BEIJING–(BUSINESS WIRE)–Metaverse HK’s first IPO, Flowing Cloud Expertise Ltd(6610.HK), was formally launched on September 29, with a fundraising quantity of round US$100 million.
The deal was broadly sought by the Hong Kong and abroad market. On the primary day of ebook constructing, the HK public providing tranche was oversubscribed 5 occasions, which is the biggest HK IPO with such oversubscription multiples on this yr’s ebook open day.
The worldwide placement tranche was additionally lined a number of occasions within the value vary on the primary day. And it attracted a superb mixture of buyers, together with international and Chinese language long-term funds, hedge funds, household places of work, strategic companies, and so forth., believing that Flowing Cloud Tech might be the following Unit (US) in China.
It is price nothing that the enterprise introduced in well-known buyers, together with SenseTime, China’s prime AI firm; the state-owned funding arm of Anji, one of many engines of improvement close to Hangzhou in Zhejiang province; Tradego, the broadly used fintech platform for securities homes in Hong Kong.
Flowing Cloud is a number one AR/VR software program expertise service firm in China, rating No. 1 in China’s AR/VR service market in 2021, accounting for 13.5% market share.
From 2019 to 2021, Flowing Cloud’s income was 251, 339, and 595 million RMB, respectively, and the compound annual development charge of income over the previous three years was 54.02%. Income within the first quarter of 2022 was RMB 228 million, a rise of 65.zero% over the earlier yr.
The corporate achieved 2021 adjusted internet revenue of round RMB 105 million and a year-on-year development charge of 315.9% within the first quarter of 2022.
China’s AR/VR market is making an enormous push, each hardware and software program. Growth instruments will likely be important constructing blocks within the prosperity of a brand new world. Flowing Cloud is among the prime gamers within the software program market offering improvement providers and kits for Chinese language enterprise clients. The corporate maintains good collaboration with Chinese language tech giants similar to Baidu, Huawei, Tencent, JD.com, and so forth.
Flowing Cloud Tech’s valuation ranges from HK$Four-5 billion, ahead P/E round 15x-20x. The cheap value leaves income on the desk for potential buyers. The ebook continues to develop in dimension and high quality with additional conversions from the administration providing roadshow and can shut on October 10th.