Company Overview
| Stock Name | Ming Yuan Cloud |
|---|---|
| Stock Code | 00909 |
| Company Full Name | To be extracted |
| Industry | Information Technology |
| Principal Activities | 我們專注於為中國房地產開發商及房地產產業鏈其他產業參與者提供企業級ERP解決方案及SaaS產品。 |
| Listing Date | 2020-09-25 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國深圳市南山區粵海街道高新區社區高新南四道18號創維半導體設計大廈東座501-509室 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1901室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.mingyuanyun.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$ 16.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2020-09-15 to 2020-09-18 |
| Global Offering Shares | 374,204,000 shares |
| HK Public Offer Shares (Initial) | 37,422,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 336,782,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,871,019,990 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 34.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 6,174,366,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 3.11B |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +191% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 30,871,829,835 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利约人民币231.6百万元 |
| Period-End Cash Balance | 人民币732.2百万元 |
| 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 | 2017 | 2018 | 2019 |
|---|---|---|---|
| Revenue | 579,608 | 912,795 | 1,263,969 |
| Cost of sales | -119,323 | -177,115 | -269,400 |
| Gross profit | 460,285 | 735,680 | 994,569 |
| Other income and gains, net | 62,967 | 89,085 | 87,502 |
| Selling and distribution expenses | -194,461 | -342,242 | -441,124 |
| Administrative expenses | -82,988 | -80,063 | -108,391 |
| Operating profit | 88,592 | 180,299 | 244,091 |
| Net finance costs | -3,463 | -1,907 | -1,713 |
| Profit before tax | 83,282 | 178,392 | 242,378 |
| Income tax expense | -10,480 | -15,358 | -10,729 |
| Profit for the year | 72,802 | 163,034 | 231,649 |
| Profit attributable to owners | 73,151 | 157,132 | 216,421 |
Balance Sheet
| Item | 2017 | 2018 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 50,165 | 447,922 | 732,207 |
| Trade and bills receivables | 7,055 | 16,228 | 20,962 |
| Inventories | 39 | 242 | 281 |
| Total current assets | 458,415 | 549,958 | 988,488 |
| Total assets | 643,458 | 786,742 | 1,234,688 |
| Total current liabilities | 272,467 | 439,811 | 914,651 |
| Total liabilities | 306,256 | 488,745 | 963,736 |
| Total equity | 337,202 | 297,997 | 270,952 |
| Equity attributable to owners | 347,663 | 302,556 | 266,485 |
Cash Flow Statement
| Item | 2017 | 2018 | 2019 | 2020-03 |
|---|---|---|---|---|
| Net cash from operating activities | 202,788 | 284,570 | 338,872 | |
| Net cash from investing activities | -137,596 | 334,118 | -82,667 | |
| Net cash from financing activities | -34,545 | -220,931 | 28,080 | |
| Net increase in cash | 30,647 | 397,757 | 284,285 | |
| Purchase of PP&E | -10,445 | -9,107 | -16,043 | -7,182 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 30.7 |
|---|---|
| First Day Open | HK$ 25.8 |
| First Day Change | 86.06% |
| First Day Volume | 313366000.0 |
| First Day Turnover | 8350390000.0 |
| Use of Proceeds | 1、約30%或1,772.0百萬港元將于未來一到五年內用于進一步升級及增強現有SaaS產品的功能及特性，旨在應對更多樣化的業務場景并不斷改善SaaS產品的用戶體驗；
2、約20%或1,181.3百萬港元將于未來一到五年內用于加強尖端技術（例如AIoT、數據分析及虛擬現實）的研發工作；
3、約10%或590.7百萬港元將于未來一到三年內用于進一步升級及增強云端ERP解決方案的功能及特性；
4、約10%或590.7百萬港元將于未來一到三年內用于提高銷售及營銷能力并提升我們在中國房地產市場參與者中的品牌聲譽；
5、約20%或1,181.3百萬港元將用于選擇性地尋求戰略投資及收購，我們認為這將使我們能夠擴展現有的SaaS產品服務、提升技術能力并在選定的市場獲得客戶，以配合我們業務的有機增長及達成讓地產生態鏈更智慧的使命；
6、余下約10%或590.7百萬港元將用作營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (2)
Joint Bookrunners (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Futu Securities International (HONG KONG) Limited CE AZT137
GF Securities (Hong Kong) Brokerage Limited CE AOB364
海通国际证券有限公司 CE AAF806
Joint Lead Managers (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Futu Securities International (HONG KONG) Limited CE AZT137
GF Securities (Hong Kong) Brokerage Limited CE AOB364
海通国际证券有限公司 CE AAF806
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Funds | 232,501,500 HKD | — | 3.80% | — | 6 months | 2021-03-25 |
| 2 | Fidelity International | 232,501,500 HKD | — | 3.80% | — | 6 months | 2021-03-25 |
| 3 | GIC Private Limited | 387,502,500 HKD | — | 6.30% | — | 6 months | 2021-03-25 |
| 4 | Hillhouse Funds | 666,501,000 HKD | — | 10.80% | — | 6 months | 2021-03-25 |
| 5 | SCC Growth VI Holdco F, Ltd. | 232,501,500 HKD | — | 3.80% | — | 6 months | 2021-03-25 |
| 6 | 中国国有企业结构调整基金股份有限公司 | 387,502,500 HKD | — | 6.30% | — | 6 months | 2021-03-25 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 高宇 | — |
| Company Secretary | 蔣科陽、司徒嘉怡 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 高宇、陈晓晖及姜海洋为控股股东，分别通过GHTongRui Investment Limited、HengXinYuan Investment Limited及LINGFAN Investment Limited持有本公司已发行股本约21.14%、15.86%及9.99%，合计约46.98%（假设超额配股权未获行使）。 |
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