GuShiio.com ① Find Steel Group to pass the listing hearing. What are the highlights?
② Guming’s IPO was subscribed by Tencent and other institutions. How high is the valuation?
Cailian, February 9 (Editor Feng Yi) Cailian brings you weekly information on new shares in Hong Kong stocks.
As of press time, this week (February 3-February 9), one company each submitted its statement and passed the listing hearing and IPO.
In terms of submitting companies, on February 7, Yingtong Holdings Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange again, with BNP Paribas and CITIC Securities as co-sponsors.
According to Frost Sullivan, the company is the third largest perfume group in China (including Hong Kong and Macau) based on retail sales in 2023. Based on retail sales in 2023, it is also the only perfume brand management company among the top five perfume groups in the mainland market of China and the market of China (including Hong Kong and Macau). As of September 30, 2024, the company’s products are sold at more than 100 offline POSs operated by itself and more than 7,500 POSs operated by retailer customers.
In terms of finance, as of March 31, 2022, March 31, 2023 and March 31, 2024, the company’s revenue was 1.675 billion yuan, 1.699 billion yuan and 1.864 billion yuan respectively. In the same period, profits for the year were 171 million yuan, 173 million yuan and 206 million yuan respectively.
In terms of hearings, on February 5, Steel Industry Interconnection Group was approached for a hearing through the Hong Kong Stock Exchange, with CMB International, HSBC and UBS Group as joint sponsors. The company will be listed in Hong Kong through De-SPAC.
Note: A special purpose acquisition company (SPAC) is a shell company with no actual business operations. After listing with initial public offering funds, SPAC must acquire an unlisted company within a specified time, so that the latter can indirectly obtain listing status. This process is called De-SPAC.
According to information from Zhuozhi Consulting, according to the 2023 online steel trading tonnage, Xungang Network is China’s largest three-party steel trading digital platform. In 2023, the three-party steel transaction volume of steel trading on the digital platform of Xungang.com will be 47.3 million tons, accounting for about 40% of the total tons of three-party online steel transactions in China. The total trading volume of steel networks will increase from 35.6 million tons in 2021 to 49.0 million tons in 2023, with a compound annual growth rate of 17.3%. In addition, according to information from Zhuoshi Consulting, Xungangwang is the largest third-party steel trading terminal logistics service provider in China based on the steel logistics volume in 2023.
In terms of finance, in 2021, 2022, 2023 and 2024, the revenue from steel seeking networks for the nine months ended September 30 was approximately 1.009 billion yuan, 673 million yuan, 780 million yuan, and 496 million yuan respectively. In the same period, the company achieved intra-year/intra-period losses of approximately 249 million yuan, 258 million yuan, 406 million yuan, and 97.45 million yuan respectively.
In addition, Gu Ming (01364) will issue shares from February 4 to February 7, 2025. The company plans to sell 159 million shares, with the Hong Kong offering accounting for 10%, the international offering accounting for 90%, and an additional 15% over-allotment option. Trading on the Stock Exchange is expected to begin on Wednesday, February 12, 2025.
It is worth mentioning that Guming’s IPO introduced five cornerstone investors, including Tencent and Yuansheng Capital, to subscribe for a total of approximately HK$553 million in shares. Based on the offering price range of HK$8.68 -9.94 and the global offering of 159 million shares, the fundraising limit is approximately HK$1.6 billion, and the valuation exceeds HK$20 billion.
