On May 27, 2024, Quzhi Group Qunabox Group Limited (hereinafter referred to as “Quzhi Group”) (00917.HK) was successfully listed on the main board of the Hong Kong Stock Exchange.
In this IPO, Quzhi Group sold 19.904 million shares worldwide, with a sale price of HK$25.00 per share. The total capital raised was approximately HK$493 million, and the net proceeds were approximately HK$421 million. Quzhi Group was subscribed 12.05 times as much as part of this public offering.
Quzhi Group, founded in 2013, is a marketing service provider focusing on outdoor marketing of FMCG products. It uses a widely distributed vending machine network with interactive marketing functions, combined with an online platform with technical support, so that target consumers can have a convenient and fun experience when testing and obtaining FMCG products, and at the same time solicit necessary interaction and feedback. The vending machine developed by Quzhi Group is equipped with various modules, including smell emission, motion recognition and voice interaction, to achieve efficient and interactive machine marketing services. According to the consulting data, the company is the only company in China that provides such services. According to Insight Consulting, in terms of revenue in 2023, Quzhi Group was the fourth largest FMCG outdoor marketing solution provider in China, with a market share of about 1.2%.
In this IPO, Quzhi Group introduced Jinli Fortis as the cornerstone investor and subscribed for 3.127,600 shares to be sold, accounting for about 15.87% of the global sale shares and 1.19% of the total share capital after the completion of the global sale.
According to the prospectus, in the shareholder structure of Quzhi Group after listing, Ms. Yin Juehui held 27.52% of the shares through Beyond Branding, controlled by trust; Ms. Yin Juelian (sister of Ms. Yin Juehui) held 3.36% of the shares through the trust; Mr. Cao Liwen held 3.36% of the shares of KioskJoy through trust control; Mr. Wu Wenhong held 1.68% of the shares through INSIGMA; Mr. Huang Aihua held 1.68% of the shares through NeoBox; Mr. Qian Jun held 1.68% of the shares through Q-robot Shop 1.68%; the aforementioned shareholders acted in concert and acted in accordance with the instructions of Ms. Yin Juehui, in total, they were able to exercise 39.27% of their voting rights. Mr. Yeung Man holds 8.61% and 2.93% of shares through Banyan Pacific and BPC; Junlian Capital holds 8.37% of shares through Shanghai Junna; Mr. Zhang Fan holds 0.99% of shares through QFUN; 6.85% of shares through Xiamen C&D; Mr. Wang Qing holds 1.09% of shares through QFUN Tech; Mr. Liu Xiaoying, founder of Eagle Fund, holds 2.97% of shares; Shanghai Eagle holds 0.30% of shares; Shanghai Yingmaisheng holds 1.29% of shares; Mr. Qi Zhenlin passed Beyond Marketing holds 0.23% of shares; Shanghai Yuanhe Zhi holds 1.52%; Shanghai Yuanyu Qu shares 8.11%; Yuanqu Phase III holds 2.66% of shares; Mr. Hu Minglie holds 0.53% of shares through Foresight; Mr. Chen Haohua holds 0.97% of shares through Sinoace; Shanghai Hongjiufun holds 3.22% of shares; Anji County Finance Bureau holds 2.35% of shares through Ai Liang Shan. Other public shareholders hold 7.50% of the shares.
The main intermediary team for Quzhi Group (00917.HK)'s IPO listing is:
Haitong International is its sole sponsor, exclusive overall coordinator, exclusive global coordinator, joint bookkeeper, and joint lead manager;
China and Thailand International, CCB International, Agricultural Bank International, SPDB International, Fosun International Securities, BOC International, and Huafu Construction are the joint bookkeepers and joint lead managers;
Futu Securities and Livermore Securities are its co-lead managers;
EY is its auditor;
Zhide and Mimax are the company's Chinese lawyers and the company's Hong Kong and US lawyers respectively;
Jingtian Gongcheng and Colu are their Chinese lawyers and Hong Kong and US lawyers respectively;
Insight Consulting is its industry advisor.
Links to Fun Group's prospectus:
