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浦江中国控股有限公司(1417.HK)新股速递

Pujiang China Holdings Limited (1417.HK) IPO Express

致富證券 ·  Nov 27, 2017 16:00  · Researches

  Group Overview

The Group is a property management company based in China. The Group provides various property management services and value-added services for different types of properties in China, most of which are public properties located in Shanghai. According to data from the China Index Research Institute, the group ranked 30th in the “China Top 100 Property Service Companies” list in 2016.

The Group's property management services can be broadly divided into two categories: (1) standard property management services, which include engineering, maintenance and maintenance services, customer services, security services and cleaning and gardening services, and (2) value-added services, including various consulting services related to or supporting property management.

Industry Overview

According to the China Index Research Institute, in 2016, the total management area of China's top 100 property management companies reached 5.45 billion square meters, accounting for only 29.4% of the country's property management area. It shows that China's property management industry is highly fragmented, but concentration has increased in recent years. At the end of 2016, there were more than 100,000 property companies in the country, but not many of them had reached a national scale of business and whose brands were well recognized by customers.

Risks

The Group's revenue mainly comes from providing property management services that are paid on a per-package basis. Property management fees are charged in advance for each building area as an “all-inclusive” fee for the provision of all property management services. Although the Group charges property management fees in the total amount determined in advance, the Group is also responsible for all expenses arising from the provision of management services. During the performance recording period, the costs of group property management services increased in various aspects. Therefore, there is a risk that the costs collected by the group will not be sufficient to cover all costs arising from the provision of services.

valuations

According to the prospectus, it is assumed that the global offering was completed on June 30, 2017. According to the estimated amount of 400 million shares to be issued after the close share sale is completed, the net value range of tangible assets per share adjusted for unaudited notes is HK$0.55 to HK$0.72 (converted at the exchange rate of RMB 1.00 to HK$1.1600).

The translation is provided by third-party software.


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