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One article to understand the highlights of Netease's prospectus: more than 10000 R & D personnel with a selling price of no more than HK $126

via:博客园     time:2020/6/2 10:01:30     readed:542


Tencent Technology News, June 1 news, NetEase announced the launch of Hong Kong initial public offering, the code is

NetEase prospectus as many as 400 pages, Tencent technology summarized as follows:

1. shares and pricing :71.48 billion newly issued shares 1. issued for no more than HK $126

171480000 ordinary shares will be newly issued in this offering, and the offering price of Hong Kong public offering will not be higher than HK $126.00 per share.

Netease will determine the international offering price on June 5, 2020, Hong Kong time, taking into account factors such as the closing price of American Depository stocks traded on or before the last trading day and investor demand during the roadshow. The final Hong Kong offering price will be the lower of the final international offering price and the maximum offering price of HK $126.00 per offering share.

The ADSS representing the company's common shares (each representing 25 common shares) will continue to be listed and traded on NASDAQ. Investors participating in this offering will only be able to subscribe for common shares, not ADSS. After the completion of the Hong Kong listing, the Hong Kong listed shares of the company and the NASDAQ listed American Depository shares will be fully convertible.

In addition, Netease shares will be traded in 100 shares per hand.

2. Fundraising purpose: focusing on globalization strategy, upgrading innovation content and technology

Netease intends to use the net amount of funds raised in this issue for global strategies and opportunities to promote the pursuit of innovation and for general enterprise use. Specifically:

1) promoted globalization strategies, accounting for about 45 per cent.

Continue to improve Netease's global influence by enriching online game content in overseas markets (such as Japan and the United States) and enhancing Netease's global R & D and game design capabilities.

Continue to explore global opportunities by investing in and working with international game developers, IP and content owners.

We are committed to developing Netease's intelligent learning and other innovative businesses in overseas markets.

2) promote innovation, accounting for about 45%.

Continue to enrich and improve the innovation content of Netease, and enhance the innovation technology of Netease.

3) General business use, about 10%.

3. Business book overview

According to the data disclosed in the prospectus, as of December 31, 2019, the core data of each business segment of Netease is as follows:

Online games: currently offer more than 140 mobile and PC games.

Intelligent learning: the average monthly number of active users of Netease Youdao exceeds 100 million (2019).

Innovative business and others: the number of Netease cloud music users exceeds 800 million, and Netease email has more than 1 billion registered users.

4. Financial analysis

Net income from NetEase in 2017-2019 was RMB 44.437 billion, RMB 51.179 billion and RMB 59.241 billion respectively. In the first quarter of 2020, net income was RMB 17.062 billion yuan, up 18.3% from the same period last year.

In 2017-2019, net operating profit attributable to NetEase shareholders was RMB 11.542 billion, RMB 8.291 billion and RMB 13.275 billion respectively. In the first quarter of 2020, net profit attributable to the shareholders of NetEase Company was 3.551 billion yuan, an increase of about 30 over the same period last year.

Netease's overall gross margin remained above 53% in 2017-2019. Netease's overall gross margin reached 55% in the first quarter of 2020.

In 2017-2019, the net income of online game services was 36.282 billion yuan, 40.190 billion yuan and 46.423 billion yuan respectively. In the first quarter of 2020, the net income of Netease Games was 13.518 billion yuan, up 14.1% year on year.

5. R & D personnel account for nearly half of the total: more than 10000 R & D personnel out of more than 20000 employees

As of December 31, 2019, Netease has 20797 full-time employees. Among them, the R & D team has 10279 employees, accounting for nearly half.

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