HONG KONG – (ACN Newswire) – First New-economy SaaS Stock Weimob Inc. (02013.HK) is seeking to list on the main board of the Hong Kong Stock Exchange. The company will price its shares in a range between HK$2.8 and HK$3.5 to raise up to HK$1,060 million. The offering has been running since 31 December 2018 to 8 January 2019 and the listing is expected to take place on 15 January 2019.
Established in 2013, Weimob is the leading provider of cloud-based commerce and marketing solutions and targeted marketing services on Tencent’s social networking service platforms for SMBs in China. It was the largest third-party service provider for SMBs in the WeChat ecosystem in terms of revenue and number of paying merchants in 2017. The company boasts two primary cloud products: SaaS products (a software as a service) and PaaS product (a platform as a service). SaaS products comprise Commerce Cloud, Marketing Cloud, and Sales Cloud, while PaaS product encompasses Weimob Cloud platform which allows third-party developers to design, build, and implement enterprise-grade custom applications.
Shanghai Wentang, Beyond Science and Huifu Payment Limited (01806.HK), joined the company as cornerstone investors which invested a combined US$42 million.
Shanghai Wentang is owned as to 99% by Shanghai IV Cultural Center LLP (“SHIVC Cultural”), a limited liability partnership established under the laws of the PRC in July 2017, as limited partner, and as to 1% by Shanghai IV Cultural Investment Management Partnership Enterprise LLP, a limited liability partnership established under the laws of the PRC in May 2017, as general partner. SHIVC Cultural was founded by Shanghai Innovital Capital Limited LLP, which is a leading investment platform established by the Shanghai Municipality People’s Government to promote technological innovation, financial technology and entrepreneurship. The shareholders of Beyond Science include Dalian Wanda Commercial Management Group Co., Ltd. and Linzhi Tencent Technology Co., Ltd.. Huifu Payment Limited (01806.HK) is a leading independent third-party payment service provider in the PRC, focusing on merchant payment and fintech enabling services.
Sun Taoyong, the Founder, Chairman and Chief Executive Officer of Weimob indicated that the mission of Weimob is to drive digital transformation through technology-driven innovation, to make business more intelligent by helping more SMBs achieve digital transformation with its products and services, and to become the Chinese version of Salesforce. Sun Taoyong was included in the Forbes’ 30 Under 30 Asia 2017 and Shanghai Leaders 2018 lists.
As outlined in its prospectus, the operating revenue of Weimob had maintained fast-paced growth for three consecutive years. In 2015. 2016 and 2017, its operating revenue amounted to RMB114 million, 189 million and 534 million respectively, with a compound annual growth rate of 116.4%. During the first half of 2018, its operating revenue surged 56.65% to RMB332 million.
As of 30 June 2018, the company had approximately 2.7 million registered merchants for SaaS products and targeted marketing, which provide the company with a large potential client base that can be monetized on a recurring basis.
During the first half of 2018, its gross profit was RMB231 million; adjusted EBITDA was RMB38.1 million, an increase of 460%; adjusted net profit was RMB28.4 million, an increase of 7200%.