Woer Heat-Shrinkable Materials Co., Ltd. (9981.HK) has launched its IPO on the Hong Kong Stock Exchange. The offer period is from February 5 to February 10, with a global offering of 139,988,800 H-shares. The maximum offer price is HKD 20.09 per share, with a minimum lot size of 200 shares and an entry fee of approximately HKD 4,058.53. The expected listing date is February 13 on the Main Board of the Hong Kong Stock Exchange. CITIC Securities International and China Merchants Securities (Hong Kong) are the joint sponsors.

Woer Heat-Shrinkable Materials: A Global Leader in Heat Shrink Materials and a Leading Player in Communication Cables

Offer Ratio: Approximately 10% for Hong Kong Public Offer (13,999,000 shares, subject to reallocation) and 90% for International Placing (125,989,800 shares, subject to reallocation).

Offer Price: Up to HKD 20.09 per share; each lot consists of 200 shares; entry fee is approximately HKD 4,058.53.

Offer Period: February 5 to February 10 (Expected Pricing Date: February 11).

Listing Date: February 13.

IPO Sponsors: CITIC Securities International and China Merchants Securities (Hong Kong).

Company Overview

Woer Heat-Shrinkable Materials specializes in two main business areas: electronic communication (communication cables and electronic materials) and power transmission products (new energy vehicle charging products and cable accessories). According to Frost & Sullivan, based on global revenue in 2024, the company ranks first in the global heat shrinkable materials industry with a market share of approximately 20.6%. It is also the fifth-largest communication cable manufacturer, holding a market share of about 12.7%, and ranks ninth in the global new energy vehicle power transmission products industry with a market share of about 1.9%.

Financial Information

The prospectus reveals that Woer Heat-Shrinkable Materials' revenue for 2022, 2023, and 2024 was approximately RMB 5.337 billion, RMB 5.719 billion, and RMB 6.920 billion, respectively. The company's net profit for the same periods was RMB 660 million, RMB 758 million, and RMB 921 million. As of the nine months ending September 30, 2025, the company reported a revenue of RMB 6.077 billion and a net profit of RMB 883 million. Based on the maximum offer price of HKD 20.09 per share, the company expects to raise net proceeds of approximately HKD 2.734 billion. The funds will be used for product portfolio diversification and upgrades (approximately 45%), expanding global operations and production capacity (approximately 27%), potential strategic investments or acquisitions (approximately 18%), and working capital (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Woer Heat-Shrinkable Materials via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Woer Heat-Shrinkable Materials, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)