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

We operate a leading express freight network in China’s less-than-truckload (“LTL”) market. The road transportation industry can generally be divided into three segments by weight per shipment, namely express parcel (often referred to as “express delivery”), less-thantruckload (“LTL”) and full-truckload (“FTL”). LTL and FTL transport freights while express delivery mainly transports parcels. In 2020, the market size of China’s LTL industry accounted for 31.4% of that of China’s road transportation industry. Express freight network operators, like us, are LTL service providers who have nationwide coverage, and deliver timely and comprehensive freight transportation services. According to iResearch, our express freight network is the largest in China in terms of total freight volume in each of 2017, 2018, 2019 and 2020, particularly with approximately 10.2 million tons of total freight volume, as compared to approximately 8.4 million tons for the second largest player, and a market share of 17.3% in 2020 among all express freight networks in China. China’s LTL market is highly fragmented and competitive. According to iResearch, we were the largest player in China’s LTL market since 2017, with a market share of 0.5% in 2020 in terms of total freight volume. According to iResearch, the market size of express freight networks in China in 2020 accounted for 3.1% of the LTL market in China in terms total freight volume. We have achieved growth in total freight volume at a CAGR of approximately 31.0% from 2015 to 2020, and a growth rate of 25.9% from 2019 to 2020. We mainly provide transportation services, value-added services and dispatch services to our freight partners, our direct customers. We, together with our freight partners and agents, served over 3.6 million shippers, our end-customers, across China as of April 30, 2021. According to iResearch, we are the first one to establish the freight partner platform model in 2012 to draw a large number of local operators to our platform as freight partners and agents, empowering them and our entire network to serve as the infrastructure for China’s new commerce landscape. Several players have followed suit and adopted this model since 2014. Under this model, we directly operate and control all mission-critical sorting and line-haul transportation operations, while our freight partners establish outlets and provide pickup and dispatch services in collaboration with freight agents. Our freight partner platform model is highly scalable and cost-effective, as we are primarily responsible for the mission-critical infrastructure and can leverage the resources of our freight partners and agents and their outlets to quickly expand our network. By April 30, 2021, we have collaborated with approximately 7,000 freight partners and 22,400 freight agents to serve shippers across approximately 96% of the counties and townships in China. Technology is at the core of our operations. We enhance our operational efficiency by empowering our freight partners and agents with innovative technology solutions. Leveraging our advanced technology capabilities, we are able to make real-time decisions on critical operational processes, such as route planning, sorting management and outlet management, among others. Our freight partner platform model and technology infrastructure have enabled us to achieve industry leading cost and operational efficiency. Our unit cost of revenue for the LTL business of RMB591/ton in 2020 was among the lowest in express freight networks in China, according to iResearch. In addition, our unit line-haul transportation costs, the key component of our cost of revenues, decreased by 22.7% from 2018 to 2020. We have achieved significant growth in scale and profitability for our LTL business during the Track Record Period. Specifically, our LTL revenue increased by 10.8% from RMB4,813.3 million in 2018 to RMB5,335.0 million in 2019, and further by 32.7% to RMB7,081.8 million in 2020, and increased by 127.0% from RMB1,249.8 million for the four months ended April 30, 2020 to RMB2,836.5 million for the four months ended April 30, 2021. In addition, our gross profit for the LTL business increased by 22.9% from RMB623.4 million in 2018 to RMB766.0 million in 2019, and further increased by 37.3% to RMB1,051.5 million in 2020, and increased by 83.8% from RMB216.2 million for the four months ended April 30, 2020 to RMB397.4 million for the four months ended April 30, 2021. Source: ANE (Cayman) (09956) Prospectus (IPO Date : 2021/10/30)
Listing Market	MAIN
Industry	Air Freight & Logistics
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Centurium Capital Partners 2018, L.P. (24.62%) Wang Yongjun & Associates (10.92%) Qin Xinghua (8.07%)
Directors	Chen Weihao (Co-Chairman and Non-Executive Director) Qin Xinghua (Co-Chairman and President and Chief Executive Officer and Executive Director) Jin Yun (Executive Director) Wei Bin (Non-Executive Director) Zhang Yinghao (Non-Executive Director) Geh George Shalchu (Independent Non-Executive Director) Li Wilson Wei (Independent Non-Executive Director) Sha Sha (Independent Non-Executive Director) Hung Cheung Fuk (Independent Non-Executive Director)
Company Secretary	Long Jianyao PUN Ka Ying
Principal Bankers
Solicitors	Davis Polk & Wardwell
Auditors	Ernst & Young
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	http://www.ane56.com
Email Address	IR@ane56.com
Tel No
Fax No

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