Company Overview
| Stock Name | Netjoy |
|---|---|
| Stock Code | 02131 |
| Company Full Name | To be extracted |
| Industry | 廣告營銷 |
| Principal Activities | 中國領先的短視頻營銷解決方案供應商及集中於泛娛樂的線上內容服務供應商，主要透過向廣告主及廣告代理提供線上營銷解決方案（包括用戶流量獲取、廣告素材製作及廣告效果優化），以及透過花邊平台向廣告聯盟及廣告主提供廣告位產生收入。 |
| Listing Date | 2020-12-17 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市徐匯區桂林路396號3號樓5樓 |
| Business Address (Hong Kong) | 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.netjoy.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$ 6.98 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,000 shares |
| Entry Threshold | HK$ 6,980 |
| Par Value | To be extracted |
| Offer Period | 2020-12-07 to 2020-12-10 |
| Global Offering Shares | 200,000,000 shares |
| HK Public Offer Shares (Initial) | 20,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | 20,000lots (Pool A10,000lots，Pool B10,000lots) |
| International Placing Shares (Initial) | 180,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 800,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 21.7% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,396,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 0 lots | 643 | HK$ 4,488 |
| 1 lots | 1,000 | HK$ 6,980 |
| 2 lots | 2,000 | HK$ 13,960 |
| 3 lots | 3,000 | HK$ 20,940 |
| 4 lots | 4,000 | HK$ 27,920 |
| 5 lots | 5,000 | HK$ 34,900 |
| 6 lots | 6,000 | HK$ 41,880 |
| 7 lots | 7,000 | HK$ 48,860 |
| 8 lots | 8,000 | HK$ 55,840 |
| 9 lots | 9,000 | HK$ 62,820 |
| 10 lots | 10,000 | HK$ 69,800 |
| 15 lots | 15,000 | HK$ 104,700 |
| 20 lots | 20,000 | HK$ 139,600 |
| 25 lots | 25,000 | HK$ 174,500 |
| 30 lots | 30,000 | HK$ 209,400 |
| 35 lots | 35,000 | HK$ 244,300 |
| 40 lots | 40,000 | HK$ 279,200 |
| 45 lots | 45,000 | HK$ 314,100 |
| 50 lots | 50,000 | HK$ 349,000 |
| 60 lots | 60,000 | HK$ 418,800 |
| 70 lots | 70,000 | HK$ 488,600 |
| 80 lots | 80,000 | HK$ 558,400 |
| 90 lots | 90,000 | HK$ 628,200 |
| 100 lots | 100,000 | HK$ 698,000 |
| 158 lots | 158,156 | HK$ 1,103,929 |
| 200 lots | 200,000 | HK$ 1,396,000 |
| 300 lots | 300,000 | HK$ 2,094,000 |
| 400 lots | 400,000 | HK$ 2,792,000 |
| 500 lots | 500,000 | HK$ 3,490,000 |
| 600 lots | 600,000 | HK$ 4,188,000 |
| 700 lots | 700,000 | HK$ 4,886,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 800,000 | HK$ 5,584,000 |
| 900 lots | 900,000 | HK$ 6,282,000 |
| 1,000 lots | 1,000,000 | HK$ 6,980,000 |
| 2,000 lots | 2,000,000 | HK$ 13,960,000 |
| 3,000 lots | 3,000,000 | HK$ 20,940,000 |
| 4,000 lots | 4,000,000 | HK$ 27,920,000 |
| 5,000 lots | 5,000,000 | HK$ 34,900,000 |
| 6,000 lots | 6,000,000 | HK$ 41,880,000 |
| 7,000 lots | 7,000,000 | HK$ 48,860,000 |
| 10,000 lots | 10,000,000 | HK$ 69,800,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 362M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +2509% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 5,584,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣72.9百萬元 |
| 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 | 235,425 | 1,186,172 | 2,313,036 |
| Cost of sales | -185,720 | -1,077,913 | -2,153,747 |
| Gross profit | 49,705 | 108,259 | 159,289 |
| Other income and gains, net | 359 | 1,123 | 15,600 |
| Selling and distribution expenses | -1,301 | -5,910 | -7,793 |
| Administrative expenses | -5,658 | -13,525 | -41,561 |
| Operating profit | 35,684 | 77,625 | 85,232 |
| Net finance costs | -341 | -2,712 | -6,524 |
| Share of associates and JVs | 42 | -304 | 381 |
| Profit before tax | 35,385 | 74,609 | 79,089 |
| Income tax expense | -2,387 | -5,126 | -6,155 |
| Profit for the year | 32,998 | 69,483 | 72,934 |
| Profit attributable to owners | 32,998 | 69,483 | 72,934 |
Balance Sheet
| Item | 2017 | 2018 | 2019 | 2020-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 26,190 | 6,300 | 34,840 | |
| Trade and bills receivables | 98,504 | 380,312 | 457,025 | |
| Total current assets | 135,342 | 422,748 | 598,574 | |
| Total current liabilities | 63,391 | 224,019 | 356,240 | |
| Total equity | 74,771 | 208,223 | 281,677 | |
| Equity attributable to owners | 74,771 | 208,223 | 281,677 | |
| Interest-bearing borrowings | 0 | 27,800 | 91,547 | 80,942 |
Cash Flow Statement
| Item | 2017 | 2018 | 2019 | 2020-06 |
|---|---|---|---|---|
| Net cash from operating activities | 7,097 | -113,900 | -3,968 | |
| Net cash from investing activities | -1,235 | -5,910 | -10,769 | |
| Depreciation of PP&E | 203 | 261 | 938 | 717 |
| Depreciation of right-of-use assets | 610 | 674 | 3,206 | 2,274 |
| Amortisation of intangible assets | 5 | 5 | 470 | 452 |
| Purchase of PP&E | -504 | -364 | -2,511 | -1,195 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 8.12 |
|---|---|
| First Day Open | HK$ 6.98 |
| First Day Change | 16.33% |
| First Day Volume | 266574000.0 |
| First Day Turnover | 2062320000.0 |
| Use of Proceeds | 1、約12.3%或158.6百萬港元將用于加強我們的研發能力（尤其是機器學習及AI能力）及改善我們的信息科技基建；
2、約51.9%或671.7百萬港元將用于透過提升與現有媒體合作伙伴的關系，擴大廣告主及媒體合作伙伴群以及達致多元化收入資源擴張業務；
3、約25.8%或333.7百萬港元將用作尋求上下游行業參與者的策略投資與收購機會；
4、約10.0%或129.3百萬港元將用作營運資金及一般企業用途。 |
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 Bookrunners (7)
Joint Lead Managers (9)
海通国际证券有限公司 CE AAF806
DBS ASIA CAPITAL LIMITED CE AAE430
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
中信建投（国际）融资有限公司 CE BAU112
BOCOM International Securities Limited CE APJ121
BOCI ASIA LIMITED CE AET863
oOo Securities (HK) Group Limited CE AJH488
Futu Securities International (HONG KONG) Limited CE AZT137
SBI China Capital Financial Services Limited CE ABD523
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Affin Hwang Asset Management Berhad | 155,011,840 HKD | — | 11.10% | — | 6 months | 2021-06-17 |
| 2 | Green Better Limited | 23,250,380 HKD | — | 1.67% | — | 6 months | 2021-06-17 |
| 3 | SensePower Management Limited | 15,495,600 HKD | — | 1.11% | — | 6 months | 2021-06-17 |
| 4 | 汇丰环球投资管理(香港)有限公司 | 38,752,960 HKD | — | 2.78% | — | 6 months | 2021-06-17 |
| 5 | 上海紫竹小苗股权投资基金有限公司 | 30,998,180 HKD | — | 2.22% | — | 6 months | 2021-06-17 |
| 6 | 太平洋资产管理有限责任公司 | 38,752,960 HKD | — | 2.78% | — | 6 months | 2021-06-17 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 徐佳慶 | — |
| Company Secretary | 彭婷、梁瑞冰 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 最終控股股東王晨先生、徐佳慶先生及覃渺渺先生作為一致行動人，透過各自家族信託持有本公司約41.58%股份（緊隨全球發售完成後，假設超額配股權未獲行使）；戴先生持股約8.39%；客齊集持股約9.74%；吳通控股持股約7.52%。 |
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