IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Minieye Tec 02431.HK	Application Software	17-20.2	200	4,081	2024/12/20	Data is not available	2024/12/27
Xunfei Healthcare 02506.HK	Application Software	82.8	50	N/A	2024/12/23	2024/12/27	2024/12/30
InnoScience 02577.HK	Semiconductors & Semiconductor Equipment	30.86-33.66	100	3,400	2024/12/23	2024/12/27	2024/12/30
HealthyWay 02587.HK	Health Care Services	7.8-8.8	500	4,444	2024/12/23	2024/12/27	2024/12/30

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Minieye Tec
02431.HK

Application Software

17-20.2

200

4,081

2024/12/20

Data is not available

2024/12/27

Xunfei Healthcare
02506.HK

Application Software

82.8

N/A

2024/12/23

2024/12/27

2024/12/30

InnoScience
02577.HK

Semiconductors & Semiconductor Equipment

30.86-33.66

100

3,400

2024/12/23

2024/12/27

2024/12/30

HealthyWay
02587.HK

Health Care Services

7.8-8.8

500

4,444

2024/12/23

2024/12/27

2024/12/30

Summary

We are a cross-provincial heat service provider mainly operating in the “Three North Region”. According to the Frost & Sullivan Report, we were ranked amongst the top 50 companies in terms of aggregate heat service area in the “Three North Region” in 2022 with a market share of approximately 0.5% in terms of aggregate actual heat service area and were ranked No. 9 in terms of the aggregate actual heat service area in Shanxi Province, Gansu Province and Inner Mongolia Autonomous Region in 2022 with a market share of approximately 2.4% in terms of aggregate actual heat service area. We are principally engaged in the provision of heat services to residential and non-residential heat service customers under concession rights. As at the Latest Practicable Date, our total actual heat service area (measured in terms of GFA) was approximately 41.9 million sq.m., representing approximately 10.0% of our total Concession Area of approximately 419.9 million sq.m. under our Concession Agreements. In addition to our provision of heat services, which is considered as a public utility business, we also provide heat-related (i) engineering construction services; and (ii) EMC services. We have had over a decade of operational experience since we started our operation in 2010. BUSINESS MODEL As at the Latest Practicable Date, we held five concessions in operation and one concession under construction, amongst which three were operating in Shanxi Province, one was operating in Gansu Province, one was operating in Inner Mongolia Autonomous Region and one was a project under construction in Henan Province. Under our concession rights, we operate our heat services business in our Concession Boundary Area. Being a concession grantee, we make long-term investments for the purpose of our heat service operation given that we have the exclusive right to operate and benefit from such investments for a fixed term. During the Track Record Period, the majority of the revenue from our provision of heat services and engineering construction services was derived from our projects under the Concession Agreements, all of which are structured in the form of a BOT model. For the years ended 31 December 2020, 2021 and 2022, revenue derived from our provision of heat services amounted to approximately RMB973.3 million, RMB1,035.2 million and RMB1,098.9 million, representing approximately 70.7%, 80.2% and 76.1% of our total revenue, respectively. Heat services The “Three North Region” experiences very cold weather during the winter especially the areas north of the Qinling Mountain-Huaihe River (秦嶺-淮河以北地區). Our provision of heat services is therefore affected by seasonality. According to the Frost & Sullivan Report, the total heat service area (measured in terms of GFA) in the PRC increased from 8.8 billion sq.m. in 2018 to 11.2 billion sq.m. in 2022. This growth is mainly driven by an increase in demand for heat services resulting from urbanisation and an increase in the PRC’s population, as well as an increase in demand for heat services in the areas south of Qinling Mountain-Huaihe River (秦嶺-淮河以南地區). As at the Latest Practicable Date, we had an aggregate Concession Area of approximately 419.9 million sq.m., of which 291.0 million sq.m. was in Shanxi Province, 68.3 million sq.m. was in Gansu Province, 28.0 million sq.m. was in Inner Mongolia Autonomous Region and 32.6 million sq.m. was in Henan Province. As at the same date, within our Concession Areas, we had an aggregate actual heat service area of approximately 41.9 million sq.m., of which 25.2 million sq.m. was in Shanxi Province, 8.5 million sq.m. was in Gansu Province and 8.2 million sq.m. was in Inner Mongolia Autonomous Region. During the Track Record Period, we maintained a broad customer base in relation to our heat services under our concessions. As at 31 December 2020, 2021 and 2022, we had approximately 265,800, 282,400 and 303,900 heat service customers respectively. Pricing of our heat services is subject to regulatory control. During the Track Record Period and up to the Latest Practicable Date, we relied on four types of heat sources for all of our heat service projects under concession rights comprising (i) heat procured from cogeneration plants; (ii) heat produced by our coal-fired boilers; (iii) residual heat collected at cogeneration plants; and (iv) geothermal heat. For details of our heat source portfolio, see “Business – Heat sources” in this prospectus. For the years ended 31 December 2020, 2021 and 2022, the amount of heat procured by us from cogeneration plants amounted to approximately 18.6 million GJ, 18.2 million GJ and 19.2 million GJ, accounting for approximately 76.3%, 78.3% and 79.2% of the total amount of heat sourced by our Group, respectively. The amount of heat sourced by us from our coal-fired boilers amounted to approximately 2.3 million GJ, 2.1 million GJ and 2.1 million GJ, accounting for approximately 9.4%, 8.8% and 8.7% of the total amount of heat sourced by our Group for the years ended 31 December 2020, 2021 and 2022, respectively. The amount of residual heat collected by us at cogeneration plants amounted to approximately 3.4 million GJ, 2.8 million GJ, and 2.8 million GJ, accounting for approximately 13.8%, 12.0% and 11.3% of the total amount of heat sourced by our Group for the same years, respectively; and the amount of geothermal heat extracted by us from underground water amounted to approximately 0.1 million GJ, 0.2 million GJ and 0.2 million GJ, accounting for approximately 0.5%, 0.9% and 0.8% of the total amount of heat sourced by our Group for the same years, respectively. Engineering construction services Pursuant to our Concession Agreements, we are required to provide engineering construction services for construction of the heat service facilities required for our provision of heat services. Pursuant to the relevant Concession Agreements, we were contracted and were granted the exclusive rights by the grantors of our heat service concessions to invest in, build or arrange for the development of the heat service-related assets. Upon the expiration of our Concession Agreements, all heat service-related assets invested (and, in some cases, under construction at the time) by us and the right to use in relation to heat service-related assets which were not invested by us shall be transferred to the relevant concession grantor (or, in some cases, parties by the designated grantor). EMC services During the Track Record Period, we provided energy-conservation services to an energy consuming enterprise to achieve certain energy saving goals under an EMC. Under the EMC, we were responsible for installing certain equipment and machinery for the purpose of energy saving and operating and managing the residual heat collection facilities. In return, we were entitled to a share of profit accrued from energy conserved as a result of our energyconservation services provided. Source: Wise Living Tech (02481) Prospectus (IPO Date : 2023/06/28)
Listing Market	MAIN
Industry	Environmental Utilities
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Jiangsu Shuangliang Technology Company Limited (Total share: 49.73%); (H share: 49.73%) Jiangsu Lichuang Jiangsu Lichuang New Energy Company Limited (Total share: 16.91%); (H share: 16.91%) Zhou Xiaoping (Total share: 5.19%); (H share: 5.19%)
Directors	Li Baoshan (Chairman and Executive Director) Luo Wei (Deputy General Manager and Executive Director and Secretary to the Board) Ma Fulin (Non-Executive Director) Miao Wenbin (Non-Executive Director) Xu Lijie (Non-Executive Director) Cheung Ho Kong (Independent Non-Executive Director) Tse Hiu Tung, Sheldon (Independent Non-Executive Director) Zhu Qing (Independent Non-Executive Director)
Company Secretary	Ma Ke Tso Ping Cheong, Brian
Principal Bankers	Construction Bank of China Rural Commercial Bank
Solicitors	Llinks Law Office
Auditors	PricewaterhouseCoopers
Registered Office	Unit B, 17th Floor, United Centre, 95 Queensway, Admiralty, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.hjkj.cn
Email Address	bussiness@hjkj.cn
Tel No	(852) 3150-6788
Fax No	(852) 3150-6728

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