IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

We are one of the leading providers of compatible cartridge chips based in the PRC. According to the CIC Report, we ranked second with a market share of approximately 11.1% in terms of external sales (being the sales of compatible cartridge chips made by the providers other than to members of the same group, with sales to other members of the same group excluded in 2019), whereas our two largest competitors, Listed Group A and Listed Group B, being the two largest integrated compatible cartridge manufacturers in the PRC, ranked first and third respectively with a respective market share of 41.5% and 9.2% in terms of external sales in 2019. In terms of production volume (being the total volume of compatible cartridge chips produced by the providers), we ranked third with a market share of approximately 4.3% in the PRC compatible cartridge chip market in 2019, while Listed Group A and Listed Group B ranked first and second respectively with a respective market share of 61.4% and 8.8%. In 2019, the compatible cartridge chips market accounted for approximately 24.3% of the cartridge chips market by volume in the PRC. Our products are one of the core components of compatible cartridges, which are printer consumables designed and manufactured by third-party cartridge manufacturers and include ink cartridges for use in inkjet printers and toner cartridges for use in laser printers. The principal functions of a compatible cartridge chip include facilitating communication between a compatible cartridge and the original-brand printer in which such a cartridge is installed, and monitoring cartridge usage. Our Business Development The compatible toner cartridge chip business has always been at the heart of our Group's operations. Since our establishment, we have been committed to the research and development, production and sales of compatible toner cartridge chips. In 2012, we became the first market player to offer compatible cartridge chips designed for several specific laser printer models, and had remained the exclusive supplier of such compatible cartridge chips in the global market until one year after they were launched by our Group. This paved the way for the initial expansion of our compatible toner cartridge chip business. Building on the success, we have been actively developing other models of compatible toner cartridge chips over the years so as to enrich our product portfolio and increase our competitive strength, thereby firmly establishing our position as one of the leading market players, being the second largest compatible toner cartridge chip provider in the PRC by external sales in 2019. Given the limited research and development resources of our Group and the fact that our compatible toner cartridge chip business had been performing well, we had not devoted substantial effort to the development of compatible ink cartridge chips prior to the Track Record Period. Before 2019, we had only been offering a narrow range of compatible ink cartridge chip models, which were proactively designed by us for recycled compatible ink cartridges and launched in 2015. The relatively small amount of sales of compatible ink cartridge chips recorded in 2017 and 2018 was wholly attributable to such older chip models. Other than these chip models, our Group had not launched any other compatible ink cartridge chip models before 2019. As it was foreseeable that the number of new printer models to be launched by the original-brand printer companies in 2019 would remain limited, our Directors resolved in 2018 that our Group should actively explore other opportunities in the market by diverting more of our product development resources into compatible ink cartridge chips. In 2019 (mostly in the second or third quarter), we successfully launched the Ink Cartridge Chip Models, being several new models of compatible ink cartridge chips with advanced quality, functionality and upward compatibility for compatible ink cartridge models having high popularity and demand in the market. The majority of the sales of such chip models were made to Listed Group A during the Track Record Period, as we have not focused our sales and marketing efforts on promotion of the Ink Cartridge Chip Models to other independent customers given that it would be advisable to minimise direct competitions with Listed Group A (being the dominant market player) when we have yet to gain a significant position as a market player with highly established operations or a comprehensive product portfolio in the compatible ink cartridge chip market. The launch of such chip models helped our Group cope with the significant decline in the average market selling price of compatible toner cartridge chips in 2019 as expected. While our market share in the compatible ink cartridge chip market was small in 2017 and 2018 amounting to approximately 4.2% and 3.9% by external sales and 1.3% and 1.3% by external sales volume respectively, due to the launch of such chip models with significant prevailing market demand, we became the second largest compatible ink cartridge chip provider in the PRC by external sales in 2019. That being the case, our operations in the compatible ink cartridge chip market remain relatively limited – in terms of external sales volume, in 2019, our market share as a provider of compatible ink cartridge chips in the PRC was approximately 3.2% only, whereas we had a market share of 8.1% in the compatible toner cartridge chip market in the PRC. Source: MEGAIN (06939) Prospectus (IPO Date : 18/03/2021)
Listing Market	MAIN
Industry	Electrical Components & Equipment
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Cheng Hsien-Wei (29.27%) Yu Yiding (18.80%) Lam Tsz Leung (16.63%)
Directors	Cheng Hsien-Wei (Chairman and Executive Director) Lam Tsz Leung (Non-Executive Director) Yu Erhao (Non-Executive Director) Chen Mark Da-jiang (Independent Non-Executive Director) Kao Yi-Ping (Independent Non-Executive Director) Li Huaxiong (Independent Non-Executive Director)
Company Secretary	Wong Cheuk Lam
Principal Bankers	China Resources Bank of Zhuhai Co., Ltd DBS Bank (Hong Kong), Limited
Solicitors	King & Wood Mallesons
Auditors	BDO Limited
Registered Office	Room 09, 11th Floor, Wayson Commercial Building 28 Connaught Road West Sheung Wan Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.megaincayman.com
Email Address
Tel No	(852) 3113-7979
Fax No	(852) 3575-9670

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