Zhitong Finance APP learned that according to the Hong Kong Stock Exchange's disclosure on October 7, Lingxiong Technology Group Co., Ltd. (Lingxiong Technology) passed the listing hearing of the Hong Kong Stock Exchange, and Haitong International is its exclusive sponsor.
According to the information of Zhuoshi Consulting, Lingxiong Technology is the first company in China to create the full life cycle management business model of equipment . This model covers the long and short-term subscription period and the main stages of the equipment life cycle. It is mainly engaged in the sale of refurbished and eliminated IT equipment to (including) IT equipment dealers in China, and provides equipment and IT technology subscription services to small and medium-sized enterprises.
It is reported that Lingxiong Technology was founded in 2004 and started with computer assembly services and second-hand computer sales. In 2008, it has become one of the largest second-hand computer retailers in China. Since then, Lingxiong Technology has gradually expanded its business to IT equipment subscription and related services, and has successively launched desktop and laptop rental services, and has also begun to provide IT technical services to enterprises. Lingxiong Technology's businesses include three major sectors: equipment recycling, equipment subscription, and IT technology subscription.
According to the prospectus, China's equipment full life cycle management market is highly fragmented, consisting of a large number of small-scale regional equipment full life cycle management solutions suppliers, and only a few top participants' income exceeds the threshold of RMB 500 million. In China, there are two leading equipment subscription companies, with revenue exceeding RMB 500 million and subscription devices exceeding 300,000. Lingxiong Technology is one of them. Data shows that in 2021, Lingxiong Technology's revenue accounted for about 3.9% of the market share.
Lingxiong Technology said that the company's revenue mainly comes from two major sectors. First, the equipment recycling business, which contributed more than 60% of revenue during the track record period and had a gross profit margin ranging from 0.1% to 6.5%. Through this business, the company purchased phased out equipment from the enterprise and provided data removal services based on the enterprise's choice. The equipment recycling business provides a stable source of phase-out equipment for the company and will be used for the equipment subscription business or sold through the company's proprietary quotation platform or e-commerce platform. The second is the equipment and IT technology subscription service, which contributes the remaining revenue during the track record period, and provides equipment and IT technology support services to enterprises through this service to meet the needs of their different business scenarios.
In terms of financial affairs, in 2019, 2020, 2021 and the first half of 2022, Lingxiong Technology's revenue was RMB 500 million, RMB 1.022 billion, RMB 1.33 billion and RMB 854 million respectively.
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