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09890 中旭未來
Listing Date2023/09/28
Listing Price14.000
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ZX Inc. is a publisher of online game products in China. It is devoted to marketing and operating online games in particular mobile games in China. The online games developed by its clients marketed and operated by the Group are delivered to players under the “Tan Wan” brand. According to Frost & Sullivan, it is the fifth largest company for publishing mobile game products in terms of revenue in China, accounting for 3.5% of the total market share in 2022.


The Group have enabled marketing and operation of 11 game products for more than five years and 28 game products for more than three years as of April 30, 2023. The game products it marketed and operated had accumulated 418 million registered users. It achieved an average monthly active user (MAU) of 9.4 million. The average monthly revenue per paying user (ARPPU) of all the game products was RMB411.1.


In addition to game products, the Group also provides marketing services in relation to online literature products. It have developed its own consumer product brands in new consumption scenarios, including the instant food brand “Zha Zha Hui” and pop toy brand “Bro Kooli.”

MarketHong Kong (Main Board)
Business NatureSoftware & Services
Major Business AreaChina
Board Lot200
No. of Offer Shares18.98M shares
No. of International Offer Shares9.49M shares
No. of HK Offer Shares9.49M shares
Offer Price$11.00 - $14.00
Stock Code9890
Sponsor(s)China International Capital Corporation Hong Kong Securities Limited, China Securities (International) Corporate Finance Company Limited
Underwriter(s)China International Capital Corporation Hong Kong Securities Limited, China Securities (International) Corporate Finance Company Limited, China Merchants Securities (HK) Co., Limited, CLSA Limited, CMB International Capital Limited, ICBC International Securities Limited, Tiger Brokers (HK) Global Limited, Futu Securities International (Hong Kong) Limited
Application PeriodSep 18 (Mon) - noon, Sep 21 (Thu)
Price Determination DateSep 21 (Thu)
Result Announcement DateOn or before Sep 27 (Wed)
Result Announcement DateOn or before Sep 27 (Wed)
Result Announcement DateOn or before Sep 27 (Wed)
Dealings in Shares commence onSep 28, 2023. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$11.00 - $14.00
Capitalization5.88B - 7.48B
NAV / share ($)$4.22 - $4.31 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 12.5, the net proceeds raised would be HKD 110.00M, of which
30% : Enhance and expand online game publishing business and other marketing business and consumer product business
30% : Expand and deepen partnership with major market participants throughout the full lifecycle value chain
10% : Improve technology infrastructure and enhance internal research and development capabilities
10% : Expanding into select markets outside China and developing overseas operation
10% : Exploring potential strategic acquisition opportunities
10% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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