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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are a comprehensive property management service provider in Zhejiang Province. Headquartered in Hangzhou, and deeply rooted in the Yangtze River Delta Region, we have, through over 16 years of development, established an important market position in Zhejiang Province and are well-known in the PRC property management industry. According to CIA, in terms of GFA under management as of December 31, 2020, we had a market share of approximately 0.2% among the Top 100 Property Management Companies in the PRC and approximately 3.7% among the Top 100 Property Management Companies in the PRC headquartered in Zhejiang Province. We were awarded “Leading Property Management Service Provider in East China” (華東地區物業服務市場地位領先企業) by CIA in 2020. We have also expanded our business into cities in other parts of the PRC that we believe have high growth potential, primarily covering new first-tier and second-tier cities. As of December 31, 2020, we had a total of 175 properties under management with an aggregate GFA under management of 24.9 million sq.m., covering 24 cities across 7 provinces. We have been recognized as one of the Top 100 Property Management Companies in the PRC in terms of overall strength for eight consecutive years since 2014 with our ranking improved from 41st in 2014 to 25th in 2021, according to CIA. We provide a wide range of services for both residential and non-residential properties through three business lines, namely, property management services, value-added services to non-property owners and community value-added services. Our close and extensive cooperation with Dexin Group, namely, Dexin China (which is listed on the Main Board of the Stock Exchange) and its subsidiaries, has driven our development since our inception and laid the foundation for our continuous growth. We also possess strong business development capabilities and have a proven track record in securing engagements from independent third-party property developers to achieve organic growth and business expansion. As of December 31, 2020, we had 175 properties under our management, including 69 properties developed by Dexin Group and its joint ventures and associates, with an aggregate GFA under management of 8.8 million sq.m., accounting for 35.1% of our total GFA under management as of the same date, and 106 properties developed by independent third-party property developers with an aggregate GFA under management of 16.1 million sq.m., accounting for 64.9% of our total GFA under management as of the same date. OUR BUSINESS MODEL During the Track Record Period, we generated revenue primarily from three business lines: ‧ Property management services. We provide property developers, property owners and residents with a wide range of property management services, primarily including security, cleaning, greening and repair and maintenance services. Our property portfolio comprises residential properties and non-residential properties including commercial complexes, office buildings, schools, hospitals, industrial properties and municipal facilities. ‧ Value-added services to non-property owners. We offer comprehensive property-related services to non-property owners, which primarily include property developers. Such services primarily consist of (i) sales office management services where we provide property management services to property developers’ sales offices and display units; (ii) preliminary planning and design consultancy services covering various stages of property development; (iii) property inspection and repair services covering pre-delivery inspection and post-delivery repair and maintenance services; and (iv) commercial consulting services where we provide, among other things, market research and analysis and other consulting services with respect to commercial complexes and serviced apartments. ‧ Community value-added services. We provide community value-added services to property owners and residents to improve their living experience and to maintain and enhance the value of their properties. Such services primarily include (i) smart community solutions where we sell hardware and software to property developers and provide maintenance services; (ii) property sales and assistance services where we either help property developers market their properties in exchange for a fixed amount or percentage of the sales proceeds as our commissions, or sell carpark spaces held by us and generate profit from the excess of selling prices over our purchases prices; (iii) common area value-added services where we assist property owners in leasing common spaces and public facilities to third parties in exchange for a pre-determined percentage of the rental fees as our commissions; (iv) clubhouse services where we provide catering services and conference services; (v) home decoration services where we provide customized home decoration services; and (vi) community retail and home services where we sell groceries, seasonal products and other daily necessities and provide cleaning, repair and maintenance services. Our revenue from community value-added services increased from RMB63.2 million in 2019 to RMB143.1 million in 2020 partially due to the increase in revenue from property sales and assistance services. We initially adopted a purchase-and-resell model in 2019 and had sold out all of our carpark spaces as of September 30, 2020. We started our sales assistance under a commission-based model in the second half of 2020. Under the new commission-based model, we recognize commission as revenue as compared to under the purchase-and-resell model where we recognize sales amount of a carpark space as revenue on a gross basis and the purchase price for such carpark space as the costs when the carpark space is sold. As a result of the change of business model, our revenue from this service could potentially decrease. However, as we no longer recognize costs for purchase of carpark spaces under the commission-based model, our costs will decrease and gross profit margin will increase as compared to those under the purchase-and-resell model. As of the Latest Practicable Date, we were contracted to provide property management services with respect to 273 property projects with an aggregate contracted GFA of 40.8 million sq. m. Among the 273 property projects, 90 property projects with an aggregate contracted GFA of 11.7 million sq.m. were solely developed by Dexin Group, 45 property projects with an aggregate contracted GFA of 6.8 million sq.m. were jointly developed by Dexin Group, and 138 property projects with an aggregate contracted GFA of 22.3 million were developed by independent third-party property developers. As of the same date, we had entered into 141 contracts for providing value-added services to non-property owners. Among these 141 contracts, (i) 65 contracts were related to sales office management services with an aggregate contract value of approximately RMB93.7 million; (ii) 31 contracts were related to preliminary planning and design consultancy services with an aggregate contract value of approximately RMB22.0 million; (iii) six contracts were related to property inspection and repair services with an aggregate contract value of approximately RMB3.5 million; and (iv) 39 contracts were related to commercial consulting services. In addition, as of the Latest Practicable Date, we were contracted to provide smart community solutions services for 17 projects with an aggregate contract value of approximately RMB36.2 million. The information in this paragraph is prepared based on our internal records, including the number of contracts entered as of the Latest Practicable Date and the corresponding contract values, which may be subject to various uncertainties associated with the performance of the relevant contracts by contracting parties. There is no assurance that our actual financial performance will not deviate from such information. Source: Dexin Services Group (02215) Prospectus (IPO Date : 2021/06/29)
Listing Market	MAIN
Industry	Property Service and Management
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Hu Yiping (57.65%) Kaibang International Limited (12.57%) Shen Yuehua (5.82%)
Directors	Hu Yiping (Chairman and Executive Director) Tang Junjie (President and Executive Director) Zheng Peng (Executive Director) Rui Meng (Independent Non-Executive Director) Yang Xi (Independent Non-Executive Director) Wong Wing Kuen Albert (Independent Non-Executive Director)
Company Secretary	Lin Sio Ngo
Principal Bankers	Bank of Communications Co., Ltd. Industrial And Commercial Bank of China
Solicitors	Conyers Dill & Pearman Fangda Partners
Auditors	Zhonghui ANDA CPA Limited
Registered Office	40th Floor, Dah Sing Financial Centre, No. 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.dexinfuwu.com
Email Address	[email protected]
Tel No	(86 571) 8817-3911
Fax No	(86 571) 8831-5313

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