Yesterday, member ecommerce platforms gathered to submit a supplementary prospectus to SEC, setting the offering price range at $11 to $13, and the company is about to launch a global roadshow and sprint on NASDAQ under the symbol YJ. Tiger Securities, a well-known US-Hong Kong brokerage, became an underwriter with Morgan Stanley, Credit Suisse, JP Morgan and China International Capital Corporation, offering new underwriting services, according to the prospectus.
(photo: Tiger Securities has become an underwriter)
In response to the new hits, the new channel provided by Tiger Securities has officially opened. According to the relevant person in charge of Tiger Securities, investors can click on the “New Share Purchase” page of APP Tiger Trade to click on the collected prospectus and make a purchase. The minimum purchase amount is 100 shares. Based on the estimated issue price range, the new minimum threshold is approximately $1,560. At present, the listing date of the gathering is scheduled to be on May 3, and according to the usual practice, the subscription channel will be closed in the afternoon of May 2nd in the US East.
(Photo: Tiger Securities opens a new channel for gathering)
China's member e-commerce first share
According to the prospectus, this gathering will issue 13.5 million American Depositary Receipts in the initial public offering, calculated according to the highest issue price, including the 2.025 million American Depositary Receipts underwritten by the underwriters, after deducting various fees and commissions. Previously, the gathering will raise up to $201.8 million.
Founded in May 2015, is a social-driven boutique member e-commerce, for members to provide cosmetic care, mobile phone numbers, mother and infant toys, fruit fresh and other selected stores. In the prospectus, we will position ourselves as "member e-commerce".
In terms of financial data, revenues for 2016 and 2017 were 1.284 billion yuan and 6.444 billion yuan respectively, and revenue for 2018 was 13.015 billion yuan, up 102% year-on-year. The GMVs gathered in 2016, 2017, and 2018 were 1.8 billion, 9.6 billion, and 22.7 billion, respectively. Its 2018 GMV surged 136.46% year-on-year.
As a rising star of e-commerce, which has been established for less than four years, the core of high-speed growth is the membership system. Based on the “membership system” of social fission, the gathering is guided by the value of members, and the member e-commerce model of “social recommendation + high standard supply chain” has achieved explosive growth for three consecutive years. Specifically, the collection combines the e-commerce attributes of Amazon members, the free logistics service and the social attributes of Costco members, and the wholesale price of shopping. The gathering mode is essentially a “membership social e-commerce”.
Before the IPO, Xiao Shangluo was the largest shareholder, holding 46.4%; the chief technology officer of the gathering, Hao Huan, held 2.5%; Zhong Ding Venture Capital was the second largest shareholder, holding 13.7%; CPYD Singapore Limited was the third Major shareholder, holding 10.5%.
At the same time that “social e-commerce” has attracted much attention from IPOs, Tiger Securities also reminded ordinary investors to pay attention to risks. "The subscription of new shares in the US-Hong Kong stock market is quite different from that of A-shares. Before the purchase, investors should read the prospectus carefully to understand the industry and the company to do their homework, and to prevent risks through fundamental analysis. Don't blindly hit new ones. "The relevant person in charge of Tiger Securities said.
Tiger Securities launches investment banking business
And as China's new economic companies start a new round of IPO "super cycle", the US and Hong Kong stocks to play new and distribution has become a highlight of the tiger securities business.
In recent years, China's Internet industry's most influential batch of companies listed, Tiger Securities are active in the front line. On the US side, Tiger Securities has exclusively offered Tencent Music, pinduoduo, Bilii, iqiyi, Tiger teeth and other Chinese-listed shares for new shares, breaking the monopoly of institutions and high net worth groups on new stock requisitions, creating a pioneer in the industry. This month, Tiger Securities became the world's only Internet brokerage offering new Zoom shares, received market attention.
Tiger Securities-based on the initial advantage of serving these new economic companies to list in the United States, Tiger Securities has earlier formally launched its investment banking business to provide new stock underwriting services for companies to be listed, according to a person in charge of Tiger Securities. In addition to Citigroup and Deutsche Bank, Tiger Securities itself served as underwriter with China Merchants Bank (Hong Kong) when it went public in the United States. And this gathering of IPO, Tiger Securities has become the only Internet brokerage in the underwriting group.
Over the past few decades, a number of Internet companies have been listed overseas, but have been largely split up by international investment banks, and Internet brokers have failed to get a piece of it. Now, as Chinese capital flows into the global market in the tide of investment, its power cannot be ignored. Tiger Securities has also shown considerable confidence in investment banking. "compared to international companies, Tiger Securities has a unique advantage in terms of its influence on the Chinese market because of its Chinese background, which gives Tiger Securities a better understanding of China's new economic companies. At the same time, Tiger Securities has a large base of customers on both end B and C, and it has a unique advantage in terms of its influence on the Chinese market." Tiger Securities related to the person in charge said.
According to public information, Tiger Securities was established in 2014 and is a fast-growing Internet broker. The company mainly provides individual investors and institutions with securities brokerage and value-added services in major global markets such as US stocks, Hong Kong stocks, British stocks, A-shares (Shanghai-Hong Kong Stock Connect/Shenzhen-Hong Kong Stock Connect), and has obtained licenses from US, New Zealand and Australia. license. On March 20 this year, Tiger Securities was listed on NASDAQ in the United States under the ticker symbol TIGR.