Matrix Partners passed the listing hearing of the Hong Kong Stock Exchange on December 22, which means that it has obtained the listing "ticket", which is the third time it has submitted a listing application on the Hong Kong Stock Exchange. The United States and China Jiahe, which is also the third sprint to the Hong Kong Stock Exchange, also passed the hearing of the Hong Kong Stock Exchange a few days ago, with CICC and Haitong International as its joint sponsors. It is worth mentioning that CICC also holds a 17.73% stake in the company through its subsidiary, CICC Jiatai, becoming its second largest shareholder.
The number of delisted companies listed on the New Third Board in Hong Kong this year has increased, and 9 companies have successfully landed on the Hong Kong stock market, excluding Jingwei Tiandi and US-China Jiahe. The performance of these companies after listing varies, and the best rise is the happy meeting on November 9, which has risen by nearly 90% since its listing. Fullview China, which was originally scheduled to be listed on the Hong Kong Stock Exchange on December 8, announced that it would postpone its Hong Kong listing plan. According to the analysis, the listing of a delisted company on the New Third Board is a complex process, and the company should fully understand and assess the risks and opportunities of listing in Hong Kong, and formulate a reasonable financing strategy and development plan. The two companies recently passed the listing hearingOn December 22, Jingwei Tiandi passed the listing hearing of the Hong Kong Stock Exchange and finally successfully obtained the listing "ticket", with Kaisheng Capital and Eddid Capital as joint sponsors.
Previously, Jingwei Tiandi was listed on the New Third Board on December 9, 2016, and then delisted in August 2018. In the prospectus, Matrix Partners said that one of the considerations for terminating the listing of the New Third Board was the expectation that it would seek to reach a wider range of international investors and markets through other exchanges. After leaving the New Third Board, the company submitted listing applications to the main board of the Hong Kong Stock Exchange three times on June 29, 2022, April 28, 2023 and November 10, 2023. According to the data, Jingwei Tiandi is a China Telecom network support and information and communication technology (ICT) integration service provider. When it started its business in 2003, the company was mainly engaged in the development of telecommunication network performance analysis software, and subsequently expanded its business to provide telecommunication network support services and ICT integration services. Before the IPO, Jia Zhengyi, Lin Qihao, Feng Wenhan, Cong Bin and Chen Shenmao jointly held 100% of the company's shares and were the joint controlling shareholders. Among them, Jia Zhengyi indirectly holds 51.5% of the shares, making him the single largest shareholder. In terms of performance, in 2020~2022 and the first half of 2023, the revenue of Jingwei Tiandi was 196 million yuan, 203 million yuan, 227 million yuan and 114 million yuan (RMB, the same below), and the net profit was 29.660 million yuan, 25.524 million yuan, 24.259 million yuan and 14.658 million yuan respectively. The United States and China Jiahe, which is also the third sprint to the Hong Kong Stock Exchange, also passed the hearing of the Hong Kong Stock Exchange on December 19. Founded in 2008, A&C Jiahe is an oncology medical solutions platform that serves cancer patients through self-operated medical institutions and empowers third-party medical institutions through online business. Formerly known as Concord Hospital. According to its prospectus, U.S.-China Jiahe is one of the few private medical institutions in China with multiple proton therapy cabins. Am&C Jiahe has 7 operating self-operated medical institutions in Guangzhou, Shanghai and Datong, including 2 cancer hospitals, 3 outpatient departments (or clinics), 1 imaging diagnostic center and 1 Internet hospital. In Shanghai, A&C Jiahe has another self-operated cancer hospital under construction. As of June 30, 2023, the company provided 17 cooperative hospitals with cloud platform services, management and technical support, and operating leases. It is worth mentioning that CICC, through its subsidiary CICC Jiatai, holds a 17.73% stake in the company and is the second largest shareholder of the company, and CICC is also the sponsor of the Hong Kong stock listing of the company. According to the Frost & Sullivan report, among all private oncology medical groups in China, the company ranked second in terms of the number of self-operated or managed oncology medical institutions as of December 31, 2022. In 2022, its market share in China's private oncology medical service market revenue was only 0.5%. In 2020~2022 and the first half of 2023, its operating income will be 166 million yuan, 471 million yuan, 472 million yuan, and 285 million yuan respectively, and the net loss during the period will be 591 million yuan, 831 million yuan, 637 million yuan, and 214 million yuan respectively. In recent years, more and more NEEQ companies have chosen to list in Hong Kong after delisting, and on the whole, these companies are mainly concentrated in innovative, technology-based, and growth-oriented industries, such as the Internet, e-commerce, biotechnology, etc. According to the analysis, through the listing in Hong Kong, the delisted companies on the New Third Board will usher in new development opportunities and challenges, and are expected to achieve broader development prospects and higher market value.
Statistics show that since the beginning of this year, 9 companies have successfully landed on the Hong Kong stock market, including Happy Encounter, Youbao Online, Beisen Holdings, Zhongtian Hunan, Huiju Technology, Yihuatong, Lehua Entertainment, Runhua Service and Zhengwei Group, and Tiantu Investment has become the first "New Third Board + Hong Kong Stocks" venture capital institution. These companies from the New Third Board have performed differently in the Hong Kong stock market, some have risen very well, and some have fallen below the issue price. At present, the highest increase in the latest stock price compared with the issue price is Xixiangyu, with a cumulative increase of 89.09%. The latest stock prices of Ubox Online and Lehua Entertainment rose 46.86% and 23.78% respectively compared with the issue price. Listed on November 9, Xixiangyu is a company that sells cars primarily through direct financial leasing and provides a wide range of non-luxury vehicles to customers from second-, third-, and lower tiers in China. According to the prospectus, Xixiangyu was invested by Beijing Chesheng, a subsidiary of Didi, in 2018, that is, Beijing Chesheng acquired 3.41% of the company's shares for 30 million yuan, and then HitDrive, the offshore holding company of Beijing Chesheng, purchased the company's shares in December 2019 and June 2021. Xixiangyu was listed on the New Third Board in December 2015 and was delisted from the New Third Board on December 15, 2016. In addition, Fullview China, which was originally scheduled to list on December 8, abruptly announced the postponement of its Hong Kong listing plan before its listing, claiming that "in view of the current market conditions, after consulting with the Joint Overall Coordinators and the Joint Global Coordinators, the Company has decided to postpone and will not proceed with the share offering in accordance with the timetable of the prospectus, and will refund the application for the public offer." "Fullview China had planned to offer 110 million shares at an offer price of between HK$1.08 and HK$1.28 per share, raising up to HK$141 million without attracting cornerstone investors. As one of the earliest producers of potted vegetables in Shandong Province, Fullview China has been engaged in the cultivation and sales of potted vegetable agricultural products in Laixi, Qingdao, Shandong Province since 2012, and has been mass-producing potted vegetable agricultural products on a large scale since 2016. As of 2022, Fullview China's market share in Shandong Province in terms of sales revenue was 14.8%, accounting for approximately 3.1% of the total sales revenue of Chinese potted vegetable producers. According to the prospectus, in 2020~2022 and the first five months of 2023 (reporting period), Fullview China achieved revenue of 121 million yuan, 155 million yuan, 127 million yuan and 56 million yuan respectively, and net profit of 43.778 million yuan, 47.303 million yuan, 31.812 million yuan and 18.37 million yuan respectively. The phenomenon of delayed listing is not uncommon in the Hong Kong stock market, before Lehua Entertainment was scheduled to be listed at the end of last year, but due to the impact of market conditions and other factors, it was postponed to January 19 this year. According to the analysis, the listing of delisted companies on the New Third Board in Hong Kong is a complex process, with both opportunities and challenges. When making a decision on whether to list in Hong Kong, companies need to fully consider their own operating conditions, development strategies and financing needs, and conduct a comprehensive risk assessment. At the same time, the company needs to strengthen its own governance structure and improve the quality of information disclosure to adapt to the regulatory requirements of different capital markets. In addition, the company should also actively integrate into the international market and enhance its competitiveness to achieve sustainable development.
Editor-in-charge: Liang Qiuyan
Proofreading: Su Huanwen
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