Leidi.com Lei Jianping September 28
Beijing Ubao Online Technology Co., Ltd. (referred to as "Ubao") recently passed the hearing and is preparing to be listed in Hong Kong.
Ubao submitted its prospectus in May 2022, which means that after more than a year, Ubao finally got the key to listing.
Annual loss of 280 million
Since its establishment in 2011, Ubao has adhered to the Internet business philosophy and promoted retail intelligence through cloud platform management and offline smart operation models.
Ubao owns smart retail products including Ubao smart containers, Ubao smart vending machines, Youca, Yousing KTV, etc., and also provides customers with professional services such as operations, advertising, and marketing.
The prospectus shows that Ubao’s revenue in 2019, 2020, 2021, and 2022 were 2.727 billion, 1.9 billion, 2.676 billion, and 2.519 billion respectively; its gross profits were 1.329 billion yuan, 559 million yuan, 1.1 billion yuan, and 1.077 billion respectively. yuan; gross profit margins were 48.7%, 29.4%, 41.1%, and 42.7% respectively.
Ubao's operating profits in 2019, 2020, 2021, and 2022 were 110 million, -1.136 billion, -167 million, and -240 million respectively; profits during the year were 39.65 million, -1.184 billion, -188 million, and 284 million respectively; The profit margins during the year were 1.5%, -62.3%, -7%, and -11.2% respectively.
Ubao's revenue in the first half of 2023 was 1.25 billion yuan, gross profit was 520 million yuan, operating loss was 138 million yuan, and loss during the period was 147 million yuan.
As of June 30, 2023, Ubao held cash and cash equivalents of 269 million yuan.
Ant and Primavera Rongshun are shareholders
Ubao's executive directors are Wang Bin, Chen Kunrong, Yu Lizhi and Cui Yan; its non-executive directors are Zhu Chao and An Yufang; its independent non-executive directors are Wang Xiaochuan and Zhang Chen.
On September 10, 2019, Ubao issued 126,315,789 shares with a par value of 9.5 yuan each to Shanghai Yunxin, a subsidiary of Ant Group, for a consideration of 1.2 billion yuan. The consideration was fully paid on August 21, 2019.
When Shanghai Yunxin bought shares, the cost per share was 9.5 yuan, and Ubao’s valuation reached 7.19 billion yuan.
Before the IPO, Wang Bin held 17.9% of the shares, Chen Kunrong held 4.09% of the shares, Shanghai Yunxin, a subsidiary of Ant Group, held 16.68% of the shares, Chunhua Rongshun held 5.56% of the shares, and Xu Ge held 4.71% of the shares. Xiaolin holds 2.81% of the shares, Gongqingcheng Changyou holds 2.13%, and Guosen Energy Fund holds 0.88%.
In addition, CICC Qiyuan holds 3.96% of the shares, Ms. Cui Yan holds 0.40% of the shares, and Wang Ge holds 0.40% of the shares.
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