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星盛商業管理
E-Star Commercial Management
COMPANY PROFILE

E-Star Commercial Management Company Limited is a commercial property operational service provider in the Greater Bay Area. According to China Index Academy, as of September 30, 2020, the Group was ranked first in terms of the number of shopping centers in operation in Shenzhen, second in terms of GFA in operation in Shenzhen, fourth in terms of the number of shopping centers in operation in the Greater Bay Area and seventh in terms of GFA in operation in the Greater Bay Area.

As of 4 Jan 2021, the Group entered into contracts to provide services for 53 commercial property projects located in 20 cities in China, with an aggregate contracted GFA of approximately 3,284,000 sq.m., 61.6% of which was developed or owned by Independent Third Parties.

The Group owns a comprehensive and highly-recognized brand system, primarily including "COCO Park" for city shopping centers targeting consumers in the city, "COCO City" and "iCO" for regional shopping centers, "COCO Garden" for community shopping centers and "Top Living" for high-end home furnishing shopping center. In addition, it owns various brands for themed shopping areas within commercial properties, covering home living, family and children, women and fashion, sports and fitness, as well as catering and socializing scenarios.

The Group has close business relationship with Galaxy Holding and its associates. Galaxy Holding and its associates have been its stable source of revenue, contributing accounting for 90.2%, 88.4%, 89.5% and 86.6% of its total revenue, respectively.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureProperties
Websitewww.g-cre.com
Board Lot1,000
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares250m shares
No. of International Placing Shares225m shares
No. of HK Offer Shares25.00m shares
Offer Price$3.20 - $3.88
Nominal ValueHK$ 0.01 each
Stock Code6668
Joint Sponsors and Joint RepresentativeCCB International Capital Limited, China Securities (International) Corporate Finance Company Limited
Joint Global CoordinatorsCCB International Capital Limited, China Securities (International) Corporate Finance Company Limited, Shenwan Hongyuan Securities (H.K.) Limited
Joint Bookrunners and Joint Lead ManagersCCB International Capital Limited, China Securities (International) Corporate Finance Company Limited, Shenwan Hongyuan Securities (H.K.) Limited, ABCI Capital Limited, China Industrial Securities International Capital Limited, UOB Kay Hian (Hong Kong) Limited, HeungKong Securities Limited, Futu Securities International (Hong Kong) Limited, AMTD Global Markets Limited
TIME TABLE
Application PeriodJan 14 (Thu) - Noon, Jan 19 (Tue)
Price Determination DateOn or Before 5pm, Jan 19 (Tue)
Result Announcement DateOn or Before Jan 25 (Mon)
Dispatch of Shares and Refund ChequesOn or Before Jan 25 (Mon)
Dealings in Shares commence onJan 26, 2021. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveHuang De-Lin Benny (Chairman), Tao Muming, Niu Lin, Wen Yi
Non-ExecutiveGuo Limin, Huang De’An Tony
Independent Non-ExecutiveZhang Liqing, Guo Zengli, Tse Yat Hong
MAJOR SHAREHOLDERS
Huang Chu-Long abd Director Huang De-Lin Benny75%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue305,862387,314328,694
Gross Profit168,764200,603169,982
Pre-Taxed Profit123,009128,942113,718
Attributable Profit for the period89,58684,63266,250
EPS - Basic (cents)11.9412.5411.51
* For the nine months ended September 30, 2020.
FY 2020 PROFIT FORECAST (RMB)
Attributable Profit (not less than)120.7m
Unaudited pro forma EPS12.07 cents
OFFER STATISTICS (HK$)
Offer Price$3.20 - $3.88
Capitalization$3,200m - $3,880m
Unaudited pro forma adj NAV / share$0.89 - $1.06
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $3.54, the net proceeds raised would be HK$803.9m, of which:
* $442.2m (55.0%) to pursue strategic acquisition of and investment in other small- to mid-sized commercial property operational service providers in order to scale up commercial property operational service business and expand commercial property operational service portfolio ;
* $160.8m (20.0%) to be used for the renovation of retail commercial properties under the sublease service model;
* $80.4m (10.0%) to make minority equity investment in the project companies which own quality commercial properties ;
* $40.2m (5.0%) to upgrade Internet-based and information systems to raise management service quality, reduce labor costs and improve internal control ;
* the balance of $80.4m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
06668E-STAR CMup4.0300.0200.499%
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 11:02
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