New stock news | Yulai shares (02649) end the public offering with a total subscription amount of 11.75 billion Hong Kong dollars, oversubscribed by 4124 times.

Chinese circular packaging service provider Youlusai Sharing (02649) launched its IPO from February 27, 2026 to March 4, 2026, and the latest IPO has ended. According to market sources, Youlusai Sharing has received a margin loan of HK$11.75 billion from brokers, with a public offering amount of HK$28.48 million, oversubscribed by 4124 times. Youlusai Sharing plans to globally issue 20.336 million H shares, with 10% allocated for the Hong Kong market and 90% for international issuance, with an additional 15% for over-allotment option. The offering price per share is between HK$11 and HK$14, with 500 shares per lot and an entrance fee of approximately HK$7,070.6 per lot, raising approximately HK$285 million. This IPO did not include cornerstone investors. The company is expected to be listed on March 9 (Monday), with China Securities Co., Ltd. International as its exclusive sponsor. According to the prospectus, Youlusai Sharing is a Chinese circular packaging service provider, mainly focusing on providing services for automotive parts manufacturers and OEMs in the automotive industry. The company mainly provides shared operations, managing pallets, strip boxes, or containers for customers, handling the storage, distribution, and returns of circular packaging on behalf of customers (mainly through third-party logistics service providers), cleaning and maintenance. In addition to shared operations, the company also provides leasing services for customers who prefer to manage circular packaging independently, warehouse management, value-added services such as customer-owned container management, and also sells containers to customers who can independently manage them. According to data from Frost & Sullivan, based on revenue in 2024, Youlusai Sharing is the second largest circular packaging service provider in China with a market share of 1.5%, and the largest provider of automotive shared operations services in China with a market share of 8.2%. In 2024, circular packaging services, shared operations services, and automotive shared operations services accounted for 6.4%, 2.4%, and 1.0%, respectively, in the overall logistics packaging solution market in China. Financially, in the fiscal years of 2022, 2023, 2024, and the eight months ending August 31, 2025, the company achieved revenues of approximately RMB 648 million, RMB 794 million, RMB 838 million, and RMB 533 million, respectively. During the same period, the company recorded profits of approximately RMB 31.201 million, RMB 64.149 million, RMB 50.741 million, and RMB 26.892 million, respectively. Assuming the over-allotment option is not exercised and the offering price is HK$12.5 per H share, the company is expected to receive net proceeds of approximately HK$2.048 billion from the global offering. Approximately 25.0% will be used to improve and upgrade digital systems and platforms; approximately 25.0% will be used to advance the company's overseas expansion strategy; approximately 20.0% will be used to expand the company's service network nationwide; approximately 20.0% will be used to expand the company's service application scenarios to other downstream industries through acquisitions; and approximately 10.0% will be used for general corporate purposes and operating funds.