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Private equity fund 'Bojiang Capital', from Hangzhou, Zhejiang, has submitted an IPO prospectus and plans to go public in Hong Kong, with joint sponsorship from Guotai Junan International and Deutsche Bank.

瑞恩資本Ryanben Capital · Jun 28 13:29

2024年6月27日，来自浙江杭州的博将控股有限公司Broad General Holding Limited(简称"博将资本”)向港交所递交招股书，拟在香港主板挂牌上市。这是继其于2023年6月30日递表失效后的再一次申请。

博将资本招股书链接：

https://www1.hkexnews.hk/app/sehk/2024/106573/documents/sehk24062701772_c.pdf

主要业务

博将资本，来自浙江杭州，作为一家领先的私募投资基金管理，主要专注于服务高净值人群、致力于赋能中国高科技企业。截至2023年12月31日，公司的总资产管理规模约人民币102亿元。

根据弗若斯特沙利文的资料，按总资产管理规模(截至2023年12月31日)，博将资本是中国第二大专注于服务高净值人群的私募投资基金管理人。此外，截至2022年年底，在专注于投资高科技产业的私募投资基金管理人之中，公司更是排名第一。

截至2023年12月31日，博将资本管理基金共80只，归在不同的基金系列下管理，当中主要包括鼎升系列、创富系列、福睿系列、睿泽系列、科创系列、优选成长系列等，以满足高净值人群及其他基金投资者的资产配置需求，该等基金主要向外部投资者筹集资金。

截至2023年12月31日，博将资本已累计投资合共94家投资组合公司，公司对其中3家公司的投资已完全退出。截至2023年12月31日，公司的投资组合包括91家投资组合公司，其中有80家在高科技产业内运营，涵盖高技术服务、数字信息技术、先进制造与自动化、医药与医疗技术及新材料行业。

根据弗若斯特沙利文的资料，博将资本的内部收益率(截至2023年12月31日)如下：

股东架构

招股书显示，博将资本在上市前的股东架构中，

罗阗先生，通过自己持有61.71%的Broad Lakeside持股10.82%，通过控制Broad Master持股23.08%、Broad Honor持股10.00%、Broad Lucky持股10.00%；

杨梦樵女士(罗阗先生的配偶)，通过控制Broad Oakheart持股7.87%、Broad Mind持股0.13%；

罗阗、杨梦樵夫妇，通过彼等信托公司及多个中间公司合共拥有控制61.89%的权益，他们组成一组控股股东。

阮建平先生，通过直接持有的Broad Star持股15.73%、控制Broad Insight持股0.16%；

石华利先生，通过直接持有的Broad Center持股6.88%、控制Broad Riverside持股0.50%；

计中杰先生，通过直接持有的Broad Harbour持股3.93%、控制Broad Courtesy持股0.47%；

周宏玉女士，通过直接持有的Broad Base持股3.93%、控制Broad Faith持股0.43%；

王燕文先生，通过直接持有的Broad Union持股2.46%、控制Broad Justice持股0.49%；

林敏女士，通过直接持有的Broad Power持股2.46%、控制Broad Delight持股0.22%；

陈文明先生，通过控制Broad Wisdom持股0.45%。

董事高管

博将资本董事会由8名董事组成，包括：

5名执行董事：罗阗先生(董事会主席、首席执行官)、阮建平先生(副总裁)、石华利先生(副总裁)、孙士超先生(副总裁)、郭夏雨先生(首席政府关系官)；
3名独立非执行董事：薛海华先生、赵丽娟女士、罗志勇先生。

除执行董事外，高管包括副总裁林敏女士，首席财务官褚将超先生，首席法务官钟精明先生，公司秘书方绍东先生。

公司业绩

招股书显示，在过去的2021年、2022年和2023年，博将资本的收入分别为2.15亿、2.12亿和1.55亿元人民币，相应期间的净利润分别为0.99亿、1.07亿和0.44亿元人民币。

中介团队

博将资本是次IPO的中介团队主要有：光大证券国际、德意志银行为其联席保荐人；中审众环为其审计师；德恒、德恒(香港)分别为其公司中国律师、公司香港律师；天元、竞天公诚(香港)、盛德分别为其券商中国律师、券商香港律师、券商美国律师；弗若斯特沙利文为其独立行业顾问。

On June 27, 2024, Broad General Holding Limited ("Bogiang Capital" for short), a company from Hangzhou, Zhejiang, submitted a prospectus to the Hong Kong Stock Exchange with the intention of listing on the main board of Hong Kong. This is their second application since their submission failed on June 30, 2023.

Link to Bogiang Capital's prospectus:

https://www1.hkexnews.hk/app/sehk/2024/106573/documents/sehk24062701772_c.pdf

Main Business

Bogiang Capital, from Hangzhou Zhejiang, is a leading private equity investment fund manager that mainly focuses on serving high net worth individuals and is committed to empowering Chinese high-tech enterprises. As of December 31, 2023, the company's total assets under management were approximately RMB 10.2 billion.

According to Frost Sullivan's data, in terms of total assets under management (as of December 31, 2023), Bogiang Capital is China's second-largest private equity investment fund manager focusing on high net worth individuals. Additionally, as of the end of 2022, the company was ranked first among private equity investment fund managers specializing in the high-tech industry investment.

As of December 31, 2023, Bogiang Capital manages 80 funds under various series, including the Dinsheng series, Chuangfu series, Furui series, Ruizhi series, kechuang series, and Preferred Growth series to meet the asset allocation needs of high net worth individuals and other fund investors. These funds mainly raise funds from external investors.

As of December 31, 2023, Bogiang Capital has accumulated investments in a total of 94 portfolio companies, and has completely exited its investment in 3 of them. As of December 31, 2023, the investment portfolio includes 91 portfolio companies, among which 80 operate in the high-tech industry, covering industries such as high-tech services, digital information technology, advanced manufacturing and automation, medicine and medical technology, and new materials.

According to Frost Sullivan's data, Bogiang Capital's internal rate of return (as of December 31, 2023) is as follows:

Shareholder Structure

According to the prospectus, the shareholder structure of Bogiang Capital before listing is as follows:

Mr. Luo Gang, through his holdings of 10.82% of Broad Lakeside, and by controlling Broad Master's 23.08%, Broad Honor's 10.00%, and Broad Lucky's 10.00%;

Ms. Yang Mengqiao (Mr. Luo Gang's spouse), by controlling 7.87% of Broad Oakheart and 0.13% of Broad Mind;

Mr. Luo Gang and Ms. Yang Mengqiao jointly own a controlling interest of 61.89% through their trust companies and multiple intermediate companies.

Mr. Ruan Jianping, through his direct holdings of 15.73% of Broad Star and by controlling 0.16% of Broad Insight;

Mr. Shi Huali, through his direct holdings of 6.88% of Broad Center and by controlling 0.50% of Broad Riverside;

Mr. Ji Zhongjie, through his direct holdings of 3.93% of Broad Harbour and by controlling 0.47% of Broad Courtesy;

Ms. Zhou Hongyu, through her direct holdings of 3.93% of Broad Base and by controlling 0.43% of Broad Faith;

Mr. Wang Yanwen, through his direct holdings of 2.46% of Broad Union and by controlling 0.49% of Broad Justice;

Ms. Lin Min, through her direct holdings of 2.46% of Broad Power and by controlling 0.22% of Broad Delight;

Mr. Chen Wenming, by controlling 0.45% of Broad Wisdom.

Board of directors and executives

Bogiang Capital's board of directors consists of 8 directors, including:

The board of directors consists of five executive directors: Mr. Luo Kan (Chairman of the Board, CEO), Mr. Ruan Jianping (Vice President), Mr. Shi Huali (Vice President), Mr. Sun Shichao (Vice President), and Mr. Guo Xiayu (Chief Government Relations Officer).
There are three independent non-executive directors: Mr. Xue Haihua, Ms. Zhao Lijuan, and Mr. Luo Zhiyong.

In addition to the executive directors, the executives include Ms. Lin Min (Vice President), Mr. Chu Jiangchao (Chief Financial Officer), Mr. Zhong Jingming (Chief Legal Officer), and Mr. Fang Shaodong (Corporate Secretary).

Corporate Performance

According to the prospectus, in 2021, 2022, and 2023, Bojiang Capital's revenues were RMB 215 million, RMB 212 million, and RMB 155 million respectively, with corresponding net profits of RMB 99 million, RMB 107 million, and RMB 44 million respectively.

Intermediary Team

The main intermediaries for this IPO of Bojiang Capital are: Everbright Securities International, Deutsche Bank as its joint sponsors; ZhongShenZhongHuan as its auditors; DeHeng, DeHeng (Hong Kong) as its company's China legal adviser and company's Hong Kong legal adviser respectively; TianYuan, JingTianGongCheng (Hong Kong), and ShengDe as its brokerage China legal adviser, brokerage Hong Kong legal adviser, and brokerage USA legal adviser respectively; and Freshfields Bruckhaus Deringer as its independent industry adviser.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

Stocks IPO

私募基金「博将资本」，来自浙江杭州，递交IPO招股书，拟赴香港上市，光大国际、德银联席保荐

Private equity fund 'Bojiang Capital', from Hangzhou, Zhejiang, has submitted an IPO prospectus and plans to go public in Hong Kong, with joint sponsorship from Guotai Junan International and Deutsche Bank.

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