集团已与各基石投资者(即天津海泰资本投资管理有限公司(“天津海泰资本”)、Matrix Capital Limited(“Matrix Capital”)、Solid Elegance International( Hong Kong )Limited(“ Solid Elegance”)、 Bright Ambition International Limited(“ Bright Ambition”)及Swift Grace( Hong Kong) Limited(“Swift Grace”))订立基石投资协议。基石投资者已同意(在若干条件规限下)认购或促使其指定实体按发售价认购以总金额人民币1.969亿元可购买的若干数目的发售股份。假设发售价为13.20港元(即本招股章程所载指示性发售价范围的中位数)，基石投资者将予认购的发售股份总数将为1589.06万股发售股份。On November 21, Gelonghui reported that Mengjinyuan (02585.HK) announced that the company plans to globally offer 43.9568 million H shares, with 4.3958 million shares available for sale in Hong Kong and 39.561 million shares for international placement, along with a 15% over-allotment option; the offering period is from November 21 to November 26, 2024, with the expected pricing date on November 27; the offer price will be between HK$12.00 and HK$14.40 per share, with a trading unit of 200 shares; citic sec is the exclusive sponsor; the shares are expected to begin trading on the Stock Exchange of Hong Kong on November 29, 2024.
The group focuses on the gold and jewelry trinket original brand manufacturing in china's third-tier cities and below. According to Frost & Sullivan, as of the last practical date, the group is one of the very few enterprises whose operations cover all key segments of the gold jewelry industry (from raw material procurement and refining, research and development, product design, manufacturing to retail through a diversified sales network). Over the years, relying on integrated design and production capacity, the group has developed its business, delivering high-quality gold jewelry products favored by target consumers. The group has established a diversified sales network centered around high-purity gold trinkets, allowing it to gain insight into market trends, thereby facilitating product design and development that meets specific consumer needs, forming a positive feedback loop. Since its establishment, the group has consistently adhered to relevant value propositions, laying a solid foundation for the group's success. Mr. Wang Zhongshan is the founder of the group and has been honored as a "Meritorious Person" in the gold jewelry industry for 30 years.
According to Frost & Sullivan, from 2018 to 2023, the group is the only gold jewelry brand that has continuously ranked among the "Top Ten Enterprises in Gold Jewelry Processing Volume" and "Top Ten Enterprises in Gold Jewelry Sales Revenue" by the china Gold Association, with both rankings being in the top five. According to the china Gold Association and Frost & Sullivan, in 2023: based on gold processing volume and gold jewelry revenue calculations, the group ranked third and fifth among china's gold jewelry brands, respectively; and based on gold jewelry revenue (excluding gold bars) in third-tier cities and below, the group ranked third among china's gold jewelry brands. According to Frost & Sullivan, for the year ending December 31, 2023, in terms of gold jewelry revenue, the group ranks fifth among gold jewelry brands in the china gold jewelry market with a market share of 3.8%.
The group has signed cornerstone investment agreements with various cornerstone investors (namely, Tianjin Haitai Capital Investment Management Co., Ltd. ("Tianjin Haitai Capital"), Matrix Capital Limited ("Matrix Capital"), Solid Elegance International (Hong Kong) Limited ("Solid Elegance"), Bright Ambition International Limited ("Bright Ambition"), and Swift Grace (Hong Kong) Limited ("Swift Grace")). The cornerstone investors have agreed (subject to certain conditions) to subscribe or cause their designated entities to subscribe for a total of RMB 0.1969 billion worth of offered shares at the offer price. Assuming the offer price is HKD 13.20 (the median of the indicative offer price range stated in this prospectus), the total number of offered shares to be subscribed by the cornerstone investors will be 15.8906 million shares.
Assuming the offer price is HKD 13.20 per H share (the median of the indicative offer price range described in this prospectus) and assuming the over-allotment option is not exercised, it is estimated that the net proceeds from the global offering will be approximately HKD 0.5024 billion. If the offer price is at the median of the indicative offer price range and the over-allotment option is not exercised, the group currently plans to use approximately 50.0% of such net proceeds to upgrade the production facilities in shandong Weifang to enhance the group’s production capacity, aiming for further business growth; approximately 34.0% will be used to expand and strengthen the group’s sales network. The group plans to achieve this by establishing self-operated stores and enhancing the scale and operation of the seven self-operated service centers; and approximately 16.0% will be used for investment in information technology.
