Tianrun cloud is about to be listed: VC tycoon Tian Suning significantly reduces his holdings and is expected to cash out HK $260million

6 month 21 Japan , Tianrun cloud （HK:02167） Open the offering , The offering date is 2022 year 6 month 21 solstice 6 month 24 Japan . According to the plan , Tianrun cloud predicts 6 month 30 Listing on the Hong Kong Stock Exchange . CICC is its sole sponsor .

according to the understanding of , Tianrun cloud plans to sell all over the world 4350 Thousands of stocks （2400 Ten thousand new shares +1950 Ten thousand old shares ）, among 90% For international sale 、10% For public sale , have other 15% green shoe , The bid price per share is at 12.85 HKD to 13.85 Between Hong Kong dollars , The highest fundraising 6.02 Million Hong Kong dollars .

performance ,2019 year 、2020 Years and 2021 year , The revenue of Tianrun cloud is 3.35 One hundred million yuan 、3.54 Million dollars 4.02 One hundred million yuan ; Net profit （ Profit for the year ） Respectively 5914.5 Ten thousand yuan 、7016.7 Million and $ 1781.8 Ten thousand yuan , The total comprehensive income during the year was 5958.6 Ten thousand yuan 、7025.9 Million and $ 1797.1 Ten thousand yuan .

By contrast , Tianrun cloud 2020 Year on year growth in net profit 18.6%, and 2021 In, it fell sharply year-on-year 74.6%, The scale of profits has been greatly reduced . meanwhile , The net interest rate of the company （ Net interest rate ） from 2019 Year of 17.7% to 2020 year 19.8%, and 2021 In, it dropped to 4.4%.

source ： Tianrunyun prospectus .

During the reporting period , The gross profit margin of Tianrun cloud is 46.6%、49.6% and 45.5%. For the decline of gross profit margin , Tianrun cloud explained in the prospectus that , Mainly because of its anticipation 2021 In the second half of the year, customer demand will continue to grow and more Telecom resources will be purchased （ Including the phone number 、 Dedicated leased lines and Internet broadband ）.

Tianrun cloud also says , because COVID-19 epidemic situation , The business of the company's customers will be adversely affected , And the business performance of the company will be affected . According to the current situation and the current information , Tianrun cloud forecast and 2021 Compared with the annual growth rate , On 2022 Revenue growth will slow in .

According to the Consulting Report , On 2021 Annual income , Tianrun cloud is the largest provider of public cloud customer contact solutions in China , The market share reaches 10.3%.2021 year , The company has promoted more than... Between the enterprise and its customers through multiple channels 30 Billion voice calls 、 Interaction in the form of SMS and text chat .

Bedouin found that , Unlike most companies , There are also old shareholders selling shares in the listing of Tianrun cloud , That is, some shareholders have substantially reduced their holdings , I know this -W（HK:02390） It is similar when listing on the Hong Kong Stock Exchange in the form of dual main listing . among , I know that listing on the Hong Kong stock exchange does not offer new shares , Instead, old shareholders sell shares .

According to public information , Innovation Works 、 Qiming venture capital 、 Saifu 、 Today's capital is sold separately 750 Thousands of stocks 、325 Thousands of stocks 、325 Thousands of stocks 、1200 Thousands of stocks . Calculated according to the selling price at HKEx , Innovation Works 、 Qiming venture capital 、 Saifu 、 Today's capital is expected to be “ Cash out ”2.40 Million Hong Kong dollars 、1.04 Million Hong Kong dollars 、1.04 Billion Hong Kong dollars and 3.85 Million Hong Kong dollars .

According to settlement , The four old shareholders who sold their shares reduced their holdings by about 8.23%, The corresponding shareholding ratio decreased to about 7.28%、7.24%、5.69% and 1.05%. For all that , The founder of Zhihu 、 Chairman and CEO Zhou Yuan still said “ We believe that , We will be more confident to dig deep into the content track , Get more recognition from friends ”.

For Tianrun cloud , The selling shareholders at the time of this listing are Fortune Ascend Holdings Ltd.. According to introducing , The company was founded by Wisdom Extra Limited hold 94%, and Wisdom Extra Limited It is wholly owned by Tian Suning . among , Tian Suning is the founder of AsiaInfo technology （HK:01675） Co founder 、 Chairman and executive director of the board of directors .

Public information display , AsiaInfo Technology Co., Ltd 2018 year 12 month 19 Listing on the Hong Kong Stock Exchange , The issue price is per share 10.5 The Hong Kong dollar / stocks . Besides being the leader of AsiaInfo Technology , Tian Suning is also the broadband capital of private equity companies （China Broad bandCapital Partners, L.P.） Founder and Chairman , a “VC bosses ”.

As early as before Tianrun RONGTONG, the predecessor of Tianrun cloud, was listed on the new third board , Beijing Tianchuang Chuang run investment center controlled by Tian Suning （ Limited partnership ） Has become a shareholder of Tianrun RONGTONG , Up to 41.83%, Tianshuning indirectly holds Tianrun RONGTONG 38.89% Equity of .

source ： Tianrun RONGTONG prospectus .

At the same time , Legal representative and chairman of Tianrun RONGTONG 、 Wuqiang, the general manager, holds shares 29.23%. And the latest prospectus shows , Before tianrunyun landed at the Hong Kong Stock Exchange , Executive director of Tianrun cloud 、 Chairman of the board 、 CEO Wuqiang passed Xinyun Inc.、EastUp Holding Limited Share holding 25.0%、15.0%, Total shareholding 40.0%.

by comparison , Controlled by Tian Suning Fortune Ascend Holdings Ltd. Shareholding 24.63%. According to the prospectus , After Tianrun cloud was listed , The total shareholding ratio of Wuqiang is 34.48%, Total control 49.72% The right to vote ;Fortune Ascend Holdings Ltd. The shareholding ratio of 10.01%, Drop by more than 50%.

By the median of the issue price （13.35 The Hong Kong dollar ） Calculation ,Fortune Ascend Holdings Ltd. The amount of reduction reached 2.60 Million Hong Kong dollars . however , Listed companies in Australia Platinum、 The sound network of NASDAQ listed companies Agora（NASDAQ:API） As cornerstone investors, they respectively subscribe 1.18 Million Hong Kong dollars 、6280.16 Million Hong Kong dollars , Total subscription is about 1.808 Million Hong Kong dollars .

source ： Tianrunyun prospectus .

After listing ,Platinum、Agora The shareholding ratio of Tianrun cloud is 5.08%、2.70%. Assuming that the over allotment rights are fully exercised , The shareholding ratio of the two is 4.90%、2.61%.