DIRECT DRIVE TECH (06731.HK): Launches global offering, cornerstones to buy HKD 472m

NewTimeSpace News: On 21 September 2026, Direct Drive Tech Limited (stock code: 6731) published its global offering announcement, offering 50,000,000 H shares (subject to the exercise of the over-allotment option), comprising 2,500,000 H shares under the Hong Kong Public Offer (5.0%) and 47,500,000 H shares under the International Offering (95.0%). The offer price is HKD 21.60 per H share, the board lot size is 100 H shares, and the entry fee is approximately HKD 2,181.78.

The announcement disclosed that the Company has entered into cornerstone investment agreements with the cornerstone investors, who have agreed to subscribe for offer shares purchasable with an aggregate amount of approximately HKD 472.0 million at the offer price. Based on the offer price of HKD 21.60, the cornerstone investors will subscribe for 21,771,900 offer shares, representing approximately 43.54% of the H shares offered under the global offering (assuming the over-allotment option is not exercised), approximately 5.89% of the total issued share capital immediately after completion of the global offering (assuming the over-allotment option is not exercised), and 5.77% assuming the over-allotment option is exercised in full.

Assuming the over-allotment option is not exercised and an offer price of HKD 21.60 per offer share, the Company estimates that the net proceeds from the global offering, after deducting underwriting commissions, fees and estimated expenses, will be approximately HKD 982.5 million. Approximately 50.0% (approximately HKD 491.3 million) will be used to enhance research and development capabilities in key robotics technologies, approximately 20.0% (approximately HKD 196.5 million) to deepen cooperation with industry partners and expand the sales network, approximately 20.0% (approximately HKD 196.5 million) to improve production capacity and efficiency, and the remaining approximately 10.0% (approximately HKD 98.3 million) for working capital and general corporate purposes.

The Company stated that, based on the offer price of HKD 21.60 per offer share, its expected market capitalisation at the time of listing exceeds HKD 4 billion, and that it qualifies as a commercialised company under Rule 18C.03 of the Listing Rules. Under the timetable, the Hong Kong Public Offer opens on 21 September and closes at noon on 24 September, allotment results are expected to be announced on 28 September, and the H shares are expected to commence trading on the Stock Exchange on 29 September.

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