On June 18, Futu News reported that in the first day of trading, it opened high and is currently up 79.64%, closing at HKD 9.88, with a turnover of HKD 21.1044 million and a total market value of HKD 922 million. $WUHAN YOUJI (02881.HK)$According to previous reports, in the previous Futu dark trading, Wuhan's organic dark trading opened high and closed up 70.18%, at HKD 9.36, with a turnover of HKD 3.8582 million and a total market value of HKD 873 million. The trading size was 500 shares per lot, with a profit of HKD 1930 per lot without considering handling fees.
Market source: Futu Securities.
According to previous public reports, Wuhan's organic received 337.57 times oversubscription during the public offering phase. The final number of shares to be sold to the public is 3.253 million shares, accounting for about 17.78% of the total shares offered (before any exercise of oversubscription rights). A total of 13,111 valid applications were received, 3,421 of which were accepted. The percentage of successful subscription for one lot of H shares is approximately 5.01% of the total number of applications.
In addition, the final number of international offering shares is 15.047 million shares, equivalent to 82.22% of the total number of shares offered (before any exercise of oversubscription rights). Futu News has compiled the relevant data in the following table:
富途 Futu 上市时间 Listing Date 06月17日 June 17 发售股份总数 Total number of shares offered 18282.5583万股 182,825,583 shares 发售价 Offer Price 8.88港元 HKD 8.88 募集资金总额 Total fundraising amount 16.22亿港元 HKD 1.622 billion H股上市 H Share listing 交易所 Exchange 香港交易所 HKEX 上市形式 Listing format 公开发售及国际发售 Public offering and international offering
Company overview
Wuhan Organic is a well-known supplier of toluene derivatives for the Chinese and global markets, mainly focusing on the production of toluene oxidation and chlorination products, benzoic acid ammoniation products, and other fine chemical products through organic synthesis processes. The company's toluene derivatives are mainly used as food preservatives, household chemicals, animal feed acidifiers, and synthetic intermediates for agricultural chemistry and medical use.
As of the final feasible date, the company's self-made product portfolio mainly includes five toluene oxidation products, two toluene chlorination products, two benzoic acid ammoniation products, and more than 20 other fine chemical products with a wide range of market uses. In 2021, 2022 and 2023, the company recorded product sales of approximately 362,302 tons, 375,848 tons and 346,147 tons, respectively.
Wuhan Organic's industry ranking and market share in China and the global market confirm its leading position in toluene oxidation and toluene chlorination products. According to a Frost Sullivan report, based on 2023 sales revenue, the group is the largest manufacturer of benzoic acid and sodium benzoate in China and the second largest manufacturer of benzyl alcohol, accounting for 62.0%, 37.9% and 33.9% of China's total revenue in 2023, respectively.
In the global market, the company ranks second in the manufacturing of benzoic acid and sodium benzoate and third in the manufacturing of benzyl alcohol in 2023, accounting for 37.0%, 22.4% and 20.6% of the total global revenue in 2023, respectively. The company's products are sold to more than 70 countries and are widely recognized around the world.
Financial overview
In terms of financial status, as of the year ended December 31, 2021, 2022 and 2023, Wuhan Organic achieved revenues of RMB 2.7895 billion, RMB 3.1338 billion and RMB 2.6771 billion, respectively, with net profits of RMB 309.1 million, RMB 340.5 million and RMB 72.9 million for the same period.
During the same period, the company's gross profit was RMB 639.1 million, RMB 699.3 million and RMB 329.8 million, with gross margins of 22.9%, 22.3% and 12.3%, respectively.
Wuhan Organic's revenue from self-made products is recorded as sales of toluene oxidation products, sales of toluene chlorination products, sales of benzoic acid ammoniation products, and sales of other fine chemical products. The revenue contribution from self-made product sales accounted for 79.4%, 86.8%, and 83.0% of the total revenue for the years ended December 31, 2021, 2022, and 2023, respectively.
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Editor/Joe