IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

Who We Are We started as a business unit of SF Holding Group, focusing on the emerging opportunities of intra-city on-demand delivery services. Since 2019, we have operated as an independent legal entity to capture the growth opportunities brought about by the new consumption trends. The on-demand delivery service providers in China can be categorized into on-demand delivery service platforms affiliated with centralized marketplaces and third-party on-demand delivery service platforms. On-demand delivery service platforms affiliated with centralized marketplaces mainly serve merchants registered on centralized marketplaces, helping with delivery to consumers of the centralized marketplaces, while third-party on-demand delivery service platforms fulfill orders acquired from non-related parties or parties unaffiliated with centralized marketplaces. We have rapidly grown into the largest third-party on-demand delivery service platform in China, with our market share in terms of order volume being 10.4%, 10.9% and 11.1%, respectively, in 2020, the 12 months ended March 31, 2021, and the three months ended March 31, 2021, according to the iResearch Report. Our Multi-scenario Business Model We have adopted a multi-scenario business model featuring full coverage of delivery scenarios for all types of products and services. Our extensive service coverage, ranging from mature scenarios such as food delivery to growth scenarios such as local retail, local e-commerce and local services, has enabled us to respond to the evolving customer needs brought about by the development and upgrade of the local consumer market. With our emphasis on fairness and inclusiveness in serving all kinds of businesses in the industry, we are capable of offering delivery options which cater to a full range of budget, delivery coverage, service time and time sensitivity. We believe that we have strong competitive edge in the overall on-demand delivery service industry in China under the emerging trend of “bring all you need to your side” of the new consumption era. See “Business – Our Multi-scenario Business Operation.” ‧ Food delivery: a mature scenario serving as the demand bedrock for on-demand delivery services. It generally covers the delivery of food and beverages. We serve merchants such as Laoniangjiu (老娘舅) and Heytea (喜茶). ‧ Local retail: a growth scenario driven by the trend of online and offline integration in the retail industry. It generally covers delivery of fresh produce, flowers, cakes and desserts and other groceries. We primarily serve merchants in the fast-moving consumer goods industry such as Rainbow (天虹). ‧ Local e-commerce: a growth scenario driven by the needs of e-commerce merchants to improve on-demand supply capabilities to acquire local market traffic. It generally covers delivery of 3C electronics, apparels and bags, jewelry, cosmetics, books and stationery. We primarily serve online channels of retailers such as Bestseller (綾致) and Xiaomi (小米). ‧ Local services: a growth scenario driven mainly by the needs of consumers and enterprises for on-demand customized services. We primarily run errands for consumers. For example, we help consumers deliver and fetch laundry, and fetch clothes from local retail stores for consumers’ try-on. We also fulfill other business needs such as assisting advertisers to check whether outdoor advertisements are properly displayed. We serve multi-scenario customer needs across various industries and product categories by providing both (i) intra-city delivery for merchants and consumers, and (ii) last-mile delivery, mainly for logistics companies. We generate substantially all of our revenue from providing intra-city on-demand delivery service. We use differentiated pricing models for our intra-city delivery service to merchants and consumers; for example, we charge a fixed fee for each order placed by merchants as adjusted by variables prescribed in our respective agreements with them, and we charge service fees for each order placed by consumers calculated based on our intelligent pricing algorithm. See “Business – Our Digitalized Business Process – Pricing.” For revenue recognition of our intra-city delivery business and last-mile delivery business, we have determined that we act as a principal as defined by IFRS 15. Therefore, we recognize revenue resulting from both intra-city delivery business and last-mile delivery business on a gross basis at a fixed rate or a pre-determined amount for each completed delivery, with the amount paid to the labor suppliers recorded in cost of revenue. We also generate revenue from other businesses by offering online group catering options to enterprise customers. Specifically, we offer a wide selection of high-quality staff meals, banquet catering, high tea and employee welfare catering through our Fengshi platform in collaboration with merchants. We recognize both aggregated fee for platform service and delivery service as revenue once a transaction is completed. Source: SF Intra-city (09699) Prospectus (IPO Date : 2021/11/30)
Listing Market	MAIN
Industry	Air Freight & Logistics
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	S.F. Holding Co., Ltd. (Total share: 58.68%); (H share: 49.12%) Sun Haijin & Associates (Total share: 6.15%); (H share: 7.57%) Li Eric & Associates (Total share: 5.76%); (H share: 7.10%) [09988] Alibaba Group Holding Limited (Total share: 5.67%); (H share: 6.98%)
Directors	Sun Haijin (Chairman and Chief Executive Officer and Executive Director) Chen Lin (Deputy General Manager and Chief Technology Officer and Executive Director) Chan Hey Man (Executive Director) Li Qiuyu (Non-Executive Director) Han Liu (Non-Executive Director) Geng Yankun (Non-Executive Director) Li Juhua (Non-Executive Director) Chan Kok Chung, Johnny (Independent Non-Executive Director) Wong Hak Kun (Independent Non-Executive Director) Zhou Xiang (Independent Non-Executive Director) Huang Jing (Independent Non-Executive Director)
Company Secretary	Liu Jia Chan Hey Man
Principal Bankers	China Merchants Bank Industrial Bank Co., Ltd Industrial and Commercial Bank Bank of China (Hong Kong) Limited
Solicitors	Jia Yuan Law Firm Herbert Smith
Auditors	PricewaterhouseCoopers
Registered Office	5th Floor, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	https://www.sf-cityrush.com/
Email Address	TCIR@sf-express.com
Tel No	(86 755) 3639-0016
Fax No

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