Leidi.com Lei Jianping July 10
Huiju Technology Co., Ltd. (abbreviation: "Huiju Technology", stock code: "02481") was listed on the Hong Kong Stock Exchange today.
The offering price of Huiju Technology is HK$3.6, and the net fundraising amount is HK$188 million.
This time, Huiju Technology raised funds mainly for the construction of peak-shaving boilers in Lanzhou, Gansu, the preparation and expansion of heat supply projects in Xinmi, Henan, and supplementing corporate working capital.
The opening price of Huiju Technology was HK$3.6, which was the same as the issue price; soon the company broke, and the stock price fell by 7.78% at one point, and the company's market value was HK$1 billion.
As of today's close, Huiju Technology has raised its stock price, with the closing price at HK$3.6. Based on the closing price, the company's market value is HK$1.086 billion.
Annual revenue of 1.444 billion
Huiju Technology is an inter-provincial heating service provider mainly operating in the “Three North Regions”. As at the Latest Practicable Date, the total actual heating service area (in terms of GFA) of Huiju Technology was approximately 419 million square meters, accounting for the total franchised area under the Huiju Technology Franchise Agreement of approximately 419.9 million square meters about 10.0% of that.
In addition to providing heat supply services, which is considered as a utility business, Huiju Technology also provides heat supply related (i) engineering construction services; and (ii) EMC services. Since its operation in 2010, Huiju Technology has more than ten years of operating experience.
According to the prospectus, the revenue of Huiju Technology in 2020, 2021, and 2022 will be 1.376 billion yuan, 1.29 billion yuan, and 1.444 billion yuan respectively; the gross profit will be 291 million yuan, 313 million yuan, and 297 million yuan; 98.32 million yuan, 171 million yuan, and 140 million yuan.
As of December 31, 2022, Huiju Technology held cash and cash equivalents of 378 million yuan.
The executive directors of Huiju Technology are Geng Ming, Li Baoshan, and Luo Wei; the non-executive directors are Miao Wenbin, Ma Fulin, and Ms. Xu Lijie; the independent non-executive directors are Dr. Xie Xiaodong, Zhang Haogang, and Dr. Zhu Qing.
Miao Shuang family business
Before the IPO, Shuangliang Technology held 66.38% of the shares, and Jiangsu Lichuang held 22.58% of the shares.
The shareholders behind Shuangliang Technology and Jiangsu Lichuang are Miao Shuangda, Miao Wenbin, Miao Zhiqiang, Ms. Miao Shuya, Miao Heida, Jiang Rongfang, Ma Peilin, and Ma Fulin, holding 20%, 15%, 10%, and 10% of the shares respectively. %, 10%, 15%, 10%, 10%.
In addition, Li Baoshan holds 2.66% of the shares, Gu Dongsheng holds 2.66% of the shares, Liu Jiansheng holds 1.11% of the shares, and Liu Jing, Geng Ming, Shan Yulin, Liu Guoyin, Wang Xiaosong, Jiang Shaojun, and Li Fenglin hold 0.88% of the shares respectively.
Miao Shuangda and Miao Heida are brothers. Miao Shuangda is the father of Miao Wenbin. Miao Zhiqiang and Ms. Miao Shuya are the cousin and sister of Miao Wenbin respectively.
Ma Peilin and Ma Fulin are brothers. Ma Fulin is Miao Wenbin's cousin-in-law.
As part of the family succession plan, on December 11, 2019, Ms. Miao Shuya received from her father Miao Minda (brother of Miao Shuangda and Miao Heida) the 10 shares in Shuangliang Technology and Jiangsu Lichuang respectively for zero consideration. % of registered capital.
Mr. Miao Heida will be 76 years old in 2021 and he is worried about his own health. On August 9, 2021, Mr. Miao Heida transferred his investment in Shuangliang Technology and Jiangsu Lichuang (as of the latest practicable date, Shuangliang Technology and Jiangsu Lichuang holds 66.38% and 22.58% equity of the company respectively) and transfers them equally to his sons Miao Shuyan and Miao Shuyang at zero consideration. Miao Shuyan, Miao Shuyang and Miao Heida entered into an entrusted shareholding arrangement.
Accordingly, Miao Shuyan and Miao Shuyang agreed to serve as the nominees of Miao Heida and to manage, handle and deal with Miao Heida's related matters related to Shuangliang Technology and Jiangsu Lichuang Investment (including but not limited to the general meeting of shareholders) in accordance with Miao Heida's instructions. to exercise the relevant voting rights).
On March 1, 2022, because Miao Heida's health has improved, the entrusted shareholding arrangement was terminated. On the same day, the respective registered capitals of Shuangliang Technology and Jiangsu Lichuang were transferred back to Miao Heida at zero consideration.
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