The third specialized Technology company 18C, leading collaborative robot maker Siasun Robot&Automation (02432.HK), will begin its IPO from today (December 13) until next Wednesday (December 18), with expectations to be listed on the Hong Kong Stock Exchange on December 23, 2024, co-sponsored by GUOTAI JUNAN I and Agricultural Bank of China International.
Yuejiang plans to globally offer 40 million shares listed in Hong Kong (accounting for 8.60% of the total shares after issuance), with 95% for international distribution and 5% for public offering, plus an additional 15% over-allotment option, at an issue price ranging between HKD 18.80 and HKD 20.80, with a minimum of 200 shares per lot, to raise approximately HKD 0.832 billion.
Assuming the issue price is HKD 19.80 (the median of the price range) and that the over-allotment option is not exercised, Yuejiang expects total listing expenses of approximately HKD 72.4 million, including a 2.5% underwriting commission, 2% discretionary fees, the stock exchange listing fee, securities regulatory trading fees, stock exchange trading fees, financial bureau trading fees, legal and other professional fees, printing, and other expenses.
In this IPO, Yuejiang anticipates a net fundraising amount of approximately HKD 0.72 billion (based on the median of the issue price range): around 40% will be used for the development of cutting-edge technology in Asia Vets; approximately 27% will be allocated for production line and manufacturing capacity development; around 16% will go toward strategic alliances, investment, and acquisition opportunities in the downstream of the industry; about 7% will be used to expand overseas sales channels, planning to establish three overseas subsidiaries in Thailand, Mexico, and the UAE and to enhance overseas marketing; and about 10% will be used for working capital and other general corporate purposes.
In this IPO, GUOTAI JUNAN I and Agricultural Bank of China International serve as joint sponsors, overall coordinators, and joint global coordinators, with other underwriters including Ping An Securities, SWHYHK, and TradeGo Markets; Ernst & Young is the auditor; Jingtian & Gongcheng and Wilson Sonsini are the legal counsel for the company in China and the USA respectively; JunZeJun and King & Wood Mallesons (Hong Kong) are the legal advisors for the broker in China and Hong Kong respectively; ZY Consulting is the industry advisor.
The prospectus shows that in the post-listing shareholder structure of Yuejiang, Mr. Liu Peichao directly holds 23.96% and controls Yuejiang Limited Partnership and Qinmo Limited Partnership, holding 3.15% and 0.86% respectively, totaling 27.97% of the voting rights. Lumo Limited Partnership, Qimo Limited Partnership, and Chumo Limited Partnership hold 3.72%, 3.24%, and 2.91% respectively; senior independent investors: Shenzhen Capital Group holds 5.44%, Songhe Growth holds 5.42%, Qianhai Equity holds 4.89%, and CICC QiZhi holds 4.04%; senior independent investors: Zhongguancun Internet Investment Fund's Zhongnet Holdings holds 3.31%, and China Merchants Capital's Wuxi Industrial Development holds 1.52%; other investors: Ningbo Tongban holds 3.47%; Wens Foodstuff Group (300498.SZ)’s Wenrun Zhenxin and Hengqin Qichuang hold 2.48% and 0.05% respectively; CRRC Corporation (601766.SH, 01766.HK)’s CRRC Venture Capital holds 2.44%; Mr. Lang Xulin holds 1.99%; Mr. Wu Zhiwen also holds 1.99%; Hangzhou Daosheng and Tongdao Qichuang hold 1.19% and 0.58% respectively; Shenzhen Qunda holds 1.68%; Wuxi Yunhui holds 1.52%; Shenzhen Tou Control investor Shenzhen Qianfan and Haikou Guoying hold 1.27% and 0.02% respectively; Hangzhou Junyi holds 1.26%; Ningbo Zhuoyuan and Hangzhou Shiwei hold 0.81% and 0.15% respectively; Mr. Liu Dan holds 0.89%; Zhongyuan Qianhai holds 0.86%; Tibet Xinxingrong holds 0.86%; Zhuhai Jiufeit holds 0.64%; Mitou Zhiyue holds 0.56%; Ningbo Leili and Shenzhen Owong hold 0.35% and 0.17% respectively; Shenzhen Weijia holds 0.45%; Hailian Zhongzheng holds 0.40%; ShanDong Huarong holds 0.40%; Shenzhen Yanxi holds 0.40%; Shanghai Shizhineng holds 0.25%; Mr. Liu Simeng holds 0.18%; Ms. Yin Guofeng holds 0.11%; Rongyuan Tianjin holds 0.09%; global offering shareholder holdings amount to 10.0%.
Yuejiang Technology, established in 2015, is one of the leading companies engaged in the development, manufacturing, and commercialization of collaborative robots (commonly known as "cobots"). According to a ZY Consulting report, based on shipment volume in 2023, Yuejiang Technology ranks among the top two in the global collaborative robot industry and is the number one in China among all collaborative robot companies, with a global market share of 13.0%. According to the ZY Consulting report, Yuejiang Technology is one of the few players in the global industry with its proprietary full-stack technology covering the entire development process of collaborative robots, including design and manufacturing, key component development, Control System development, key algorithm formulation and iteration, deployment of multifunctional collaborative robots for different tasks, and AI function development. As of December 6, 2024, Yuejiang Technology offers four series of a total of 27 models of collaborative robots, with load capacities ranging from 0.25 kilograms to 20 kilograms, among which 22 are six-axis models and 5 are four-axis models, making it the company with the most diverse product portfolio in the global collaborative robot industry, capable of meeting numerous usage scenarios across manufacturing, retail, medical, STEAM Education, and research fields.
Yuejiang prospectus link:
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1213/2024121300030_c.pdf
