Are there any lock‑up or insider‑selling restrictions that could affect the stock’s supply after the IPO?

Supply‑side outlook

The filing only discloses the primary IPO size (1.4 M Class A shares) and a 45‑day underwriter option for up to 210 k additional shares. That option creates a near‑term “potential‑dilution” window: if the underwriters fully exercise it, the float could rise by roughly 15 % within six weeks of the offering, adding fresh supply and capping upside unless the market has already priced in that dilution.

The press release does not spell out a specific lock‑up period for insiders or founders, but Hong‑Kong‑listed companies customarily impose a 90‑ to 180‑day lock‑up on key shareholders after an IPO. In the absence of explicit terms, traders should assume a standard lock‑up will be in place and that the first major release of insider‑held shares will likely occur around the 90‑day mark (late October 2025). When that window opens, any coordinated selling could add a secondary supply shock, especially if insiders hold a sizable portion of the post‑IPO float.

Trading implications

• Now to early‑mid‑August: Focus on the 45‑day option window. Anticipate a modest upward pressure on price if the market expects the underwriters to not fully exercise, but be ready for a short‑term pull‑back if the option is exercised at the $4.00 price (adding supply at the same level as the IPO).
  
• Late‑October (≈90 days): Watch for insider‑lock‑up expiry. A spike in sell‑side volume could trigger a downward‑bias; positioning a modest defensive stop or tightening risk limits around that date can protect against unexpected dilution.
  
• Technical cue: The float‑expansion risk is reflected in relatively low‑volume, tight‑range trading since the debut. A breakout above the early‑August resistance (≈$4.20) with strong volume would suggest the market has already priced in the 45‑day option, reducing the likelihood of a supply‑driven pull‑back. Conversely, a breach below the $3.80 support as the lock‑up date approaches could signal the market is pricing in potential insider sales.

Bottom line: While the filing does not list a formal lock‑up, standard Hong‑Kong practice implies a 90‑day insider‑selling restriction, and the 45‑day underwriter option adds a near‑term dilution risk. Traders should monitor both dates for supply‑side shocks and adjust position sizing accordingly.