Core Viewpoint - Minglue Technology (02718.HK) was listed on the Hong Kong Stock Exchange, closing at HKD 290.6, a rise of 106.10% from its initial offering price of HKD 141.00 [1][4]. Share Issuance and Capital Structure - The total number of shares offered globally was 7,219,000 A shares, with 721,920 shares available for public offering in Hong Kong and 6,497,080 shares for international offering [2]. - The number of shares issued at listing (before the exercise of the over-allotment option) was 144,378,361 [2]. Financial Details - The total amount raised from the offering was HKD 1,017.9 million, with net proceeds amounting to HKD 902.2 million after deducting estimated listing expenses of HKD 115.7 million [4][6]. - The company plans to allocate approximately 35% of the net proceeds to enhance technology research and development, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [6]. Key Investors - Notable cornerstone investors include Huang River Investment Limited (fully owned by Tencent), Guo Minfang, Hundreds Capital, and others, with a total subscription amount of USD 59 million [7][8]. Financial Performance - Revenue figures for Minglue Technology from 2022 to 2025 are projected as follows: RMB 1,269.3 million (2022), RMB 1,462.0 million (2023), RMB 1,381.4 million (2024), and RMB 643.8 million (2025) [8]. - The company reported net profits of RMB 1,637.6 million (2022), RMB 318.4 million (2023), RMB 7.9 million (2024), and a loss of RMB 203.9 million (2025) [9][10]. Cash Flow and Operational Efficiency - The net cash outflow from operating activities decreased significantly from RMB 561.1 million in 2022 to RMB 27.9 million in 2024, indicating improved cash flow management [11]. - Despite improvements in cash flow, the company has not yet established a self-sustaining cash generation capability, reflecting ongoing challenges in its profitability model [12]. Losses and Financial Adjustments - The cumulative losses over the past three and a half years exceeded RMB 2.3 billion, with significant losses reported in 2021-2024 [12]. - Adjusted net losses (excluding certain impacts) were RMB 1.067 billion (2021), RMB 1.059 billion (2022), RMB 174 million (2023), and RMB 48 million (2024) [12][13].
明略科技募10亿港元首日涨106% 过去4年累亏约23亿元