Everything Cloud officially opened its IPO roadshow, which will be the largest IPO of Hong Kong stocks this year. Temasek and UBS will lead the luxury cornerstone lineup to invest US$280 million

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On September 16, Wanwanyun has completed the registration of its prospectus, and the stock code is “2602.HK”. It is expected to start the official IPO roadshow today, and it is expected to complete the listing within this month.

Editor | Arti

Source: Unicorns have long known

According to the information of the special press conference for the Hong Kong market for the public issuance of Wanwu Cloud, the scale of the issuance is expected to be US$800 million to US$900 million, which will be the largest initial public offering in the Hong Kong stock market since 2022.

The IPO has attracted a lineup of ultra-luxurious cornerstone investors, including Temasek, UBS Asset Management, China Chengtong Holdings and its subsidiary China State-owned Enterprise Mixed Ownership Reform Fund, Runhui Investment, HHLR Fund and YHG Investment, Athos Capital, etc. The cornerstone investment amount is about 280 million US dollars.

On November 5 last year, Vanke disclosed for the first time its plan to spin off its subsidiary Wuwuyun and go public. At that time, Vanke said that Wanke Cloud had shown a good momentum of development in terms of residential services, business writing services, and urban services, and the company believed that the time for listing was ripe. If the spin-off and listing is realized, it will help to highlight the company’s development advantages in the field of space technology services, improve the continuous operation capability of the company and everything cloud, release its intrinsic value, and at the same time help the company to focus on development, operation and service. Transformation development.

Subsequently, Wanwuyun started an intensive sprint to go public. On November 26, 2021, Vanke’s first proposed spin-off of its subsidiary Wanwanyun to list on the Hong Kong Stock Exchange was approved by the general meeting of shareholders. On March 30 this year, the China Securities Regulatory Commission officially accepted Wanwanyun’s overseas listing application. On April 1, Wanwuyun officially submitted its prospectus. On September 1, the Hong Kong Stock Exchange issued an announcement that Wanwuyun officially passed the hearing.

It is worth noting that the current performance of the property sector in the Hong Kong stock market is not good, and the overall valuation of the sector has dropped significantly from the previous high. In response to the issue of listing timing, Zhu Baoquan, CEO of All Cloud, said in March this year that the company’s business strategy will not take capturing the capital market window as the main consideration. For a company to go public, it is just a node in the long run. It is believed that at a time when the capital market is relatively rational, it will be able to give real prices to outstanding companies and better investment opportunities for strategic investors.

Everything Cloud was renamed from Vanke Property in October 2021, and its development can be traced back to 32 years ago. Different from other property management that focuses on residential services, All Cloud has launched a platform-based development strategy in recent years, building business modules such as Space, Tech and Grow.

Among them, the Space module includes “Vanke Property” and “Publin Development” belonging to community space services, “Everything Liangxing” belonging to commercial enterprise space services, and belonging to urban space services, the country’s first brand-new brand “Everything” oriented to urban services Cloud City”; Tech modules include “Wan Rui Technology”, “Fifth Space”, etc., providing software and hardware service capabilities, digital operations and industry artificial intelligence services respectively; Grow module “Everything Growth” is the company’s incubator, which is continuously connected and mature. Enterprises, incubating innovative enterprises.

From the perspective of financial performance, in the first half of this year, Wanwuyun achieved operating income of 14.35 billion yuan, a year-on-year increase of 38.2%. Among them, the community space residential consumption service income was 8.08 billion yuan, accounting for 56.3%, a year-on-year increase of 34.8%; the commercial enterprise and urban space comprehensive service income was 5.11 billion yuan, a year-on-year increase of 39.7%; AIoT and BPaaS solution service income was 1.16 billion yuan, A year-on-year increase of 59.0%

According to the prospectus, from 2019 to 2021, the gross profit of Wanwuyun is about 2.468 billion yuan, 3.365 billion yuan, and 4.020 billion yuan, respectively, and the gross profit rate is about 17.7%, 18.5%, and 17.0%. Among the leading property management companies, this data is in the middle and lower reaches.

Regarding Wanke Cloud’s low gross profit margin operation model, Zhu Baoquan said at the Vanke Performance Promotion Conference held on March 31 this year that from the perspective of listed material companies, there are roughly two camps: one is the gross profit rate of about 15% , one is the gross profit margin of about 30%. The gross profit margin of Wuxingyun is around 15%. From the analyst report, 15% is a reasonable range. He also said that property service is a people’s livelihood industry, and the relationship of trust is far more important than the gross profit margin. In addition, in the commercial field all contracts are concluded on the basis of gross profit acceptable to the client.

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