Company Overview
| Stock Name | Activation GP |
|---|---|
| Stock Code | 09919 |
| Company Full Name | To be extracted |
| Industry | 整合營銷 |
| Principal Activities | 我們是領先並快速增長的整合營銷解決方案提供商，專注於提供體驗營銷、數字營銷與品牌推廣以及公共關係服務，主要於上海及北京營運，覆蓋大中華；並開拓體育與娛樂IP發展領域。 |
| Listing Date | 2020-01-16 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市徐匯區柳州路399號甲8樓 |
| Business Address (Hong Kong) | 香港干諾道西70-72號金佑商業大廈11樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | activation-gp.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$ 2.02 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 2,000 shares |
| Entry Threshold | HK$ 4,040 |
| Par Value | To be extracted |
| Offer Period | 2019-12-31 to 2020-01-09 |
| Global Offering Shares | 200,000,000 shares |
| HK Public Offer Shares (Initial) | 20,000,000 shares (10.0%) |
| Public Offer Lots (Initial) | 10,000lots (Pool A5,000lots，Pool B5,000lots) |
| International Placing Shares (Initial) | 180,000,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 800,000,000 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$ 404,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 2,000 | HK$ 4,040 |
| 2 lots | 4,000 | HK$ 8,080 |
| 3 lots | 6,000 | HK$ 12,120 |
| 4 lots | 8,000 | HK$ 16,160 |
| 5 lots | 10,000 | HK$ 20,200 |
| 6 lots | 12,000 | HK$ 24,240 |
| 7 lots | 14,000 | HK$ 28,280 |
| 8 lots | 16,000 | HK$ 32,320 |
| 9 lots | 18,000 | HK$ 36,360 |
| 10 lots | 20,000 | HK$ 40,400 |
| 15 lots | 30,000 | HK$ 60,600 |
| 20 lots | 40,000 | HK$ 80,800 |
| 25 lots | 50,000 | HK$ 101,000 |
| 30 lots | 60,000 | HK$ 121,200 |
| 35 lots | 70,000 | HK$ 141,400 |
| 40 lots | 80,000 | HK$ 161,600 |
| 45 lots | 90,000 | HK$ 181,800 |
| 50 lots | 100,000 | HK$ 202,000 |
| 100 lots | 200,000 | HK$ 404,000 |
| 150 lots | 300,000 | HK$ 606,000 |
| 200 lots | 400,000 | HK$ 808,000 |
| 250 lots | 500,000 | HK$ 1,010,000 |
| 300 lots | 600,000 | HK$ 1,212,000 |
| 350 lots | 700,000 | HK$ 1,414,000 |
| 400 lots | 800,000 | HK$ 1,616,000 |
| 450 lots | 900,000 | HK$ 1,818,000 |
| 500 lots | 1,000,000 | HK$ 2,020,000 |
| 750 lots | 1,500,000 | HK$ 3,030,000 |
| 1,000 lots | 2,000,000 | HK$ 4,040,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,250 lots | 2,500,000 | HK$ 5,050,000 |
| 1,500 lots | 3,000,000 | HK$ 6,060,000 |
| 1,750 lots | 3,500,000 | HK$ 7,070,000 |
| 2,000 lots | 4,000,000 | HK$ 8,080,000 |
| 2,250 lots | 4,500,000 | HK$ 9,090,000 |
| 2,500 lots | 5,000,000 | HK$ 10,100,000 |
| 3,000 lots | 6,000,000 | HK$ 12,120,000 |
| 3,500 lots | 7,000,000 | HK$ 14,140,000 |
| 4,000 lots | 8,000,000 | HK$ 16,160,000 |
| 5,000 lots | 10,000,000 | HK$ 20,200,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 610.1M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +1448% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 1,620,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣43.5百萬元 |
| Period-End Cash Balance | 人民幣88.4百萬元 |
| Listing Expenses | ~HK$ 49,900,000 |
| Listing Expenses / Funds Raised | ~12.35% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2016 | 2017 | 2018 |
|---|---|---|---|
| Revenue | 361,814 | 492,466 | 684,335 |
| Cost of sales | -226,662 | -343,171 | -511,929 |
| Gross profit | 135,152 | 149,295 | 172,406 |
| Other income and gains, net | 6,942 | 4,911 | 6,831 |
| Selling and distribution expenses | -55,389 | -58,237 | -66,197 |
| Administrative expenses | -34,129 | -39,782 | -42,550 |
| Net finance costs | -982 | -678 | -968 |
| Share of associates and JVs | 16 | -602 | -1,378 |
| Profit before tax | 52,662 | 42,466 | 65,260 |
| Income tax expense | -14,173 | -17,007 | -21,743 |
| Profit for the year | 38,489 | 25,459 | 43,517 |
| Profit attributable to owners | 32,452 | 20,961 | 37,114 |
Balance Sheet
| Item | 2016 | 2017 | 2018 | 2019-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 72,631 | 70,811 | 88,397 | |
| Trade and bills receivables | 103,935 | 189,392 | 258,647 | |
| Total current assets | 215,772 | 307,517 | 373,486 | |
| Total assets | 238,584 | 340,940 | 405,114 | |
| Total current liabilities | 107,222 | 193,681 | 252,868 | |
| Total liabilities | 116,478 | 202,061 | 262,512 | |
| Total equity | 122,106 | 138,879 | 142,602 | |
| Equity attributable to owners | 104,067 | 116,926 | 121,126 | |
| Interest-bearing borrowings | 2,999 | 0 | 19,000 | 9,000 |
Cash Flow Statement
| Item | 2016 | 2017 | 2018 | 2019-06 |
|---|---|---|---|---|
| Net cash from operating activities | 32,002 | 24,440 | 58,397 | |
| Net cash from investing activities | -1,390 | -14,111 | -4,891 | |
| Net cash from financing activities | -5,998 | -6,488 | -38,738 | |
| Net increase in cash | 24,614 | 3,841 | 14,768 | |
| Depreciation of PP&E | 1,039 | 974 | 853 | 438 |
| Depreciation of right-of-use assets | 1,319 | 2,777 | 2,921 | 1,076 |
| Amortisation of intangible assets | 93 | 96 | 117 | 59 |
| Purchase of PP&E | -1,407 | -559 | -1,071 | -460 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 1.57 |
|---|---|
| First Day Open | HK$ 1.8 |
| First Day Change | -22.28% |
| First Day Volume | 165250000.0 |
| First Day Turnover | 296015000.0 |
| Use of Proceeds | 1、約55.9%或約192.8百萬港元預期將用于發展及擴大我們的現有整合營銷解決方案及IP發展業務；
2、約34.2%或約118.0百萬港元)預期將用作策略投資基金的現金儲備，以尋求為本集團帶來策略利益的合適合作或投資機會；
3、約9.9%或約34.2百萬港元)將用于營運資金的一般補充及其他一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
Dongxing Securities (Hong Kong) Company Limited CE BBY779
Overall Coordinators (3)
Joint Bookrunners (7)
Dongxing Securities (Hong Kong) Company Limited CE BBY779
CMB International Capital Limited CE AVM940
海通国际证券有限公司 CE AAF806
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
ABCI Securities Company Limited CE ACX411
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
东吴证券国际经纪有限公司 CE AYA587
Joint Lead Managers (10)
Dongxing Securities (Hong Kong) Company Limited CE BBY779
CMB International Capital Limited CE AVM940
海通国际证券有限公司 CE AAF806
ABCI Securities Company Limited CE ACX411
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
东吴证券国际经纪有限公司 CE AYA587
North Beta International Securities Limited CE ARR717
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Forwin Securities Group Limited CE BEI223
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 劉錦耀、伍寶星 | — |
| Company Secretary | 杜曉舟、蘇淑儀 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 緊隨全球發售及資本化發行完成後，主要股東包括卓明遠達（21.18%）、極光動力（19.30%）、艾特投資（14.71%）、艾德眾信（7.63%）、艾特聯合（5.37%）等；劉先生及伍先生透過一致行動人士協議構成控股股東。 |
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