On January 26, 2024, Tangtangga Group AGIIPlus Inc. (hereinafter referred to as “Tangtangga”), a job solutions provider from Shanghai, updated its prospectus with the US Securities Regulatory Commission (SEC) to go public on the US NASDAQ. Its stock code is to be AGII. It was secretly filed with the SEC on June 17, 2022, and the prospectus was publicly disclosed on September 16.
Dangdang plans to issue 2 million common shares at 5 to 6 US dollars each to raise 12 million US dollars.
Dangdang prospectus link:
Main business
As one of the fastest growing work solution providers in China and Singapore, Dangtangga has one-stop solution capabilities. AgiiPlus uses its proprietary technology to provide customers with transformative integrated work solutions, including brokerage and corporate services, customizable workspace transformation through smart building solutions, and high-quality flexible workspace services through plug-in software and on-demand delivery.
agiiPlus has created an integrated platform that connects on-site workspaces and digital services through technology. AgiiPlus provides office rental and corporate services under the “Tangtang” brand through its subsidiary, and maintains the Distrii app through its subsidiary, which is the official app for AgiIplus Distrii workspace members, providing members with a seamless experience beyond physical space and providing them with more convenience. Easy access to corporate services provided by AgiiPlus subsidiaries. As of June 30, 2023, AgiiPlus has 35,628 enterprise customers, 357,385 digitally registered members through its subsidiaries, and maintains 52 Distrii workspace networks covering 7 different cities, totaling approximately 34,767 workstations.
Additionally, AGIiPlus's asset-light model provides design, construction, management and operation services to owners who bear the costs of constructing and launching new spaces. As of June 30, 2023, AgiiPlus has 6 workspaces under an asset-light model through its subsidiary, with a management area of about 17,865 square meters, providing members with approximately 3,335 workstations.
In addition to the Distrii workspace and related corporate services, AgiiPlus also provides a full range of working solutions, including transformation and smart building technology, to a wider customer base through its subsidiaries. For example, AgiiPlus provides owners with a one-stop solution for office design, construction, and decoration projects through the SPACII team. In addition, AgiIplus has developed a self-developed intelligent building management system through its subsidiaries. It uses cutting-edge technologies such as artificial intelligence, the Internet of Things, and cloud technology, and has functions such as face recognition, QR code scanning, visitor registration and authorization, and smart elevators, which help improve the level of building management, efficiency and safety of working spaces. Through its subsidiary, AgiiPlus also provides real estate investors with Project Manager (Project Manager), a real estate project consulting service that includes space design, market research and construction, including space design, market research and construction, and space maintenance for building managers to provide services to owners.
Dangdang's revenue mainly comes from three components: office space rental and operating income, renovation and smart building technology revenue, and brokerage and corporate services revenue.
Shareholder structure
According to the prospectus, Dangdang's major shareholders included in the pre-listing shareholder structure:
Dr. Jing Hu holds 22.35% through J.Distrii Global, controls 7.05% through the employee shareholding platform Ningbo Nayun, and controls 38.33% by exercising the executive team's voting rights, etc.
The employee shareholding platform Ningbo Nayun holds 7.05%;
Dai Jing Dai (Sophia) holds 0.16% through her spouse TAN Wee Kiat and 1.55% through Ningbo Nayun, for a total of 1.70%;
Ni Yongyong Ni (Leo) holds 0.50% through Maxoffice Holdings and 0.84% through Ningbo Nayun, holding a total of 1.33%;
Chen Keming Chen holds 1.43% through Mark Chen Holdings and 0.44% through Ningbo Nayun, for a total of 1.87%;
Jie Qin holds 0.11%;
Xuemeng Chu (Seanna), holds 0.34%.
Urban Development (SGX: C09), holding 22.84% through City Connected;
Qi Ji holds 16.48% through H World Holdings Singapore (China Lodging Holdings Singapore);
Hao Yan and Xin Ge Chen hold 13.16% through King Inspiration;
Jun Qin holds 7.52% through Junzi Holding.
Company structure
According to the prospectus, Dangdang's corporate structure is as follows:
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Management
According to the prospectus, Dangdang's management is as follows:
Company performance
According to the prospectus, in the past six months of 2021, 2022, and 2023, Dangdang's revenue was 459 million yuan, 506 million yuan, and 230 million yuan, respectively, and the corresponding net profit was -291 million yuan, -244 million yuan, and 29 million yuan, respectively.
intermediaries
Tangtang and CFN Lawyers LLC's intermediary team mainly include: EF Hutton LLC as its underwriter; MaloneBailey, LLP as its auditor; Han Kun and Han Bowen are the company's Chinese lawyers and the company's US lawyers respectively; and AllBright and CFN Lawyers LLC are the underwriter's Chinese lawyers and the underwriter's US lawyers, respectively.
