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朝雲集團
Cheerwin Group
COMPANY PROFILE

Cheerwin Group Limited is an one-stop multi-category household care and personal care platform in China, developing and manufacturing a variety of household care, personal care and pet care products. Its household care products include a wide array of household insecticides and repellents such as mosquito coils and liquid vaporizers and a number of household cleaning products such as disinfectants, kitchen cleaners and toilet cleaners. Its air care products include a variety of air fresheners. The Group personal care products include skin care products, hair and body care products, hand sanitizers and Florida Water. Its pet care product includes a variety of pet shampoos and deodorants.

The Group provides consumers with comprehensive household care, personal care and pet care product offerings, mainly under seven core brands, namely, Vewin, Superb, Babeking , Cyrin, Rikiso, Juejiang de Weiba and Dux. It ranked third among domestic companies in China’s household care industry in each of the past five years between 2015 and 2019, and ranked fourth among all companies in China’s household care industry, with a market share of 6.3% in 2019, in terms of retail sales value according to CIC.

The Group manufactures certain of products at its Panyu and Anfu Plants and outsource the manufacturing processes of certain products to Liby Group and other third party manufacturers. It distributes products through an omni-channel sales network across China. As of September 30, 2020, its sales and distribution network primarily consisted of an offline network of more than 1,200 distributors with approximately 620,000 points of sales across China, 48 key account clients, including operators of national and regional hypermarkets, supermarkets, department stores and convenience stores through Liby Group, covering approximately 11,000 points of sales, and online channels, including sales to consumers through 14 self-operated online stores on major e-commerce platforms, such as Tmall, and sales to a network of online third party distributors.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHousehold & Personal Products
Websitewww.cheerwin.com
Board Lot500
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares333m shares
No. of International Offer Shares300m shares
No. of HK Offer Shares33.33m shares
Offer Price$7.80 - $9.20
Nominal ValueUS$ 0.0000002 each
Stock Code6601
Sponsor(s)Morgan Stanley Asia Limited; China International Capital Corporation Hong Kong Securities Limited
Underwriter(s)Morgan Stanley Asia Limited; China International Capital Corporation Hong Kong Securities Limited; Futu Securities International (Hong Kong) Limited
TIME TABLE
Application PeriodFeb 26 (Fri) - Noon, Mar 3 (Wed)
Price Determination DateOn or Before 5pm, Mar 3 (Wed)
Result Announcement DateOn or Before Mar 9 (Tue)
Dispatch of Shares and Refund ChequesOn or Before Mar 9 (Tue)
Dealings in Shares commence onMar 10, 2021. (Wed)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveChen Danxia (Chairman), Xie Rusong, Zhong Xuyi
Non-ExecutiveChen Zexing
Independent Non-Executive Yu DeChao Michael, Guo Sheng, Chan Wan Tsun Adrian Alan
MAJOR SHAREHOLDERS
Cheerwin Global74.25%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue1,461,3751,383,4021,350,073
Gross Profit626,530599,860502,125
Pre-Taxed Profit271,316232,216241,562
Attributable Profit for the period205,291185,164177,035
EPS - Basic (cents)20.6618.7017.88
* For the nine months ended September 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$7.80 - $9.20
Capitalization$10,400m - $12,267m
Unaudited pro forma adj NAV / share$2.07 - $2.40
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $8.50, the net proceeds raised would be HK$2,663.9m, of which:
* $532.8m (20.0%) use to enhance research and development capabilities, including research and development of new products, upgrade of existing products, development of new brand and categories;
* $532.8m (20.0%) use to enhance sales and distribution network;
* $399.6m (15.0%) use for marketing activities to enhance branding and products promotion;
* $266.4m (10.0%) use to improve the efficiency and flexibility of global and domestic supply chain;
* $266.4m (10.0%) use to implement digitalization strategy, enhance information technology infrastructure;
* $399.6m (15.0%) use for strategic acquisitions of upstream and downstream businesses;
* the balance of $266.4m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01259PROSPER FUTUREunchange0.0810.0000.000%
01338BAWANG GROUPunchange0.1180.0000.000%
06601CHEERWIN GPdown8.280-0.020-0.241%
06993BLUE MOON GROUPup10.6800.1801.714%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 14/04/2021 09:36
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