IPO Weekly|Quzhi Group, Yidayun, and Auto Street landed on the Hong Kong Stock Exchange; XtalPi passed the hearing

One week of IPO dynamics, covering Hong Kong stocks, US stocks, and A shares.

Fun Group

Hong Kong stocks|Listed on the stock market

According to the IPO, Qunabox Group Limited (hereinafter referred to as "Quzhi Group") was officially listed on the main board of the Hong Kong Stock Exchange on May 27, 2024 with the stock code "0917".

Founded in 2013, Quzhi Group is a Chinese marketing service provider focusing on FMCG outdoor marketing – in the course of its business operations, Quzhi Group leverages a network of vending machines with interactive marketing functions covering China, combined with a technology-enabled online platform, to allow target consumers to have a convenient and interesting experience when testing and obtaining the FMCG products it provides, while successfully soliciting and completing the necessary interaction and feedback.

According to CIC, Quzhi Group has developed vending machines and equipped them with various modules to enable technology-driven interactive functions that are essential for successful marketing campaigns, including odor emission, motion recognition and voice interaction, making efficient and interactive machine marketing services possible, and making Quzhi Group the only company in China to provide such services.

As of December 31, 2023, Quzhi Group operated 7,543 vending machines in 22 cities in China, with the majority of vending machines located in commercial properties to cover the major consumer groups of FMCG. In 2023, Quzhi Group has approximately 15.9 million annual active users.

From 2021 to 2023, Quzhi Group provided FMCG marketing services of approximately 1,400 SKUs to 472 brand customers, including products of 74 of the top 100 emerging brands in China in the beverage, food and daily necessities industry by revenue in 2022.

According to CIC, Quzhi Group is the fourth largest FMCG outdoor marketing service provider in China in terms of revenue in 2023.

In terms of financial data. From 2021 to 2023, Quzhi Group's revenue was RMB502 million, RMB554 million and RMB1.007 billion, respectively, while its adjusted net profit was RMB52 million, RMB78 million and RMB201 million respectively during the same period.

Among them, the year-on-year growth rate of Quzhi Group's revenue and adjusted net profit in 2023 will be 81.8% and 157.7%, respectively.

Since its establishment, Quzhi Group has received investment from well-known institutions such as Eagle Fund, Yuandu Venture Capital, Legend Capital, C&D Xinxing Investment, Hongzhang Investment, and Foresight Capital.

Yida Cloud EDA Group

Hong Kong stocks|Listed on the stock market

According to the IPO news, Yidayun EDA Group Holdings (2505.HK) will be listed on the Hong Kong Stock Exchange on May 28, 2024, and the listing ceremony also invited Chen Yiting, CEO of the Hong Kong Stock Exchange, and leaders of Shenzhen Qianhai Authority to attend and witness.

Yida Cloud is a B2C cross-border e-commerce supply chain solution provider, providing one-stop end-to-end solutions for e-commerce sellers, covering "first-mile" international freight services and "last-mile" fulfillment services. EDC Cloud adopts the overseas warehouse model to provide cross-border logistics, overseas warehousing and distribution and delivery services, and these solutions are seamlessly integrated with the self-developed EDC cloud platform, which has built-in comprehensive digital supply management tools.

"First Journey" international freight services include the provision of domestic pickup and transportation, domestic warehousing and storage, domestic customs declaration, international freight services and international customs clearance. In FY2023, the ocean freight logistics volume of Yidayun for the first international freight service reached 4,589 TEUs. The "last-mile" international fulfillment service includes overseas warehousing and local fulfillment delivery, whereby pre-sale inventory is delivered from the company's overseas warehouses to the end consumer through a local "last-mile" fulfillment logistics service provider after receiving an order placed by the end consumer on the e-commerce platform.

In this listing, Yidayun EDA has received strategic investment from China Pacific Insurance Hong Kong Asset Management Co., Ltd. and Ruikai Group (Asia) Co., Ltd. as cornerstone investors.

China Pacific Insurance Hong Kong Asset Management Co., Ltd. is a major foreign investor of China Pacific Insurance Group Corporation. CPIC is a national joint-stock commercial insurance company established on May 13, 1991 and headquartered in Shanghai, China. In 2023, CPIC ranked 192nd on the Fortune Global 500 list.

The Reynold Lemkins Group is a single-family, diversified investment vehicle designed to drive meaningful long-term value and make portfolio companies more strategic than they were invested in. In private equity and public equity, Rikai invests in emerging growth companies, with a focus on technology and healthcare, and has a proven track record of identifying promising companies and supporting the growth of portfolio companies through industrialization and localization. In the past, Ruikai has invested in Hong Kong-listed companies such as 4Paradigm, Changjiu Shares, and Pharmacist.

The global logistics network is at the heart of the services provided by Yida Cloud, covering a number of major trade routes from China to the world's most popular B2C e-commerce destinations, including North America, Europe and Australia, through the help of third-party logistics service providers. According to the disclosed data, during the track record period, EDC Cloud cooperated with third-party logistics service providers, including more than 60 third-party warehousing service providers, 300 international freight forwarding service providers, sea and air freight carriers, and 80 local "last-mile" fulfillment service providers. As of April 29, 2024, Yidayun has contracted 56 warehouses in the United States, Canada, the United Kingdom, Germany and Australia, spanning three continents and more than 20 cities around the world, of which 46 are franchised warehouses.

Auto Street

Hong Kong stocks|Listed on the stock market

According to the IPO, Auto Street Development Co., Ltd. (hereinafter referred to as "Auto Street") was officially listed on the Hong Kong Stock Exchange on May 30, 2024 with the stock code of "2443".

Auto Street issued a total of 15 million shares in this IPO, raising net proceeds of HK$91 million through the IPO. It is worth noting that Auto Street did not introduce cornerstone investors in this offering, and the Hong Kong offering was oversubscribed by a whopping 433.34 times.

Founded in 2014, Auto Street is a trading medium that connects buyers and sellers of used cars, facilitating second-hand car transactions through its trading platform in the form of simultaneous auctions and online auctions. In 2022, about 160,000 used cars were traded through the Auto Street trading platform, accounting for 12.6% of the market share of used car trading service providers in China. In 2023, about 176,000 used cars were traded through the Auto Street trading platform.

According to CIC, Auto Street is the largest second-hand car trading service provider in the country in terms of transaction volume in 2022.

At the same time, Auto Street is also a second-hand car trading service provider with the largest number of offline auctions and the widest geographical coverage of offline services in China. As of December 31, 2023, Auto Street has strategically set up 79 auction venues in 74 cities in China, while the offline services provided cover 317 cities across the country.

In terms of financial data. From 2021 to 2023, the revenue of Auto Street will be 678 million yuan, 468 million yuan and 492 million yuan respectively, and the gross profit margin will be 62.8%, 60.9% and 63.5% respectively. Adjusted net profit was $192 million, $70 million and $107 million, respectively.

Since its establishment, Auto Street has received investment from Tencent, JD.com and Huaxing New Economy Fund.

A pulse of sunshine

Hong Kong stocks|Listing is imminent

According to the IPO, Jiangxi Yimai Sunshine Group Co., Ltd. (hereinafter referred to as "Yimai Sunshine") opened its IPO on May 30 and ended on June 4, and is expected to be officially listed on the main board of the Hong Kong Stock Exchange on June 7 with the stock code of "2522".

Yimai Sunshine plans to issue 17,816,000 shares in the IPO. Among them, 1,782,000 shares were offered in Hong Kong and 16,034,000 shares were offered internationally. The issue ranges from HK$14.6 to HK$16.8 per share.

It is worth mentioning that Zhuotou Management (controlled by Jiangxi Investment Group Co., Ltd.), United Imaging Medical (688271. SH) wholly-owned subsidiary United Imaging Hong Kong, and Xinrui Pharma (6108. HK), a wholly-owned subsidiary, China Xinrui, participated in the offering as a cornerstone investor, with a cumulative subscription of HK$121 million.

Founded in 2014, Yimai Sunshine is a medical imaging medical group with a network of medical imaging centers covering 17 provinces, autonomous regions and municipalities directly under the central government, extending from first- and second-tier cities to 59 county-level administrative regions, and has 97 imaging centers as of December 31, 2023.

According to Frost & Sullivan, in 2023, Yimai Sunshine ranked first among all third-party medical imaging center operators in China in terms of the number of medical imaging center outlets, the number of equipment, the number of licensed imaging doctors registered as their main workplaces, the average daily number of examinations, and the fees paid by patients. In terms of revenue generated by imaging centers in 2023, Yimai Sunshine ranks second among all third-party medical imaging centers in China. At the same time, Yimai Sunshine is also the only medical imaging platform operator and manager in China that provides diversified imaging services and value for the entire medical imaging industry chain.

From 2021 to 2023, Yimai Sunshine's revenue will be 592 million yuan, 784 million yuan and 929 million yuan respectively, with a compound annual growth rate of 25.3%; The gross profit was 175 million yuan, 237 million yuan and 333 million yuan respectively, with a compound annual growth rate of 37.8%.

In 2023, Yimai Sunshine's net adjusted net profit will be about 60 million yuan.

XtalPi

Hong Kong stocks|Passed the hearing

According to the IPO news, QuantumPharm Inc. (hereinafter referred to as "XtalPi") recently passed the hearing of the Hong Kong Stock Exchange and disclosed the information set after the hearing on the evening of May 26.

This means that XtalPi is expected to become the first technology company to be listed on the main board of the Hong Kong Stock Exchange through Rule 18C, which is mainly aimed at specialized technology companies, which have high requirements for the scientific and technological attributes of the industry, involving next-generation information technology, advanced hardware and software, advanced materials, new energy and energy conservation and environmental protection, new food and agricultural technology.

Founded in 2015, XtalPi has built a world-leading quantum physics-based, AI-enabled, and robot-driven R&D platform that combines quantum physics-based first-principles computing, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation for pharmaceutical and materials sciences (including agricultural technology, energy and new chemicals, and cosmetics) and other global conglomerates and innovative companies in the pharmaceutical and materials science research and development solutions and services.

According to Frost & Sullivan, XtalPi is one of the leaders in the use of quantum physics-based first-principles computing, artificial intelligence and robotic automation in drug and materials science R&D.

By combining quantum physics-based computing with artificial intelligence, XtalPi's platform is both precise and innovative, enabling rapid processing of high-precision data at scale and the design of novel molecules that surpass the industry's current level without the limitations of training sets. The wet laboratory adopts robotic automation technology, which can verify the predictions generated by the computer-based "dry experiment" tool, and the large-scale data generated by the experimental function of the wet laboratory can be used as feedback for further training of the computer-based tools, so as to form a learning cycle of "dry and wet combination" mutually reinforcing, accelerate the accumulation of data, and promote the implementation of technology.

To date, XtalPi has served more than 300 biotechnology and pharmaceutical companies and research institutes around the world. According to Frost & Sullivan, XtalPi's customer base includes 16 of the world's top 20 biotech and pharmaceutical companies (in terms of 2022 revenue), and has established long-term and solid relationships with many of the world's leading biotech and pharmaceutical conglomerates, including Pfizer, Johnson & Johnson and Merck KGaA.

In addition to the pharmaceutical sector, XtalPi has also applied its R&D platforms to materials science, including agricultural technology, energy and new chemicals, cosmetics, etc. According to the prospectus, XtalPi is currently working with a top university to automate battery R&D, with a focus on automating battery electrolyte formulation and performance testing. The battery R&D automation project aims to achieve rapid iteration of the battery electrolyte automatic formulation process, reduce the experimental cost and shorten the experimental cycle through automatic weighing and mixing, high-throughput batching and automatic recipe recording.

As of December 31, 2023, XtalPi has raised approximately US$732 million in aggregate, ranking first among all AI-enabled drug discovery companies in the world. Under the new 18C regulation, XtalPi has five leading senior independent investors, including Tencent, Sequoia, Wuyuan Capital, China Life Chengda and PICC Health Pension Fund.

Innovation

Hong Kong stocks|Submit a prospectus

According to the IPO news, Shenzhen Youjia Innovation Technology Co., Ltd. (hereinafter referred to as "Youjia Innovation") officially submitted a prospectus to the Hong Kong Stock Exchange on May 27, 2024, to be listed on the main board, with CITIC Securities and CICC as joint sponsors.

Founded in 2014, Youjia Innovation, as a provider of intelligent driving and intelligent cockpit solutions, provides solutions for key aspects of the driving experience such as pilotage, parking and in-cabin functions, and is committed to gradually realizing the mass production of L0-L4 autonomous driving technology through full-stack self-developed software and hardware integration technology.

At present, Youjia's innovative solutions can be divided into three business modules: intelligent driving solutions, intelligent cockpit solutions and vehicle-road collaboration. In fact, these three business segments take intelligent driving solutions as the core and share the underlying technology to ensure the efficient use and rapid iteration of technical resources, so as to feed back the product line to help each other and promote synergy.

According to CIC, in terms of revenue from L0 to L2+/L2++ solutions in 2023, Prosperity Innovation ranked third among all emerging technology companies in China. In 2023, more than 780,000 units of Youjia's innovative intelligent driving solutions will be sold, and the iRobo solution (Level 4 level) is expected to be delivered this year.

In 2023, Youjia Innovation will continue to develop 51 models from 21 OEMs, and start mass production with 64 models from 26 OEMs. From January 1 to May 20 this year, Youjia Innovation continued to develop 35 models from 20 OEMs, and started mass production with 88 models from 29 OEMs.

It is worth noting that while covering seven of the top 10 domestic OEMs in terms of sales volume, Youjia Innovation's customers are also continuing to promote their globalization strategy - through the designation of an automotive software company affiliated with a world-renowned OEM, it has established a solid foundation for its entry into the ecosystem of leading international OEMs; In addition, Eudrive Innovation has also established a cooperation with a leading international supplier of high-end automotive products and systems to jointly serve the European market, and has been equipped with a number of models from well-known domestic OEMs (including NEV, which is the No. 1 in export sales).

In terms of financial data. From 2021 to 2023, the revenue of Youjia Innovation will be 175 million yuan, 279 million yuan and 476 million yuan respectively, with a compound annual growth rate of 64.9%, of which the year-on-year growth rate in 2023 will be 70.4%.

In addition, the gross profit margin of Youjia Innovation in 2023 has increased from 9.7% in 2021 to 14.3%.

It is worth mentioning that the adjusted net loss margin of Youjia Innovation narrowed significantly to 38.8% in 2023 from 73.7% in 2022. At the same time, Youjia Innovation still adheres to high R&D investment, with R&D expenditures of 82 million yuan, 139 million yuan and 150 million yuan from 2021 to 2023 respectively. As of December 31, 2023, the R&D team of Youjia Innovation had 331 employees, accounting for 63.8% of the total number of employees.

Since its establishment, Youjia Innovation has received investment from well-known institutions such as NavInfo, Zeyi Investment, China Development Bank Manufacturing Transformation Fund, CICC Capital, Yuanjing Capital, Harvest Investment, PwC Capital, Oriental Fuhai, Cathay Capital, Boyuan Capital and so on.

BOLTET

Hong Kong stocks|Submit a prospectus

According to the IPO news, BridgeHR Tech Group Inc. (hereinafter referred to as "BRIDGE") officially submitted a prospectus to the Hong Kong Stock Exchange on May 27, 2024, to be listed on the main board, with Huatai International as the sole sponsor.

Founded in 2013, BRIDGE pioneered non-traditional workforce management in 2017 and has successfully developed a complete end-to-end multi-functional solution featuring a combination of SaaS operations, system services, and an adaptive business model tailored to select customers.

According to CIC, BRIDGE is one of the few players in China's non-traditional employment market that provides solutions that comprehensively cover the entire employment management process, and is also one of the few players in China's non-traditional employment market to provide solutions for gig tasks and flexible employment projects.

From 2021 to 2023, BRIDGE's non-traditional workforce management solutions have served more than 2,900 demand enterprises, covering more than 10 vertical industries such as instant consumption services, online health consultation, medical testing, and beauty. During the same period, 296,028 tasks and 252,006 projects have been undertaken and executed by non-traditional workers through iBridge and SHOUDAOZI.COM, respectively, and 21 non-standard labor relations service providers have provided services to enterprises in need through BRIDGE's non-traditional workforce management solutions.

According to CIC, in terms of total service value in 2022, BRIDGE ranked first in the field of non-traditional employment platforms, with a market share of 13.2%.

In terms of financial data. From 2021 to 2023, BRIDGE's revenue will be 987 million yuan, 1.022 billion yuan and 948 million yuan respectively, and the gross profit margin will be 12.2%, 15.1% and 12.7% respectively. The adjusted profit for the same period was 29.05 million yuan, 33.89 million yuan and 33.95 million yuan respectively.

Since its establishment, BRIDGE has received an investment of over 100 million yuan from Oriental Fuhai and JAFCO Asia in 2021, with a pre-investment valuation of RMB 920 million and a post-investment valuation of RMB 1.025 billion.

New Goo property

Hong Kong stocks|Submit a prospectus

According to the IPO news, New Gonow RV Co., Ltd. (hereinafter referred to as "New Gonow") officially submitted a prospectus to the Hong Kong Stock Exchange on May 28, 2024, to be listed on the main board, with Huatai International as the sole sponsor.

In 2014, Neugonow acquired Regent, a well-known Australian RV brand with a history of more than 30 years, and launched two major brands, Snowy River and NEWGEN in 2015 and 2019 respectively.

As of December 31, 2023, the new Gonow has successfully mass-produced 39 standard touring cars, covering seven different series under three brands. In addition, New Gonow is developing a pioneering model of an electric trailer. According to Frost & Sullivan, New Gonow is one of the first RV experts to commercialize an electric RV solution.

The new Gonow expects to launch its first hybrid off-road caravan and self-propelled motorhome in Australasia by the end of this year, and eventually launch a range of motorhomes in Europe and North America.

From 2021 to 2023, New Gonow delivered 1,330, 2,127 and 2,694 RVs, respectively, with year-on-year growth of 59.9% in 2022 and 26.7% in 2023.

In terms of pricing, the reserve price of the new Gonow RV before tax ranges from A$50,900 (equivalent to RMB242,762) to AUD84,990 (equivalent to RMB405,351).

According to Frost & Sullivan, in terms of sales volume in 2023, the new Gonow ranks second in the market share of the Australasian RV industry, with a market share of about 6.8%; It is also the second largest standard caravan manufacturer in Australasia, with a market share of 9.7%.

In terms of financial data. From 2021 to 2023, the revenue of New Gonow will be 300 million yuan, 499 million yuan and 720 million yuan respectively, and the gross profit margin will be 16.7%, 16.5% and 25.1% respectively. The net profit was 25 million yuan, 33 million yuan and 79 million yuan respectively.

Among them, the year-on-year growth rate of revenue and net profit in 2023 will be 44.3% and 139.4%, respectively.

The car is coming

Hong Kong stocks|Submit a prospectus

According to the IPO news, MetaLight Inc. (hereinafter referred to as "Yuanguang Technology") officially submitted a prospectus to the Hong Kong Stock Exchange on May 31, 2024, to be listed on the main board, with CICC as the sole sponsor.

As a data intelligence company that can be traced back to 2010, Yuanguang Technology focuses on using time series data to discover and predict the trends, patterns, and fluctuations of analysis objects over time. In 2013, the "Bus Coming" app was launched, aiming to provide commuters with convenient and real-time bus information online platform. By analyzing GPS data authorized by transit agencies, user query records and search histories, as well as aggregate bus and user data, "Bus Coming" provides real-time bus schedules and accurate estimated vehicle arrival times, improving the travel experience by reducing the uncertainty of waiting times and reducing the likelihood of passengers missing the bus.

As of December 31, 2023, the app has more than 263 million users, with an average of about 25.3 million monthly active users in 2023. As of December 31, 2023, the geographical scope of "Che Lai" has expanded to nearly 450 cities and towns across China. According to CIC, as of 31 December 2023, Chelai has become the largest real-time bus information platform in China by city coverage, covering 264 cities.

Based on the data insights obtained by the "Car Coming" app, Yuanguang Technology also provides data analysis products and services for the needs of local transportation departments and bus companies. Through real-time monitoring of bus operations, improvement of the accuracy of bus data, optimization of bus routes and planning of new routes, these institutions can improve their operational and management efficiency. According to CIC, in terms of revenue in 2023, Yuanguang Technology ranks third among time series data service providers in China's public transportation industry.

Leveraging its experience in the field of public transportation, Yuanguang Technology has also expanded its range of data analysis products to different industries. For example, providing strategic guidance to power traders to maximize profitability, and providing overload event identification for shared motorcycle operators to ensure that motorcycle use complies with regulations.

On the revenue model. Yuanguang Technology's products and services adopt different revenue models - "The Car is Coming" provides users with free services, mainly generating revenue through advertising sales; As far as the public transportation analysis platform is concerned, Yuanguang Technology charges a subscription fee based on the modules subscribed to by each institution; For other data analytics products, the charges are negotiated on a case-by-case basis.

In terms of financial data. From 2021 to 2023, the revenue of Yuanguang Technology will be 163 million yuan, 135 million yuan and 174 million yuan respectively, and the gross profit margin will be 75.1%, 73.0% and 76.3% respectively. the adjusted net profit was approximately 44.2 million yuan, 9.8 million yuan and 46.5 million yuan respectively; Adjusted net profit margins were 27.0%, 7.2% and 26.6%, respectively.

Since its establishment, Yuanguang Technology has received investment from Alibaba, Didi, Broadband Capital, Hongdao Capital and other institutions.

Before the IPO, Didi held 18.11% of the shares of Yuanguang Technology, making it the largest external investor. Alibaba also holds more than 10% of the shares of Yuanguang Technology.