Company Overview
| Stock Name | China Risun GP |
|---|---|
| Stock Code | 01907 |
| Company Full Name | To be extracted |
| Industry | Industrial Goods |
| Principal Activities | 我們為中國的焦炭、焦化產品和精細化工產品綜合生產商及供應商，按2017年數量計為全球最大的獨立焦炭生產商及供應商，並於中國或全球多個精細化工產品領域處於領先地位。 |
| Listing Date | 2019-03-15 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京豐台區總部基地南四環西路188號5區4棟 |
| Business Address (Hong Kong) | 香港告士打道262號中糧大廈2303室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.risun.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 2.80 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2019-02-28 to 2019-03-05 |
| Global Offering Shares | 600,000,000 shares |
| HK Public Offer Shares (Initial) | 60,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 540,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 4,000,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 42.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,680,000,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 9.31B |
|---|---|
| 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 | 盈利不少于人民币2,022百万元 |
| 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 | 9,993,063 | 12,216,609 | 18,658,278 |
| Cost of sales | -9,477,814 | -11,243,196 | -16,653,039 |
| Gross profit | 515,249 | 973,413 | 2,005,239 |
| Other income and gains, net | 180,264 | 224,413 | 212,639 |
| Selling and distribution expenses | -527,568 | -546,255 | -700,264 |
| Administrative expenses | -223,918 | -225,172 | -283,861 |
| Operating profit | -8,502 | 760,028 | 1,184,312 |
| Net finance costs | -485,483 | -528,281 | -624,238 |
| Share of associates and JVs | -86,832 | 159,089 | 285,869 |
| Profit before tax | -580,817 | 390,836 | 845,943 |
| Income tax expense | 73,701 | -35,875 | -80,370 |
| Profit for the year | -507,116 | 354,961 | 765,573 |
| Profit attributable to owners | -507,116 | 359,299 | 754,674 |
Balance Sheet
| Item | 2015 | 2016 | 2017 | 2018-09 |
|---|---|---|---|---|
| Cash and cash equivalents | 213,192 | 156,575 | 599,987 | |
| Trade and bills receivables | 2,465,037 | 3,387,083 | 3,629,797 | |
| Inventories | 311,115 | 761,168 | 807,490 | |
| Total current assets | 6,503,261 | 9,273,347 | 9,445,155 | |
| Total assets | 16,653,190 | 21,139,723 | 21,839,051 | |
| Total current liabilities | 13,768,420 | 15,844,169 | 15,951,278 | |
| Total liabilities | 14,776,274 | 18,428,041 | 18,729,342 | |
| Total equity | 1,876,916 | 2,711,682 | 3,109,709 | |
| Equity attributable to owners | 1,876,916 | 2,629,262 | 3,016,390 | |
| Interest-bearing borrowings | 7,545,649 | 10,829,692 | 9,836,788 | 8,725,770 |
Cash Flow Statement
| Item | 2015 | 2016 | 2017 | 2018-09 |
|---|---|---|---|---|
| Net cash from operating activities | 975,962 | 330,955 | 2,462,597 | |
| Depreciation of PP&E | 385,287 | 531,755 | 537,187 | 435,067 |
| Depreciation of right-of-use assets | 18,444 | 22,034 | 26,735 | 17,615 |
| Amortisation of intangible assets | 1,958 | 5,135 | 7,523 | 6,322 |
| Purchase of PP&E | -592,205 | -537,887 | -776,587 | -765,352 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 2.8 |
|---|---|
| First Day Open | HK$ 2.8 |
| First Day Change | -0.71% |
| First Day Volume | 34786000.0 |
| First Day Turnover | 96921600.0 |
| Use of Proceeds | 1、約40%，或629.3百萬港元，將用于償還現有境內及境外債務；
2、約30%，或471.9百萬港元，將用于收購、戰略投資及發展我們對中國其他第三方焦炭及精細化工產品生產商的戰略運營及管理服務；
3、約20%，或314.6百萬港元，將用于改善我們的環保設施和措施，以及提升我們的自動化及信息化系統；
4、約10%，或157.4百萬港元，將用作公司一般營運資金。 |
Underwriting Syndicate
Sole Sponsor (1)
国泰君安融资有限公司 CE AGS488
Overall Coordinators (1)
国泰君安证券（香港）有限公司 CE ABY236
Joint Bookrunners (7)
Joint Lead Managers (11)
国泰君安证券（香港）有限公司 CE ABY236
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
海通国际证券有限公司 CE AAF806
建银国际金融有限公司 CE AJO225
Mason Securities Limited CE AAC086
Credit Agricole Corporate and Investment Bank CE AAK816
YUANYIN SECURITIES LIMITED CE BMW035
EVER-LONG SECURITIES COMPANY LIMITED CE ACM423
SBI China Capital Financial Services Limited CE ABD523
Funde Securities Limited CE BHT984
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | LFM Oversea SP | 78,475,600 HKD | — | 4.67% | — | 6 months | 2019-09-15 |
| 2 | Wide Bridge Limited | 117,714,800 HKD | — | 7.01% | — | 6 months | 2019-09-15 |
| 3 | 广州番禺海怡房地产开发有限公司 | 117,714,800 HKD | — | 7.01% | — | 6 months | 2019-09-15 |
| 4 | 河南金马能源股份有限公司 | 39,236,400 HKD | — | 2.34% | — | 6 months | 2019-09-15 |
| 5 | 江西黑猫炭黑股份有限公司 | 22,461,600 HKD | — | 1.34% | — | 6 months | 2019-09-15 |
| 6 | 力都贸易有限公司 | 141,257,200 HKD | — | 8.41% | — | 6 months | 2019-09-15 |
| 7 | 银鑫控股有限公司 | 117,714,800 HKD | — | 7.01% | — | 6 months | 2019-09-15 |
| 8 | 中国禄丰私募资金有限公司 | 78,475,600 HKD | — | 4.67% | — | 6 months | 2019-09-15 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 楊雪崗 | — |
| Company Secretary | 何沛霖 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 楊先生透過全資擁有的泰克森及First Milestone持有本公司權益，緊隨全球發售完成後（假設超額配股權未獲行使）合共持有3,116,074,928股股份，佔已發行股本約77.9%。 |
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