designed industrial Siasun Robot & Automation product portfolios tailored for Chinese light industrial application scenarios, Wingtech Technology covers parallel Siasun Robot & Automation (Bat series), AGV/AMR mobile Siasun Robot & Automation (Camel series), SCARA Siasun Robot & Automation (Python series), wafer handling Siasun Robot & Automation (Lobster series), and six-axis industrial Siasun Robot & Automation (Mantis series), as well as independently developed core technologycontrol and vision systems (Gorilla and Kingkong series). These Siasun Robot & Automation product portfolios are Wingtech Technology's standardized products, i.e., the company's Siasun Robot & Automation core business. Based on these product portfolios, Wingtech Technology also provides customers with comprehensive Siasun Robot & Automation customized solutions based on intelligent automation systems to address specific application scenarios in intelligent manufacturing, including (but not limited to) loading and unloading, sorting, picking and placing, packaging, visual inspection, assembly, and gluing systems. According to the prospectus, Wingtech Technology's products and solutions have achieved diversified penetration in the industry. By 2025, its revenue shares in the consumer electronics, fast-moving consumer goods, automotive parts and new energy, medical health, semiconductor, and other fields were 42%, 22.2%, 15.4%, 4.2%, 3.8%, and 12.4%, respectively. While focusing on industrial Siasun Robot & Automation, Wingtech Technology has seized the opportunity of the era of humanoid Siasun Robot & Automation industry and officially launched its first wheeled-leg humanoid Siasun Robot & Automation 'Hogene' in November 2025. This Siasun Robot & Automation adopts a bionic dual-arm structure with vertical column design and is equipped with the independently developed YiBrain multimodal large model, capable of achieving high-precision, high-explosive, and compliant control operations. In terms of performance, thanks to the robust growth of Siasun Robot & Automation solutions and the explosive growth of Siasun Robot & Automation core business, Wingtech Technology has achieved a rapid increase in overall revenue. The revenue from Siasun Robot & Automation solutions increased from RMB 175 million in 2023 to RMB 267 million in 2025, with a compound annual growth rate of 23.52%. Meanwhile, the revenue from Siasun Robot & Automation core business increased from RMB 25.673 million in 2023 to RMB 124 million in 2025, with a compound annual growth rate of about 120%, and the proportion of total revenue increased from 12.8% to 31.9% during the period. Clearly, the Siasun Robot & Automation core business developed by Wingtech Technology based on Siasun Robot & Automation solutions has achieved significant results. As the second growth curve of Wingtech Technology, the standardized products of the Siasun Robot & Automation core business have achieved explosive growth, contributing crucially to the continuous growth of the company's total revenue. Moreover, under the scale effect of the standardized Siasun Robot & Automation core business, the gross margin of Wingtech Technology has been significantly boosted. From 2023 to 2025, the overall gross margin of Wingtech Technology was 18.3%, 26.5%, and 24.8%, with the gross margin of the Siasun Robot & Automation core business being 7.1%, 35.6%, and 29.6% respectively. The decline in the business's gross margin in 2025 was mainly due to changes in the product portfolio, but it was still significantly higher than the gross margin of the Siasun Robot & Automation solutions business during the same period. However, in terms of profitability, Wingtech Technology is currently in a state of continuous losses. From 2023 to 2025, Wingtech Technology's adjusted net losses were approximately RMB 106 million, RMB 52.325 million, and RMB 86.637 million, respectively. The losses have not decreased along with the continuous expansion of revenue, showing a fluctuating trend, mainly due to the significant increase in R&D expenses and administrative costs by Wingtech Technology. The increase in R&D spending by Wingtech Technology is driven by the continuous intensification of industry competition, as the company aims to shape long-term competitive barriers through firm R&D investment. In the current industrial Siasun Robot & Automation market, foreign brands (such as ABB, Fanuc, KUKA, and Yaskawa) still dominate the high-end industrial Siasun Robot & Automation market (such as the core processes of automotive manufacturing, point welding mainline, and high-precision assembly). While domestic companies like Wingtech Technology have strong import substitution capabilities in non-core processes (such as small-batch assembly, logistics handling, sorting and packaging in light industries), they have not yet broken through high-end production processes (such as automotive body welding mainline, precision assembly, and other core processes). In terms of domestic brands, there are many companies in the industrial Siasun Robot & Automation field, with Enterprise Check data showing that as of 2025, there are as many as 1.058 million existing Siasun Robot & Automation-related enterprises in China (covering research and development, core manufacturing, system integration, sales, and related services across the entire industry chain), including leading companies like Shenzhen Inovance Technology, Estun Automation, and Guangdong Topstar Technology, as well as numerous small and medium-sized manufacturers. The homogenization of low-end products (such as entry-level SCARA and parallel Siasun Robot & Automation) is severe, with frequent price wars as companies actively reduce prices to capture market share. Therefore, the realization of Wingtech Technology's long-term investment value ultimately depends on whether it can maintain technological and scenario barriers in the increasingly competitive industrial Siasun Robot & Automation track, and thus seize a larger market dividend in the industry's high-prosperity expansion, while the company is still in a period of sustained rapid expansion. In terms of valuation, Wingtech Technology's IPO valuation was HK$7.471 billion, an 88.66% increase from its RMB 3.604 billion (approximately HK$3.96 billion) valuation after the last round of financing in May 2025, with a corresponding 2025 static PS valuation of 17.57 times. After the 70% increase in the dark market stock price, Wingtech Technology's static PS valuation has risen to 29.89 times. An almost 30 times static PS valuation level is no longer cheap, especially when compared to its peers DOBOT Technology and UBTECH ROBOTICS, Wingtech Technology's valuation level is slightly higher. This means that Wingtech Technology's fair value was already reasonably priced during the dark market phase. However, if Wingtech Technology's market value continues to soar under the high market sentiment frenzy, and with no cornerstone to lock in chips and no greenshoe to stabilize the stock price, Wingtech Technology, completely exposed to profit-taking selling pressure, could easily trigger a sharp valuation regression, thereby exposing high short-term retracement risks to chasing investors.