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06610 飛天雲動
Listing Date2022/10/18
Listing Price2.210
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Flowing Cloud Technology provides AR/VR content and services in China, and the provision of AR/VR marketing services to advertising customers was its largest revenue contributor. According to iResearch, the ranked the first in terms of revenue in the AR/VR content and services market in China, amounting to 2.6% of the market share in 2021.

The Group started shifting its business focus from games business to AR/VR content and services businesses in April 2017 and completed the transition in May 2019. It provides a variety of services in connection with AR/VR, mainly including AR/VR marketing services, AR/VR content, AR/VR SaaS and IP business.

During the period comprising the three years ended December 31, 2021 and the three months ended March 31, 2022, the Group provided AR/VR marketing services to a total of over 50 advertising customers and promoted over 250 advertising products, the majority of which were apps and websites. As of March 31, 2022, the number of AR/VR SaaS registered users reached over 14,000 and the number of its AR/VR SaaS subscribed paying users reached over 2,200.

The Group customers for AR/VR marketing services are mainly advertisers and their agents. Its customers for AR/VR content are mainly companies from various industries, including entertainment, gaming, education, culture and tourism, technology, healthcare and automobiles.

MarketHong Kong (Main Board)
Business NatureSoftware & Services
Major Business AreaChina
Board Lot1000
No. of Offer Shares271.50M shares
No. of International Offer Shares244.35M shares
No. of HK Offer Shares27.15M shares
Offer Price$2.21 - $2.88
Stock Code6610
Sponsor(s)Shenwan Hongyuan Capital (H.K.) Limited
Underwriter(s)Shenwan Hongyuan Securities (H.K.) Limited, CLSA Limited, CMB International Capital Limited, DBS Asia Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, ABCI Securities Company Limited, Citrus Securities Limited, Dragonstone Capital Management Limited, Zhongtai International Securities Limited, China Everbright Securities (HK) Limited, West Bull Securities Limited, China Galaxy International Securities (Hong Kong) Co., Limited, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited, Livermore Holdings Limited, Valuable Capital Limited, Phillip Securities (Hong Kong) Limited, Zheshang International Financial Holdings Co., Limited
Application PeriodSep 29 (Thu) - noon, Oct 07 (Fri)
Price Determination DateOct 10 (Mon)
Result Announcement DateOn or before Oct 17 (Mon)
Result Announcement DateOn or before Oct 17 (Mon)
Dealings in Shares commence onOct 18, 2022. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$2.21 - $2.88
Capitalization4.00B - 5.21B
NAV / share ($)$0.57 - $0.67 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 2.55, the net proceeds raised would be HKD 620.50M, of which
40% : Enhancing R&D capabilities and improving services and products
25% : Enhancing sales and marketing function
15% : Used for selected mergers, acquisitions, and strategic investments
10% : Development of Feitian Metaverse platform
10% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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