Company Overview
| Stock Name | Tenfu |
|---|---|
| Stock Code | 06868 |
| Company Full Name | To be extracted |
| Industry | 消费零售 |
| Principal Activities | 我們是中國領先的傳統中式茶產品企業，從事各類茶產品的銷售及營銷以及產品理念、口味及包裝設計的發展。我們的主要產品為茶葉、茶食品及茶具，並通過自有及第三方零售門市及專賣點的全國性網絡出售該等產品。 |
| Listing Date | 2011-09-26 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國福建省廈門市嘉禾路25號新景中心C座2901室 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.tenfu.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$ 6.00 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2011-09-19 to 2011-09-19 |
| Global Offering Shares | 208,620,000 shares |
| HK Public Offer Shares (Initial) | 20,862,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 187,758,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,227,207,460 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 35.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,251,720,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 2.93B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +222% |
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223.0百万元 |
| Period-End Cash Balance | 人民币450.7百万元 |
| Listing Expenses | ~HK$ 91 |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2008 | 2009 | 2010 | 2011-03 |
|---|---|---|---|---|
| Revenue | 570,963 | 692,715 | 1,246,993 | 459,567 |
| Cost of sales | -314,847 | -389,343 | -557,264 | -179,971 |
| Gross profit | 256,116 | 303,372 | 689,729 | 279,596 |
| Other income and gains, net | 2,920 | 4,939 | 9,019 | 834 |
| Selling and distribution expenses | -65,850 | -53,747 | -272,621 | -110,295 |
| Administrative expenses | -40,269 | -55,144 | -107,143 | -37,018 |
| Operating profit | 150,620 | 201,292 | 321,306 | 133,286 |
| Net finance costs | -9,118 | -8,975 | -8,845 | -4,775 |
| Share of associates and JVs | 1,192 | 916 | 1,246 | 317 |
| Profit before tax | 142,694 | 193,233 | 313,707 | 128,828 |
| Income tax expense | -33,470 | -54,301 | -90,683 | -34,340 |
| Profit for the year | 109,224 | 138,932 | 223,024 | 94,488 |
| Profit attributable to owners | 109,224 | 138,932 | 223,024 | 94,488 |
Balance Sheet
| Item | 2008 | 2009 | 2010 | 2011-03 |
|---|---|---|---|---|
| Cash and cash equivalents | 21,767 | 141,171 | 450,685 | 410,644 |
| Trade and bills receivables | 253,976 | 402,245 | 354,069 | 191,678 |
| Inventories | 148,636 | 190,937 | 299,173 | 267,209 |
| Total current assets | 434,615 | 763,613 | 1,178,025 | 991,792 |
| Total assets | 716,170 | 1,034,597 | 1,526,728 | 1,416,820 |
| Total current liabilities | 297,444 | 464,679 | 847,821 | 642,888 |
| Total liabilities | 302,657 | 482,138 | 863,036 | 658,640 |
| Total equity | 413,513 | 552,459 | 663,692 | 758,180 |
| Equity attributable to owners | 413,513 | 552,459 | 663,692 | 758,180 |
| Interest-bearing borrowings | 143,000 | 260,000 | 399,714 | 351,209 |
Cash Flow Statement
| Item | 2008 | 2009 | 2010 | 2011-03 |
|---|---|---|---|---|
| Net cash from operating activities | 10,633 | 114,883 | 42,331 | 220,790 |
| Net cash from investing activities | -61,124 | -99,795 | 73,442 | -99,083 |
| Net cash from financing activities | 53,151 | 104,316 | 195,125 | -160,889 |
| Net increase in cash | 2,660 | 119,404 | 310,898 | -39,182 |
| Purchase of PP&E | -50,505 | -24,459 | -79,610 | -91,889 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 5.78 |
|---|---|
| First Day Open | HK$ 6.0 |
| First Day Change | -3.67% |
| First Day Volume | 50477500.0 |
| First Day Turnover | 295829000.0 |
| Use of Proceeds | 1、約40%用于在未來五年擴大和優化我們自有零售門市及專賣點的網絡；
2、約25%用于就經營符合我們標準的自有零售門市而收購店鋪物業；
3、約15%用于維持及推廣我們的品牌以及透過有效而有針對性的市場推廣及促銷活動；
4、約10%或111.9百萬港元，用于在合適收購機會出現及╱或物色到符合我們標準的合適建設用地時主要擴大我們茶葉包裝及茶食品生產及包裝設施的產能；
5、余額（不超過我們所得款項凈額的10%）用于撥付我們的營運資金及用作其他一般公司用途以及改善我們的資本結構。 |
Underwriting Syndicate
Joint Sponsors (3)
Overall Coordinators (3)
Joint Bookrunners (3)
Joint Lead Managers (3)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | General Atlantic Singapore Fund Pte. Ltd. | 438,102,000 HKD | — | 35.00% | — | 6 months | 2012-03-26 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 李瑞河 | — |
| Company Secretary | 何百全 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 李瑞河先生通过Discerning Group Limited持有约15.38%；李家麟先生通过KCL信託持有约30.76%；General Atlantic Singapore Fund Pte. Ltd.持有约5.95%。 |
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