Xinjiao Motorhome (00805) will be listed for sale from December 31 to January 8, with plans to globally issue 240 million shares.

Xinjiao Motorhome (00805) will be listed from December 31, 2024 to January 8, 2025, with the company planning to globally issue 240 million shares, with 10% in Hong Kong and 90% internationally. The offering price per share is between 1.24 and 1.64 Hong Kong dollars, with trading on the Stock Exchange of Hong Kong starting on January 13, 2025, at 9:00 am local time. The company is a motorhome business with a wide network in Australia and New Zealand, specializing in designing, developing, manufacturing, and selling custom travel trailers. Based on data from Frost & Sullivan, the company holds the second-largest market share in the motorhome industry in Australia and New Zealand based on revenue and sales in 2023. With expertise in the motorhome value chain and a solid customer base in Australia and New Zealand, the company has shown strong sales growth in previous periods, delivering a total of 1330, 2127, 2694, and 1427 motorhomes in 2021, 2022, 2023, and the first six months of 2024, respectively. During the previous periods, the company's revenue has continued to increase. In 2021, 2022, and 2023, the company's revenue was 299.7 million, 499 million, and 720 million Chinese Yuan, with corresponding gross profit margins of 16.7%, 16.5%, and 25.1%. For the first six months of 2024, the revenue was 422 million Chinese Yuan, with a gross profit margin of 32.0%. Net profit has also seen significant growth, from 25.1 million Chinese Yuan in 2021 to 33 million in 2022, and further up to 78.8 million in 2023. For the first six months of 2024, net profit was 40.4 million Chinese Yuan. Adjusted net profit for the years 2021, 2022, 2023, and the first six months of 2024 were 25.1 million, 33 million, 78.8 million, and 55.7 million Chinese Yuan respectively. Assuming the over-allotment option is not exercised and based on an offering price of 1.44 Hong Kong dollars per share, the company expects to receive net proceeds of approximately 293 million Hong Kong dollars from the global offering. Around 63.3% will be used to establish a new production base and upgrade existing factories, 16.7% for expanding business operations, 10% for continuous product development, and the remaining 10% for general corporate purposes and working capital.