On October 16th, Futu news reported that $QINIU (02567.HK)$ On the first day, it opened 41.82% lower, closing at 1.6 Hong Kong dollars, with a turnover of 25.7732 million Hong Kong dollars and a total market value of 3.195 billion Hong Kong dollars.

Market source: Futu Securities.

According to previous reports, in the gray market trading of Futu on the previous trading day, Asia Vets opened lower, falling by 32.73%, closing at 1.85 Hong Kong dollars, with a turnover of 6.8398 million Hong Kong dollars and a total market value of 3.694 billion Hong Kong dollars; with 1000 shares per lot, without considering transaction fees, each lot lost 900 Hong Kong dollars.

According to previous public information, Asia Vets received 19.87 times oversubscription in the public offering stage, and after reallocation, the final number of shares offered publicly was 47.925 million shares, accounting for approximately 30% of the total shares offered. A total of 15747 valid applications were received, with 14402 applications accepted. The percentage of H shares allocated per lot to the total number of shares applied was approximately 80%.

In addition, during the international offering stage, Asia Vets received 1.02 times oversubscription, and the final number of shares offered internationally was 0.11 billion shares, equivalent to 70% of the total shares offered (before any exercise of the over-allotment option). Futu News compiled the relevant data as shown in the table below:

Company overview

Asia Vets, established in 2011, as one of China's earliest platforms to provide audio and video cloud computing services, is committed to becoming a global leading one-stop scenario-based intelligent audio and video service provider. The company mainly provides audio and video PaaS services (MPaaS) and application platform as a service (APaaS). It is one of the few companies in China with comprehensive and high-performance MPaaS products and technology capabilities that integrate and cover all aspects of audio and video business.

According to iResearch, based on the 2023 revenue, the company is the third largest audio and video PaaS service provider in China, with a market share of 5.8%; based on the 2023 APaaS revenue, the company is also the second largest audio and video APaaS service provider in China, with a market share of 14.1%.

The company provides a range of AI service capabilities, including intelligent vision, intelligent speech, intelligent editing, industry algorithms, content security, and business security. AI technologies have been widely deployed to develop existing MPaaS products and audio and video functionalities under APaaS solutions, and various AI technologies have been applied to provide audio and video services.

Financial overview

The prospectus shows that in the past years of 2021, 2022, and 2023, the company's revenue was RMB 1.471 billion, RMB 1.147 billion, and RMB 1.334 billion respectively. During the same period, the company's gross profit was RMB 0.291 billion, RMB 0.229 billion, and RMB 0.28 billion.

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Editor/Joe