LX Technology 02436 Prospectus Information

Company Overview

Stock Name	LX Technology
Stock Code	02436
Company Full Name	To be extracted
Industry	Information Technology
Principal Activities	我們是一家設備全生命週期管理解決方案供應商，主要在中國從事向IT設備經銷商銷售翻新淘汰IT設備，以及向中小企業提供設備及IT技術訂閱服務。
Listing Date	2022-11-24
Listing Rules Era	Old Rules
Listing Rules Chapter	To be extracted
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	深圳市福田區梅林街道孖嶺社區凱豐路10號翠林大廈5樓501
Business Address (Hong Kong)	香港九龍觀塘道348號宏利廣場5樓
Place of Incorporation	To be extracted
Listing Method	To be extracted
Listing Board	Main Board
Website	www.bearrental.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$ 7.60 / shares
Offer Price Range	Final offer price only, no range
Lot Size	300 shares
Entry Threshold	HK$ 2,280
Par Value	RMB 0.01 / shares
Offer Period	2022-11-14 to 2022-11-17
Global Offering Shares	53,259,000 shares
HK Public Offer Shares (Initial)	5,325,900 shares (10.0%)
Public Offer Lots (Initial)	17,753lots (Pool A8,876lots，Pool B8,877lots)
International Placing Shares (Initial)	47,933,100 shares (90.0%)
Offer Ratio	~10.0%
Total Shares Post-IPO	353,259,000 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$ 404,768,400

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	300	HK$ 2,280
2 lots	600	HK$ 4,560
3 lots	900	HK$ 6,840
4 lots	1,200	HK$ 9,120
5 lots	1,500	HK$ 11,400
6 lots	1,800	HK$ 13,680
7 lots	2,100	HK$ 15,960
8 lots	2,400	HK$ 18,240
9 lots	2,700	HK$ 20,520
10 lots	3,000	HK$ 22,800
20 lots	6,000	HK$ 45,600
30 lots	9,000	HK$ 68,400
40 lots	12,000	HK$ 91,200
50 lots	15,000	HK$ 114,000
60 lots	18,000	HK$ 136,800
70 lots	21,000	HK$ 159,600
80 lots	24,000	HK$ 182,400
90 lots	27,000	HK$ 205,200
100 lots	30,000	HK$ 228,000
200 lots	60,000	HK$ 456,000
300 lots	90,000	HK$ 684,000
400 lots	120,000	HK$ 912,000
500 lots	150,000	HK$ 1,140,000
600 lots	180,000	HK$ 1,368,000
700 lots	210,000	HK$ 1,596,000
800 lots	240,000	HK$ 1,824,000
900 lots	270,000	HK$ 2,052,000
1,000 lots	300,000	HK$ 2,280,000
1,500 lots	450,000	HK$ 3,420,000
2,000 lots	600,000	HK$ 4,560,000

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway	Regular Path
HK Market Cap	HK$ 6.09B
Est. Threshold	HK$ 9.05B
Analysis Result	HK market cap below threshold, need +49%

Valuation & Financials

Market Cap (at Offer Price)	HK$ 2,684,768,400
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448.7百萬元
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	2019	2020	2021
Revenue	500,339	1,022,169	1,330,402
Cost of sales	-420,237	-875,307	-1,137,266
Gross profit	80,102	146,862	193,136
Other income and gains, net	4,063	13,571	14,861
Selling and distribution expenses	-2,099	-2,071	-1,970
Administrative expenses	-72,987	-78,237	-115,906
Net finance costs	-12,030	-13,654	-18,280
Profit before tax	-67,202	-174,963	-446,271
Income tax expense	-6,856	-175	0
Profit for the year	-60,346	-177,127	-448,702
Profit attributable to owners	-60,187	-177,302	-448,702

Balance Sheet

Item	2019	2020	2021	2022-06
Cash and cash equivalents	75,911	80,378	118,553
Trade and bills receivables	47,358	37,107	53,440
Inventories	45,947	122,041	74,307
Total current assets	235,964	367,819	390,052
Total assets	629,743	941,079	1,177,817
Total current liabilities	289,313	396,809	529,089
Total liabilities	620,053	1,110,967	1,808,041
Total equity	9,690	-169,888	-630,224
Equity attributable to owners	9,015	-169,888	-630,224
Interest-bearing borrowings	207,056	327,658	562,747	671,369

Cash Flow Statement

Item	2019	2020	2021	2022-06
Net cash from operating activities	58,664	109,934	278,780
Net cash from investing activities	-223,780	-319,982	-450,974
Net cash from financing activities	229,063	214,515	210,369
Net increase in cash	63,947	4,467	38,175
Depreciation of PP&E	82,239	131,209	193,343	112,173
Purchase of PP&E	-209,341	-308,462	-439,541	-166,739

Income Statement

Balance Sheet

Cash Flow Statement

Source: Accountants' Report and Audited Consolidated Financial Statements

First Day Close	HK$ 7.8
First Day Open	HK$ 7.9
First Day Change	2.63%
First Day Volume	9315300.0
First Day Turnover	71812000.0
Use of Proceeds	1、預期約45%或151.7百萬港元將用于改善客戶體驗，以滿足不斷變化的客戶需求； 2、預期約25%或84.3百萬港元將用于擴大我們在目標市場的客戶群及市場份額； 3、預期約15%或50.6百萬港元將用于系統升級和產品開發； 4、預期約5%或16.9百萬港元將用于加強風險管理能力； 5、預期約10%或33.7百萬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 (4)

海通国际证券有限公司 CE AAF806 Futu Securities International (HONG KONG) Limited CE AZT137 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 Dragonstone Capital Management Limited CE BGM303

Joint Lead Managers (7)

海通国际证券有限公司 CE AAF806 Futu Securities International (HONG KONG) Limited CE AZT137 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 Dragonstone Capital Management Limited CE BGM303 SINOMAX SECURITIES LIMITED CE AHC207 迈时资本有限公司 CE BNO600 SDHG International Securities Limited CE ADY241

Cornerstone Investors

This stock has no cornerstone investors.

Directors & Management

Position	Chinese name	English Name
Chairman	胡祚雄	—
Company Secretary	劉炎、張嘉倫	—

No director data available.

Major Shareholders

Major Shareholders & Holdings	胡祚雄先生（透過Bear Family等）持股約40.21%；深圳市達晨財智創業投資管理有限公司約13.12%、湖南電廣傳媒股份有限公司約13.12%、Tigris Innovation Limited (JD BVI)約11.22%、上海譽竣企業管理合夥企業（有限合夥）約10.45%。

LX Technology 02436·IPOProspectus Information