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河南金马能源股份有限公司(6885.HK)新股速递

Henan Jinma Energy Co., Ltd. (6885.HK) IPO Express

致富證券 ·  Sep 26, 2017 00:00  · Researches

Main date:

Public release closing date: 12: 00 noon on September 29, 2017 results: October 9, 2017

Launch date: October 10, 2017

The family guarantor:

Haitong International Capital Co., Ltd.

Summary of statistics:

Number of shares sold under global sales: 133334000 shares sold in Hong Kong: 10.0%

Sales: HK $2.11 to HK $3.39

Estimated collection of funds: HK $281 million to HK $452 million

Income per hand: HK $3424.16

A summary of the collection

It is the coke producer and coking by-product processor of the coking industry in Henan Province, which covers the coking production in the coal chemical industry with the vertically integrated service model, and processes the coking by-products from coke production to coking into derivative products and energy products. The service model is integrated into the downstream product market to develop clean energy liquefied natural fuel.

According to the data of Frost & Sullivan, in terms of sales revenue and coke output, they were the second and third largest independent coking enterprises in Henan Province respectively in 2016. Among all the coking enterprises in Henan Province, the second and third largest producers of crude benzene and coal tar and the second largest coal producers in terms of output in 2016.

Industry summary

According to data from Frost & Sullivan, from 2011 to 2016, China's total coke output increased from 409 million tons to 449 million tons, with a combined annual growth rate of 1.9 percent. China's total coke consumption also increased from 382 million tons to 441 million tons, with a composite annual growth rate of 2.9 percent. China's total coke output and total consumption volume are expected to reach 489 million tons and 473 million tons respectively in 2021, with annual growth rates of 1.7 percent and 1.4 percent respectively from 2016 to 2021.

Cymbals

The revenue of the collection comes from a limited number of customers. In the year ended December 31, 2016, sales from the five major customers accounted for about 61.2% of the total revenue, and sales sales to its largest customer, Anshan Premium (323.HK), accounted for about 27.2% of the total revenue in the same period. On the other hand, the collection company generally does not enter into a long-term sales agreement with customers. If any customer substantially reduces his or her payment to the product or deferred payment of the collection, or causes a significant adverse effect on the business, business conditions, operating expenses, etc.

Valuation

According to the IPO document, as of April 30, 2017, based on the calculation of the 5.33 shares expected to be issued after the completion of the sale of the shares, the shares should account for 1.06 billion to 1.98 billion yuan of consolidated tangible assets, equivalent to HK $2.38 to 2.68 Hong Kong dollars per share. (at the exchange rate of 0.8368 yuan to HK $1.00).

The translation is provided by third-party software.


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