IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Minieye Tec 02431.HK	Application Software	17-20.2	200	4,081	2024/12/20	2024/12/24	2024/12/27
Xunfei Healthcare 02506.HK	Application Software	82.8	50	N/A	2024/12/23	2024/12/27	2024/12/30
InnoScience 02577.HK	Semiconductors & Semiconductor Equipment	30.86-33.66	100	3,400	2024/12/23	2024/12/27	2024/12/30
HealthyWay 02587.HK	Health Care Services	7.8-8.8	500	4,444	2024/12/23	2024/12/27	2024/12/30

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Minieye Tec
02431.HK

Application Software

17-20.2

200

4,081

2024/12/20

2024/12/24

2024/12/27

Xunfei Healthcare
02506.HK

Application Software

82.8

N/A

2024/12/23

2024/12/27

2024/12/30

InnoScience
02577.HK

Semiconductors & Semiconductor Equipment

30.86-33.66

100

3,400

2024/12/23

2024/12/27

2024/12/30

HealthyWay
02587.HK

Health Care Services

7.8-8.8

500

4,444

2024/12/23

2024/12/27

2024/12/30

Summary

We are a property management service provider in the PRC, with a primary focus in Shandong Province by upholding our strategy of “Shandong Focus (精耕山東)”. The property management services markets in both Shandong Province and the PRC are highly fragmented. We had a market share of approximately 0.1% in the overall PRC property management industry in terms of the total revenue generated from property management services in 2021. On the other hand, we ranked 12th and accounted for approximately 1.0% of market share in the property management services market in Shandong Province in 2021 while the top five property management service providers in Shandong Province accounted for approximately 15.0% of market share. The services we provide can be broadly divided into four business segments in terms of their nature, namely (i) property management services; (ii) property engineering and landscape construction services; (iii) property investment; and (iv) other services. In respect of the property management services, with over 25 years of experience and by our professional expertise, we have a comprehensive understanding of our customers’ daily operation and specific requirements and needs to provide high-quality services to hospitals and public properties. For FY2021, we had 39 hospitals and 104 public properties under our management. We ranked second in hospital sector and third in non-residential (including hospitals, public properties and commercial properties) sector among property management service providers in Shandong Province in terms of the revenue generated from the respective sectors in 2021, representing market share of approximately 7.2% and 2.1%, respectively. In respect of the revenue generated from respective sectors in PRC property management industry, we had a market share of approximately 0.6% in hospital sector and 0.3% in non-residential (including hospitals, public properties and commercial properties) sector, respectively. We are dedicated to the utilisation and development of digitalisation and operation automation systems and have employed technological solutions to strengthen our competitiveness, improve our service quality and customer satisfaction, reduce our reliance on manual labour, and reduce costs and expense to be incurred by providing our services. In March 2019, we launched an online information technology operation centre, namely OSCS Service Centre, serving the hospitals under our management by offering diversified and tailored hospital logistics services in aspects of cleaning management, centralised logistic management, clinical waste management, facilities management, patient companion and operation management, which are comprehensive and professional solutions to manage, support and optimise the entire operation process of the hospitals under our management. By utilising the OSCS Service Centre, we are able to facilitate our daily operation in hospital sector and provide 24-hour services to hospital staff and/or patients of the hospitals under our management. Our Group achieved robust growth during the Track Record Period in terms of business scale and financial performance. Our revenue increased from RMB397.1 million in FY2019 to RMB486.1 million in FY2020, and further to RMB601.3 million in FY2021 and RMB321.4 million in 1H2022, representing a CAGR of 23.1% from FY2019 to FY2021. Our gross profit increased from RMB66.8 million in FY2019 to RMB102.9 million in FY2020, and further to RMB114.1 million in FY2021 and RMB67.0 million in 1H2022, which the gross profit margin was 16.8%, 21.2%, 19.0% and 20.8% for the corresponding period, respectively. Our Group obtains new property management agreements mainly by way of open tendering. For FY2019, FY2020, FY2021 and 1H2022, our tender success rate for securing property management agreements recorded approximately 28.4%, 32.5%, 48.1% and 40.7%, respectively; and the renewal rate of our property management agreements was approximately 87.4%, 90.6%, 90.8% and 87.4% for the corresponding periods, respectively. Our Group has been accredited with GB/T19001-2016/ISO 9001:2015 (Quality management system certification), GB/T 20647.9-2006/ZMCC-TC-10-2018 (5-star service certification), GB/T24001-2016/ISO 14001:2015 (Environmental management system certificate), GB/T45001-2020/ISO45001-2018 (Occupational safety management system certificate), ISO 56002-2019 (Innovation management system certificate), ISO50001:2018 RB/T 107-2013 (Energy management system certificate), Jinan City Property Comprehensive Service Standardization Pilot Enterprise and Good Standardising Practice Certificate Grade AAA. Source: Runhua Service (02455) Prospectus (IPO Date : 2022/12/30)
Listing Market	MAIN
Industry	Property Service and Management
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Luan Tao & Associates (54.90%) Springrain Investment Jinan Huaiyin Urban Construction Investment Group Co., Ltd. (8.83%)
Directors	Yang Liqun (Chairman and Executive Director) Fei Zhongli (Chief Executive Officer and Executive Director) Cheng Xin (Non-Executive Director) Luan Hangqian (Non-Executive Director) Luan Tao (Non-Executive Director) Bao Ying (Independent Non-Executive Director) He Murong (Independent Non-Executive Director) Wang Yushuang (Independent Non-Executive Director)
Company Secretary	NG Ka Man
Principal Bankers	Agricultural Bank of China Limited Industrial and Commercial Bank
Solicitors	Campbells
Auditors	Shinewing (HK) CPA Limited
Registered Office	31st Floor, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.sdrhwy.cn
Email Address	wyhr1996@126.com
Tel No	(86 531) 8752-7603
Fax No

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