德銀天下開始招股,你怎麼看?
Futu News, June 30th: Thursday of this week.$DEEWIN (02418.HK)$ Announcement: The IPO will be held from June 30th to July 8th. The company plans to issue 0.543 billion shares, including 54.3 million shares for public offering and 0.4887 billion shares for international offering. The price range is HKD 1.78-2.13 per share, with a minimum board lot of 1500 shares. It is expected to be listed on July 15th.

Deutsche Bank World provides a variety of value-added services to participants in the entire commercial vehicle industry chain, including logistics and supply chain services, financial services, and vehicle networking data services. Commercial vehicles mainly include trucks, pickups, trailers, buses, and trucks.
The company was founded by Shaanxi Automobile Holding Group in 2005. According to the sales volume of heavy commercial vehicles in 2021, Shaanxi Automobile Holding Group is the fourth largest commercial vehicle group in China, with a market share of 13.8% in 2021.
According to the Frost & Sullivan report, in the upstream of the industry chain, the company is the largest commercial vehicle supply chain service provider in the western region of China. The company's vehicle networking and data service sector has the largest commercial vehicle manufacturer background heavy-duty commercial vehicle vehicle networking platform in China. During the performance recording period, the company's factoring business and leasing business has cumulatively served over 42,800 clients.
In terms of financial conditions, from 2019 to 2021, the company's total revenue was RMB 2.892 billion, 3.262 billion, and 3.127 billion respectively, with a compound annual growth rate of 4.0%; net income was RMB 0.241 billion, 0.318 billion, and 0.369 billion respectively, with a compound annual growth rate of 23.7%.

In terms of the industry, benefiting from the stimulation of national infrastructure construction projects and the development of trunk logistics transportation industry, heavy-duty commercial vehicles have developed rapidly in recent years. In 2021, the sales volume of heavy-duty commercial vehicles in China reached 1,395.3 thousand vehicles, with a compound annual growth rate of 7.3% from 2017 to 2021.

Driven by the stable growth of commercial vehicle sales and the stock market, the market size of China's commercial vehicle full industry chain service reached RMB 953.5 billion in 2021; it is expected that by 2026, the market size of China's commercial vehicle full industry chain service will reach RMB 1331 billion. The compound annual growth rate from 2021 to 2026 will reach 6.9%.

As for cornerstone investors, the group has entered into cornerstone investment agreements with Shaanxi TaiDe Auto Air Conditioner Co., Ltd., Xi'an Yuanda Electronic Equipment Co., Ltd., and its wholly-owned subsidiary Ruiming Electronics Co., Ltd.$Streamax Technology (002970.SZ)$ Under certain conditions and restrictions, cornerstone investors have agreed to or caused the designated entities to subscribe to a total of 26 million US dollars (approximately 0.2041 billion Hong Kong dollars) of shares at the offer price. Assuming the offer price is 1.96 Hong Kong dollars (i.e., the middle point of the indicative offer price range in this prospectus), the total number of shares subscribed by the cornerstone investors will be approximately 0.104 billion shares.

As for the use of proceeds, the company plans to use the net proceeds from the global offering for the following purposes: approximately 37.5% will be used for the construction of offline digital warehousing and distribution networks and maintenance service networks for the post-market digitization of commercial vehicles; approximately 22.5% will be used for the continued construction of the online service platform for post-market commercial vehicles (Wheels Rolling Online Platform); approximately 30% will be used to enhance the core technical capabilities and data service capabilities of the vehicle networking and data service sector; approximately 10% will be used to supplement general operating funds.
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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