Huitongda officially landed at the Hong Kong Stock Exchange: the gross profit margin continued to decline, and the book value of several shareholders still suffered losses

2 month 18 Japan , Huitongda Network Co., Ltd （ Hereinafter referred to as “ Huitongda ” or “ Huitongda network ”） Listing on the Hong Kong Stock Exchange , The code is “09878”. according to the understanding of , The listing and issuance of huitongda 5160.62 Ten thousand shares , Price per share 43 The Hong Kong dollar , The amount of money raised is 22.19 Million Hong Kong dollars （ Before exercise of over allotment right ）.

 

First day of listing , To be connected to 43.55 The price of Hong Kong dollars opened , About... Higher than the issue price 1.3%, During the session, the stock price rose as high as 45.50 The Hong Kong dollar / stocks . By 2022 year 2 month 18 Closed yesterday , The stock price of huitongda is reported as 45.10 The Hong Kong dollar / stocks , Increase is 4.88%, Total market value of 252.68 Million Hong Kong dollars .

It is worth mentioning that , Huitongda in 2018 year 5 When we get a new round of financing in June （ Alibaba ） The investment cost per share reached RMB 46.36 element , The total consideration for the transaction is 45 One hundred million yuan ;2020 year 12 Month's strategic round of financing （ Central enterprise funds and national transfer funds ） The cost per share is RMB 51.51 element , The total consideration of the transaction is about 12 One hundred million yuan .

It means , Several institutional shareholders of huitongda have made certain losses on their books , In especial 2020 year 12 The enterprise funds and national transfer funds that participated in the investment in May . Besides , Central enterprise fund 、 People's livelihood investment 、 People are consulting in 2021 At the beginning of the year, the company transferred part of the equity of huitongda , The cost price per share is RMB 46.36 element .

It is also understood that , Huitongda introduced... In the process of this listing 6 A cornerstone investor , Including Skyworth 、 Shang Tang 、 Jinglin 、 Golden Mantis Architecture 、Windfall And Hailan group , Total subscription 1.5 Billion dollars , Proportion to 52.65%. among , SKYWORTH subscribes 5000 Thousands of dollars ,Golden Feather（ Gold mantis ） subscription 4000 Thousands of dollars .

The prospectus shows , China Merchants Bank once worked in 2016 Investment in huitongda in 3 One hundred million yuan , The cost per share is RMB 16.55 element . And in the 2021 year 1 month , China Merchants Bank transferred... To Nanjing Yuanbai controlled by Wang Jianguo 2.72% Equity of （1381.31 Thousands of stocks ）, The consideration for the transaction is 2.70 One hundred million yuan .

Upon completion of the transfer , China Merchants Bank no longer holds the shares of huitongda . And the receiving party —— Wang Jianguo is the founder of huitongda network 、 Chairman of the board of directors . Before this IPO , Wang Jianguo holds about 32.56% The rights and interests of , These include direct shareholding 30.27%, Indirectly holding about through Nanjing Yuanbai 2.29%.

In particular , Huitongda was once regarded as facing the countryside B End merchant “ Rural Taobao ”. According to frost Sullivan report , In the trading platform serving enterprise customers in China's retail industry , According to 2020 Calculation of transaction business scale facing the sinking market and China's overall market in , Huitongda ranks first and third respectively .

By 2021 year 9 month 30 Nine months from the end of the day , Huitongda owns 57074 An active member retail store 、13653 Active channel partners and 4268 Home supplier , Form and cover the whole country 21 Provinces and more than 20000 A township with more than 175000 individual SKU Retail ecology .

According to the prospectus , Huitongda 2018 year 、2019 Years and 2020 The annual income is 298.02 One hundred million yuan 、436.33 Million dollars 496.29 One hundred million yuan , among 2019 year 、2020 Year on year growth 46.4%、13.7%.2021 Years ago 9 Months , The income of huitongda is 464.96 One hundred million yuan , a 2020 In the same period of 344.19 Billion yuan increase 35.1%.

2018 year 、2019 year 、2020 Years and 2021 Years ago 9 Months , The net losses of huitongda are 2.76 One hundred million yuan 、3.05 One hundred million yuan 、2.80 Million dollars 1.58 One hundred million yuan . At the same time , Adjust net profit （ Non IFRS measurement ） Respectively 1.24 One hundred million yuan 、2.50 One hundred million yuan 、3.22 Million dollars 3.46 One hundred million yuan .

however , The gross profit margin of huitongda has been low for a long time , And showing a downward trend .2018 year 、2019 year 、2020 Years and 2021 Years ago 9 Months , The gross profit margins of huitongda are 3.4%、2.9%、2.7% and 2.6%. Just 2021 Year to year , Alibaba is in 2021 The gross profit margin in the third quarter of 35.3%, Jingdong is 14.2%.

By income type , Huitongda's revenue mainly comes from trading services （ Mainly self operated business ）.2018 year 、2019 Years and 2020 year , The income of huitongda's proprietary business is 296.61 One hundred million yuan 、433.78 Million dollars 493.0 One hundred million yuan , The proportion of total income is respectively 99.5%、99.4% and 99.3%.

In terms of industry , The sunken market where huitongda is located has a very broad prospect . According to frost Sullivan report , The permanent population covered by China's sinking market is 2020 End of year 12.3 Hundreds of millions of people , Proportion of China's total population 87% above . meanwhile , The disposable income of this huge group is growing , The willingness to consume is also increasing .

And benefit from the huge population base 、 The improvement of residents' income level and the joint influence of favorable policies , China's sinking retail market is developing rapidly . Frost Sullivan shows , The scale of China's sinking retail market is expected to increase from 2020 Year of 15.1 Trillion yuan to 2025 Year of 20.6 Trillion yuan .