On November 13, 2024, Shengwei Times Technology Co., Ltd. (referred to as "Shengwei Times Technology"), based in Haidian, Peking, submitted a prospectus to the Hong Kong Stock Exchange, intending to list on the main board in Hong Kong.
Shengwei Times Technology prospectus link:
https://www1.hkexnews.hk/app/sehk/2024/106910/documents/sehk24111301576_c.pdf
Main Business
Founded in 2012, Shengwei Times Technology is a leading provider of intercity and urban road passenger information services in china, empowering corporate partners through advanced technology and solutions, primarily providing intercity road passenger services, urban online car-hailing services, and digital and business solutions.
According to data from Frost & Sullivan, in terms of ticket sales volume, Shengwei Times Technology ranked first in the china road passenger information service market in 2023. By the number of "Online Car-hailing Operating Licenses," as of June 30, 2024, Shengwei Times Technology ranked second in the china online car-hailing service market. Additionally, by the number of provincial-level passenger transportation digitalization projects as of June 30, 2024, Shengwei Times Technology is the largest provider of digital and business solutions in the china road passenger market.
Passenger transport services
Networked ticketing service, the company empowers passenger stations through the "Cloud Station Management" system, connecting a wide range of passengers and passenger stations through major OTAs (online travel agencies) and the "Travel 365" system. As of June 30, 2024, the company's networked ticketing business covers 31 provinces, autonomous regions, and municipalities in china. As of June 30, 2024, the company has partnered with major OTAs including 12306, Qunar, Tongcheng, Ctrip, Fliggy, and others. "Travel 365" serves as the company's online and offline multi-channel ticketing and other passenger service platform, where passengers can utilize various services, including checking bus schedules, booking tickets, obtaining information about bus stations, viewing announcements, managing orders, and contacting customer service. Additionally, flight tickets and train tickets can also be purchased on this platform.
定制客运服务，公司为客运企业定制服务方案，包括在机场、高铁站、校园等地提供定制线路的巴士服务，以及其他符合《客规》的定制客运服务。公司通过「客运达」系统为客运企业的数字化运营提供量身定制的解决方案。截至2024年6月30日，我们已在中国与逾500名客户建立合作关系，同时已协助逾250名客户建立票务及服务平台，开展定制客运服务。公司面向乘客的「365城际出行」平台旨在满足乘客在各种场景下的出行需求，亦与主要OTA合作，乘客可通过微信小程序365城际出行使用城际拼车、专线巴士及定制包车等多种定制客运服务。截至2024年6月30日，公司的定制客运服务遍及中国24个省、自治区及直辖市。
网约车服务
盛威时代科技与高德等主流聚合平台合作，获取大量客流并提供网约车服务。在与各地方和省级政府以及客运企业多年合作的基础上，公司建立了一个网约车服务网络，针对不同地区的市场需求，采用本地化的运营方式，在司机管理、车辆管理、安全运营方面提供响应速度快、针对性强及适应性高的服务。同时，公司利用在各地已有的客运业务管理运营团队监管网约车业务，帮助公司的网约车业务运营降本增效。根据弗若斯特沙利文的资料，截至2024年6月30日，按《网络预约出租汽车经营许可证》数量计算，盛威时代科技是中国第二大的网约车平台。截至2024年11月5日，盛威时代科技已经获得191张《网络预约出租汽车经营许可证》，注册司机的累积数目达到约1.5 million名。
数字化及业务解决方案
公司根据不同行业客户的具体业务需求量身定制数字化解决方案，主要包括(i)软件的开发、交付及维护；(ii)硬件的采购、实施及维护；及(iii)为客户提供该等软件硬件组件的系统集成。公司通过向政府客户及企业客户提供的信息系统，按个别项目基准收取费用。
Shareholder Structure
招股书显示，盛威时代科技在上市前的股东架构，
姜生喜先生，持股20.6730%；
Times Zhongcheng (employee incentive platform, Mr. Jiang as GP), holding 3.6082%;
Times Xincheng (employee incentive platform, Mr. Jiang as GP), holding 3.2009%;
Mr. Wang Jiawei, holding 1.6371%;
Chengdu Yingchuang, ultimately controlled by Mr. Yu Lang, holding 6.7430%;
Haidaizhus, controlled by Mr. Chen Shulin, holding 6.3384%;
The above shareholders signed a voting rights delegation agreement, exercising voting rights according to Mr. Jiang's instructions, jointly exercising about 42.20% of the voting rights.
Alibaba (09988.HK) indirectly wholly owns Alibaba Travel, holding 27.0067%;
Ningbo Softbank, Shanghai Minghe, and Guiyang Softbank, ultimately controlled by Mr. Zhang Xu, holding 5.7008%, 3.5965%, and 1.4252% respectively;
Dayou No. 1 (Qiande Fund GP), holds 4.5011%;
Anyang Zhanshin (China International Capital Corporation GP), holds 4.5011%;
Jiangsu Jiqian Landscape Feng (GCL Tech (03800.HK) holds 55.32%, Jiangsu Government Fund holds 30%), holds 2.1371%;
Orient Securities (600958.SH, 03958.HK) subsidiary Dongzheng Fu Xiang, holds 1.7815%;
Shanghai Jian Yuan Equity (Shanghai Tunnel (600820.SH) holds 85.15% partnership rights), holds 1.7459%;
Guangzhou Danshuiquan, holds 1.3539%;
Chengdu Yunzhiyan (Xiang Yiqun 40%, Wang Jingli 60%), holds 1.3539%;
Hundsun Technologies Inc. (600570.SH), holds 0.8644%;
National Development and Reform Commission Innovation, holding 0.7126%;
Magnesium Gallium Technology (Ms. Huang Song 51.0031%, Mr. Yu Gang 48.9969%), holding 0.5626%;
Hangzhou Zhengtu (Wang Ruce 25.4281%, GP), holding 0.4486%;
Mr. Li Chen, holding 0.0705%;
Shanghai Jianyuan Enterprises, holding 0.0356%;
Mr. Li Yifeng, holding 0.0007%;
Huajin Consulting, holding 0.0007%;
Board of directors and executives
The board of directors of Shengwei Times Technology consists of 9 directors, including:
4 executive directors: Mr. Jiang Shengxi (Chairman), Mr. Yang Yang (Chief Executive Officer), Mr. Zhang Jintao (Senior Vice President, Chief Technology Officer), and Ms. Cheng Qian (Assistant President);
2 non-executive directors: Mr. Li Chen (Senior Director of Alibaba's Travel and Transportation Business Unit) and Mr. Chen Xin (Investment Director of Guiyang High-tech Softbank).
3 independent non-executive directors: Mr. Guo Xinp ing, Mr. Guan Jizhen, and Mr. Xu Jialong.
The supervisory board consists of 3 members: Mr. Zhao Changsheng, Ms. Luo Yan, and Mr. Yu Min.
Apart from the executive directors, senior management includes Chief Financial Officer, Senior Vice President Mr. Wang Dengyue, Senior Vice President and General Manager of Passenger Transport Business Division Mr. Hu Xinghua, Senior Vice President and Deputy General Manager of Passenger Transport Business Division Mr. Li Tao, Senior Vice President and General Manager of Digital Business Division Mr. Bai Shan, and Vice President and General Manager of Online Car-Hailing Business Division Mr. Zhou Chunhui.
Corporate Performance
The prospectus shows that in the past years 2021, 2022, 2023, and the first six months of 2024, Shengwei Times Technology's revenue amounted to RMB 0.554 billion, 0.816 billion, 1.206 billion, and 726 million respectively, with corresponding net losses of RMB 0.587 billion, 0.499 billion, 0.482 billion, and 285 million yuan, and respective adjusted net losses of RMB 55.608 million, 50.532 million, 17.756 million, and 16.73 million yuan.
Intermediary Team
The main intermediaries for Shengwei Era Technology's IPO include: China Securities Co., Ltd. as the sole sponsor; KPMG as the auditor; Haiwen and Nianlida as the company's Chinese lawyers and Hong Kong lawyers; Tianyuan and Hankun (Hong Kong) as the brokerage's Chinese lawyers and Hong Kong lawyers; Frost & Sullivan as the industry consultant.
