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 leading intralogistics equipment solution provider in China. During the Track Record Period, we primarily provided intralogistics equipment subscription services, which contributed 65.2%, 63.0%, 61.8% and 55.9% of the total revenue in 2020, 2021, 2022 and the four months ended April 30, 2023. In addition, we also provided maintenance and repair services, and sales of intralogistics equipment and parts. Intralogistics equipment is an industrial machinery used to replace intensive labor in mechanical work, such as carrying, moving, sorting, and stacking of cargo and heavy loads, in manufacturing plants, logistics parks, warehouses, airports, ports, and other similar worksites. There are various types of intralogistics equipment, including but not limited to, forklifts, stackers, sorters, conveyors, etc. Subscription of forklifts, including counterbalanced forklifts, reach trucks, and walkie stackers, is important in the Company’s intralogistics equipment subscription services. According to CIC, forklifts comprised around 92.9% of all intralogistics equipment in intralogistics equipment subscription services in 2022. Focusing on intralogistics equipment subscription services, we strive to provide enterprises with one-stop solutions for intralogistics equipment utilization and management. According to CIC, we are the largest intralogistics equipment solution provider in China in terms of revenue for 2022, accounting for 7.7% of the total market. Furthermore, we have established a service network aiming for coordinated equipment engagement and management. As of April 30, 2023, we had 67 offline service outlets in 47 cities throughout China, managing over 40,000 units of intralogistics equipment. During the Track Record Period, as part of the intralogistics equipment subscription services, the Company provided management optimization services to its customers, such as monitoring and management of the subscribed intralogistics equipment’s operation, without extra charges in addition to intralogistics equipment subscription fees. Intralogistics equipment utilization and management present inherent challenges, including high purchase and maintenance costs, a need for specialized expertise, and significant management complexity. However, it is not easy for enterprises to have satisfying services from traditional service providers which only provide equipment with limited maintenance services, as most enterprises are not experts in intralogistics equipment, and may need assistance in monitoring, checking and maintaining, and operating such equipment. Our customers are offered with different subscription arrangements in terms of equipment portfolio, equipment operation guidance, scheduled maintenance and repair, and real-time operation monitoring, which help customers to save costs related to fixed asset procurement and maintenance afterwards. According to CIC, intralogistics equipment solutions can help enterprises reduce costs by approximately 20% throughout the equipment’s lifecycle compared to traditional intralogistics equipment procurement mode. According to CIC, despite the growing demand for intralogistics equipment solutions in China, the penetration rate remains low at around 3.7% in 2022. In comparison, developed countries like the U.S. had a much higher penetration rate of approximately 54.6% in 2022, demonstrating significant potential for improvement and expansion in China. According to CIC, the market size of intralogistics equipment solutions in China is expected to reach RMB34.9 billion by 2027, representing a CAGR of 25.0% from 2022 to 2027. Source: Folangsi (02499) Prospectus (IPO Date : 2023/10/31)
Listing Market	MAIN
Industry	Electrical Components & Equipment
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Hou Zebing (Total share: 23.54%); (H share: 14.91%) Shanghai Dingman Enterprise Management Co., Ltd. (Total share: 18.52%); (H share: 31.20%) Hou Zekuan (Total share: 15.21%); (H share: 7.68%) Shenzhen Dachen Caizhi Venture Capital Investment Management Co., Ltd. (Total share: 11.76%) Shenzhen Xinyu Equity Investment Enterprise (Limited Partnership) (Total share: 6.48%); (H share: 8.98%)
Directors	Hou Zekuan (Chairman and Executive Director) Hou Zebing (General Manager and Executive Director) Qian Xiaoxuan (Deputy General Manager and Executive Director) Ma Li (Executive Director and Secretary to the Board) Zhou Limin (Executive Director) Yu Chuanfen (Non-Executive Director) Chiang Edward (Independent Non-Executive Director) Fan Xia (Independent Non-Executive Director) Du Lizhu (Independent Non-Executive Director)
Company Secretary	Ma Li Tang Ka Yan
Principal Bankers	Shanghai Pudong Development Bank Co., Ltd.
Solicitors	Zhong Lun Law Firm Norton Rose Fulbright Hong Kong
Auditors	Ernst & Young
Registered Office	5th Floor, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.fls123.com
Email Address	zqb@fls123.com
Tel No	(86 20) 6685-5746
Fax No

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