Lei Jianping on July 9
Baiwang Co., Ltd. (hereinafter referred to as "Baiwang Shares", stock code: "06657") was listed on the Hong Kong Stock Exchange today at an issue price of HK$36, which is at the lowest end of the issue range.
Baiwang shares offered 9,262,000 shares for a total proceeds of HK$333 million, net proceeds of HK$229 million after deducting HK$105 million of listing expenses payable.
The cornerstone investor of Baiwang shares is Jiangsu Force Industrial Investment Co., Ltd., which subscribed for HK$260 million, and after the listing, Jiangsu Force Industrial Investment Co., Ltd. holds 3.2% of the shares.
Based on the issue price, the market value of Baiwang shares is HK$7.8 billion. The opening price of Baiwang shares was HK$32, down 11% from the issue price; At one point, it fell by more than 20%, and so far, the company's market capitalization is HK$7.1 billion.
The annual revenue is 710 million and the loss is more than 300 million
Baiwang Co., Ltd. is a comprehensive enterprise digital solution provider in China, focusing on providing digital and data-driven intelligent solutions for finance and taxation through the Baiwang cloud platform.
Baiwang handles a wide range of transaction documents, including, but not limited to, invoices, receipts, bills and other accounting documents, which accurately reflect the key business processes of the business's transactions. With valuable business insights into large volumes of transactional data and advanced big data analytics capabilities, Baiwang Cloud facilitates automated, digital business decision-making for financial service providers and other corporate customers.
According to the prospectus, Baiwang's revenue in 2021, 2022, and 2023 will be 454 million yuan, 526 million yuan, and 713 million yuan respectively; gross profit was 216 million yuan, 214 million yuan and 282 million yuan respectively; The gross profit margin was 47.6%, 40.8% and 39.6%, respectively.
Baiwang's operating losses in 2021, 2022, and 2023 will be 200 million yuan, 112 million yuan, and 305 million yuan respectively; The annual losses were 448 million yuan, 156 million yuan and 359 million yuan respectively.
The adjusted net loss of Baiwang in 2021, 2022 and 2023 will be 16.74 million yuan, 70.3 million yuan and 83.41 million yuan respectively.
As of December 31, 2023, Baiwang held cash and cash equivalents of 335 million yuan.
Alibaba, Fosun Watertek is a shareholder
The executive directors of Baiwang Co., Ltd. are Ms. Chen Jie, Yang Zhengdao, Zou Yan and Ms. Jin Xin; The non-executive directors are Huang Miao and Diao Junhuan; The independent non-executive Directors are Tian Lixin, Dr. Wu Changhai, Dr. Song Hua and Wu Guoxian.
As of the Latest Practicable Date, Ms. Chen Jie, CEO of Baiwang Co., Ltd., controlled 43.22% of the voting rights, of which Chen Jie directly held 27.1% of the shares, Ningbo Xiu'an Shiben controlled by Chen Jie as his general partner owned 9.23%, and Tianjin Duoying beneficially controlled by Chen Jie as his general partner owned 6.89%. Fosun holds a total of 5.31% of the shares.
Before the IPO, the shareholding structure of Baiwang shares
Alibaba holds 11.87% of the shares, and Watertek holds 9.91% of the shares, Watertek is a Chinese company listed on the Shenzhen Stock Exchange (stock code: 300324), mainly engaged in the provision of information security in the field of finance and taxation, as well as information service products and platforms. Watertek is ultimately controlled by Chen Jiangtao, who holds 18.17% equity interest in Watertek directly and through his wife and persons acting in concert.
Volkswagen holds 3.23% of the shares, Shenzhen Oriental Fuhai holds 2.89% of the shares, Shanghai Guoxin holds 2.57% of the shares, Hongzheng Junfang holds 2.16% of the shares, SME Development Fund holds 1.92% of the shares, Common Home holds 1.81% of the shares, Shenzhen Capital Group holds 1.8% of the shares, and Beijing Xingshi holds 1.57% of the shares.
Fosun High-tech and Fosun Weishi hold 1.43% of the shares, Jiuzhao Yaquan holds 1.25%, Dongguan Laterite holds 1.08%, and Jiuzhao Hexuan and Tongxiang Zhongrun hold 0.93% respectively;
Jinjiang Fangzhou holds 0.9%, Fosun Venture Capital holds 0.89%, Yancheng Yannan Fund holds 0.88%, Suzhou Wanjia holds 0.79%, Shenzhen Laterite holds 0.72%, Zhang Lianwen holds 0.67%, Guo Xixing and Yinhe Yuanhui hold 0.53% respectively.
After the IPO, the shareholding structure of Baiwang shares
After the IPO, Chen Jie directly held 25.98% of the shares, Ningbo Xiu'an Shiben controlled by Chen Jie as his general partner owned 8.85%, and Tianjin Duoying Shiben controlled by Chen Jie as his general partner owned 6.61%, with a total of 41.44% of the shares.
Alibaba holds 11.39%, Watertek holds 9.5%, Dazhong Public Utilities holds 3.1%, Shenzhen Oriental Fuhai holds 2.77%, Shanghai Guoxin holds 2.46%, Hongzheng Junfang holds 2.07%, SME Development Fund holds 1.85%, Common Home holds 1.74%, Shenzhen Capital Group holds 1.73%, and Beijing Xingshi holds 1.51%.
Fosun High-tech and Fosun Weishi hold 1.37% of the shares, Jiuzhao Yaquan holds 1.2%, Dongguan Laterite holds 1.04%, and Jiuzhao Hexuan and Tongxiang Zhongrun hold 0.89% respectively;
Jinjiang Ark holds 0.86%, Fosun Venture Capital holds 0.85%, Yancheng Yannan Fund holds 0.84%, Suzhou Wanjia holds 0.75%, Shenzhen Hongtu holds 0.69%, Zhang Lianwen holds 0.64%, Guo Xixing and Yinhe Yuanhui hold 0.51% respectively.
Henghui Ruicheng holds 0.49%, Jinan Haiwang holds 0.44%, Beijing Cuihu holds 0.35%, Tianning Hongya and Ms. Yan Xia hold 0.34%, Tianjin Jinxintong holds 0.32%, Qingdao Hongma holds 0.19%, Zhongxin Jialiang holds 0.18%, Qingdao Ruibeta, Changzhou Xinxing, Suzhou Muhua and Wen Xiaoming hold 0.15% respectively, and Jiuzhao Yunlian holds 0.13%.
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