IPO申购指南：多点数智

Investment Rating - The investment rating for the company is "Cautious Subscription" [2]. Core Insights - The company, Dmall Smart (2586.HK), is a leading provider of retail digitalization solutions in China, holding a market share of 6.5% as of 2023. It has successfully expanded its operations to other Asian countries, including Hong Kong, Cambodia, Singapore, Malaysia, Macau, Indonesia, the Philippines, and Brunei [2]. - The company's revenue has grown from 848 million RMB in 2021 to 1.585 billion RMB in 2023, indicating strong growth potential in the retail digitalization market [2]. - The retail digitalization rates in China and Asia are significantly lower than in the U.S., suggesting substantial room for growth in the sector [2]. - The company's market capitalization post-IPO is estimated to be around 26.7 billion HKD, with a price-to-sales (PS) ratio of approximately 15 times based on 2023 figures, indicating a relatively high valuation [2]. Summary by Sections IPO Details - The IPO price is set at 30.21 HKD, with a total fundraising amount of 623 million HKD based on the median price [2]. - The total number of shares offered is 25.77 million, with 90% allocated for international placement and 10% for public offering [2]. Market Context - The local retail digitalization market in Asia is projected to grow at a compound annual growth rate (CAGR) of 1.4% from 2024 to 2028, reaching a market size of 33.5 trillion RMB by 2028 [2]. - The company’s proprietary Dmall SaaS operating system integrates various functions to help retailers optimize their operations, thereby reducing stockouts and increasing sales revenue [2].