Company Overview
| Stock Name | Es Services |
|---|---|
| Stock Code | 01995 |
| Company Full Name | To be extracted |
| Industry | 房地产 |
| Principal Activities | 於中國提供物業管理服務、對非業主的增值服務及社區增值服務，涵蓋住宅及非住宅物業，為物業開發商、業主及住戶提供清潔、安保、園藝、維修保養及專項定制服務。 |
| Listing Date | 2018-12-17 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市閔行區申虹路1188號20弄恒基旭輝中心6樓 |
| 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 | ysservice.com.cn |
| 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$ 1.78 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 0.01 / shares |
| Offer Period | 2018-12-07 to 2018-12-07 |
| Global Offering Shares | 380,000,000 shares |
| HK Public Offer Shares (Initial) | 38,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 342,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,500,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 676,400,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 3B |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +201% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 2,760,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利约人民币76.4百万元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 57,200,000 |
| Listing Expenses / Funds Raised | ~8.46% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2015 | 2016 | 2017 | 2018-06 |
|---|---|---|---|---|
| Revenue | 334,002 | 479,963 | 725,317 | 438,626 |
| Cost of sales | -280,240 | -375,316 | -542,392 | -312,268 |
| Gross profit | 53,762 | 104,647 | 182,925 | 126,358 |
| Other income and gains, net | 9,609 | 6,630 | 10,228 | 6,807 |
| Administrative expenses | -41,735 | -64,287 | -87,937 | -77,037 |
| Operating profit | 21,220 | 46,555 | 104,285 | 55,864 |
| Net finance costs | 0 | -1,363 | 0 | 0 |
| Share of associates and JVs | 0 | 0 | 626 | 1,127 |
| Profit before tax | 21,220 | 45,192 | 104,911 | 56,991 |
| Income tax expense | -5,658 | -11,592 | -28,469 | -15,813 |
| Profit attributable to owners | 15,562 | 33,600 | 76,442 | 41,178 |
Balance Sheet
| Item | 2015 | 2016 | 2017 | 2018-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 184,222 | 252,479 | 438,220 | 404,975 |
| Trade and bills receivables | 48,103 | 88,980 | 121,461 | 192,825 |
| Inventories | 48,744 | 46,533 | 267 | 267 |
| Total current assets | 330,251 | 422,591 | 617,171 | 689,325 |
| Total assets | 383,088 | 495,787 | 702,356 | 780,643 |
| Total current liabilities | 239,726 | 318,771 | 445,346 | 505,357 |
| Total liabilities | 248,908 | 328,007 | 457,686 | 518,991 |
| Total equity | 134,180 | 167,780 | 244,670 | 261,652 |
| Equity attributable to owners | 134,180 | 167,780 | 244,670 | 261,652 |
Cash Flow Statement
| Item | 2015 | 2016 | 2017 | 2018-06 |
|---|---|---|---|---|
| Net cash from operating activities | 34,833 | 100,096 | 189,699 | -7,328 |
| Net cash from investing activities | 1,208 | -18,839 | -6,242 | -1,721 |
| Net cash from financing activities | 78,759 | -13,000 | 2,284 | -24,196 |
| Net increase in cash | 114,800 | 68,257 | 185,741 | -33,245 |
| Depreciation of PP&E | 763 | 1,026 | 1,937 | 1,378 |
| Purchase of PP&E | -1,281 | -1,544 | -3,029 | -3,976 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 1.78 |
|---|---|
| First Day Open | HK$ 1.75 |
| First Day Change | 10.11% |
| First Day Volume | 25548000.0 |
| First Day Turnover | 44535800.0 |
| Use of Proceeds | 1、約55%，或340.9百萬港元將用于尋求戰略性收購及投資機會；
2、約26%，或161.1百萬港元將用于利用最新的互聯網及信息技術并建立智能社區；
3、約9%，或約55.8百萬港元將用于開發一站式服務社區平臺及我們的「悅生活」在線服務平臺；
4、約10%，或約62.0百萬港元將用作一般企業用途及營運資金。 |
Underwriting Syndicate
Sole Sponsor (1)
海通国际资本有限公司 CE ADQ859
Overall Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Lead Managers (4)
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 林中 | — |
| Company Secretary | 楊靜文 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 林氏家族（林中、林峰、林偉）透過Elite Force Development、Spectron、旭昇、旭輝控股及Best Legend合共持有緊隨全球發售及資本化發行完成後約70.47%股份。 |
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