公司与基石投资者奈雪的茶(02150)、SensePower、魏晋兵先生及马六甲订立基石投资协议，基石投资者已同意在若干条件规限下按发售价认购或促使彼等的指定实体认购若干数目的发售股份。公司认为，基石配售将有助提高公司的形象，并表明该等投资者对集团的业务及前景充满信心。According to Zhitong Financial App, Youbao Online (02429) offered shares from October 24 to October 27, 2023. The company plans to issue 22.5765 million shares, of which Hong Kong sales account for 10% and international sales account for 90%. The sale price per share is HK$9.4-11.4, with 500 shares per lot. It is expected that the company's H shares will be listed on November 3.
The company is a vending machine operator in mainland China, accounting for 7.6% of the market share based on the total number of products in 2022. According to Frost & Sullivan, in 2019, 2020, 2021 and 2022, the company ranked first in the unmanned retail industry in mainland China (mainly including vending machines, unmanned stores and unmanned shelves) in mainland China in terms of total volume of traded products and network scale. As of June 30, 2023, the company's network has 61,888 vending machine sites, covering 157 cities and 28 provincial administrative districts in mainland China, of which 87.3% are concentrated in first-tier, new first-tier and second-tier cities.
As of January 1, 2019 (the beginning of the historical record period) and December 31, 2019, the company's retained earnings were RMB 54.2 million (same unit) and RMB 99.3 million, respectively. The company generated net losses of $1,184 million, $188 million, $283 million and $147 million in 2020, 2021, 2022 and the six months ended June 30, 2023, respectively. As a result, as of 2020, 2021, December 31, 2022, and June 30, 2023, the company's cumulative losses were $1,073 million, $1,258 billion, $1,543 billion and $1,695 billion, respectively. The company also achieved negative operating cash flow in 2020.
The company has entered into a cornerstone investment agreement with cornerstone investors Nai Xue's Tea (02150), SensePower, Mr. Wei Jinbing, and Melaka. Cornerstone investors have agreed to subscribe at the sale price under certain conditions and restrictions or to induce their designated entities to subscribe for a certain number of offered shares. The company believes that the cornerstone placement will help enhance the company's image and show that these investors are confident in the Group's business and prospects.
Assuming an offer price of HK$1,040 per share offered, the company estimates that the company will receive approximately HK$155.9 million in net proceeds from the global offering. Approximately 80.0% will be used to expand the coverage and penetration rate of the point-to-point network. The company plans to increase the number of points in different consumption scenarios such as schools, factories, restaurants, offices, public places and other high-quality places in first-tier, second-tier and third-tier cities in mainland China; about 5.0% will be used to further develop operational capabilities and enhance warehousing and cargo management capabilities through building and upgrading warehousing and/or logistics systems throughout mainland China; about 7.0% will be used to further develop R&D capabilities and improve operating systems and vending machine technology; and about 8.0% for working capital and other general corporate purposes.
