The reporter of the daily economic news learned from the official website of the CSRC that on May 19, Tiantu investment submitted the application documents for the initial public offering and listing of overseas listed foreign shares, which have been accepted.
According to the contents of Tiantu investment announcement, this issuance is H shares, that is, the company plans to apply for landing on the Hong Kong stock exchange, but it still needs to obtain the approval or approval of the CSRC and other relevant government agencies and regulatory agencies.
In this regard, according to the analysis of insiders, if it is successfully listed, Tiantu investment may be an enterprise listed on the new third board and listed in Hong Kong stocks among mainland venture capital institutions at the same time. By the end of 2021, there had been 193 investment projects with a total investment of 14.107 billion yuan.
Tiantu investment in stocks listed on the new third board was suspended on May 20.
venture capital institutions have few IPOs
Tiantu investment is an investment institution specialized in the field of large consumption among local venture capital institutions. It was founded in 2002. Its investment projects cover consumption upgrading directions such as innovative consumption, new retail and consumer technology. Naixue’s tea, xiaohongshu, Baiguoyuan, Zhou Heiya and other well-known enterprises all have Tiantu investment blessing in past financing.
According to the company’s announcement, Tiantu investment carries out asset management business in two ways: one is equity investment with its own funds, that is, the company directly obtains investment income by investing its own funds in the equity of consumer enterprises, and contributes to the private equity fund managed by the company to indirectly obtain equity investment income.
The other is to manage the private equity fund, that is, the subordinate enterprises of the company initiate and manage the private equity investment fund as the general partner and / or manager. The fund makes equity investment in consumer goods enterprises, and the general partner and / or manager charge the management fee and performance commission from the fund.
In recent years, there are few cases where venture capital institutions actively initiate IPO applications, and even fewer cross the new third board and Hong Kong stock market. According to the analysis of insiders, most of them come from the regulatory authorities’ check on the compliance of the fund-raising use of such institutions. However, all localities are also actively introducing relevant policies to encourage excellent venture capital and venture capital enterprises to participate in direct financing.
In April 2022, Shenzhen local financial supervision and Administration issued several measures on promoting the sustainable and high-quality development of venture capital in Shenzhen, which clearly proposed to support the construction of the capital market of Shenzhen Stock Exchange, give full play to its core position and advantages, and explore the listing arrangements of excellent venture capital enterprises.
Guangzhou also issued policies in 2021, clearly encouraging and supporting venture capital institutions to innovate fund-raising methods, including listing. Industry insiders pointed out that if Tiantu investment successfully landed in Hong Kong stocks, or the precedent of venture capital industry listing on the new third board and Hong Kong stocks at the same time, it will also provide convenience for investment institutions to broaden their international perspective and participate in global financing.
cumulative investment projects 193
At present, the fund types of Tiantu investment management include RMB fund and US dollar fund. According to the announcement information, by the end of 2021, 13 RMB funds and 3 US dollar funds had been managed. There are 193 investment projects, with a total investment of 14.107 billion yuan; There are 166 projects under management, with a total investment of 11.373 billion yuan.
In 2021, Tiantu capital invested in 56 projects through managed funds and its own funds, an increase of 51% over 2021; The total investment completed in the whole year was 1.629 billion yuan, which remained basically stable compared with 1.801 billion yuan in 2020.
From the perspective of self owned asset investment, it mainly invests in projects that exceed the fund investment strategy, exceed the single project or single investment limit of the fund and require long-term shareholding, and can also be invested in funds managed by the company as GP contribution. Statistics show that in 2021, the revenue from self owned asset management and entrusted asset management was 1.603 billion yuan and 423 million yuan respectively; The net profits generated from self owned assets and entrusted assets during the reporting period were 430 million yuan and 297 million yuan respectively.
According to statistics, Tiantu capital realized an operating revenue of RMB 2.026 billion and a net profit of RMB 726 million in 2021, and the net profit attributable to shareholders of listed companies was RMB 735 million. Among them, the net profit decreased from RMB 1.036 billion in the previous year, but the net profit attributable to shareholders of listed companies increased less than that in the previous year.
In 2021, the company’s investment project Aihui (all things new life, stock code: rere) landed on the New York Stock Exchange on June 18, 2021, and Naixue’s tea (02150, HK) was listed on the Hong Kong Stock Exchange on June 30. The company expects that in combination with the in-depth layout in the field of new consumption over the years, multiple projects will be listed in the investment portfolio in the next few years.
Statistics show that as of May 19, 2022, the share price of Tiantu investment closed at 5 yuan / share, with a decrease of 16.39% since 2022. In the share capital structure, the top ten circulating shareholders are mostly internal shareholding platforms and executive shares, and there is no shareholding record of funds, securities companies and other institutions in 2019, 2020 and 2021.
