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02148 Vesync
Listing Date2020/12/18
Listing Price5.520
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Vesync is a market player in the small home appliance online market in the United States. According to the Frost & Sullivan Report, among small home appliance retailers, it ranked third in terms of retail sales generated through Amazon and fifth through all online channels in 2019 in the United States. Its air purifiers ranked first and its air fryers ranked second in their respective categories, both in terms of retail sales generated through Amazon in 2019 in the United States.

The Group business primarily focuses on the online marketing and sales of self-designed and -developed small home appliances and smart home devices under its increasingly recognized brands. It sells products primarily through ecommerce marketplaces, mainly Amazon, the largest e-commerce marketplace in the United States.

As of October 31, 2020, the Group had an experienced in-house product design and development team consisting of 223 engineers and designers in the United States and the PRC. It primarily designs, develops and sells small home appliances and smart home devices under three core brands, namely, ‘‘Levoit’’ for home environment appliances, ‘‘Etekcity’’ for smart home gadgets, health monitoring devices, outdoor recreation products and personal care products, and ‘‘Cosori’’ for kitchen appliances and dining ware.

Leveraging its R&D capabilities, the Group develops and sells smart home devices compatible with its own mobile app, the VeSync app. As of June 30, 2020, there were approximately 1.2 million activated devices on our VeSync app.

The Group products are sold to users in a number of countries, primarily the United States, Canada, the United Kingdom, Germany, France, Spain, Italy and Japan.

MarketHong Kong (Main Board)
Business NatureHousehold Appliances & Electronics
Board Lot1,000
Registrar & Transfer OfficeBoardroom Share Registrars (HK)
No. of Offer Shares281m shares
No. of International Offer Shares253m shares
No. of HK Offer Shares28.10m shares
Offer Price$4.68 - $5.52
Nominal ValueHK$ 0.01 each
Stock Code2148
Joint SponsorsBNP Paribas Securities (Asia), Innovax Capital
Joint Global CoordinatorsBNP Paribas Securities (Asia), Innovax Securities
Joint Bookrunners and Joint Lead ManagersBNP Paribas Securities (Asia), Innovax Securities, Haitong International Securities, China Industrial Securities International Capital, UOB Kay Hian (Hong Kong), CMBC Securities
Application PeriodDec 8 (Tue) - Noon, Dec 11 (Fri)
Price Determination DateOn or Before 5pm, Dec 11 (Fri)
Result Announcement DateOn or Before Dec 17 (Thu)
Dispatch of Shares and Refund ChequesOn or Before Dec 17 (Thu)
Dealings in Shares commence onDec 18, 2020. (Fri)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
ExecutiveYang Lin (Chairperson), Yang Hai, Chen Zhaojun
Non-ExecutiveYang Yuzheng
Independent Non-ExecutiveFong Wo Felix, Gu Jiong, Tan Wen
Diretor Yang Lin and related parties69.61%
(Year ended Dec 31)
2020 *20192018
Gross Profit61,76867,23455,778
Pre-Taxed Profit27,1286,9345,346
Attributable Profit for the period22,4816,3724,361
* For the six months ended June 30, 2020.
Offer Price$4.68 - $5.52
Capitalization$5,256m - $6,200m
Unaudited pro forma adj NAV / share$1.32 - $1.55
Assuming the offer price being at the mid-point of $5.10, the net proceeds raised would be HK$1,330.0m, of which:
* $399.0m (30.0%) to be used for R&D of new products and upgrade and iteration of existing products;
* $332.5m (25.0%) to be used in expanding our sales channels and geographic coverage, and enhancing brand awareness ;
* $332.5m (25.0%) to be used to continuously upgrade the VeSync app into a home IoT platform ;
* $133.0m (10.0%) to be used in developing smart solutions for business customers, including smart security solutions;
* the balance of $133.0m (10.0%) as additional working capital.
Code Name Nominal Change %Change
00186NIMBLE HOLDINGSdown0.580-0.010-1.695%
01691JS GLOBAL LIFEdown14.720-0.020-0.136%
15-min delayed, last updated: 02/12/2021 16:49
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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