Company Overview
| Stock Name | Sunac Services |
|---|---|
| Stock Code | 01516 |
| Company Full Name | To be extracted |
| Industry | 物业管理 |
| Principal Activities | 物業管理服務、非業主增值服務及社區增值服務。物業管理服務包括安保、清潔、綠化、園藝及維修維護；非業主增值服務向房地產開發商提供案場、諮詢及開辦服務；社區增值服務向業主及住戶提供美居、社區空間運營、房產經紀及社區生活服務。 |
| Listing Date | 2020-11-19 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 天津市南開區奧城商業廣場A4座5層 |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.sunacservice.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$ 11.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,000 shares |
| Entry Threshold | HK$ 11,600 |
| Par Value | To be extracted |
| Offer Period | 2020-11-09 to 2020-11-12 |
| Global Offering Shares | 690,000,000 shares |
| HK Public Offer Shares (Initial) | 48,300,000 shares (7.0%) |
| Public Offer Lots (Initial) | 48,300lots (Pool A24,150lots，Pool B24,150lots) |
| International Placing Shares (Initial) | 641,700,000 shares (93.0%) |
| Offer Ratio | ~7.0% |
| Total Shares Post-IPO | 3,000,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 35.8% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 8,004,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 11,600 |
| 2 lots | 2,000 | HK$ 23,200 |
| 3 lots | 3,000 | HK$ 34,800 |
| 4 lots | 4,000 | HK$ 46,400 |
| 5 lots | 5,000 | HK$ 58,000 |
| 6 lots | 6,000 | HK$ 69,600 |
| 7 lots | 7,000 | HK$ 81,200 |
| 8 lots | 8,000 | HK$ 92,800 |
| 9 lots | 9,000 | HK$ 104,400 |
| 10 lots | 10,000 | HK$ 116,000 |
| 15 lots | 15,000 | HK$ 174,000 |
| 20 lots | 20,000 | HK$ 232,000 |
| 25 lots | 25,000 | HK$ 290,000 |
| 30 lots | 30,000 | HK$ 348,000 |
| 35 lots | 35,000 | HK$ 406,000 |
| 40 lots | 40,000 | HK$ 464,000 |
| 45 lots | 45,000 | HK$ 522,000 |
| 50 lots | 50,000 | HK$ 580,000 |
| 60 lots | 60,000 | HK$ 696,000 |
| 70 lots | 70,000 | HK$ 812,000 |
| 80 lots | 80,000 | HK$ 928,000 |
| 90 lots | 90,000 | HK$ 1,044,000 |
| 100 lots | 100,000 | HK$ 1,160,000 |
| 200 lots | 200,000 | HK$ 2,320,000 |
| 300 lots | 300,000 | HK$ 3,480,000 |
| 400 lots | 400,000 | HK$ 4,640,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 500 lots | 500,000 | HK$ 5,800,000 |
| 600 lots | 600,000 | HK$ 6,960,000 |
| 700 lots | 700,000 | HK$ 8,120,000 |
| 800 lots | 800,000 | HK$ 9,280,000 |
| 900 lots | 900,000 | HK$ 10,440,000 |
| 1,000 lots | 1,000,000 | HK$ 11,600,000 |
| 2,000 lots | 2,000,000 | HK$ 23,200,000 |
| 4,000 lots | 4,000,000 | HK$ 46,400,000 |
| 5,000 lots | 5,000,000 | HK$ 58,000,000 |
| 8,000 lots | 8,000,000 | HK$ 92,800,000 |
| 10,000 lots | 10,000,000 | HK$ 116,000,000 |
| 15,000 lots | 15,000,000 | HK$ 174,000,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 2.76B |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +228% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 34,800,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣269.9百萬元 |
| 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 | 2017 | 2018 | 2019 |
|---|---|---|---|
| Revenue | 556,697 | 725,480 | 867,857 |
| Cost of sales | -432,144 | -564,194 | -685,686 |
| Gross profit | 124,553 | 161,286 | 182,171 |
| Other income and gains, net | 5,480 | 8,641 | 7,759 |
| Selling and distribution expenses | -6,401 | -8,345 | -11,989 |
| Administrative expenses | -62,514 | -73,282 | -102,672 |
| Operating profit | 65,033 | 83,276 | 77,250 |
| Net finance costs | 60 | -458 | -536 |
| Share of associates and JVs | 629 | 3,587 | 5,722 |
| Profit before tax | 65,722 | 86,405 | 82,436 |
| Income tax expense | -14,172 | -20,778 | -19,551 |
| Profit for the year | 51,550 | 65,627 | 62,885 |
| Profit attributable to owners | 51,508 | 65,544 | 61,253 |
Balance Sheet
| Item | 2017 | 2018 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 104,170 | 60,865 | 268,736 |
| Trade and bills receivables | 72,378 | 114,991 | 127,162 |
| Inventories | 2,844 | 3,538 | 5,652 |
| Total current assets | 334,169 | 371,842 | 466,474 |
| Total assets | 387,736 | 462,787 | 587,988 |
| Total current liabilities | 249,122 | 274,914 | 309,246 |
| Total liabilities | 251,159 | 290,834 | 324,909 |
| Total equity | 136,577 | 171,953 | 263,079 |
| Equity attributable to owners | 134,715 | 169,708 | 258,002 |
Cash Flow Statement
| Item | 2017 | 2018 | 2019 | 2020-05 |
|---|---|---|---|---|
| Net cash from operating activities | 94,282 | 37,639 | 89,056 | |
| Net cash from investing activities | -69,356 | -41,229 | 124,716 | |
| Net cash from financing activities | -8,579 | -39,715 | -5,901 | |
| Net increase in cash | 16,347 | -43,305 | 207,871 | |
| Purchase of PP&E | -14,089 | -9,207 | -13,282 | -941 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 14.14 |
|---|---|
| First Day Open | HK$ 11.6 |
| First Day Change | 21.90% |
| First Day Volume | 189995000.0 |
| First Day Turnover | 2385480000.0 |
| Use of Proceeds | 1、約65%或5,108.8百萬港元將用于尋求與物業管理主業及/或小區運營相關公司的戰略投資及收購機會；
2、約15%或1,179.0百萬港元將用于升級本集團智能管理服務系統，開展本集團智能小區建設；
3、約10%或786.0百萬港元將用于拓展本集團的小區增值服務；
4、約10%或786.0百萬港元將用作營運資金及一般企業用途。 |
Underwriting Syndicate
Overall Coordinators (5)
Joint Bookrunners (10)
香港上海汇丰银行有限公司 CE AAA523
Morgan Stanley Asia Limited CE AAD291
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
Credit Suisse (Hong Kong) Limited CE AAO017
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
CMB International Capital Limited CE AVM940
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Joint Lead Managers (10)
香港上海汇丰银行有限公司 CE AAA523
Morgan Stanley Asia Limited CE AAD291
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
Credit Suisse (Hong Kong) Limited CE AAO017
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
CMB International Capital Limited CE AVM940
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Hillhouse Funds | 464,997,600 HKD | — | 5.81% | — | 6 months | 2021-05-19 |
| 2 | Magical Carpet Limited | 774,996,000 HKD | — | 9.68% | — | 6 months | 2021-05-19 |
| 3 | Snow Lake China Master Fund, Ltd. | 464,997,600 HKD | — | 5.81% | — | 6 months | 2021-05-19 |
| 4 | 意像架构投资(香港)有限公司 | 1,162,494,000 HKD | — | 14.52% | — | 6 months | 2021-05-19 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 汪孟德 | — |
| Company Secretary | 張曉明、黃秀萍 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 融創中國通過其全資附屬公司融創服務投資及融享合共持有緊隨全球發售完成後已發行股本約72.00%；孫先生通過控制融創中國及融創國際等合共持有約74.24%。 |
|---|
