On June 25th, 2024, AgiiPlus Inc., a work solution provider from Shanghai, updated its prospectus with the Securities and Exchange Commission (SEC) to go public on the NASDAQ in the United States. Its stock code is planned to be AGII. It secretly submitted the form to the SEC on June 17th, 2022, and later disclosed the prospectus on September 16th, 2022.
Check out the prospectus link:
Main Business
As one of the fastest growing work solution providers in China and Singapore, TangTangJia has the ability to provide one-stop solution. AgiiPlus provides customers with revolutionary comprehensive work solutions (including brokerage and corporate services, customizable workspace transformation through intelligent building solutions, and high-quality flexible workspace services provided by plug-in software and on-demand).
AgiiPlus has established an innovative business model called "S²aaS - Space and Software As A Solution" that combines Software As A Service (SaaS) and Space As A Service. This business model relies on proprietary technology, SaaS-based systems, and high-quality physical workspaces to provide customers with comprehensive work solutions for optimal work efficiency.
As of June 10, 2024, AgiiPlus has 16,256 corporate clients and 126,985 digital registered members. Maintaining workspace networks covering 7 Distrii workspaces (distributed in China and Singapore, including 3 directly operated mode workspaces and 4 light asset mode workspaces).
AgiiPlus provides its members with comprehensive corporate services through itself or qualified business partners, including administrative support, finance, legal and human resources related services. AgiiPlus charges members an enterprise service fee for revenue.
In addition to Distrii workspaces and related corporate services, AgiiPlus also provides customers with a full range of work solutions, including workspace transformation and intelligent building solutions. For example, through its Spacii team, AgiiPlus provides one-stop solution for office design, construction and renovation projects for owners. In addition, AgiiPlus has developed a proprietary intelligent building management system through its subsidiary, which uses cutting-edge technologies such as artificial intelligence, the Internet of things and cloud technology, and features such as user identification, QR code scanning, visitor registration and authorization, intelligent elevators, etc., which help improve workspace efficiency and safety. AgiiPlus also provides real estate project consulting services to real estate investors through its subsidiary, which we call "project manager services.", including space design, market research and construction, and provides space maintenance services to owners, which we call building manager services.
The revenue of AgiiPlus mainly comes from three parts: office space leasing and operation revenue, decoration and intelligent building technology revenue, and brokerage and corporate service revenue.
Shareholder Structure
According to the prospectus, TangTangJia's major shareholders in the pre-IPO equity structure include:
Dr. Jing Hu holds 22.35% through J.distrii Global, controls 7.05% through employee stock holding platform Ningbo Nayun and 38.33% through exercising voting rights of executive team and others.
Employee stock holding platform Ningbo Nayun holds 7.05%;
Jing Dai (Sophia) holds 0.16% through spouse TAN Wee Kiat, 1.55% through Ningbo Nayun, totaling 1.70%;
Yong Ni (Leo) holds 0.50% through Maxoffice Holdings, 0.84% through Ningbo Nayun, totaling 1.33%;
Keming Chen holds 1.43% through Mark Chen Holdings, 0.44% through Ningbo Nayun, totaling 1.87%;
Jie Qin holds 0.11%;
Seanna Xuemeng Chu holds 0.34%.
City development (SGX: C09) holds 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 institutions.
According to the prospectus, the company's structure is as follows:
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Management Team
According to the prospectus, the company's management team is as follows:
Corporate Performance
According to the prospectus, Tangtangjia's revenue was RMB 506 million and RMB 319 million, respectively, in 2022 and 2023, with corresponding net losses of RMB 244 million and RMB 48 million, respectively.
Intermediary institutions.
The main intermediary team for Tangtangjia's IPO includes EF Hutton LLC as its underwriter; Audit Alliance LLP/MaloneBailey LLP as its auditor; Hankun and Han Bowen as its Chinese and American lawyers, respectively; Jintiancheng and CFN Lawyers LLC as its Chinese and American underwriters, respectively.