Company Overview
| Stock Name | CH General Edu |
|---|---|
| Stock Code | 02175 |
| Company Full Name | To be extracted |
| Industry | Consumer Discretionary |
| Principal Activities | 在中國山西省太原市經營山西工商學院，提供民辦高等教育服務，為山西省領先的民辦高等教育機構。 |
| Listing Date | 2021-07-16 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國山西省太原市小店區塢城南路99號 |
| Business Address (Hong Kong) | 香港軒尼詩道245-251號守時商業大廈11樓A室之A1室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | chinageg.cn |
| 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$ 3.69 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,000 shares |
| Entry Threshold | HK$ 3,690 |
| Par Value | To be extracted |
| Offer Period | 2021-06-30 to 2021-07-08 |
| Global Offering Shares | 125,000,000 shares |
| HK Public Offer Shares (Initial) | 12,500,000 shares (10.0%) |
| Public Offer Lots (Initial) | 12,500lots (Pool A6,250lots，Pool B6,250lots) |
| International Placing Shares (Initial) | 112,500,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 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$ 461,250,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 3,690 |
| 2 lots | 2,000 | HK$ 7,380 |
| 3 lots | 3,000 | HK$ 11,070 |
| 4 lots | 4,000 | HK$ 14,760 |
| 5 lots | 5,000 | HK$ 18,450 |
| 6 lots | 6,000 | HK$ 22,140 |
| 7 lots | 7,000 | HK$ 25,830 |
| 8 lots | 8,000 | HK$ 29,520 |
| 9 lots | 9,000 | HK$ 33,210 |
| 10 lots | 10,000 | HK$ 36,900 |
| 15 lots | 15,000 | HK$ 55,350 |
| 20 lots | 20,000 | HK$ 73,800 |
| 25 lots | 25,000 | HK$ 92,250 |
| 30 lots | 30,000 | HK$ 110,700 |
| 35 lots | 35,000 | HK$ 129,150 |
| 40 lots | 40,000 | HK$ 147,600 |
| 45 lots | 45,000 | HK$ 166,050 |
| 50 lots | 50,000 | HK$ 184,500 |
| 60 lots | 60,000 | HK$ 221,400 |
| 70 lots | 70,000 | HK$ 258,300 |
| 80 lots | 80,000 | HK$ 295,200 |
| 90 lots | 90,000 | HK$ 332,100 |
| 100 lots | 100,000 | HK$ 369,000 |
| 200 lots | 200,000 | HK$ 738,000 |
| 300 lots | 300,000 | HK$ 1,107,000 |
| 400 lots | 400,000 | HK$ 1,476,000 |
| 500 lots | 500,000 | HK$ 1,845,000 |
| 1,000 lots | 1,000,000 | HK$ 3,690,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 2,000,000 | HK$ 7,380,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 1.36B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +592% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 1,845,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利人民幣142.7百萬元 |
| 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 | 2018-08 | 2019-08 | 2020-08 |
|---|---|---|---|
| Revenue | 267,361 | 266,273 | 271,083 |
| Cost of sales | -96,309 | -108,474 | -107,147 |
| Gross profit | 171,052 | 157,799 | 163,936 |
| Other income and gains, net | 12,779 | 18,196 | 18,967 |
| Selling and distribution expenses | -221 | -300 | -277 |
| Administrative expenses | -34,620 | -37,928 | -39,782 |
| Profit before tax | 144,754 | 137,578 | 142,735 |
| Income tax expense | 0 | 0 | 0 |
| Profit for the year | 144,754 | 137,578 | 142,735 |
| Profit attributable to owners | 144,754 | 137,594 | 142,761 |
Balance Sheet
| Item | 2018-08 | 2019-08 | 2020-08 |
|---|---|---|---|
| Cash and cash equivalents | 300,642 | 211,826 | 89,127 |
| Trade and bills receivables | 74,124 | 247,113 | 19,654 |
| Total current assets | 414,347 | 489,178 | 420,532 |
| Total assets | 1,104,970 | 1,245,149 | 1,172,257 |
| Total current liabilities | 326,582 | 329,183 | 103,056 |
| Total liabilities | 326,582 | 329,183 | 103,056 |
| Total equity | 778,388 | 915,966 | 1,069,201 |
| Equity attributable to owners | 778,388 | 915,982 | 1,069,243 |
Cash Flow Statement
| Item | 2018-08 | 2019-08 | 2020-08 | 2020 |
|---|---|---|---|---|
| Net cash from operating activities | 371,767 | 141,640 | -25,439 | |
| Depreciation of PP&E | 30,107 | 36,008 | 36,574 | 11,968 |
| Depreciation of right-of-use assets | 1,581 | 2,028 | 2,275 | 769 |
| Amortisation of intangible assets | 838 | 1,306 | 1,328 | 585 |
| Purchase of PP&E | -52,090 | -75,651 | -34,288 | -23,914 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 3.69 |
|---|---|
| First Day Open | HK$ 3.29 |
| First Day Change | -11.11% |
| First Day Volume | 22594000.0 |
| First Day Turnover | 78911800.0 |
| Use of Proceeds | 1、所得款項凈額約45.0%或約183.9百萬港元預期用于山西工商北格校區第四期建設工程；
2、所得款項凈額約25.0%或約102.2百萬港元預期主要用作收購或投資增長潛力巨大的民辦高等教育機構，或收購一幅地塊；
3、所得款項凈額約20.0%或約81.7百萬港元預期用作有關山西工商龍城校區教學樓及宿舍的翻新及升級項目及購買教學設備及家具；
4、所得款項凈額約10.0%或約40.8百萬港元預期用作本集團營運資金以及作一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
国泰君安融资有限公司 CE AGS488
Overall Coordinators (3)
Joint Bookrunners (12)
国泰君安证券（香港）有限公司 CE ABY236
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
海通国际证券有限公司 CE AAF806
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
CMB International Capital Limited CE AVM940
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
Harmonia Capital Limited CE BOP761
HTF Securities Limited CE BNO909
CMBC SECURITIES COMPANY LIMITED CE APU820
Livermore Holdings Limited CE BJN764
Joint Lead Managers (15)
国泰君安证券（香港）有限公司 CE ABY236
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
海通国际证券有限公司 CE AAF806
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
CMB International Capital Limited CE AVM940
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
SHANXI SECURITIES INTERNATIONAL LIMITED CE BEM330
Harmonia Capital Limited CE BOP761
HTF Securities Limited CE BNO909
CMBC SECURITIES COMPANY LIMITED CE APU820
Livermore Holdings Limited CE BJN764
Advent Securities (Hong Kong) Limited CE BIC431
ARISTO SECURITIES LIMITED CE BDH167
Merdeka Securities Limited CE AGV419
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 牛三平 | — |
| Company Secretary | 張森泉 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 牛三平透過Niusanping Limited持有266,250,000股（53.25%）；牛健透過牛健有限公司持有108,750,000股（21.75%） |
|---|
