Original title: Vanke’s Wanke Cloud sprints for Hong Kong stock IPO!Residential properties ranked second in the industry in terms of area under management
Vanke’s property and space service segment, Wanke Cloud, is maturing. On April 1, the Hong Kong Stock Exchange disclosed the prospectus of Wanwuyun, and the joint sponsor wasCITIC SecuritiesCiti, Goldman Sachs.
The prospectus shows that from 2019 to 2021, the revenue of everything cloud is 13.93 billion yuan, 18.15 billion yuan and 23.7 billion yuan respectively; gross profit is 2.47 billion yuan, 3.36 billion yuan and 4.02 billion yuan respectively. As of the end of 2021, cash and equivalents were 6.43 billion yuan.
Everything Cloud has three main businesses:The community space residential consumption service provides basic property services under the Vanke property brand, and launches brands such as Pulin to provide services such as housing brokerage, leasing management and housing repair;Commercial enterprises and comprehensive urban space services correspond to Wanliangxing and City Up brands respectively;AIoT and BASS solution services provide remote space technology operations.
Community services are still the bulk of revenue. In 2021, this part will contribute 13.16 billion yuan in revenue, accounting for 55.5%; commercial enterprise and urban services and solution services account for 36.7% and 7.8% respectively.
Country Garden Services (6098.HK), a leader in the property management field, has a residential property management area of 766 million square meters at the end of 2021. Wanwuyun followed closely, with an area of about 660 million square meters of residential properties under management during the same period. The area under management is concentrated in new first-tier and second-tier cities, accounting for 43.8% and 32% respectively; East China accounts for the highest proportion, reaching 34.5%.
The gross profit margin of Wanwuyun in the past three years was 17.7%, 18.5% and 17% respectively. In terms of different businesses, the gross profit margin of solution services in 2021 is nearly 30%, while the gross profit margins of community services, commercial enterprises and urban services are all about 16%.
Regarding the problem of low gross profit margin, Zhu Baoquan, CEO of Wanke Cloud, responded at the recent Vanke performance meeting that the gross profit margin of listed property companies is roughly divided into two camps: one is around 15%, and the other is 30%. about. The gross profit margin of Wuxingyun is around 15%. From the analyst’s report, around 15% is a reasonable range. Zhu Baoquan believes that the trust relationship in the people’s livelihood industry is far more important than the gross profit margin.
All things cloud is not highly dependent on Vanke’s sales. In the past three years, the sales revenue of Wanke Cloud from Vanke Group was 1.77 billion yuan, 2.8 billion yuan and 3.82 billion yuan respectively, accounting for 12.7%, 15.4% and 16.1% of the total revenue in the same period.
Vanke and its wholly-owned company together constitute the controlling shareholder group. Vanke Enterprise directly holds 600 million shares, accounting for 57.12% of the issued share capital. Together with the shareholdings of wholly-owned subsidiaries Wanqing, Wanhu, Wanma Shengxian, Yingda Investment Fund, Wanshuzhimiao and Wanhuquanyuan, In total, 62.89% of the voting rights can be exercised. Other shareholders include Boyu Capital, 58 Tongcheng, Linzhu Group, etc.
At present, the valuation of Hong Kong stock property and Internet sectors has fallen. However, Zhu Baoquan said that the main consideration for the listing of everything cloud is that its own development is mature, and the company’s strategy will not take the window of capturing the capital market as the main consideration. From the perspective of valuation, the current listing time of All Cloud is more suitable, because the current valuation is more rational and can give investors a more appropriate investment opportunity.
The funds raised in this listing have not been disclosed yet. All Cloud said that the funds raised will be mainly used for business expansion and achieving economies of scale; developing AIoT and BaaS solutions; acquiring or investing in upstream and downstream supply chain service providers, etc.
The property sectors of the top ten real estate companies have all gone public. In addition to Wanwuyun, Longfor Zhichuang Life, a property management and business operation segment of Longfor Group, submitted a prospectus to the Hong Kong Stock Exchange in January.
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Responsible editor: Feng Tiwei