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中国博奇环保(控股)有限公司(2377.HK)新股速递

China Boqi Environmental Protection (Holdings) Co., Ltd. (2377.HK) New Stock Express

致富證券 ·  Mar 1, 2018 00:00  · Researches

A summary of the collection

It is an independent processing service provider in China, that is, a private transaction processing and environmental protection company that is not controlled by power collection. In addition to the processing industry, JMC is also gradually expanding other business areas of insurance capacity.

The collection company provides environmental protection services in a variety of service modes, including (I) environmental protection facilities, (ii) maintenance and maintenance, and (iii) franchise mode. The engineering services of environmental protection facilities are mainly related to the provision of project design, project construction, equipment installation and pilot services for sulfur removal, nitrification and removal of coal-fired power plants. The customer service of the collection mainly includes the provision of customer service and regular maintenance service for the sulfur, nitrate and removal facilities of customers. The special transaction mode is mainly based on the BOT mode. For a typical BOT project of a collection, the special agreements between customers and customers are project management, investment, construction and management. Upon completion, the Collection shall also have, undertake and maintain related projects within the time limit specified in the exclusive Agreement, and the Collection shall also have the right to receive project income during the contract period. The revenue generated by the concessionary operation of the collection during the credit period of the relevant projects shall be collected in accordance with the upper income tax of the power generated by coal-fired power generation.

Industry summary

According to China Television, the cumulative installed capacity of coal-fired power plants in China has increased from 638 gigawatts in 2011 to 876 gigawatts in 2016. Frost Sullivan calculates that this number will rise from 939 gigawatts in 2017 to 1141 gigawatts in 2021.

Cymbals

The development of the environmental protection industry in which centralized management is located depends on the Chinese government's policy on pollution prevention and control, and policy changes will definitely cause uncertainty to the demand for centralized services. In addition, if China's coal-fired power generation capacity is recharged and released, the increase in capacity of coal-fired power generation units may also be adversely affected.

Valuation

According to the IPO document, by the end of 2017, the estimated share of uncertified shares should be no more than 3800 million yuan per share, which is equivalent to 0.06 yuan per share.

The purpose of the income is:

Based on the sale amount of HK $3.00 (the median of the range of sales), after deducting the estimated expenditure payable on the issue of shares, the net income is estimated to be HK $106 million.

The translation is provided by third-party software.


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