老铺黄金(06181.HK)预计6月28日上市 引入腾讯等多家基石

Lao Pu Gold (06181.HK) is expected to be listed on June 28th, introducing several cornerstone investors including Tencent.

Gelonghui Finance ·  Jun 20 07:26

On June 20th, Glonhui announced its plan to globally issue 19.4513 million shares, with 1.9452 million shares sold in China and Hong Kong and 17.5061 million shares sold internationally. There is also an option for an additional 15% in over-allotment. From June 20th to June 25th, 2024, the IPO will be issued at a price of HKD 40.50 per H share, with a minimum trading unit of 100 shares per lot. China Securities Co., Ltd. is the exclusive sponsor. The stock is expected to begin trading on the main board of the Stock Exchange of Hong Kong on June 28th, 2024.

Lao Pu Gold is a brand certified by the Chinese Gold Association and the pioneer in promoting the concept of "ancient gold" in China. It is the first professional brand of Chinese traditional gold handicrafts. It inherits Chinese classical culture and intangible cultural heritage, and combines the cultural value of Chinese intangible heritage with significant product differentiation. According to Foster Sullivan's data, the company's market share in China's ancient gold jewelry market and gold jewelry market is 2.0% and 0.6%, respectively, based on revenue in 2023. During the reporting period, most of the company's revenue came from the sales of original and designed "ancient gold" products in offline stores. The company operates offline stores in a self-operated mode. As of the actual feasible date, the company has opened 33 self-operated stores in 14 cities in China (most of which are first-tier and new first-tier cities) in well-known business centers.

The company is committed to launching products that combine cultural and fashion attributes, showcase high quality, and cover daily accessories, household goldware, and ornaments. The company believes that its brand positioning, product theme and tone, and significant differences in channel layout lay the foundation for its success. According to Foster Sullivan's data, the company is the only brand among the major brands in the Chinese gold and jewelry market that focuses on the design, production and sales of ancient gold products. According to Foster Sullivan’s data, the company’s single-store sales ranked first in all gold and jewelry brands in China in 2022 and 2023. In 2023, the company's performance further increased significantly. Among the stores that existed as of December 31, 2023, the average sales of each store reached RMB 93.9 million, twice that of the average sales of stores that existed as of December 31, 2022.

The company has entered into a cornerstone investment agreement. Under this agreement, the cornerstone investors have agreed, subject to certain conditions, to subscribe for a certain number of issued shares at the offering price for a total amount of USD 56 million (or approximately HKD 437 million). Assuming the offering price is HKD 40.50, the cornerstone investors will subscribe for a total of 10.8016 million shares. Cornerstone investors include Huang River Investment Limited ("Tencent Huang River", wholly-owned by Tencent Holdings (0700.HK)), Southern Fund Management Co., Ltd., and CPE Greater China Enterprises Growth Fund ("CPE Fund", managed by Yuanfeng Fund Management Co., Ltd.).

Assuming that the over-allotment option and the additional share option are not exercised, the company estimates that it will net approximately HKD 713 million from the global offering at a price of HKD 40.50 per share. The company currently plans to use approximately 73.3% of the net proceeds to expand the sales network and promote the internationalization of the brand by opening new stores in domestic and overseas markets over the next few years; approximately 11.3% will be used to maintain the company's brand positioning and increase the company's brand awareness; approximately 2.7% will be used to optimize the internal information technology system and improve the automation and informatization level to improve the company's operational efficiency; approximately 2.7% will be used to strengthen the company's R&D capabilities; and approximately 10.0% will be used for general operating capital and corporate use.

The translation is provided by third-party software.

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