IPO申购指南：云工场

Investment Rating - The report suggests a cautious subscription for the company Yun Factory (2512.HK) [7] Core Insights - Yun Factory is an internet data center operator with a current market share of 0.6%. The company provides flexibility and redundancy by allowing access to multiple network service providers [7] - The company operates without owning or constructing its own data centers, instead managing data center space and cabinets procured from suppliers [7] - The business spans across 38 cities in 19 major provinces in China, with a recorded bandwidth usage of approximately 316,508 Gbps during the performance record period [7] - The company launched its edge computing services under the Lingjing Cloud brand in 2022, which began generating revenue in the same year [7] - Revenue increased from 464.3 million in 2021 to 695.9 million in 2023, with a profit of 142.2 million in 2023. The estimated market capitalization post-IPO is around 2.1 billion HKD, with a price-to-sales ratio of approximately 3 times based on the 2023 PS [7] Company Overview - The IPO details include a subscription price of 4.60 HKD per share, with a total fundraising amount of 337 million HKD based on the median offer price [7] - The total number of shares offered is 115 million, with 90% allocated for international placement and 10% for public offering [7] - The entry fee for investors is approximately 4,646.39 HKD [7]