Company Overview
| Stock Name | 7Road |
|---|---|
| Stock Code | 00797 |
| Company Full Name | To be extracted |
| Industry | 娛樂/媒體 |
| Principal Activities | 網絡遊戲開發及營運，包括自研及代理遊戲的開發、營運及授權，業務遍及全球。 |
| Listing Date | 2018-07-18 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國廣東省深圳市南山區科技園科苑路15號科興科學園A1–A2棟17–18樓 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | 7road.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 1.50 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2018-06-29 to 2018-07-11 |
| Global Offering Shares | 666,680,000 shares |
| HK Public Offer Shares (Initial) | 66,668,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 600,012,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 2,666,680,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 31.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,000,020,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 2.19B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +331% |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣257.2百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2015 | 2016 | 2017 |
|---|---|---|---|
| Revenue | 375,611 | 403,151 | 445,295 |
| Cost of sales | -62,881 | -43,601 | -37,881 |
| Gross profit | 312,730 | 359,550 | 407,414 |
| Other income and gains, net | 39,347 | 24,732 | 21,361 |
| Selling and distribution expenses | -5,745 | -46,237 | -16,156 |
| Administrative expenses | -16,754 | -26,198 | -31,803 |
| Operating profit | 171,777 | -2,083 | 293,558 |
| Net finance costs | 10,048 | 1,642 | -1,014 |
| Share of associates and JVs | 36 | 7,306 | 313 |
| Profit before tax | 181,861 | 2,365 | 279,245 |
| Income tax expense | -13,130 | -19,205 | -22,064 |
| Profit for the year | 168,731 | -16,840 | 257,181 |
| Profit attributable to owners | 168,731 | -16,840 | 257,181 |
Balance Sheet
| Item | 2015 | 2016 | 2017 |
|---|---|---|---|
| Cash and cash equivalents | 51,794 | 47,854 | 130,186 |
| Trade and bills receivables | 123,136 | 149,768 | 101,367 |
| Total current assets | 264,819 | 375,657 | 479,455 |
| Total assets | 707,525 | 904,951 | 917,462 |
| Total current liabilities | 279,378 | 224,748 | 305,667 |
| Total liabilities | 429,379 | 409,351 | 361,617 |
| Total equity | 278,146 | 495,600 | 555,845 |
| Equity attributable to owners | 278,146 | 495,600 | 555,845 |
| Interest-bearing borrowings | 145,885 | 188,252 | 159,751 |
Cash Flow Statement
| Item | 2015 | 2016 | 2017 |
|---|---|---|---|
| Net cash from operating activities | 78,583 | 206,269 | 373,072 |
| Net cash from investing activities | 393,292 | -197,766 | -366 |
| Net cash from financing activities | -438,483 | -16,543 | -287,247 |
| Net increase in cash | 33,392 | -8,040 | 85,459 |
| Purchase of PP&E | -846 | -13,957 | -2,767 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 1.47 |
|---|---|
| First Day Open | HK$ 1.51 |
| First Day Change | -2.00% |
| First Day Volume | 141410000.0 |
| First Day Turnover | 211321000.0 |
| Use of Proceeds | 1、約344.5百萬港元（相等于約人民幣282.4百萬元或約30%）用于為我們開發自研網絡游戲及其他知識產權的研發工作提供資金；
2、約344.5百萬港元（相等于約人民幣282.4百萬元或約30%）用于收購該等供貨商的熱門知識產權或其他相關資產，或投資于或收購該等供應商；
3、約229.8百萬港元（相等于約人民幣188.4百萬元或約20%）將視乎市況及投資規模，用于對預期平均投資回報率在20%以上及投資回收期約為 五年的游戲開發商及發行商的潛在投資；
4、約114.8百萬港元（相等于約人民幣94.1百萬元或約10%）用于為我們的游戲發行業務；
5、約114.8百萬港元（相等于約人民幣94.1百萬元或約10%）用作營運資金及其他一般公司用途。 |
Underwriting Syndicate
Overall Coordinators (4)
Joint Bookrunners (5)
Joint Lead Managers (10)
GF Securities (Hong Kong) Brokerage Limited CE AOB364
建银国际金融有限公司 CE AJO225
海通国际证券有限公司 CE AAF806
oOo Securities (HK) Group Limited CE AJH488
CMB International Capital Limited CE AVM940
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
HEAD & SHOULDERS SECURITIES LIMITED CE AFS455
Futu Securities International (HONG KONG) Limited CE AZT137
VALUABLE CAPITAL LIMITED CE AUL711
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Shengqu Technology Korean Limited | 77,853,000 HKD | — | 7.79% | — | 6 months | 2019-01-18 |
| 2 | 中华金融控股有限公司 | 233,559,000 HKD | — | 23.36% | — | 6 months | 2019-01-18 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 孟書奇 | — |
| Company Secretary | 王曉瑞、張啟昌 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 上海趵虎控股及其相關方持股23.07%，Ben Holdings（孟先生）19.83%，World Holdings（胡先生）15.42%，Songshuxing Holdings（宋書星先生）7.12% |
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