On May 22, 2024, UBot Holding Limited (“Youbo Holdings”) from Hong Kong disclosed the prospectus after the hearing on the Hong Kong Stock Exchange, or was listed on the Hong Kong GEM (GEM) soon. It was submitted five times: April 28, 2022, November 1, 2023, March 20, 2023, September 22, 2023, and March 25, 2024.
Youbo Holdings is the first company to pass the GEM listing hearing after the GEM reform in Hong Kong. It is the first GEM company to pass the listing hearing in more than 40 months. Prior to that, GEM recently passed the hearing and is also the most recently listed company. It has been three and a half years since then. It is Yucheng Logistics (08489.HK) (listed on January 13, 2021), which passed the hearing on December 23, 2020.
Link to the prospectus after the hearing by Youbo Holdings:
Main business
Youbo Holdings, founded in 2005, is a back-end semiconductor transmission medium manufacturer engaged in precision manufacturing of engineering plastic castings. It focuses on the design, development, manufacture and sale of back-stage semiconductor transmission media such as trays and tray-related products, carrier belts, etc., and also provides MEMS and sensor packaging solutions.
According to Frost & Sullivan's report, in 2021, 2022 and 2023, the market shares of Youbo Holdings' trays and tray-related products in the late-stage semiconductor transmission media industry were 31.3%, 31.8%, and 31.7%, respectively. In terms of revenue in 2023, Youbo Holdings ranked third in the world among all tray and tray-related product manufacturers in the late-stage semiconductor transmission media industry, with a market share of about 8.4%.
Youbo Holdings' back-end semiconductor transmission medium products (i.e. trays and carriers) are mainly used to protect semiconductor devices. They are specially designed to accommodate, safely handle, transport and store different semiconductor devices, including power discrete semiconductor devices, optoelectronic devices, ICs and sensors, which have ESD protection and high heat resistance. The company's MEMS and sensor packaging solutions provide an enclosure designed to facilitate electrical contacts that transmit signals to the circuit boards of electronic devices and protect MEMS and sensors from potential external component damage and corrosion.
Youbo Holdings has developed a diversified product portfolio of more than 1,500 products of different sizes, with different thermal, mechanical and physical performance indicators to meet customer specifications and required quality standards.
Youbo Holdings has two production plants (Shatin plant and Houjie plant) in Dongguan, Guangdong, and has four production facilities. Two of them are responsible for manufacturing trays and tray-related products, and the rest are responsible for producing carrier tape and MEMS and sensor packaging solutions.
Shareholder structure
According to the prospectus, in the shareholder structure of Youbo Holdings before listing, the controlling shareholders were Mr. Tang Yuantao and the Deng family, who acted in concert.
Mr. Tang Yuantao held shares through Sino Success. Before the restructuring, he held 46.5% of the shares, and acquired all 5% of Mr. Zuo Yi's shares during the restructuring;
Through the Hong Kong business, the Deng family held 42% of the shares before the restructuring;
The shareholders of the Hong Kong business include Mr. Tang Ming, Ms. Tang Wai-ling, Mr. Tang Chae-leung, and Mr. Tang Zemin, who hold 70.2%, 5.0%, 12.4%, and 12.4% of the shares respectively.
Mr. Chen Qiliang held 2% of the shares prior to the restructuring;
Ms. Huang Yanwei held 1.5% of the shares prior to the restructuring;
Mr. Shi Jinbin held 1.5% of the shares before the restructuring;
Mr. Tan Minghua held 1.5% of the shares before the restructuring;
Directors and Executives
The board of directors of Youbo Holdings consists of 8 directors, including:
4 Executive Directors: Mr. Tang Yuantao (Chairman of the Board and CEO), Mr. Chen Qiliang (Chief Financial Officer), Mr. Shi Jinbin, and Mr. Tan Minghua;
1 non-executive director: Mr. Huang Zilin;
Three independent non-executive directors: Mr. Chen Aifa, Ms. Ma Shulian, and Mr. Wang Lemin.
In addition to executive directors, executives include Mr. Xu Yucheng, Director of Manufacturing and Operations; Mr. Luo Cong-hao, Director of Manufacturing and Engineering (Carrier and Rolling Bars); Mr. Kwan Kin-pei, Senior Manager (Product and Technology Development); and Dr. Wang Huimin, Director of R&D and Materials Engineering
Company performance
According to the prospectus, in 2021, 2022 and 2023, Youbo Holdings' operating income was HK$203 million, $258 million and HK$189 million, respectively, and the corresponding net profit was HK$26.396 million, 21.798 million and HK$5038 million, respectively.
Intermediary team
Youbo Holdings' intermediary team for this IPO mainly includes: Yuexiu Finance as its sole sponsor; Dahua Ma Shiyun as its auditor; King Du and Wu Guosheng as the company's Chinese lawyers and Hong Kong lawyers; Guangdong Hengyi and Loebo's Hong Kong lawyers respectively; and Frost Sullivan as an independent industry consultant.