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新股掃描 | 京東健康今起招股,一手入場費3564.57港元,乙頭門檻約570.33萬港元,引入高瓴、清池、貝萊德等6名基石

uSMART盈立智投11月26日消息,京東健康今起招股,一手入場費3564.57港元,引入高瓴、清池、貝萊德等6名基石,若觸及最大回撥,公開最大佔比僅11%。

京東健康 VS 阿里健康

按最高發售價計,京東健康的市值約爲2208億港元,港股同行業公司阿里健康最新市值爲2650.32億港元;京東健康的2019年PS爲17.3倍,阿里健康約爲23倍

招股信息:

(1)簡稱及代碼: 京東健康,6618.HK

(2)招股日期: 11.26-12.1

    公佈中籤日:12月7日

    上市日期: 12.8

    計息日: 6天

(3)發行價格: 62.8-70.58港元

(4)入場費: 3564.57港元(1手50股),乙頭需認購8萬股(1600手),金額約570.33萬港元,若以10倍槓桿,3.5%年化利息計算,乙頭融資利息成本約爲2953港元

(5)發行股數: 3.819億股,95%國際配售,5%公開發售

(6)超額配股權: 有,可按發售價發行最多5728.5萬股(佔發售股份的15%),以補足國配的超額認購

(7)集資金額: 239.83-269.55億港元

(8)市值: 1964-2208億港元,港股同行業公司阿里健康最新市值爲2650.32億港元

(9)2019年PS:15.4倍-17.3倍,阿里健康2019年PS約爲23倍

(10)保薦人: 美銀、海通國際、UBS

(11)基石: 6位,按招股價區間計,共認購38.95-43.36%股份,包括高瓴、Tiger Global、清池資本、中國結構調整基金、GIC、貝萊德

(12)最大回撥比例: 11%

回撥機制:

非常規回撥:

(a) 14倍或以上但少於49倍:公開發售比例從5%提升至9%

(b) 49倍或以上但少於98倍:公開發售比例從5%提升至10%

(c) 98倍或以上:公開發售比例從5%提升至11%

公司介紹:

中國最大的在線醫療健康平台

根據弗若斯特沙利文報告,於2019年按收入計,京東健康是中國最大的在線醫療健康平台,錄得總收入108億元(單位:人民幣,下同)。根據弗若斯特沙利文報告,在2019年按收入計,亦是中國最大的在線零售藥房,市場份額爲29.8%。

業績高速增長

京東健康的收入主要來自通過自營業務銷售醫藥和健康產品,其次來自向第三方商家收取傭金和平台使用費以及向供應商和第三方商家收取數字化營銷服務費等。

2017年、2018年、2019年,總收入分別爲:56億元、82億、108億元。

2019年6月30日止六個月、2020年6月30日止六個月,總收入分別爲:50億元、88億元。

2017年、2018年、2019年,經調整淨利潤分別爲:2.09億、2.48億、3.44億。

2019年6月30日止六個月、2020年6月30日止六個月,經調整淨利潤分別爲:2.54億、3.71億港元。

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