Shanghai Able Digital Science & Tech Co., Ltd. (SHANGHAI ABLE DIGITAL SCIENCE & TECH CO., LTD., 02687.HK) has launched its Hong Kong IPO, with the offering period running from November 28 to December 3, 2025. The company plans to issue 6,666,700 H-shares globally, with a reallocation mechanism in place. The offer price will range from HK$62.26 to HK$76.10 per share, with a board lot size of 100 shares and an entry fee of approximately HK$7,686.75. The company is expected to list on the main board of the Hong Kong Stock Exchange on December 8, 2025. Agricultural Bank of China International (ABC International) is the sole sponsor for the IPO.

Able Digital: The Second-Largest Player in China's Higher Education Digitalization Market

Issue Proportion: Approximately 10% for the Hong Kong public offering (666,700 shares, subject to reallocation) and approximately 90% for the international placement (6,000,000 shares, subject to reallocation).

Offer Price: HK$62.26–76.10 per share; board lot of 100 shares; entry fee of approximately HK$7,686.75.

Offer Period: November 28 to December 3, 2025 (Pricing Date expected on December 4, 2025).

Listing Date:December 8, 2025.

Joint Sponsors: Agricultural Bank of China International (ABC International).

Company Overview

Able Digital is a well-known provider of digital solutions for teaching and learning in higher education institutions in China. The company offers digital education content and digital teaching environment services, covering the full education chain including teaching, learning, practice, assessment, evaluation, and management. According to Frost & Sullivan, in terms of revenue for 2024, the company ranked second in China’s higher education digitalization market, with a market share of 4.0%. It is also the leading player in the digital education content creation sub-market, holding a market share of 7.3%.

Financial Information

According to the prospectus, Able Digital’s revenue from 2022 to 2024 was approximately RMB 400 million, RMB 653 million, and RMB 848 million, respectively, while its net profit (loss) for the same periods was a loss of RMB 59 million, a profit of RMB 81 million, and a profit of RMB 105 million. For the first half of 2025, the company reported revenue of approximately RMB 275 million and a net loss of RMB 99 million. At the median offer price of HK$69.18 per share, the company expects to raise a net amount of approximately HK$404.5 million. The proceeds will be used for research and development (approximately 36.7%), enhancing customer service and support capabilities (approximately 31.8%), establishing a knowledge graph development center (approximately 21.5%), and working capital and general corporate purposes (approximately 10.0%).

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This promotion is effective from 20 May 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.

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