東原仁知服務開始招股，你看好嗎？
IPO | Higashihara Hitoshi Service is now offering shares and is expected to be listed on April 29
News from Futu News on April 19, this Tuesday$DOWELL SERVICE (02352.HK)$It was announced that it will issue 166.66 million shares from April 19 to April 22. The company plans to issue 16.6667 million shares, including a public sale of 1,6668 million shares and an international sale of 14.9999 million shares, with an issue price of HK$11.90-15.40 per share, and 200 shares per lot. It is expected to be listed on April 29.
Higashihara Hitoshi Service is a property management service provider with a long history, providing comprehensive services for many property projects in China. As of December 31, 2021, the company operated in two major regions of China (namely Southwest China and East China).
According to data from the China Index Research Institute, in 2021, the company ranked 52nd and 53rd in terms of total revenue generated in China in 2020 and total construction area under management in China in 2020, respectively.
As of December 31, 2021, the company has 325 property projects under management, including residential and non-residential properties, covering 51 cities in 16 provinces, autonomous regions and municipalities directly under the Central Government of China, with a total construction area of about 28.2 million square meters. Of these, 133 were residential properties and 192 were non-residential properties.
In terms of financial conditions, total revenue from 2019 to 2021 was RMB 559 million, RMB 767 million, and RMB 1,193 million respectively, with a compound annual growth rate of about 46.1% from 2019 to 2021.
Net profit for the same period was 25.6 million yuan, 84.5 million yuan and 130 million yuan respectively, with a compound growth rate of 125.72% from 2019 to 2021.
On the industry side, in recent years, with the acceleration of urbanization and the continuous increase in per capita disposable income, the construction area and number of property projects managed by the top 100 property service enterprises have increased rapidly. The construction area under management increased from about 23.62 million square meters in 2015 to about 48.78 million square meters in 2020, with a compound annual growth rate of about 15.62%.
The average revenue of property services and value-added services of the top 100 property service companies is also growing rapidly. The average annual revenue of the top 100 property service companies increased from about RMB 541 million in 2015 to about RMB 1,173 million in 2020, with a compound annual growth rate of about 16.76%.
In terms of fund-raising purposes, the company's net proceeds amount to approximately HK$190 million (assuming no over-allotment rights have been exercised, calculated at the median issue price). According to the prospectus, the company intends to use the net proceeds from the sale of shares for the following purposes:
About 65% will be used to expand the company's property portfolio and business scale through strategic investments, partnerships and acquisitions, about 16.5% will be used to improve service quality and expand the scope of services along the property management value chain, about 8.50% will be used to upgrade and develop the company's intelligent systems, and about 10% will be used as general working capital.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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