Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 赣锋锂业 |
|---|---|
| Other Market Stock Code | 002460 |
| H-Share Offer Price | To be extracted |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Ganfenglithium |
|---|---|
| Stock Code | 01772 |
| Company Full Name | To be extracted |
| Industry | New Energy |
| Principal Activities | 全球第三大及中國最大的鋰化合物生產商及全球最大金屬鋰生產商，提供五大類逾40種鋰化合物及金屬鋰產品，擁有垂直整合業務模式，涵蓋上游鋰提取、中游鋰化合物及金屬鋰加工以及下游鋰電池生產及回收等價值鏈重要環節。 |
| Listing Date | 2018-10-11 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江西省新余市經濟開發區龍騰路 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號陽光中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | ganfenglithium.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 | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 16.50 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2018-09-27 to 2018-10-03 |
| Global Offering Shares | 200,185,800 shares |
| HK Public Offer Shares (Initial) | 20,018,800 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 180,167,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,315,081,160 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 54.4% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 3,303,065,700 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 23.17B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
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2095.1百萬元 |
| 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 | 2018-03 |
|---|---|---|---|---|
| Revenue | 1,344,179 | 2,633,456 | 4,171,201 | 1,044,434 |
| Cost of sales | -1,043,892 | -1,628,199 | -2,496,146 | -558,672 |
| Gross profit | 300,287 | 1,005,257 | 1,675,055 | 485,762 |
| Other income and gains, net | 128,182 | 893,702 | 1,122,730 | 66,028 |
| Selling and distribution expenses | -34,551 | -50,870 | -53,207 | -8,488 |
| Administrative expenses | -82,341 | -109,349 | -192,878 | -95,880 |
| Operating profit | 262,391 | 1,210,826 | 2,398,178 | 352,800 |
| Net finance costs | -18,742 | -21,000 | -56,897 | -18,552 |
| Share of associates and JVs | -677 | -672 | 25,959 | -24,782 |
| Profit before tax | 242,972 | 1,189,154 | 2,367,240 | 309,466 |
| Income tax expense | -25,102 | -71,093 | -272,190 | -67,003 |
| Profit for the year | 217,870 | 1,118,061 | 2,095,050 | 242,463 |
| Profit attributable to owners | 218,227 | 1,117,007 | 2,095,548 | 242,611 |
Balance Sheet
| Item | 2015 | 2016 | 2017 | 2018-03 |
|---|---|---|---|---|
| Cash and cash equivalents | 162,871 | 169,183 | 2,165,352 | 1,217,403 |
| Trade and bills receivables | 478,703 | 576,895 | 945,436 | 990,296 |
| Inventories | 313,146 | 534,354 | 914,835 | 1,148,348 |
| Total current assets | 1,098,598 | 2,105,259 | 4,567,682 | 4,670,286 |
| Total assets | 2,597,012 | 4,282,003 | 7,999,100 | 8,284,141 |
| Total current liabilities | 482,881 | 1,190,878 | 2,814,329 | 2,820,133 |
| Total liabilities | 644,367 | 1,318,236 | 3,955,930 | 3,977,324 |
| Total equity | 1,952,645 | 2,963,767 | 4,043,170 | 4,306,817 |
| Equity attributable to owners | 1,951,981 | 2,961,549 | 4,037,204 | 4,304,049 |
| Interest-bearing borrowings | 284,697 | 594,635 | 1,562,015 | 1,430,147 |
Cash Flow Statement
| Item | 2015 | 2016 | 2017 | 2018-03 |
|---|---|---|---|---|
| Net cash from operating activities | 365,965 | 658,473 | 503,866 | -135,686 |
| Net cash from investing activities | -550,224 | -884,262 | -840,192 | -675,848 |
| Net cash from financing activities | -16,852 | 230,917 | 2,336,662 | -119,460 |
| Net increase in cash | -201,111 | 5,128 | 2,000,336 | -930,994 |
| Depreciation of PP&E | 74,676 | 83,329 | 96,534 | 28,310 |
| Amortisation of intangible assets | 3,246 | 5,365 | 9,203 | 2,015 |
| Purchase of PP&E | -131,048 | -506,200 | -297,133 | -126,031 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 11.76 |
|---|---|
| First Day Open | HK$ 15.3 |
| First Day Change | -28.73% |
| First Day Volume | 40783100.0 |
| First Day Turnover | 539861000.0 |
| Use of Proceeds | 1、約1838.9百萬港元（約58%，其中30%擬用于上游業務、14%用于中游業務及14%用于下游業務）擬用于(i)上游鋰資源的投資及收購，及(ii)就勘探上游鋰資源及擴充鋰化合物、金屬鋰、鋰電池及鋰回收的產能提供資本開支
2、約697.5百萬港元（約22%）擬用作向美洲鋰業提供財務協助，而美洲鋰業將使用該等資金支付建造Cauchari-Olaroz項目的資本開支；
3、約317.0百萬港元（約10%）擬用作加大研發力度，尤其是固態鋰電池的研發；
4、約317.0百萬港元（約10%）擬用作營運資金及一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
Citigroup Global Markets Asia Limited CE AAA137
Overall Coordinators (3)
Joint Bookrunners (7)
Joint Lead Managers (9)
Citigroup Global Markets Asia Limited CE AAA137
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Deutsche Bank AG, Hong Kong Branch CE AAK077
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
HEAD & SHOULDERS SECURITIES LIMITED CE AFS455
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 | Dongfeng Asset Management Co., Ltd. | 235,082,100 HKD | — | 7.12% | — | 6 months | 2019-04-11 |
| 2 | LG Chem, Ltd. | 391,802,400 HKD | — | 11.86% | — | 6 months | 2019-04-11 |
| 3 | Samsung SDI Co., Ltd. | 391,802,400 HKD | — | 11.86% | — | 6 months | 2019-04-11 |
| 4 | 霍尔果斯海邦财智股权投资合伙企业 | 66,518,100 HKD | — | 2.01% | — | 6 months | 2019-04-11 |
| 5 | 一汽股权投资(天津)有限公司 | 164,435,700 HKD | — | 4.98% | — | 6 months | 2019-04-11 |
| 6 | 中国国有企业结构调整基金股份有限公司 | 548,526,000 HKD | — | 16.61% | — | 6 months | 2019-04-11 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 李良彬 | — |
| Company Secretary | 任宇塵、張啟昌 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 李良彬先生持有269,770,452股A股，佔緊隨全球發售完成後已發行股本約20.51%；其配偶黃蓉女士被視為持有同等權益。王曉申先生持有100,898,904股A股，佔約7.67%；其配偶肖璇女士被視為持有同等權益。 |
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