On July 2nd, the leading consumer electronics export company, Anker Innovations Technology Co.,Ltd. (HKG: 0668), officially commenced trading on the Main Board of the Hong Kong Stock Exchange, achieving a dual listing in both the A-share and H-share markets. However, its stock price fell below the issue price on the very first day of trading.
Information shows the final H-share offering price was set at HK$99.32, representing a discount of approximately 26% compared to its A-share price. The global offering comprised 46.6328 million shares, with the Hong Kong public offering accounting for 10% and the international offering for 90%, raising a net amount of about HK$4.523 billion. Subscription demand was mixed: the Hong Kong public offering was oversubscribed by 27.57 times, while the international offering was oversubscribed by 10.24 times. The lottery success rate for one board lot was 30%.
The lineup of cornerstone investors was notably strong. Eleven institutions, including Schroders, Aspex, Greenwoods, Hillhouse Capital, UBS Asset Management Singapore, and Taikang Life Insurance, collectively subscribed to approximately US$295 million worth of shares, accounting for 49.9% of the global offering. These cornerstone shares are subject to a six-month lock-up period.
It is noteworthy that in mid-2025, Anker Innovations initiated a global recall of 2.27 million power banks due to product quality issues. However, delayed after-sales service and inconsistent compensation led to frequent consumer complaints, damaging the brand's reputation and directly impacting the company's period expenses and impairment losses for that term.
Following the recall incident, the company submitted its Hong Kong listing application. The application lapsed after six months, and the company promptly re-filed the very next day. The updated prospectus disclosed the financial impact of the recall and the company's corrective action plan. Nevertheless, the company continues to face multiple operational challenges. Its revenue remains highly dependent on Amazon, the expansion of its own direct sales channels is slow, and the risks associated with its full OEM model and high inventory pressure have yet to be resolved.