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  ·2021-09-01
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  IPO Research Report | Helens International (09869) is in a period of high growth; its share price is expected to be affected by market sentiment.
  公司知名度高，处于高增长期，过去叁年收入增长快速，但目前市况飘忽，股价走势视乎市场投资气氛。
  IPO Research Report | Helens International (09869) is in a period of high growth; its share price is expected to be affected by market sentiment.
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therh nxrtyy⊙ω⊙vBjmBC ej&nbsp;NBC rn","listText":"MNHKKYZy therh nxrtyy⊙ω⊙vBjmBC ej&nbsp;NBC rn","text":"MNHKKYZy therh nxrtyy⊙ω⊙vBjmBC ej NBC rn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816110474","repostId":"2163883123","repostType":4,"repost":{"id":"2163883123","kind":"highlight","pubTimestamp":1630376491,"share":"https://ttm.financial/m/news/2163883123?lang=en_US&edition=fundamental","pubTime":"2021-08-31 10:21","market":"hk","language":"zh","title":"IPO Research Report | Helens International (09869) is in a period of high growth; its share price is expected to be affected by market sentiment.","url":"https://stock-news.laohu8.com/highlight/detail?id=2163883123","media":"智通财经网","summary":"公司知名度高，处于高增长期，过去叁年收入增长快速，但目前市况飘忽，股价走势视乎市场投资气氛。","content":"<p><html><body><div>- Helens International (09869) is China's largest chain of taverns, ranking first in China's tavern industry based on 20-year revenue, with a 1.1% market share.</p><p>- IPO Date: August 31 to September 3</p><p>- Launch date: September 10</p><p>- Sole Sponsor: CICC</p><p>- Receiving banks: China Merchants Wing Lung Bank, Standard Chartered Bank</p><p>- Approximately 134 million shares will be offered, with 90% allotment, 10% public offering, and an additional 15% over-allotment option.</p><p>- The offering price per share is between RMB 18.82 and RMB 20.72, raising a maximum of approximately RMB 2.79 billion, with listing expenses of approximately RMB 149.2 million.</p><p>- The entry fee is RMB 10,464.4 for each lot of 500 shares.</p><p>- Based on the above price limit of RMB 20.72, the market capitalization is approximately RMB 25.83 billion (if adjusted for net profit in the first three months of 2021, the estimated net profit for this year is approximately RMB 119 million, with a P/E of approximately 180 times).</p><p>As of the end of March 2021, the average net asset value was approximately RMB 174 million.</p><p>- The public offering is divided into Group A (applicants with 5 million or less) and Group B (applicants with 5 million or more).</p><p>Business:</p><p>Revenue was RMB 114 million, RMB 564 million, and RMB 817 million in 2018, 2020, and RMB 368 million in the first three months of 2021, respectively.</p><p>- Net profit was RMB 9.73 million, RMB 79.13 million, and RMB 70.07 million in 2018, 2020, and a net loss of RMB 76.33 million in the first three months of 2021.</p><p>- Adjusted net profit for 2018 to 2020 was RMB 10.83 million, RMB 79.13 million, and RMB 75.75 million, respectively, and adjusted net profit for the first three months of 2021 was RMB 29.68 million (excluding one-time adjustments such as equity-settled share-based payments and listing expenses).</p><p>Helen's International established its first Helen's pub in 2009, covering first-tier, second-tier, and third-tier cities and below. Its pub network has expanded rapidly over the past three years, reaching a total of 162, 252, 351, and 374 pubs as of the end of March 2018, 2019, 2020, and 2021, respectively, and further increasing to 528 as of the Latest Practicable Date.</p><p>- The company provides customers with a high-quality and cost-effective product portfolio, mainly with its own products and supplemented by third-party products. Its own beverage revenue accounts for about 70% of its total beverage revenue. Its own beverages mainly include Helens draft beer, Helens craft beer, Helens fruit beer and Helens milk beer. Currently, all bottled beer products are priced below 10 RMB per bottle, giving them a clear price advantage compared to similar products on the market.</p><p>• The company primarily serves its customers through Helen's pubs across the country. As a chain tavern, its customer base is mainly highly dispersed individual customers.</p><p>- 70% of the proceeds will be used to open new taverns and realize expansion plans over the next three years; 10% will be used to further strengthen the talent pool of the company's taverns; 5% will be used to further strengthen the basic capacity building of taverns; 5% will be used to further enhance Helen's brand awareness; 10% for working capital and general corporate purposes</p><p>Financing prior to the IPO:</p><p>- Financing to BA Capital in February 2021,<a href=\"https://laohu8.com/S/601995\">CICC</a>At that time, the offer price was approximately 47.27% lower than the midpoint price. The former had a 12-month lock-up period, while the latter had no lock-up arrangement. BA Capital Limited is indirectly owned as to 51% by Mr. He Yu, who is the co-founder and partner of Shenzhen Qianhai Black Ant Innovation Investment Partnership since February 2016</p><p>Structure of Substantial Shareholders after Listing:</p><p>- 69.06% shares held by Mr. Xu Bingzhong, Chairman</p><p>- 11.24% shareholding by directors, employees and an independent third party</p><p>Mr. Wang Zhenpeng, Senior Vice President of Finance, holds 0.87% of the shares.</p><p>- 2.06% of the shares held by previous investors</p><p>The trustee of the share unit scheme holds 5.97% of the shares.</p><p>- 10.8% shareholding by other public shareholders</p><p>Brief Review:</p><p>Helens International (9869) is China's largest chain of taverns, ranking first in the Chinese tavern industry based on 20 years of revenue, with a 1.1% market share.</p><p>Based on the above price limit of 20.72 yuan, the market capitalization is approximately 25.83 billion yuan. If adjusted for net profit in the first three months of 2021, the estimated net profit for this year is approximately 119 million yuan, representing a P/E of approximately 180 times.</p><p>The company enjoys high brand awareness and is in a period of high growth, with rapid revenue growth over the past three years. However, market conditions are currently volatile, and stock price movements depend on market investment sentiment.</p><p><strong><span>This article was contributed by \"Xincheng Securities\" and authored by Chen Bohao, an analyst at Xincheng Securities; Zhitong Finance Editor: Wenwen.</span></strong></p><p></div></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO Research Report | Helens International (09869) is in a period of high growth; its share price is expected to be affected by market sentiment.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO Research Report | Helens International (09869) is in a period of high growth; its share price is expected to be affected by market sentiment.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-08-31 10:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>- Helens International (09869) is China's largest chain of taverns, ranking first in China's tavern industry based on 20-year revenue, with a 1.1% market share.</p><p>- IPO Date: August 31 to September 3</p><p>- Launch date: September 10</p><p>- Sole Sponsor: CICC</p><p>- Receiving banks: China Merchants Wing Lung Bank, Standard Chartered Bank</p><p>- Approximately 134 million shares will be offered, with 90% allotment, 10% public offering, and an additional 15% over-allotment option.</p><p>- The offering price per share is between RMB 18.82 and RMB 20.72, raising a maximum of approximately RMB 2.79 billion, with listing expenses of approximately RMB 149.2 million.</p><p>- The entry fee is RMB 10,464.4 for each lot of 500 shares.</p><p>- Based on the above price limit of RMB 20.72, the market capitalization is approximately RMB 25.83 billion (if adjusted for net profit in the first three months of 2021, the estimated net profit for this year is approximately RMB 119 million, with a P/E of approximately 180 times).</p><p>As of the end of March 2021, the average net asset value was approximately RMB 174 million.</p><p>- The public offering is divided into Group A (applicants with 5 million or less) and Group B (applicants with 5 million or more).</p><p>Business:</p><p>Revenue was RMB 114 million, RMB 564 million, and RMB 817 million in 2018, 2020, and RMB 368 million in the first three months of 2021, respectively.</p><p>- Net profit was RMB 9.73 million, RMB 79.13 million, and RMB 70.07 million in 2018, 2020, and a net loss of RMB 76.33 million in the first three months of 2021.</p><p>- Adjusted net profit for 2018 to 2020 was RMB 10.83 million, RMB 79.13 million, and RMB 75.75 million, respectively, and adjusted net profit for the first three months of 2021 was RMB 29.68 million (excluding one-time adjustments such as equity-settled share-based payments and listing expenses).</p><p>Helen's International established its first Helen's pub in 2009, covering first-tier, second-tier, and third-tier cities and below. Its pub network has expanded rapidly over the past three years, reaching a total of 162, 252, 351, and 374 pubs as of the end of March 2018, 2019, 2020, and 2021, respectively, and further increasing to 528 as of the Latest Practicable Date.</p><p>- The company provides customers with a high-quality and cost-effective product portfolio, mainly with its own products and supplemented by third-party products. Its own beverage revenue accounts for about 70% of its total beverage revenue. Its own beverages mainly include Helens draft beer, Helens craft beer, Helens fruit beer and Helens milk beer. Currently, all bottled beer products are priced below 10 RMB per bottle, giving them a clear price advantage compared to similar products on the market.</p><p>• The company primarily serves its customers through Helen's pubs across the country. As a chain tavern, its customer base is mainly highly dispersed individual customers.</p><p>- 70% of the proceeds will be used to open new taverns and realize expansion plans over the next three years; 10% will be used to further strengthen the talent pool of the company's taverns; 5% will be used to further strengthen the basic capacity building of taverns; 5% will be used to further enhance Helen's brand awareness; 10% for working capital and general corporate purposes</p><p>Financing prior to the IPO:</p><p>- Financing to BA Capital in February 2021,<a href=\"https://laohu8.com/S/601995\">CICC</a>At that time, the offer price was approximately 47.27% lower than the midpoint price. The former had a 12-month lock-up period, while the latter had no lock-up arrangement. BA Capital Limited is indirectly owned as to 51% by Mr. He Yu, who is the co-founder and partner of Shenzhen Qianhai Black Ant Innovation Investment Partnership since February 2016</p><p>Structure of Substantial Shareholders after Listing:</p><p>- 69.06% shares held by Mr. Xu Bingzhong, Chairman</p><p>- 11.24% shareholding by directors, employees and an independent third party</p><p>Mr. Wang Zhenpeng, Senior Vice President of Finance, holds 0.87% of the shares.</p><p>- 2.06% of the shares held by previous investors</p><p>The trustee of the share unit scheme holds 5.97% of the shares.</p><p>- 10.8% shareholding by other public shareholders</p><p>Brief Review:</p><p>Helens International (9869) is China's largest chain of taverns, ranking first in the Chinese tavern industry based on 20 years of revenue, with a 1.1% market share.</p><p>Based on the above price limit of 20.72 yuan, the market capitalization is approximately 25.83 billion yuan. If adjusted for net profit in the first three months of 2021, the estimated net profit for this year is approximately 119 million yuan, representing a P/E of approximately 180 times.</p><p>The company enjoys high brand awareness and is in a period of high growth, with rapid revenue growth over the past three years. However, market conditions are currently volatile, and stock price movements depend on market investment sentiment.</p><p><strong><span>This article was contributed by \"Xincheng Securities\" and authored by Chen Bohao, an analyst at Xincheng Securities; Zhitong Finance Editor: Wenwen.</span></strong></p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/550821.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210831/20210831102200_98031.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"http://www.zhitongcaijing.com/content/detail/550821.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2163883123","content_text":"- 海伦司国际(09869)是中国最大的连锁酒馆，按20年收入计，在中国酒馆行业中排名第一，占据1.1%的市场份额- 招股日期︰8月31日至9月3日- 上市日期︰9月10日- 独家保荐人︰中金- 收款行︰招商永隆银行、渣打银行- 发售约1.34亿股，90%配售，10%公开发售，另有15%超额配股权- 每股招股价为18.82元至20.72元，集资最多约27.9亿元，上市开支约1.492亿元- 按每手500股，入场费10,464.4元- 以上限价20.72元计算，市值约258.3亿元(若以21年首叁个月经调整纯利，估算今年纯利约为1.19亿人民币，市盈率约180倍)- 截至21年3月底 ，平均资产净值约1.74亿人民币- 公开发售分为甲组(500万或以下申请人)、乙组(500万以上申请人)业务︰- 18至20年收入分别为1.14亿人民币、5.64亿人民币、8.17亿人民币，21年首叁个月收入为3.68亿人民币- 18至20年纯利分别为973万人民币、7,913万人民币、7,007万人民币，，21年首叁个月纯利为亏损7,633万人民币-  18至20年经调整净利润分别为1,083万人民币、7,913万人民币、7,575万人民币，21年首叁个月经调整净利润为2,968万人民币(若扣除以权益结算以股份为基础的付款、上市开支等一次调整)-  海伦司国际于09年成立首家Helen's酒馆，遍佈一线、二线及叁线及以下的城市，旗下酒馆的网络规模于过去叁年快速扩张，截至18年、19年、20年及21年3月底，酒馆网络中的酒馆总数分别为162家、252家、351家及374家，并进一步增加至截至最后实际可行日期的528家-  公司为顾客提供优质且具性价比的产品组合，以自有产品为主，第叁方产品为辅，自有酒饮收入佔总酒饮收入约七成，其自有酒饮主要包括海伦司扎啤、海伦司精酿、海伦司果啤以及海伦司奶啤等。目前，所有瓶装啤酒产品的售价均低于每瓶10元人民币，与市场上同类产品相比具有明显价格优势- 公司主要通过遍佈全国的Helen's酒馆向顾客提供服务。作为一家连锁酒馆，客户群体主要为高度分散的个人客户-  集资所得其中70%将用于在未来叁年开设新酒馆及实现扩张计划;10%用于进一步加强公司酒馆的人才梯队建设;5%用于进一步加强酒馆的基础能力建设;5%用于进一步强化Helen's的品牌知名度;10%用作营运资金及一般企业用途首次公开发售前进行融资︰- 于21年2月曾进行融资予BA Capital、中金公司，当时发售价较中间价折让约47.27%，前者设12个月禁售期，后者却没有禁售安排。BA  Capital Limited由何愚先生间接拥有51%权益，何先生自16年2月起为深圳前海黑蚁创新投资合伙企业的共同创办人及合伙人上市后主要股东架构︰- 主席徐炳忠先生持股69.06%- 董事、雇员及一名独立第叁方持股11.24%- 高级财务副总裁王振鹏先生持股0.87%- 前期投资者持股2.06%- 股份单位计划的受托人持股5.97%- 其他公众股东持股10.8%简评︰- 海伦司国际(9869)是中国最大的连锁酒馆，按20年收入计，在中国酒馆行业中排名第一，占据1.1%的市场份额- 以上限价20.72元计算，市值约258.3亿元，若以21年首叁个月经调整纯利，估算今年纯利约为1.19亿人民币，市盈率约180倍- 公司知名度高，处于高增长期，过去叁年收入增长快速，但目前市况飘忽，股价走势视乎市场投资气氛本文由“信诚证券”供稿，作者：信诚证券分析师陈伯豪；智通财经编辑：文文。","news_type":1,"symbols_score_info":{"UCmain":0.9,"CYB":0.6,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}