Group 1: Company Overview - Saint Bella, established in 2017 and headquartered in Hangzhou, Zhejiang, is a leading brand in China's high-end maternal and infant care sector, offering postpartum care and related services [2] - The company is known as the "Hermès of the maternity center industry," with 28-day package prices ranging from 68,800 to 220,000 RMB, attracting high-profile clients [2] - As of June 3, 2025, Saint Bella's network covers 27 first- and second-tier cities in mainland China, as well as Hong Kong, Singapore, and the Greater Los Angeles area, with 96 maternity centers [2] Group 2: Financial Performance - Revenue for Saint Bella from 2022 to 2024 was 472 million, 560 million, and 799 million RMB, respectively, with a compound annual growth rate of 30% driven by new store openings [3] - The company reported net losses of 411.6 million, 238.9 million, and 543.3 million RMB for the same years, with adjusted net profits showing significant fluctuations [3][4] - The main revenue source is the maternity center business, which accounted for 85% of total revenue in 2024, while family care services and women's health products contributed 8.6% and 6.4%, respectively [4] Group 3: Business Model and Strategy - Saint Bella employs a light asset model, partnering with luxury hotels to avoid property construction, allowing for rapid store openings within three months [5] - The brand matrix includes ultra-high-end (Saint Bella), high-end (Ai Yu), and affordable luxury (Xiao Bella) to cater to different customer segments, although mid- to low-end brands contribute 70% of store count and revenue growth [5] - The company has a high customer retention rate, with 38% of orders coming from referrals and an 84% repurchase rate, primarily targeting high-net-worth clients [5] Group 4: Market Position and IPO Details - Saint Bella's market capitalization is 39 billion HKD, with an IPO planned to raise approximately 628 million HKD, representing 16.03% of total shares [6][8] - The company is expected to have a high subscription rate, with estimates suggesting a potential oversubscription of over 100 times, which may lead to a lower allocation rate for public investors [8] - Compared to peers, Saint Bella's valuation is considered high at 93 times adjusted net profit, indicating that its growth potential may already be priced in [6]

Core Viewpoint - Saint Bella, the largest postpartum care and recovery group in Asia and China, has launched its global IPO, with significant interest from long-term and healthcare funds, indicating strong market confidence in the company [1][4]. Group 1: IPO Details - The global offering consists of 95.42 million shares, with 9.542 million shares available for public sale in Hong Kong and 85.878 million shares for international placement [1]. - The offering price is set at HKD 6.58 per share, aiming to raise approximately HKD 628 million, resulting in a post-IPO valuation of HKD 3.918 billion [1][10]. - The IPO subscription period ends on June 23, 2023, with plans for listing on the Hong Kong Stock Exchange on June 26, 2025 [1]. Group 2: Key Investors - Seven cornerstone investors have been introduced, collectively subscribing for USD 41.5 million (approximately HKD 325.3 million), including notable firms like Huaxia Fund and GIMM [3][4]. - The presence of both domestic leading fund companies and local state-owned enterprises among the cornerstone investors reflects strong recognition of the company's market position and performance [4]. Group 3: Business Overview - Founded in 2017, Saint Bella operates 96 high-end postpartum care centers, including 62 self-operated and 34 managed centers, making it the largest in Asia and China [5][6]. - The company has expanded its network rapidly, adding 11, 7, and 34 centers in 2022, 2023, and 2024, respectively [6][7]. Group 4: Financial Performance - Revenue for Saint Bella has shown significant growth, with figures of CNY 472 million, CNY 560 million, and CNY 799 million for 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 30.1% [8][9]. - The growth is driven by the expansion of postpartum care services and the introduction of new products, with approximately 84% of postpartum care clients also utilizing other services [8]. Group 5: Future Plans - The company plans to open 55 new postpartum care centers from 2025 to 2029, focusing on acquisitions and organic growth to enhance market presence [11]. - Investment in AI technology is a priority, with plans to integrate AIoT devices to improve service delivery and customer experience [12].

Core Viewpoint - Saint Bella, recognized as the "first global high-end home care stock," has initiated its IPO, aiming to raise approximately HKD 628 million through the issuance of 95.42 million shares at a price of HKD 6.58 per share, with significant backing from cornerstone investors [1][3]. Group 1: Company Overview - Saint Bella plans to issue a total of 95.42 million shares, with 9.54 million shares available in Hong Kong and 85.88 million shares internationally, targeting a fundraising goal of HKD 628 million [1]. - The company has attracted seven cornerstone investors, including GIMM, Huaxia Fund (Hong Kong), JKKB, SS Morgan, and others, collectively subscribing to 49.44 million shares, amounting to approximately USD 41.46 million [1][3]. Group 2: Financial Performance and Valuation - Saint Bella has undergone seven rounds of financing since its establishment in 2017, raising over RMB 300 million, with notable investors including Tencent and other prominent capital firms [3]. - The company's estimated PE ratio is 7.93, significantly lower than the industry average of 22, indicating a high valuation attractiveness [5]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 30%, suggesting strong growth potential [5]. Group 3: Business Model and Competitive Advantage - Saint Bella's business model is built on three pillars: high-end services, standardization, and digitalization, which together create a robust competitive moat [6][8]. - The company collaborates with high-end hotels to provide luxurious care environments and employs a large number of qualified nursing professionals to ensure high service standards [6][8]. - A comprehensive service model is established, covering postpartum care, family childcare, and health product supply, enhancing customer lifetime value [8]. Group 4: Market Opportunity and Industry Dynamics - The high-end home care sector is currently experiencing a "golden window period," driven by policy support and increasing demand, with Saint Bella positioned to capture significant market share [9][12]. - The penetration rate of postpartum care in China is expected to rise from 7.5% in 2019 to 17.0% by 2024, indicating substantial growth potential in the market [9]. - The company plans to allocate approximately 29% of the IPO proceeds to expand its postpartum care network and 37% to launch new services and products [13].

Group 1 - Haitai Weiye's dark market closed up 3.86% on June 18, with a final price of HKD 37.7 and a total market capitalization of HKD 219.56 billion, indicating strong market recognition [1] - The listing of Haitai Weiye on the Hong Kong Stock Exchange is expected to provide significant capital support and enhance its international visibility and brand influence [1] Group 2 - Shiyuan Technology submitted its listing application to the Hong Kong Stock Exchange on June 17, holding a leading position in the interactive smart panel and LCD main control board sectors [2] - The company's projected revenues for 2022 to 2024 are HKD 20.99 billion, HKD 20 billion, and HKD 22.4 billion, with net profits of HKD 2.1 billion, HKD 1.4 billion, and HKD 1 billion respectively [2] - The listing is a significant step for Shiyuan Technology towards the international capital market, which will enhance its brand influence [2] Group 3 - Xie Ruilin expects a loss of no more than HKD 200 million for the fiscal year ending March 31, 2025, a significant reduction of over 46% compared to the previous year's loss of HKD 374 million [3] - The improvement in performance is attributed to the successful implementation of business transformation strategies and increased profit contributions from its franchise operations in mainland China [3] - This positive trend indicates the company's potential for future financial performance and market competitiveness [3] Group 4 - Zhou Li Fu, Sheng Bei La, and Ying Tong Holdings are simultaneously conducting an IPO in Hong Kong, with subscription ending on June 23 [4] - The offering prices are set at HKD 24, HKD 2.8-3.28, and HKD 6.58 respectively, with cornerstone investors participating and all companies having an over-allotment option [4] - Zhou Li Fu is expanding rapidly through a franchise model, while Ying Tong Holdings boasts a strong brand portfolio and sales network; Sheng Bei La focuses on high-end postpartum care with significant revenue growth but increasing losses [4]

Core Viewpoint - The global family care leader, Saint Bella, has officially launched its IPO process, aiming to raise capital in a booming Hong Kong market, with a share price set at HKD 6.58 and a total offering of 95.42 million shares [1][2]. Group 1: Investment Highlights - Saint Bella's IPO has attracted a prestigious lineup of cornerstone investors, including the Hangzhou government-backed Xiaoshan District Industrial Fund, marking a significant regional benchmark [2][6]. - The strategic investment from the high-end private medical group, Harmony Family, is expected to create synergies between its medical resources and Saint Bella's care system, potentially forming a "high-end care + specialized medical" ecosystem [2]. - The participation of major public fund, Huaxia Fund, further underscores the recognition of the company's long-term value by mainstream capital [3]. Group 2: Financial Performance - Saint Bella's revenue has shown robust growth, increasing from CNY 472 million in 2022 to CNY 799 million in 2024, representing a compound annual growth rate (CAGR) of 30.15%, significantly outpacing the industry average [8]. - The adjusted net profit has turned from a loss in 2022 to a profit of CNY 20.77 million in 2023, and is projected to reach CNY 42.26 million in 2024, with a year-on-year growth rate of 103.43% [9]. Group 3: Market Position and Strategy - As the first global family care company to go public, Saint Bella is positioned as a benchmark in the industry, redefining the market landscape [7]. - The company has innovatively developed a comprehensive service ecosystem covering the entire family care cycle, creating strong competitive barriers and first-mover advantages [8]. - The diversified business model, extending from core maternal and infant care to home care and postpartum rehabilitation, is expected to drive significant revenue growth through synergistic effects [8]. Group 4: Capital Market Dynamics - The dual backing of top-tier investment banks, CITIC Securities and UBS, provides strong credibility to Saint Bella's IPO process, with their previous IPOs averaging a first-day increase of 33.3% [4]. - The combination of innovative business models, validated financial data, and strategic resource aggregation positions Saint Bella to redefine the value standards in the global family care industry [11].

Group 1 - The company, Sheng Bella, plans to conduct an IPO from June 18 to June 23, 2025, offering 95.42 million shares at a price of HKD 6.58 per share, with trading expected to commence on June 26, 2025 [1] - Sheng Bella is recognized as the largest postpartum care and recovery group in Asia and China, with a market share of approximately 1.2% based on revenue from maternity centers in 2024 [1] - The company aims to become Asia's leading integrated family care brand group by expanding its service network beyond existing markets in mainland China, Hong Kong, Singapore, and the United States [1] Group 2 - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling up to USD 41.5 million, subject to certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 541 million, with 29% allocated for expanding the postpartum care network and 37% for launching new services and products [2] - Additional allocations include 6% for training professional family care experts, 18% for research and development activities, and 9% for working capital and other general corporate purposes [2]

聖貝拉有限公司 全球發售 SAINT BELLA Inc. 股份代號：2508 （於開曼群島註冊成立的有限公司） 聯席保薦人︑聯席整體協調人︑ 聯席全球協調人︑ 聯席賬簿管理人及聯席牽頭經辦人 股份代號 ： 2508 聯席保薦人、聯席整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 聖貝拉有限公司 重要提示 重要提示：您對本招股章程任何內容如有任何疑問，應諮詢獨立專業意見。 SAINT BELLA Inc. 聖貝拉有限公司 （於開曼群島註冊成立的有限公司） 全球發售 全球發售的發售股份數目 ： 95,420,000股（視乎發售量調整權及超額配股權 行使與否而定） 香港發售股份數目 ： 9,542,000股（可予重新分配） 國際發售股份數目 ： 85,878,000股（可予重新分配、視乎發售量調整 權及超額配股權行使與否而定） 發售價 ： 每股6.58港元，另加1.0%經紀佣金、0.0027% 證監會交易徵費、0.00565%聯交所交易費及 0.00015%會財局交易徵費（須於申請時以港元繳 足，多繳款項可予退還） 面值 ： 每股0.0001美元 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席 ...

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