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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
S.F. Holding
06936.HK		 Air Freight & Logistics 34.3 200 7,333 2024/11/22 2024/11/26 2024/11/27
Jiuyuan Gene
02566.HK		 Biotechnology - Medical Devices 11.48-12.56 200 2,537 2024/11/25 2024/11/27 2024/11/28
Mokingran
02585.HK		 Watch & Jewellery 12-14.4 200 2,909 2024/11/26 2024/11/28 2024/11/29
BAIRONG-W (06608.HK)
Summary
OUR MISSION

Our mission is to empower every financial services provider in China with smart and comprehensive data analytics.

OUR BUSINESS

Overview of Our Business

We are a leading independent AI-powered technology platform in China serving the financial services industry. According to Frost & Sullivan, we are the largest independent financial big data analytics solutions provider in China by revenue in 2019 (after taking into account revenue from precision marketing services). We have developed an expertise analysing consumers' financial and behaviour patterns and are able to derive critical data insights enabling financial services providers, or FSPs, to improve their service efficiency while enhance their risk management capabilities. As of September 30, 2020, we had served more than 4,200 FSP clients (including 2,438 paying FSP clients) in China since our founding, including substantially all of China's national banks, more than 650 regional banks, substantially all of China's consumer finance companies, over 90 major insurance companies and a variety of other FSPs.

We provide services and facilitate transactions through our big data and AI technologies. Our services support the needs of FSPs in pre-lending risk management, post-lending monitoring, NPL management and insurance risk management, enabling them to reduce exposure to fraud and improve their underwriting and risk management effectiveness. We also provide big data marketing and distribution services that enable our FSP clients to reach and serve their target customers more effectively. Our precision marketing services are provided primarily through our proprietary financial product recommendation platform, Banyan, which is a marketplace connecting consumers with suitable financial products provided by our FSP clients. Our insurance distribution services are provided through our Liming technology platform, which provide brokers with data-driven tools and analytics to facilitate efficient and effective insurance sales and customer relationship management.

Benefiting from our massive data insights, advanced technology and leading service capabilities, we have won strong recognition and acceptance among licensed financial institutions. Our total revenue was RMB1,261.9 million for the year ended December 31, 2019 and RMB764.2 million for the nine months ended September 30, 2020. For the nine months ended September 30, 2020, approximately 90% of our total revenue came from FSP clients that are licensed financial institutions.

Our Business Model

The competitive advantages of our business centre around our proprietary and comprehensive repertoire of data labels, AI-powered big data analytics capabilities, and agile product development capability. We have established, through proprietary accumulation as well as collaboration with third- party partners, large and comprehensive databases covering a wide range of consumer data labels using both financial and non-financial metrics. As we are one of the preferred service providers for independent big data analytics products and services for more than 4,200 FSPs (including 2,438 paying FSP clients) in China as of September 30, 2020, we are in a position to continually obtain dynamic data insights from the services we provided to our FSP clients. Such proprietary accumulation, together with data labels sourced from selected data partners, has enabled us to build a comprehensive database covering a wide range of consumer data labels.

We have built a cloud-native technology platform that supports the development and delivery of products and services to clients. Our platform offers a number of individual product modules which can be easily deployed and integrated with our clients' IT infrastructure and workflows via standardised application programming interfaces (APIs). We can also package various modules into customised end-to-end solutions for our clients. The cloud-native nature of our platform enables us to quickly adapt and deliver products and services to satisfy FSPs' ever-evolving needs, which, in turn, ensure the richness and diversity of our data labels. This ecosystem enables us to continuously expand our database, improve our data processing and data analytics capabilities, and help our clients enhance decision-making efficiency. In addition, our technology infrastructure empowers us to process a massive volume of data requests from FSPs in a cost-effective way.

We went through different monetization stages of applying our AI and data analytics capabilities. At the earlier stage of our development, we focused our efforts on applying our AI and data analytics capabilities to serve the credit assessment needs of national and regional banks and consumer finance companies, where a wide range of consumer data labels are concentrated. We invested heavily in developing our cloud-native IT system architecture and data management mechanism to enable efficient data processing and storage, refine our AI-powered algorithms and explore the application of new models. Our technologies have been continuously improved and become more intelligent as we served more FSPs, leading to enhanced data processing capabilities with greater speed and accuracy. The insights and knowledge uncovered from the data accumulated by us can be further leveraged upon. Through these years of investment and development, we have built a solid technology foundation to capture growth opportunities. We then applied our core AI and data analytics capabilities technologies to more monetization models, including precision marketing services and insurance distribution services. Leveraging our technology infrastructure and technology capabilities, we have developed a suite of analytics-driven AI and big data solutions to empower FSPs. This further enhances the rapid self-reinforcement of our technologies and allows us to deliver additional values to FSPs.

We generate our revenue primarily through provision of data analytics services, precision marketing services and insurance distribution services. We adopt a “land and expand” approach to acquire FSP clients and grow our relationships with existing clients over time. We offer a number of free products to attract new clients and seek to deepen our client relationship through upselling and cross-selling our services and providing customised products and services. We complement this “land and expand” model with a business development team that possesses deep industry expertise and is dedicated to establishing long-term relationships with FSPs, understanding and anticipating their needs and identifying upselling and cross-selling opportunities. By forming a virtuous “Data—Analytics— Products” cycle where massive data labels and robust data analytics capabilities facilitate continuous innovation in products and services, our business model enables us to continuously enrich our core database and improve our data analytics capabilities, and to help us gain a significant operating leverage and high revenue visibility, thus generating recurring revenues and stable cash flows.

Notably, the number of our Key FSP clients increased from 196 in 2019 to 237 in 2020 and the percentage of revenue contribution by Key FSP clients increased from 73% in 2019 to 86% in 2020.

In addition to the metrics set forth above, we use Key FSP client retention rate and Key FSP client net dollar expansion rate to measure our ability to retain and grow the Key FSP client base. We had a Key FSP client retention rate of 89% in 2019 and of 96% in 2020. The Key FSP client retention rate is the percentage of the Key FSP clients we have in a given year that we continue to retain during the next twelve months. Also, we achieved a net dollar expansion rate of 125% in 2019 for our Key FSP clients in 2018 and of 92% in 2020 for our Key FSP clients in 2019. Net dollar expansion rate is an indicator for the long-term value of our business relationship with our Key FSP clients and our ability to retain and grow revenue from Key FSP clients. We calculate net dollar expansion rate as a fraction, the denominator of which is the revenue contribution from Key FSP clients in one given year and the numerator of which is the contribution from the same group of Key FSP clients in the following year, expressed as a percentage. In addition, we had an FSP client retention rate of 82%, 61% and 54% in 2018, 2019 and 2020, respectively. The FSP client retention rate is the percentage of the FSP clients we have in a given year that we continue to retain during the next twelve months.

Furthermore, as Key FSP clients are defined as licensed financial institutions that each contribute more than RMB300,000 of our total revenue in a given calendar year, the metrics around Key FSP clients for the nine months ended September 30, 2020 are not available. For illustration purposes only, (i) the number of FSP clients that each contributed more than RMB300,000 of our total revenue in the nine months ended September 30, 2020 was 194; (ii) such FSP clients generated 87% of our total revenue in the nine months ended September 30, 2020; and (iii) the average revenue per client for such FSP clients in the nine months ended September 30, 2020 was approximately RMB3.4 million.

Our revenue increased significantly from 2017 to 2019 primarily due to the increase in the number of our Key FSP clients and their ARPC, while the decline in our revenue in the nine months ended September 30, 2020 was primarily due to the impact of COVID-19 on our business and the financial services industry in general. The losses recorded during the Track Record Period were primarily attributable to the increase in the fair value of our redeemable convertible preferred shares as a result of the increase in our equity value.

Source: Bairong-W (06608) Prospectus (IPO Date : 2021/03/19)
Listing Market MAIN
Industry Systems Software
Background Others
Major Business Area N/A
Corporate Information
Substantial Shareholders Zhang Shaofeng (Total share: 17.16%); (Class B share: 1.71%)
China Reform Fund Management Co.,Ltd (Total share: 9.07%); (Class B share: 10.76%)
Zhuhai Gaoling Tiancheng Investment Management Co., Ltd. (Total share: 7.66%); (Class B share: 9.09%)
Hong Jing & Associates (Total share: 5.90%); (Class B share: 7.00%)
Cai Xinyi (Total share: 4.95%); (Class B share: 5.87%)
[03908] China International Capital Corporation Limited (Total share: 4.37%); (Class B share: 5.19%)
Wang Haipeng (Total share: 4.31%); (Class B share: 5.11%)
Directors Zhang Shaofeng (Chairman and Chief Executive Officer and Executive Director)
Zheng Wei (Chief Financial Officer and Executive Director)
Han Kui Fang (Executive Director)
Bai Linsen (Non-Executive Director)
Liao Jianwen (Non-Executive Director)
Chen Zhiwu (Independent Non-Executive Director)
Zhou Hao (Independent Non-Executive Director)
Li Yao (Independent Non-Executive Director)
Company Secretary Chen Chunyang
Leung Shui Bing
Principal Bankers China Merchants Bank
Solicitors Skadden, Arps, Slate, Meagher & Flom and affiliates
Maples and Calder (Hong Kong) LLP
Auditors KPMG
Registered Office 31st Floor, Tower Two, Times Square, 1 Matheson Street Causeway Bay, 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.brgroup.com
Email Address ir@brgroup.com
Tel No (86 10) 6471-8828
Fax No
 
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