Company Overview
| Stock Name | Tiange |
|---|---|
| Stock Code | 01980 |
| Company Full Name | To be extracted |
| Industry | 娛樂/媒體 |
| Principal Activities | 我們為中國最大的實時社交視頻平台，經營八個「多對多」實時社交視頻社區（包括9158視頻社區及新浪秀）及一個「一對多」社區（即新浪秀場），主要通過銷售虛擬物品產生收益，並拓展手機遊戲業務。 |
| Listing Date | 2014-07-09 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國杭州湖墅南路186號美達麗陽國際商務中心3A09室 |
| Business Address (Hong Kong) | 香港皇后大道中15號置地廣場告羅士打大廈8樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | tiange.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$ 5.28 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2014-06-25 to 2014-06-30 |
| Global Offering Shares | 304,267,000 shares |
| HK Public Offer Shares (Initial) | 30,428,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 273,839,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,217,067,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 38.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,606,529,760 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 723.7M |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +1151% |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣92.6百萬元 |
| Period-End Cash Balance | 人民幣171.9百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | 15,100,000美元 |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2011 | 2012 | 2013 |
|---|---|---|---|
| Revenue | 384,442 | 455,768 | 548,240 |
| Cost of sales | -48,185 | -52,312 | -68,145 |
| Gross profit | 336,257 | 403,456 | 480,095 |
| Other income and gains, net | 6,429 | 30,441 | 35,399 |
| Selling and distribution expenses | -125,414 | -169,543 | -166,665 |
| Administrative expenses | -37,965 | -44,351 | -53,268 |
| Operating profit | 139,864 | 163,286 | 226,465 |
| Net finance costs | 1,451 | -5,622 | 402 |
| Profit before tax | -75,286 | -15,285 | -56,431 |
| Income tax expense | -5,320 | -11,948 | -36,178 |
| Profit for the year | -80,606 | -27,233 | -92,609 |
| Profit attributable to owners | -80,606 | -27,233 | -92,602 |
Balance Sheet
| Item | 2011 | 2012 | 2013 |
|---|---|---|---|
| Cash and cash equivalents | 174,944 | 136,637 | 171,896 |
| Trade and bills receivables | 10,442 | 10,516 | 20,804 |
| Total current assets | 344,032 | 505,875 | 592,501 |
| Total assets | 388,972 | 641,280 | 844,386 |
| Total current liabilities | 103,012 | 212,836 | 299,719 |
| Total liabilities | 524,327 | 568,854 | 928,045 |
| Total equity | -135,355 | 72,426 | -83,659 |
| Equity attributable to owners | -135,355 | 72,426 | -88,556 |
| Interest-bearing borrowings | 0 | 0 | 109,745 |
Cash Flow Statement
| Item | 2011 | 2012 | 2013 |
|---|---|---|---|
| Net cash from operating activities | 177,293 | 215,660 | 176,349 |
| Net cash from investing activities | -171,549 | -260,151 | -158,396 |
| Net cash from financing activities | 50,757 | 6,182 | 15,617 |
| Net increase in cash | 56,501 | -38,309 | 33,570 |
| Purchase of PP&E | -12,271 | -82,239 | -43,393 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 5.72 |
|---|---|
| First Day Open | HK$ 5.99 |
| First Day Change | 8.33% |
| First Day Volume | 160666000.0 |
| First Day Turnover | 935511000.0 |
| Use of Proceeds | 1、約20%（或300.5百萬港元）將用于加大研發投入，包括改善現有平臺的性能、開發新社交視頻小區、投資于技術基礎設施及提高網絡維護及安全；
2、約20%（或300.5百萬港元）將用于發展有關實時社交視頻平臺及多平臺、跨設備用戶體驗的手機業務，此舉涉及雇用手機行業的經驗人士以及加大研發投入；
3、約10%（或150.25百萬港元）將用于開發手機游戲業務，包括增加研發投入以開發本身的手機游戲、外判游戲開發及許可使用第三方游戲；
4、約20%（或300.5百萬港元）將用于擴張市場推廣及宣傳活動，包括組織更多在線及線下銷售及宣傳活動以及聘用更多銷售及市場推廣人員；
5、約20%（或300.5百萬港元）將用于在線社交視頻及手機游戲等市場的技術及補充性網絡業務的潛在收購、尋求合伙關系及使用許可機會；
6、約10%（或150.25百萬港元）將用于為營運資金及其他一般企業用途撥資。
|
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (2)
Joint Bookrunners (5)
Joint Lead Managers (5)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Brilliant Pegasus Investment Limited | 129,998,880 HKD | — | 8.09% | — | 6 months | 2015-01-09 |
| 2 | Global Prosper Investments Limited | 77,499,840 HKD | — | 4.83% | — | 6 months | 2015-01-09 |
| 3 | Golden Worldwide Holdings Limited | 77,499,840 HKD | — | 4.83% | — | 6 months | 2015-01-09 |
| 4 | 胡坚 | 38,749,920 HKD | — | 2.41% | — | 6 months | 2015-01-09 |
| 5 | 康健企业咨询及投资有限公司 | 77,996,160 HKD | — | 4.85% | — | 6 months | 2015-01-09 |
| 6 | 李瑞杰 | 38,749,920 HKD | — | 2.41% | — | 6 months | 2015-01-09 |
| 7 | 奇虎360科技有限公司 | 38,749,920 HKD | — | 2.41% | — | 6 months | 2015-01-09 |
| 8 | 瑞轩科技股份有限公司 | 23,247,840 HKD | — | 1.45% | — | 6 months | 2015-01-09 |
| 9 | 西京投资管理(香港)有限公司 | 77,499,840 HKD | — | 4.83% | — | 6 months | 2015-01-09 |
| 10 | 新通国际教育集团有限公司 | 38,749,920 HKD | — | 2.41% | — | 6 months | 2015-01-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 傅政軍 | — |
| Company Secretary | 陳適、伍秀薇 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 主要股東包括傅政軍先生（透過UBS Trustees (BVI) Limited、Three-Body Holdings Ltd及Blueberry Worldwide Holdings Limited持有306,000,000股股份，約佔25.14%）、新浪香港（持有300,000,000股股份，約佔24.65%）、IDG-ACCEL China Growth Fund II L.P.及IDG-ACCEL China Investors II L.P.（合共持有200,000,000股股份，約佔16.43%）、首次公開發售前受限制股份單位受託人（持有72,800,000股股份，約佔5.98%）。 |
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