Vanke’s property service company, Wanke Cloud, has officially entered the substantive stage of its IPO in Hong Kong. On April 1, the website of the Hong Kong Stock Exchange showed that Wanwanyun Space Technology Service Co., Ltd. (“Everything Cloud”) officially submitted a listing application to the Hong Kong Stock Exchange.
Before this, Wanwuyun had just obtained the “small road” given by the China Securities Regulatory Commission. According to the “Announcement on Spin-off of Wanke’s Overseas Listing and Accepted by China Securities Regulatory Commission” issued by Vanke on March 30, the CSRC decided to grant the administrative license application materials submitted by Wanke for the overseas initial public offering of shares. Accepted.
According to the prospectus application of Wanwuyun, the revenue of Wanwuyun in 2021 will be 23.705 billion yuan, a year-on-year increase of 30.6%; the gross profit is 4.02 billion yuan, a year-on-year increase of 19.47%; the profit during the year 1.714 billion yuan; an increase of 7.2% year-on-year; contract liabilities (advance payments received from property service customers) were 417 million yuan.
As of February 28, 2022, the current liabilities of Wanwuyun decreased slightly from RMB 2.574 billion at the end of 2021 to RMB 2.513 billion.
The prospectus shows that Vanke Group (together with its joint ventures and associated companies) is the largest customer of Wanke Cloud, and in 2021, the revenue of Wanke Group will come from Vanke Group (together with its joint ventures and associates) generated 16.1% of the total revenue of All Cloud.
As of December 31, 2021, the Wanwu Cloud project covers first- and second-tier cities across the country, with a total of 4,393 projects under management, with an area under management of 780 million square meters. A year-on-year increase of 35.9%. The total number of contract management projects was 5,553, the contract management area was 1.01 billion square meters, and the contract management area increased by 38% year-on-year.
In terms of equity, as of the Latest Practicable Date, Vanke and its wholly-owned subsidiaries are interested and have the right to exercise an aggregate of approximately 62.89% of the voting rights of the Company. , Yao Jinbo, CEO of 58.com, holds 4.76% of the shares.
As of the Latest Practicable Date, the registered capital of Wanwanyun was RMB 1.05 billion, including 1.05 billion unlisted shares with a par value of RMB 1 each.
According to the information in the prospectus, the board of directors of All Cloud consists of 11 directors, including 2 executive directors, 5 non-executive directors and 4 independent non-executive directors. Among them, 48-year-old Zhu Baoquan is currently a director of the companyDirector, executive director and general manager, responsible for the company’s overall operations, determine its strategic policies and development direction; 47-year-old He Shuhua is the executive director, responsible for government and corporate customer services. Non-executive directors include Wang Wenjin, Zhang Xu, Sun Jia, Zhou Qi and Yao Jinbo.
Wuwanyun’s official website shows that Wanke Property Development Co., Ltd., formerly known as Vanke Property Development Co., Ltd., was established in 1990. At present, it mainly includes three major sections: Space (space), Tech (technology) and Grow (growth). Defense security and other brands.
On October 31, 2020, Vanke Property Development Co., Ltd. officially changed its name to Wanke Cloud Space Technology Service Co., Ltd. (“Wan Wanyun”). The main business is mainly space technology services, mainly including property management, facility management and comprehensive services for smart cities.
With the continuous growth of Wanwuyun, there have been rumors that Wanwuyun will spin off and go public.
On November 5, 2021, Vanke Enterprise Co., Ltd. (Vanke A, 000002.SZ) officially announced that it plans to spin off Wanke Cloud and issue it overseas on the Hong Kong Stock Exchange Listed and listed foreign shares (H shares). After the spin-off and listing, Vanke’s shareholding structure will not change, and it will maintain its controlling stake in Wanke Cloud.
On March 31 this year, Vanke held a 2021 results conference. Zhu Baoquan, chief partner of Vanke Property Business Group, responded to the listing timing at the conference, saying that Vanke The main consideration for the spin-off of Wanwuyun for listing is “the child is an adult”. It is necessary to introduce domestic and foreign investors to further improve the comprehensive strength of Wanwuyun, establish a leading position in the industry, and protect corporate talents. However, at the same time, the company’s competitive strategy will not The main consideration is to capture the window of the capital market. Listing for a company is just a node in the entire long-running process. We believe that at a time when the capital market is relatively rational, we can give real outstanding companies a real price, and we can also give strategic investors a better investment opportunity.