IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Xunfei Healthcare 02506.HK	Application Software	82.8	50	N/A	2024/12/23	Data is not available	2024/12/30
InnoScience 02577.HK	Semiconductors & Semiconductor Equipment	30.86-33.66	100	3,400	2024/12/23	Data is not available	2024/12/30
HealthyWay 02587.HK	Health Care Services	7.8-8.8	500	4,444	2024/12/23	Data is not available	2024/12/30

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Xunfei Healthcare
02506.HK

Application Software

82.8

N/A

2024/12/23

Data is not available

2024/12/30

InnoScience
02577.HK

Semiconductors & Semiconductor Equipment

30.86-33.66

100

3,400

2024/12/23

Data is not available

2024/12/30

HealthyWay
02587.HK

Health Care Services

7.8-8.8

500

4,444

2024/12/23

Data is not available

2024/12/30

Summary

We are a national potash fertiliser company in China with sourcing and procurement, and processing and manufacturing capabilities selling various potash fertiliser products, including KCL, SOP, NOP and compound fertilisers. We ranked the third among potash fertiliser companies in China in terms of sales volume of potash fertilisers in 2022 and we ranked the second among fertiliser companies without its own potash mineral resources (i.e., non reserve-based potash fertiliser companies) in China in 2022 by the same measure. We accounted for approximately 7.1% of the total sales volume of potash fertilisers in China for 2022. In terms of sales revenue of KCL, SOP and NOP in 2022, we ranked the third, the fourth and the fifth among potash fertiliser companies in China, respectively, and accounted for approximately 7.0%, 4.0% and 0.3% of the total sales revenue of KCL, SOP and NOP, respectively, in China for the same year. Due to the discontinuation of production of our Chengdu Production Facility, we did not manufacture any NOP and only sold NOP to our customers by resale during the Track Record Period. Our major raw material is KCL which are generally imported. For FY2021, FY2022, FY2023 and 8MFY2024, our purchase of KCL accounted for approximately 77.7%, 86.6%, 90.4% and 92.2% of our total purchases, respectively. The sea import master contract price (the “Sea Import Master Contract Price”) plays an important guiding role in the determination of the overall price of imported KCL to the PRC (by sea and by land). It is primarily determined by reference to the PRC domestic demand and the international market price of KCL (which reflects the global supply and demand), and therefore generally follows the trend of the international market price of KCL. As the Sea Import Master Contract Price affects our overall purchase price of KCL, it ultimately affects our selling price. We have strategically situated our production facilities in main plantation zones in China to enable us to provide potash fertiliser products to our customers in a timely and cost-effective manner. As at the Latest Practicable Date, we had five key production facilities in Heilongjiang Province, Jilin Province, Guizhou Province and Guangdong Province in the PRC. As at the Latest Practicable Date, we had three KCL granulating lines, 40 SOP production lines, and three compound fertilisers production lines. Our total estimated production capacity of our KCL granules, SOP and compound fertiliser were 390,000 tonnes, 363,000 tonnes, and 172,000 tonnes, respectively. We have one other production facility, our Chengdu Production Facility, located in Sichuan Province which is subject to relocation. Prior to its discontinuation of production in January 2019, we also manufactured NOP at such production facility. We are currently planning to build our New Sichuan Production Facility in Mianyang City, Sichuan Province, which is expected to commence construction around the second half of 2024 and to complete construction and commence operation in the second half of 2025, to enable us to resume the production of NOP. From FY2021 to FY2023, our total revenue increased from RMB2,081.6 million in FY2021 to RMB3,841.4 million in FY2022 and further to RMB4,722.7 million in FY2023 and our profit for the year increased from RMB206.5 million in FY2021 to RMB396.6 million in FY2022 and further to RMB421.5 million in FY2023. However, the level of growth from FY2021 to FY2023 is not indicative of our financial performance before the Track Record Period or may not be indicative of our future financial performance. Please refer to the section headed “Risk Factors – Risks Relating to Our Business – We have historically recorded lower gross profit and net profit prior to the Track Record Period” in this document for further information. Our revenue decreased from RMB2,727.2 million for 8MFY2023 to RMB2,283.7 million for 8MFY2024, and our profit for the period decreased from RMB236.8 million for 8MFY2023 to RMB162.1 million for 8MFY2024 primarily due to the decrease in average selling price of our KCL and decrease in sales volume of our KCL. Although we expect our revenue and gross profit for FY2024 will decrease compared to FY2023 given the expected lower average selling prices of our fertiliser products attributable to lower domestic market prices of potash fertilisers in FY2024, we expect the demand for our products will nonetheless increase. Please refer to the section headed “Business – Expected Demand for FY2024” for further information. Source: Migao Group (09879) Prospectus (IPO Date : 2024/03/13)
Listing Market	MAIN
Industry	Fertilizers & Agricultural Chemicals
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Liu Guocai (74.26%)
Directors	Liu Guocai (Chairman and Chief Executive Officer and Executive Director) Dong Benzi (Executive Director) Sun Pingfu (Executive Director) Chen Guofu (Independent Non-Executive Director) Huang Shasha (Independent Non-Executive Director) Qing Meyerson (Independent Non-Executive Director)
Company Secretary	Fung Wai Sum
Principal Bankers	Bank Of China Bank
Solicitors	Morgan, Lewis & Bockius LLP
Auditors	Deloitte Touche Tohmatsu
Registered Office	Room 801, 8th Floor, COFCO Tower, 262 Gloucester Road, Causeway Bay, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.migaogroup.com
Email Address	ir@migaogroup.com
Tel No	(86 400) 101-3635
Fax No

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