① Jingwei Tiandi rose 164% on the first day of listing. Why is capital concerned? ② Insurance intermediaries hand back technology forms. What are the highlights of the business?
Financial Services Association, January 14 (Editor: Feng Yi) The Financial Services Association brings you weekly Hong Kong stock IPO information.
As of press release, a total of 3 companies have submitted listing applications this week (January 8 to January 14), and none have passed the hearing; 2 other companies have offered shares and listed 4 new shares.
Let's take a look at the submission form. A total of 3 companies have submitted listing applications this week:
1) On January 11, Lianlian Digital Technology Co., Ltd. updated its prospectus, with CICC and J.P. Morgan as co-sponsors.
According to the prospectus, Lianlian Digital is a digital payment solution provider in China. As of September 30, 2023, the total number of merchants and enterprises served by the company had increased to about 3.2 million, and the TPV for the nine months ended September 30, 2023 was approximately RMB 1.31 trillion.
Financial reports show that in 2020-2022, the company's revenue was approximately 589 million yuan, 644 million yuan, and 743 million yuan respectively; gross margins for the same period were 64.3%, 68.2%, 62.7% and 57.9%, respectively.
2) On January 12, Shouhui Technology Co., Ltd. submitted a statement to the main board of the Hong Kong Stock Exchange, with CICC and Huatai International as co-sponsors.
According to the prospectus, Handway Technology is an online personal insurance intermediary service provider in China. Based on the total contract premiums for long-term personal insurance in 2022, the company is the third largest online insurance intermediary agency in China, with a market share of 7.1%.
Financial reports show that as of fiscal year 2021 and 2022, the company's revenue was approximately 1,548 million yuan and 806 million yuan respectively, and net profit for the same period was -204 million yuan and 131 million yuan respectively.
3) On January 12, Shanghai Shengtong Information Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor.
According to the prospectus, in terms of 2022 revenue, the company ranked second in the Chinese enterprise-level full-stack interactive artificial intelligence solution market, with a market share of 2.7%. Financial reports show that in 2020-2022, the company's revenue was 347 million yuan, 460 million yuan and 515 million yuan respectively.
In addition, two other companies were listed on the Hong Kong Stock Exchange this week, and one of them was listed this week:
1) Tianjin Construction Development (02515.HK): Proposed shares from December 29, 2023 to January 11, 2024. It plans to sell 53.95 million shares globally. The Hong Kong public sale accounts for about 10%, the international sale accounts for about 90%, and the additional 15% over-allotment rights. Each share is offered at HK$2.5-HK$2.9, with 2000 shares per lot.
2) Jingwei Tiandi (02477.HK): Proposed shares from December 28, 2023 to January 9, 2024. It plans to sell 125 million shares. The public sale accounts for 10%, the placement accounts for 90%, and the additional 15% over-allotment rights. Each sale share is HK$1.00-HK$1.30, with 4,000 shares per lot.
On January 12, Jingwei Tiandi landed on the Hong Kong Stock Exchange. On the first day of listing, it surged 164% to HK$2.64 per share, with a total market value of HK$1,320 billion. According to reports, Jingwei Tiandi is a network support and information and communication technology (ICT) integration service provider and software developer for China Telecom. In 2020-2022, the company's revenue was 196 million yuan, 203 million yuan, and 227 million yuan respectively, mainly due to the overall upward trend in the number of ICT integrated service projects.
It is worth noting that Jingwei Tiandi's 164% increase on the first day also set a new high of the first-day increase in Hong Kong stock IPOs in the past 10 months.
Last time, the first-day increase in Hong Kong IPOs reached three digits, which also dates back to Zhongtian Hunan Group (02433.HK), which was listed on March 30, 2023.
In addition to Jingwei Tiandi, 3 new shares were listed this week:
1) On January 9, Changjiu Shares (06959.HK) rose more than 16% on the first day of listing and 15.63% on the second day. As of January 12, the cumulative increase compared to the issue price was over 30%. The company is the leading vehicle monitoring service provider for car pledges
2) On January 9, China Shenzhen Construction (02503.HK) closed down 28% on the first day, then rebounded over the next few trading days. As of January 12, there was a cumulative drop of 7% from the issue price. More than 80% of the company's revenue was concentrated in Guangdong, and the bid rate for projects showed signs of declining in recent years.
3) On January 9, the private cancer hospital US-China Jiahe (02453.HK) fell 22.41% on the first day of listing, then rebounded slightly in the following trading days. As of January 12, it had fallen 5.46% from the issue price to HK$13.5/share, with a total market value of over HK$9.6 billion.