Company Overview
| Stock Name | SF Intra-City |
|---|---|
| Stock Code | 09699 |
| Company Full Name | To be extracted |
| Industry | 物流運輸 |
| Principal Activities | 我們是中國最大的第三方即時配送服務平台，採用全場景業務模式，為商家及消費者提供同城即時配送服務，並主要為物流公司提供最後一公里配送服務，覆蓋餐飲外賣、同城零售、近場電商及近場服務等場景。 |
| Listing Date | 2021-12-14 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 浙江省杭州市拱墅區舟山東路198號宸創大廈16層1626室 |
| Business Address (Hong Kong) | 香港皇后大道東183號合和中心54樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.sf-cityrush.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$ 16.42 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,284 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2021-11-30 to 2021-12-07 |
| Global Offering Shares | 131,180,800 shares |
| HK Public Offer Shares (Initial) | 13,118,200 shares (10.0%) |
| Public Offer Lots (Initial) | 65,591lots (Pool A32,795lots，Pool B32,796lots) |
| International Placing Shares (Initial) | 118,062,600 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 933,457,707 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 41.3% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 2,153,988,736 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,284 |
| 2 lots | 400 | HK$ 6,568 |
| 3 lots | 600 | HK$ 9,852 |
| 4 lots | 800 | HK$ 13,136 |
| 5 lots | 1,000 | HK$ 16,420 |
| 10 lots | 2,000 | HK$ 32,840 |
| 15 lots | 3,000 | HK$ 49,260 |
| 20 lots | 4,000 | HK$ 65,680 |
| 25 lots | 5,000 | HK$ 82,100 |
| 30 lots | 6,000 | HK$ 98,520 |
| 35 lots | 7,000 | HK$ 114,940 |
| 40 lots | 8,000 | HK$ 131,360 |
| 45 lots | 9,000 | HK$ 147,780 |
| 50 lots | 10,000 | HK$ 164,200 |
| 100 lots | 20,000 | HK$ 328,400 |
| 150 lots | 30,000 | HK$ 492,600 |
| 200 lots | 40,000 | HK$ 656,800 |
| 250 lots | 50,000 | HK$ 821,000 |
| 300 lots | 60,000 | HK$ 985,200 |
| 350 lots | 70,000 | HK$ 1,149,400 |
| 400 lots | 80,000 | HK$ 1,313,600 |
| 450 lots | 90,000 | HK$ 1,477,800 |
| 500 lots | 100,000 | HK$ 1,642,000 |
| 1,000 lots | 200,000 | HK$ 3,284,000 |
| 1,500 lots | 300,000 | HK$ 4,926,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 400,000 | HK$ 6,568,000 |
| 2,500 lots | 500,000 | HK$ 8,210,000 |
| 3,500 lots | 700,000 | HK$ 11,494,000 |
| 5,000 lots | 1,000,000 | HK$ 16,420,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 7B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,764,900,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,798,624,835 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 2020年虧損約人民幣757.7百萬元 |
| Period-End Cash Balance | 人民幣263.5百萬元 |
| 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 | 2019 | 2020 |
|---|---|---|---|
| Revenue | 993,274 | 2,107,014 | 4,843,366 |
| Cost of sales | -1,224,646 | -2,443,219 | -5,031,872 |
| Gross profit | -231,372 | -336,205 | -188,506 |
| Other income and gains, net | 0 | 7,165 | 18,081 |
| Selling and distribution expenses | -12,158 | -33,715 | -111,016 |
| Administrative expenses | -114,129 | -203,877 | -418,017 |
| Operating profit | -361,560 | -573,420 | -769,241 |
| Net finance costs | 0 | -9,531 | -14,949 |
| Profit before tax | -361,560 | -582,951 | -784,190 |
| Income tax expense | -33,163 | -113,156 | -26,513 |
| Profit for the year | -328,397 | -469,795 | -757,677 |
| Profit attributable to owners | -328,397 | -469,795 | -757,677 |
Balance Sheet
| Item | 2018 | 2019 | 2020 | 2021-05 |
|---|---|---|---|---|
| Cash and cash equivalents | 0 | 71,286 | 263,468 | |
| Trade and bills receivables | 161,347 | 406,300 | 678,363 | |
| Inventories | 0 | 0 | 6,819 | |
| Total current assets | 161,347 | 691,976 | 1,087,031 | |
| Total assets | 222,348 | 938,859 | 1,413,520 | |
| Total current liabilities | 754,344 | 1,036,779 | 1,022,342 | |
| Total liabilities | 754,344 | 1,055,246 | 1,048,056 | |
| Total equity | -531,996 | -116,387 | 365,464 | |
| Equity attributable to owners | -531,996 | -116,387 | 365,464 | |
| Interest-bearing borrowings | 0 | 566,400 | 367,080 | 0 |
Cash Flow Statement
| Item | 2018 | 2019 | 2020 | 2021-05 |
|---|---|---|---|---|
| Net cash from operating activities | -366,509 | -655,944 | -563,455 | |
| Net cash from investing activities | -57,778 | -115,958 | -28,417 | |
| Net cash from financing activities | 424,287 | 843,188 | 784,054 | |
| Net increase in cash | 0 | 71,286 | 192,182 | |
| Purchase of PP&E | -3,158 | -2,809 | -8,419 | -4,162 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 14.9 |
|---|---|
| First Day Open | HK$ 15.2 |
| First Day Change | -9.26% |
| First Day Volume | 26639200.0 |
| First Day Turnover | 395163000.0 |
| Use of Proceeds | 1、約35%或711.0百萬港元（相當于約人民幣584.6百萬元）預期用于研發及技術基礎設施；
2、約20%或406.3百萬港元（相當于約人民幣334.1百萬元）預期用于擴大服務覆蓋范圍；
3、約20%或406.3百萬港元（相當于約人民幣334.1百萬元）預期用于為我們可能不時物色的潛在戰略收購及投資于行業價值鏈上下游業務提供資金，以補充及擴大我們的業務營運；
4、約15%或304.7百萬港元（相當于約人民幣250.6百萬元）預期用于營銷及品牌推廣；
5、約10%或203.0百萬港元（相當于約人民幣167.0百萬元）預期用作營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (4)
Joint Bookrunners (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
Credit Suisse (Hong Kong) Limited CE AAO017
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
Joint Lead Managers (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
Credit Suisse (Hong Kong) Limited CE AAO017
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
ABCI Securities Company Limited CE ACX411
Futu Securities International (HONG KONG) Limited CE AZT137
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Hello Inc. | 38,787,324 HKD | — | 1.80% | — | 6 months | 2022-06-14 |
| 2 | 淘宝中国控股有限公司 | 851,278,480 HKD | — | 39.52% | — | 6 months | 2022-06-14 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 陳飛 | — |
| Company Secretary | 曾海林、劉佳 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 緊隨全球發售完成後（假設超額配股權未獲行使），順豐泰森有權行使本公司約64.54%表決權，王衛、明德控股、順豐控股等被視為控股股東；基石投資者淘寶中國控股有限公司持有約5.55%H股。 |
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