天潤雲開始招股,你怎麼看?
On June 21st, Futu news reported that this Tuesday$Tianrun Cloud (02167.HK)$announced that it will open for subscription from June 21st to 24th, planning to issue 43.53 million shares, including 4.3532 million shares for public offering and 39.1768 million shares for international offering. The expected price range is HK$12.85-13.85 per share, in lots of 200 shares, with the listing scheduled for June 30th.

Tianrun Cloud provides a variety of cloud-native customer contact solutions, aiming to enable enterprises to interact with customers through multiple channels. According to the 2021 revenue calculation by Zhoushi Consulting report, the company is the largest public cloud-based customer contact solution provider in China with a market share of 10.3%.
The company's solutions are based on a cloud-native secure and reliable platform, allowing enterprises to create exceptional customer communication experiences and perform sales, marketing, customer service, and other business functions in an intelligent manner. In 2021, the company facilitated over 3 billion interactions between enterprises and their customers through voice calls, SMS, and text chats via multiple channels, enhancing productivity and efficiency.
In terms of financial condition, the company's total revenues for the years 2019 to 2021 were 0.335 billion yuan, 0.354 billion yuan, and 0.402 billion yuan respectively, with a compound growth rate of 9.54%. The net income for the same years was approximately 0.06 billion yuan, 0.07 billion yuan, and 0.018 billion yuan respectively.

In terms of industry, according to the Zhoushi Consulting report, the revenue generated by China's public cloud customer contact solutions has increased from 1.1 billion yuan in 2017 to 4 billion yuan in 2021, with a compound annual growth rate of 39.2%. It is projected to reach 18.3 billion yuan by 2026, with a compound annual growth rate of 35.2% from 2021 to 2026.

The company has signed cornerstone investment agreements with Platinum and Agora, whereby the cornerstone investors have agreed to subscribe to a certain number of shares at an issue price of 0.1808 billion Hong Kong dollars, subject to certain conditions. Assuming the issue price is 13.35 Hong Kong dollars, the cornerstone investors will subscribe to a total of 13.543 million shares, equivalent to approximately 31.11% of the shares issued globally, and approximately 7.78% of the total issued share capital post the global offering (assuming no exercise of the over-allotment option).

Regarding the use of proceeds, the company plans to use the net proceeds from the global offering as follows: approximately 75% will be used to further enhance the company's core technology, optimize the existing solution portfolio, and develop complementary solutions to meet evolving customer needs; approximately 20% will be used over the next five years to enhance the company's brand image in the customer contact solution market, expand its direct sales team, improve sales capabilities, and increase marketing efforts; approximately 5% will be used for working capital and general corporate purposes.
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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