New stock news | China Renaissance Securities (02718) new stock offering has ended, with a total subscription amount of 346.8 billion Hong Kong dollars, oversubscribed by 3399 times.

Mingtech-W (02718) conducted its IPO from October 23 to 28, and subscription has ended. It is expected to start trading on November 3. Data shows that the total subscription amount reached 346.8 billion HKD. With a public offering size of 102 million HKD, the oversubscription rate has reached 3399 times. According to Mingtech's IPO plan, the company plans to issue 7.219 million Class A shares in Hong Kong, with 10% offered in a public offering with no clawback mechanism. The offering price is 141 HKD per share. The company aims to raise 1.02 billion HKD, with a minimum subscription of 40 shares and an entry fee of 5,696.9 HKD. Mingtech uses a dual-class share structure, with the founder retaining more than half of the voting rights. Shareholders of Class B shares have 10 votes per share, while Class A shareholders have one vote per share. After the global offering, the founder, chairman, executive director, and CEO Wu Minghui will hold 14,835,491 Class B shares and control the voting rights of 431,996 Class A shares, representing approximately 53.54% of the voting rights on matters other than reserved matters. In addition, the group has entered cornerstone investment agreements with Huang River Investment Limited (Tencent Investor), Guo Minfang, Hundreds Capital, Bao Lina, Precious Investment Group Limited, GF Financial Group B.S.C., and Quantum Pharmaceuticals Limited. Under the agreements, cornerstone investors agree to subscribe or cause their designated entities to subscribe for shares (rounded down to the nearest complete trading unit of 40 shares of Class A shares) at the offering price, with a total amount not exceeding approximately 59 million USD. If Mingtech does not exercise its overallotment option, cornerstone investors' subscriptions will account for 45.1% of the IPO shares. If all the overallotment options are exercised, cornerstone investors will still hold 39%. The funds raised will be used for enhancing technological research and development capabilities (approx. 35%), developing a wider product portfolio (approx. 40%), marketing, brand promotion, and sales team expansion (approx. 15%), and working capital and general corporate purposes (approx. 10%). The IPO prospectus shows that Mingtech provides data intelligence products and solutions covering marketing and operational intelligence in online and offline scenarios. According to Frost & Sullivan, based on projected 2024 revenue, Mingtech is the largest data intelligence application software supplier in China. The company's main clients include enterprises in the consumer goods, food and beverage, automotive, and 3C industries, as well as offline retail and restaurant chain operators focusing on smart store operations and long-term growth. For the fiscal years ending December 31, 2022, 2023, and 2024, the group's revenues were 1.269 billion RMB, 1.462 billion RMB, and 1.381 billion RMB respectively, with a 15.2% year-on-year growth from 2022 to 2023 and a 5.5% year-on-year decrease from 2023 to 2024. For the six months ending June 30, 2024, the group's revenue increased from 565 million RMB to 644 million RMB, representing a 13.9% year-on-year growth.