微拍堂主要为商家（一般为中小型企业）提供端到端服务及运营支持，包括一站式商铺经营工具、多功能网店分析工具、全面经营培训、网店及直播规划建议以及经营谘询服务。同时为商家提供精准营销、展示型营销推广工具和会员系统， 以助商家提高运营效率及用户黏性。普通用户可以通过微拍堂查阅产品的详细数据、并出价。此外，微拍堂还可以为文玩（作为非标品）参与者提供参考价格。[direct access to IPO Beijing] report on May 26th (article / Wang Fei)
On May 25, Weipai submitted a prospectus to the Hong Kong Stock Exchange for listing on the Hong Kong main board, with China International Capital Corporation as its exclusive sponsor.
Weipai Hall is the largest e-commerce platform for cultural games in China (covering 8 core categories, such as jade jewelry, craft works, coin stamps, purple sand ceramics, tea and wine nourishment, calligraphy, painting and seal cutting, miscellaneous cultural games, flowers and birds entertainment, etc.). According to Frost Sullivan, the GMV of text games promoted by the micropat platform reached 40.5 billion yuan in 2021.
Micropat Hall mainly provides end-to-end services and operational support for businesses (usually small and medium-sized enterprises), including one-stop shop management tools, multi-function online store analysis tools, comprehensive business training, online store and live broadcast planning suggestions and business consultation services. At the same time, it provides merchants with precision marketing, display marketing promotion tools and membership system to help them improve operational efficiency and user stickiness. Ordinary users can check the detailed data of the product and bid through the micropat hall. In addition, the micro-pat hall can also provide reference prices for participants in text games (as non-standard items).
As of December 31, 2021, the number of registered users of Weipai Hall exceeded 74 million and the number of registered merchants exceeded 331000. In 2021, the number of active buyers exceeded 3.9 million, the number of active merchants exceeded 78000, and the total number of orders exceeded 85.2 million.
According to the prospectus, platform service fees and online marketing service fees are the main sources of revenue, accounting for 63.2% and 25.2% respectively in 2021.
At the performance level, the prospectus shows that from 2019 to 2021, the operating income of Weipai Hall was 473 million yuan, 1.07 billion yuan and 978 million yuan respectively, and the corresponding net profit was 137 million yuan, 54 million yuan and 142 million yuan respectively. The adjusted net profit was 188 million yuan, 142 million yuan and 194 million yuan respectively.
It is worth mentioning that the gross profit margin of micropat hall has been above 70%. The values from 2019 to 2021 were 71.9%, 76.1% and 76.9%, respectively.
According to public information, Hangzhou Weipaitang Cultural and Creative Co., Ltd. was established in December 2014, the legal representative Lin Zhiming. According to the financing process, Weitai Tang received $20 million in round A financing from Tencent in 2016. And joined Tencent Zhongchuang Space "double hundred Project", won Tencent 10 billion flow blessing.
It is worth mentioning that on March 31 this year, Hangzhou Weipaitang Cultural and Creative Co., Ltd. experienced industrial and commercial changes, and Shenzhen Tencent Entrepreneurship Base Development Co., Ltd., the former shareholder, withdrew.
According to the prospectus, in the shareholder structure before the listing, Tencent invested 1.93 per cent of the shares through the image structure.
In addition, Lin Zhiming, founder of Weipai Hall, through Zhiming. Inc. Hold 36.35% of the shares. Ditong Capital is the largest institutional shareholder, holding 13.05% through Tianjin Dexin.
It is worth noting that, due to the particularity of text play, Wen play has always been an industry with a high incidence of complaints. Micropat Hall has also been complained about the existence of Internet fraud, overlord clause, difficult to return and exchange goods, after-sales service, refund, malicious fines, online counterfeiting and other problems because of protecting sellers.
