htmlOn September 29, Wanwu Cloud (02602.HK), a property service company under Vanke (02202.HK; 000002.SZ), officially landed on the main board of the Hong Kong Stock Exchange. On the first day of's listing, Wanwu Cloud fell below the issue price, and as of the closing, it fell 6.79%. Temasek , UBS Asset Management and other cornerstone investors , had a floating loss of HK$140 million that day.
. As shareholders, many company executives have soared their wealth within one night. Zhu Baoquan, Chairman of Wanwu Cloud, holds 20 million shares of the company through Wanwu Cloud employee shareholding platform, with a net worth of over HK$900 million.
↑Wanwu Cloud officially listed on September 29th. According to ICphoto
, the first day of listing, the issue price fell by
. The cornerstone investors lost 146 million
018-2020, real estate companies set off a wave of splitting properties and listing, and Vanke did not take action at that time. Now, the real estate industry is entering a cold winter, and Vanke's property service company Wanwu Cloud has entered the Hong Kong Stock Exchange against the trend. The IPO of Wanwu Cloud was not optimistic during the IPO stage. The original offering price per share was HK$47.1-52.7 per share, and the final offering price was HK$49.35 per share, which was lower than the median offering price, and the net fundraising was HK$5.6 billion. The number of shares planned to be issued globally is 117 million shares, accounting for only 10% of Wanwu Cloud's total issuance share capital, of which the offering ratios of Hong Kong and International are 1:9 respectively. In the end, the international allocation for institutional investors received 3.3 times oversubscription, but the allocation in the Hong Kong market was insufficient, recording only 0.82 times subscription.
htmlOn September 29, Wanwu Cloud fell below the issue price on the first day of its listing, and fell by more than 12% during the session; as of the closing, it fell by 6.79% to HK$46 per share, with a total market value of HK$53.7 billion (approximately RMB 48.9 billion), which has been cut in half compared to the valuation of 100 billion in the past.Previously, Cloud of All Things attracted a luxurious cornerstone investment lineup, including Temasek, UBS Asset Management, China Chengtong Holdings, and its China State-owned Enterprise Mixed Ownership Reform Fund, Runhui Investment, HHLR Fund and YHG Investment, Athos Capital, etc. The cornerstone investors subscribed a total of 43.834 million shares, with a total investment of HK$2.16 billion.
is calculated based on the closing price. On the first day of Wanwu Cloud's listing, cornerstone investors have lost 146 million Hong Kong dollars.
Before listing, the spectroscopy company's net profit
Boyu Investment and 58.com reduction in holdings to cash out
New cornerstone investors are facing floating losses, while old shareholders reduce their holdings to cash out on the eve of their IPO.
In 2017, Boyu Investment spent 1.5 billion yuan to subscribe for 25% of Wanwu Cloud's shares through Radiant Sunbeam Limited; 58.com (WUBA.US) invested 300 million yuan to subscribe for 5% of Wanwu Cloud's shares through Dream Landing Holdings Limited.
In March 2018, the restructuring of Wanwu Cloud was completed, and the company's registered capital became RMB 1 billion, divided into 1 billion shares with a face value of RMB 1 per share. All shareholders at that time subscribed according to their respective equity equity ratios before the reform.
In November 2021, on the eve of Wanwu Cloud's delivery of the statement, Boyu Investment transferred 7% of Wanwu Cloud's equity to Ruixuan, Zhuhai Dafeng and Ruida Third Co., Ltd., respectively, cashing out a total of RMB 6.986 billion.
↑Screenshot from prospectus
In December 2021, 58.com transferred about 2% of Wanwuyun's equity to Hainan Yunsheng, cashing out RMB 1.991 billion.
↑Screenshot from prospectus
Not only that, before listing, Wanwu Cloud also paid a lot of dividends, and Boyu Investment and 58.com, as shareholders, made great profits.
From 2019 to 2021, Wanwu Cloud announced dividends of RMB 247 million, RMB 318 million and RMB 3.537 billion, totaling RMB 4.1 billion; while the company's profits in the same period were RMB 1.04 billion, RMB 1.519 billion and RMB 1.714 billion, totaling RMB 4.27 billion, respectively. The company's profits in three years have almost been divided.
In addition to shareholders, employees who hold Wanwu Cloud shares have also become big winners.
Wanwu Cloud's 2022 interim report shows that Wanwu Cloud's employee stock ownership platform directly holds a total of 70 million shares of reward-related shares, and has been awarded to 394 participants. Among them, Mr. Zhu Baoquan, Chairman, Executive Director and General Manager of Wanwu Cloud, holds 20 million shares. Based on the closing price on September 29, his net worth has exceeded HK$900 million. Except for the Director and Senior Supervisor, 360 other employees hold 34.305 million shares, and their per capita value is more than HK$4 million.
↑ Screenshot from the company's interim report
gross profit margin declines
The company has sufficient funds
Wu Cloud 2022 interim report shows that as of September 29, 2022, Vanke and its affiliated enterprises hold 51% of Wanwu Cloud's shares and are the company's controlling shareholder.
↑Screenshot from prospectus
However, Wanwu Cloud originated from Vanke Group's revenue is not too high. The prospectus shows that from 2019 to 2021, Wanwu Cloud came from independent third-party customers, accounting for 84.6%, 81.4% and 80.8% of the total revenue respectively. In terms of performance of
, from 2019 to 2021, Wanwu Cloud's revenue was RMB 13.927 billion, RMB 18.145 billion and RMB 23.7 billion respectively. The gross profit margins are 17.7%, 18.5% and 17% respectively. The profits during the year were RMB 1.04 billion, RMB 1.519 billion, and RMB 1.714 billion, respectively; the profit margins during the year were 7.5%, 8.4% and 7.2% respectively.
In the first half of 2022, Wanwu Cloud's revenue was RMB 14.243 billion; gross profit was RMB 212,700, gross profit margin was RMB 14.9%; profit was RMB 907 million.
It is not difficult to see that the company's gross profit margin has declined significantly in 2021 and the first half of 2022, but the company is relatively abundant. As of the end of June 2022, Wanwuyun cash and cash equivalent were RMB 2.812 billion.
↑Screenshot from the company's interim report
In the interim report, the concept of Butterfly City was repeatedly mentioned. Zhu Baoquan also stated in the article published by Wanwu Cloud WeChat official account that the company will use most of the funds to build smart properties in the Butterfly City Strategy. It can be seen that smart property may be the future development direction of the cloud of all things.
Red Star News Reporter Tao Yueyang
Editor Yu Dongmei Guozhuang
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