Multi-point Dmall sprints into Hong Kong stocks: annual loss exceeds 900 million, Tencent and IDG Kingdee are shareholders

Leidi.com Lei Jianping December 8

Duodian Shuzhi Co., Ltd. (abbreviation: “Duodianshuzhi”) has submitted a prospectus a few days ago and is preparing to be listed on the Hong Kong Stock Exchange.

Annual loss exceeds 900 million

Founded in 2015, Multipoint DMAALL provides a cloud-based one-stop end-to-end digital retail SaaS platform for the local retail industry.

The services provided by Multipoint DMAALL include retail core service cloud, e-commerce service cloud and marketing and advertising service cloud, which can enhance the operation, marketing and sales capabilities of retailers and brand owners, so that they can better serve end consumers.

Among them, the retail core service cloud solution is based on DmallOS system software and intelligent Internet of Things (AIoT) solutions. It is a comprehensive platform that can provide data insights throughout the entire retail operation process and provide practical improvement measures. Multipoint DMAALL has realized the synergy among the three clouds, which can provide retailers with a convenient one-stop solution.

Multi-point DMAALL has cooperated with Wumart, Metro, Chongqing Department Store, Yinchuan Xinhua and DFIRetail Group, and has achieved rapid expansion, including chain supermarkets, warehouse supermarkets, department stores, convenience stores, specialty retailers and new retail formats. Business cooperation with customers.

The prospectus shows that in 2019, 2020, and 2021, the revenue of Multipoint DMAALL will be 265 million yuan, 487 million yuan, and 1.045 billion yuan respectively; the gross profit will be -126 million yuan, 36.56 million yuan, and 358 million yuan;

Multi-point DMAALL’s operating losses in 2019, 2020, and 2021 were 807 million yuan, 994 million yuan, and 1.087 billion yuan respectively; the losses during the period were 830 million yuan, 1.09 billion yuan, and 1.825 billion yuan.

Multipoint DMALL’s revenue in the first nine months of 2022 was 1.1 billion yuan, compared with 733 million yuan in the same period last year; gross profit was 459 million yuan, compared with 263 million yuan in the same period last year;

In the first nine months of 2022, multi-point DMAALL’s revenue from retail core service cloud will be 640 million yuan, accounting for 58.1% of revenue; revenue from e-commerce service cloud will be 336 million yuan, accounting for 30.5% of revenue; Marketing and advertising service cloud revenue was 126 million yuan, accounting for 11.4% of revenue.

The operating loss of multi-point DMAALL in the first nine months of 2022 was 248 million yuan, and the operating loss in the same period last year was 726 million yuan; the loss during the period was 480 million yuan, and the loss in the same period last year was 1.469 billion yuan.

The adjusted net losses of multi-point DMALL in 2019, 2020, and 2021 were 816 million yuan, 1 billion yuan, and 932 million yuan respectively; The adjusted net loss for the same period was 700 million yuan.

As of September 30, 2022, the cash and cash equivalents held by DMALL were 500 million yuan, compared with 324 million yuan in the same period last year.

After the C+ round of investment, the valuation reached 3.05 billion US dollars

The executive director of Multipoint DMAALL is Zhang Feng, the non-executive directors are CurtisAlan FERGUSON (Feng Guangsheng), Ms. Zhang Kangrong, Ms. Sun Yuhan, Chen Zhiyu, and Wang Zhenghao; the independent non-executive directors are Wang Hang, Mao Jiye, and Li Wei.

Multi-point DMAALL has received multiple financings since its establishment, among which, in May 2017, it obtained financing of US$106 million, with a cost per share of US$1 and a post-investment valuation of US$606 million;

From 2018 to 2019, Multipoint DMAALL has successively completed Series B rounds of financing. Among them, in September 2018, it raised US$80 million in Series B financing, and in April 2019 it raised another US$50.5 million in Series B+ financing. The cost per share is 1.98 U.S. dollars, the second post-investment valuation is 1.33 billion U.S. dollars; multi-point DMAALL completed the B++ round of financing of 46 million U.S. dollars in 2019, the cost per share is 2.5 U.S. dollars, and the post-money valuation is 1.726 billion U.S. dollars.

Multipoint DMAALL raised US$370 million in Series C financing in August 2020, with a cost per share of US$2.8, and a post-investment valuation of US$2.3 billion; in October 2021, it completed another US$51.8 million C+ round of financing, with a cost per share of US$3.88 , with a post-money valuation of US$3.052 billion.

Multipoint DMALL shareholders include Industrial Bank, China State-owned Enterprise Structural Adjustment Fund, Hengan Treasure Investment Co., Ltd., Shenzhen Investment Holdings Bay Area Equity Investment Fund Partnership, Kingdee, Lenovo, Shenzhen Futian Guidance Fund Investment Co., Ltd., Minsheng Commercial Bank International Holdings Ltd., CNCB (Hong Kong) Investment Co., Ltd., Tencent, IDG Capital and many other institutions.

Tencent, IDG and Kingdee are shareholders

Before the IPO, Celestial Limited (controlled by founder Dr. Zhang Wenzhong) held 49.19% of the issued shares of Multipoint DMAALL; Odor Nice Limited (controlled by founder Dr. Zhang) held 8% of the company’s issued shares; Retail Enterprise Corporation Limited (controlled by founder Dr. Zhang) holds 1.17% of the company’s issued shares;

Zhang Wenzhong is the founder of Wumart and the founder of DMALL. Zhang Wenzhong founded Wumart in 1994. 2006 was the best period for the development of Wumart. It was also in this year that Zhang Wenzhong was taken away for investigation, which lasted 7 years. On May 31, 2018, the court acquitted Zhang Wenzhong and Wumart Group. The fines executed in the original judgment and the property confiscated were returned in accordance with the law. His 12-year injustice was completely rehabilitated.

Zhang Wenzhong once published the open letter “Life Ups and Downs: Entrepreneurship, Injustice, and Start Again” in Wumart’s prospectus, saying, “Although I am in prison, I always firmly believe that justice will come! I will not stick to morality and integrity because of myself.” , Do not violate the bottom line of being a human being and regret it. I firmly believe that I am innocent, and I always insist on appealing and appealing. In prison, facing the wall, working, reading, and thinking made my spiritual world calm and fulfilled. The biting cold water bath in the cold winter, Made me stronger.”

Zhang Wenzhong said that as long as there is an opportunity, encourage the Wumart team and firmly believe that the difficulties are temporary and the company will be better. After experiencing wind and rain, he is still an optimist and an active struggler. “Satisfying consumers’ pursuit of a better life is my original intention as an entrepreneur; promoting the transformation of the retail industry through digitalization is Wumart’s mission and pursuit. With spring in my heart, life is full of sunshine. I am starting again.”

VigorousLink Group Limited holds 8.71% of the issued shares of Multipoint DMAALL. Vigorous Link Group Limited is a company wholly owned by a trust which holds shares for the benefit of certain directors, officers and employees of the group; pursuant to the relevant trust arrangements, the exercise of voting rights attached to all shares held by it is ultimately directed by the board of directors and control.

In addition, IDG holds 7.67%, Industrial Bank holds 3.32%, Tencent holds 3.26%, China State-owned Enterprise Structural Adjustment Fund holds 2.9% through Yonglu Holdings Co., Ltd., Shenzhen Investment Holdings Bay Area Equity Investment Fund The partnership holds 2.64%, Daewoo Global Co., Ltd. holds 1.81%, and Zhang Bin holds 1.57%. Zhang Bin is Zhang Wenzhong’s brother.

Hengan Zhenbao Investment Co., Ltd. holds 1% of the shares, Shanghai Xingwu Enterprise Management Center (Limited Partnership) holds 3.32% of the shares, and CCCAxiom Limited holds 0.59% of the shares;

Kingdee International Software Group Co., Ltd. holds 0.95% of the shares, Yunhui Limited holds 1% of the shares, and Guoquan Enterprise Consulting (Shanghai) Co., Ltd. holds 0.83% of the shares.

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