Company Overview
| Stock Name | Greentown Ser |
|---|---|
| Stock Code | 02869 |
| Company Full Name | To be extracted |
| Industry | 房地产 |
| Principal Activities | 我們是中國具領先地位的高端住宅物業服務供應商，提供物業管理服務、顧問諮詢服務及園區增值服務三類業務。 |
| Listing Date | 2016-07-12 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國浙江省杭州市文三西路85號丹桂公寓物業樓 |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座36樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.lvchengfuwu.com |
| 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$ 1.99 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | To be extracted |
| Global Offering Shares | 777,776,000 shares |
| HK Public Offer Shares (Initial) | 77,780,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 699,996,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 2,777,776,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 12.7% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,547,774,240 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 13.31B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利约人民币202.6百万元 |
| 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 | 2013 | 2014 | 2015 |
|---|---|---|---|
| Revenue | 1,671,647 | 2,204,565 | 2,918,627 |
| Cost of sales | -1,429,218 | -1,841,479 | -2,387,702 |
| Gross profit | 242,429 | 363,086 | 530,925 |
| Other income and gains, net | 10,457 | 11,823 | 20,071 |
| Selling and distribution expenses | -1,313 | -1,419 | -5,690 |
| Administrative expenses | -125,160 | -149,554 | -232,578 |
| Operating profit | 110,512 | 199,832 | 283,766 |
| Net finance costs | -1,855 | -1,553 | -7,069 |
| Share of associates and JVs | 816 | -56 | 1,784 |
| Profit before tax | 108,390 | 198,618 | 278,126 |
| Income tax expense | -25,657 | -48,742 | -75,559 |
| Profit for the year | 76,494 | 149,382 | 202,567 |
| Profit attributable to owners | 79,412 | 148,911 | 197,818 |
Balance Sheet
| Item | 2013 | 2014 | 2015 |
|---|---|---|---|
| Cash and cash equivalents | 299,441 | 437,419 | 835,897 |
| Trade and bills receivables | 311,909 | 437,663 | 419,952 |
| Inventories | 10,620 | 1,747 | 2,045 |
| Total current assets | 751,414 | 1,068,366 | 1,376,874 |
| Total assets | 959,575 | 1,302,315 | 1,641,885 |
| Total current liabilities | 730,681 | 1,070,998 | 1,472,265 |
| Total liabilities | 749,530 | 1,085,031 | 1,493,008 |
| Total equity | 210,045 | 217,284 | 148,877 |
| Equity attributable to owners | 178,417 | 206,696 | 132,070 |
| Interest-bearing borrowings | 40,000 | 100,000 | 180,000 |
Cash Flow Statement
| Item | 2013 | 2014 | 2015 |
|---|---|---|---|
| Net cash from operating activities | 173,593 | 332,802 | 510,822 |
| Net cash from investing activities | -72,400 | -164,138 | 131,660 |
| Net cash from financing activities | -10,635 | -30,686 | -243,950 |
| Net increase in cash | 90,558 | 137,978 | 398,532 |
| Purchase of PP&E | -10,016 | -104,004 | -57,752 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 2.2 |
|---|---|
| First Day Open | HK$ 1.99 |
| First Day Change | 10.55% |
| First Day Volume | 57518000.0 |
| First Day Turnover | 118310000.0 |
| Use of Proceeds | 1、所得款項凈額約49%（約705.3百萬港元）將用于收購物業服務公司及提供增值服務的公司；
2、所得款項凈額約22%（約316.7百萬港元），將用作開發及推廣我們的「智能園區」項目及園區產品及服務；
3、所得款項凈額約19%（約273.5百萬港元），將用作償還貸款；
4、所得款項凈額約10%（約143.9百萬港元），將用作運營資金及一般企業用途。 |
Underwriting Syndicate
Overall Coordinators (4)
Joint Bookrunners (7)
Joint Lead Managers (7)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 绿城中国控股有限公司 | 276,387,120 HKD | — | 5.00% | — | 6 months | 2017-01-12 |
| 2 | 浙江天堂硅谷资产管理集团有限公司 | 232,877,760 HKD | — | 4.20% | — | 6 months | 2017-01-12 |
| 3 | 中国东方资产管理(国际)控股有限公司 | 193,030,000 HKD | — | 3.50% | — | 6 months | 2017-01-12 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 李海榮 | — |
| Company Secretary | 何啟忠、伍秀薇 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Orchid Garden Investment持股36.72%（由宋衛平先生、壽柏年先生及夏一波女士透過各自控股公司持有40%、39%及21%）；李海榮女士透過Lilac International Investment持股24.48%；Mass Wisdom持股10.80%（由首次公開發售前受託人持有） |
|---|
