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 are a long-established property management service provider offering comprehensive services for a wide range of property projects in the PRC with a rapid growth track record. According to CIA, in 2021, we were ranked the 52nd and 53rd among the “2021 Top 100 Property Management Companies in China” (2021中國物業服務百強企業) in terms of total revenue generated in the PRC in 2020 and total GFA under management in the PRC in 2020, respectively. Having been providing property management services in the PRC for over 17 years, we believe our long operating history and industry experience differentiates us from many of our competitors. As at 31 December 2021, we had our business presence in two major regions in the PRC, namely, Southwestern China and Eastern China. Over the years, we adopted a growth strategy to expand our business portfolio in existing cities in which we have property projects that we managed and to enter into new cities that we consider to be of high growth potential. As at 31 December 2021, we had 325 property projects under management, including residential and non-residential properties, covering 51 cities, across 16 provinces, autonomous regions and municipalities in the PRC, with total GFA under management of approximately 28.2 million sq.m.. Among which, 133 of them were residential properties and 192 of them were non-residential properties. The aggregate GFA under management of residential properties and non-residential properties were approximately 20.5 million sq.m. and 7.7 million sq.m., respectively, as at 31 December 2021. As at 31 December 2021, approximately 50.0% of the total GFA under management of the property projects that we managed were those sourced from Dima Group and Affiliated Companies. A number of property projects that we managed include property projects for which we entered into relevant property management service agreements that did not specify the amount of GFA under management. For such property projects, we mainly charged on lump sum basis per property project that we managed based on the number of staff utilised. We experienced a rapid growth during the Track Record Period. Our revenue increased by approximately 113.4%, from approximately RMB559.2 million in 2019 to approximately RMB1,193.4 million in 2021, with a CAGR of approximately 46.1%. Our gross profit for the three years ended 31 December 2021 amounted to approximately RMB132.7 million, RMB216.0 million and RMB308.9 million, respectively, which increased by approximately 132.8% between 2019 and 2021. During the same periods, we recorded gross profit margin of approximately 23.7%, 28.2% and 25.9%, respectively. Our profit for the year was approximately RMB25.6 million, RMB84.5 million and RMB130.4 million during each of three years ended 31 December 2021, which increased by approximately 409.4% between 2019 and 2021. Furthermore, the number of property projects that we managed, GFA under management and contracted GFA increased from 80, 11.9 million sq.m. and 19.8 million sq.m., respectively, as at 31 December 2019, to 227, 21.1 million sq.m. and 35.5 million sq.m., respectively, as at 31 December 2020, and further increased to 325, 28.2 million sq.m. and 42.9 million sq.m., respectively, as at 31 December 2021. We were established in 2003 and started to provide property management services for residential property projects sourced from Dima Group in 2004. Dima principally engages in property development and manufacturing of vehicles with various types of use in the PRC, its shares are listed on the Shanghai Stock Exchange in the PRC. Dima’s property development business principally focuses in Central China (such as Wuhan and Changsha), Southwestern China (such as Chongqing, Mianyang and Chengdu) and Eastern China (such as Shanghai and Hangzhou). We maintained a long-term and cooperative relationship with Dima Group, and commenced providing property management services to property projects sourced from Independent Third Parties in 2016. According to the quarter report of Dima Group for the nine months ended 30 September 2020 and 2021, Dima Group recorded (i) total revenue of approximately RMB6.4 billion and RMB11.2 billion, respectively; and (ii) net profit of approximately RMB416.5 million and RMB562.3 million, respectively. According to the annual report of Dima Group for the year ended 31 December 2020 and interim report of Dima Group for the six months ended 30 June 2021, Dima Group recorded a total contracted sales (within the scope of the consolidated statement of income) of approximately RMB22,721.1 million and RMB12,150.6 million, respectively. Dima Group had (i) land bank of approximately 4.4 million sq.m. and 3.2 million sq.m.; and (ii) total planned construction area of approximately 17.9 million sq.m. and 20.9 million sq.m. as at 31 March 2021 and 30 September 2021, respectively. We believe the relationship with Dima Group coupled with our ability to expand our project portfolio through engagement with Independent Third Parties, including independent third-party property developers or property owners, attributed to our fast growth in terms of revenue and net profit during the Track Record Period. Source: Dowell Servic (02352) Prospectus (IPO Date : 2022/04/19)
Listing Market	MAIN
Industry	Property Service and Management
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Dima Holdings Co., Ltd. (Total share: 38.09%); (H share: 38.09%) Wang Hao (Total share: 18.97%); (H share: 18.97%) Wong Wing Hung (Total share: 9.98%); (H share: 9.98%) Fan Dong & Associates (Total share: 7.45%); (H share: 7.45%)
Directors	Luo Shaoying (Chairman and Non-Executive Director) Zhang Aiming (Vice Chairman and Co-Chief Executive Officer and Executive Director) Fan Dong (General Manager and Co-Chief Executive Officer and Executive Director) Yi Lin (Non-Executive Director) Cai Ying (Independent Non-Executive Director) Song Deliang (Independent Non-Executive Director) Wang Susheng (Independent Non-Executive Director)
Company Secretary	Liu Xing Wong Wai Chiu
Principal Bankers	China Construction Bank Corporation
Solicitors	Chiu & Partners Solicitors Dentons Law Offices
Auditors	BDO Limited
Registered Office	40th Floor, Dah Sing Financial Centre, No.248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.dowellservice.com
Email Address	ir@dowellservice.com
Tel No	(86 400) 8386-000
Fax No

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