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大发地产集团有限公司(6111.HK)新股速递

Dafa Real Estate Group Co., Ltd. (6111.HK) New shares Express

致富證券 ·  Sep 28, 2018 00:00  · Researches

Introduction of shares

Main date:

Public launch closing date: 12: 00 noon on October 4, 2018

Announcement application results: October 10, 2018

Listing date: October 11, 2018

The family guarantor:

Jianhe International Finance Co., Ltd.

Summary of statistics:

Number of shares sold globally: 200000000 shares

Share sold in Hong Kong: 10%

Sales: HK $3.28 to HK $4.98

Estimated collection of funds: HK $656 million to HK $996 million

Income per hand: HK $5030.18

A summary of the collection

The market is a real estate developer in the Changjiang Delta region, focusing on the development and sale of residential property, as well as property investment and property management services. By the end of June 2018, the market had a diversified portfolio of 29 projects, including 24 residential properties, 4 real estate partnerships and 1 public housing project. Of the above projects, 5 are located in Shanghai and 24 in Jiangli, Anhui and Zhejiang provinces. The market uses the brand name "big development" or "big development land" to carry out business in China. The collection has launched five series of residential projects, namely, the government series, the financial series, the financial series, the modern series and the modern series, each of which corresponds to the differential customer segment.

Industry summary

According to the Shanghai Municipal Bureau of Statistics and CREIS, the per capita income of the residential property industry in Shanghai rose from 13566 yuan per square meter in 2011 to 24866 yuan per square meter in 2017 at a compound annual growth rate of 10.6%. In addition, according to the Nanjing Municipal Bureau of Statistics and CREIS, the per capita income of residential property in Nanjing rose from 8415 yuan per square meter in 2011 to 15259 yuan per square meter in 2017 at a compound annual growth rate of 10.4%.

Cymbals

In the future, it may not be possible to collect contracted land equipment for development on a commercially reasonable basis in the ideal location. In addition, the market operation and prospects all depend on the performance of China's property market, especially the performance of the cities where the market is located and the cities planned to enter. As a result, the decline in property sales or demand in China as a whole or in the major cities where the projects are located may not be conducive to the operation and operation of the market.

Valuation

According to the IPO document, assuming that the global development sale was completed on April 30, 2018, based on the 8.00 shares expected to occur after the completion of the sale, shares should account for a total of HK $3.43 to HK $3.83 per share of tangible assets (calculated at the rate of HK $1.00 to HK $0.874).

The translation is provided by third-party software.


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