E-Star Commercial Management
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.
| Market | Hong Kong (Main Board) |
| Business Nature | Properties |
| Website | www.g-cre.com |
| Board Lot | 1,000 |
| Registrar & Transfer Office | Tricor Investor Services |
| No. of Offer Shares | 250m shares |
| No. of International Placing Shares | 225m shares |
| No. of HK Offer Shares | 25.00m shares |
| Offer Price | $3.20 - $3.88 |
| Nominal Value | HK$ 0.01 each |
| Stock Code | 6668 |
| Joint Sponsors and Joint Representative | CCB International Capital Limited, China Securities (International) Corporate Finance Company Limited |
| Joint Global Coordinators | CCB International Capital Limited, China Securities (International) Corporate Finance Company Limited, Shenwan Hongyuan Securities (H.K.) Limited |
| Joint Bookrunners and Joint Lead Managers | CCB 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 |
| Application Period | Jan 14 (Thu) - Noon, Jan 19 (Tue) |
| Price Determination Date | On or Before 5pm, Jan 19 (Tue) |
| Result Announcement Date | On or Before Jan 25 (Mon) |
| Dispatch of Shares and Refund Cheques | On or Before Jan 25 (Mon) |
| Dealings in Shares commence on | Jan 26, 2021. (Tue) |
| Times of HK Offer Shares Subscription | 15X - 50X | 50X - 100X | Over 100X |
| % of total shares reallocated to HK Offer | 30% | 40% | 50% |
| Executive | Huang De-Lin Benny (Chairman), Tao Muming, Niu Lin, Wen Yi |
| Non-Executive | Guo Limin, Huang De’An Tony |
| Independent Non-Executive | Zhang Liqing, Guo Zengli, Tse Yat Hong |
| Huang Chu-Long abd Director Huang De-Lin Benny | 75% |
| (Year ended Dec 31) | |||
| 2020 * | 2019 | 2018 | |
| Revenue | 305,862 | 387,314 | 328,694 |
| Gross Profit | 168,764 | 200,603 | 169,982 |
| Pre-Taxed Profit | 123,009 | 128,942 | 113,718 |
| Attributable Profit for the period | 89,586 | 84,632 | 66,250 |
| EPS - Basic (cents) | 11.94 | 12.54 | 11.51 |
| * For the nine months ended September 30, 2020. | |||
| Attributable Profit (not less than) | 120.7m |
| Unaudited pro forma EPS | 12.07 cents |
| Offer Price | $3.20 - $3.88 |
| Capitalization | $3,200m - $3,880m |
| Unaudited pro forma adj NAV / share | $0.89 - $1.06 |
| 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. |
| 26/01/2021 16:08 |
| {New Stock}E-STAR CM(06668) ends up 3.63% at HK$4 |
| 26/01/2021 09:20 |
| {New Stock}E-STAR CM(06668) opens up 13.99% at HK$4.4 |
| 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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