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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 provide AR/VR content and services in China, and in particular, the provision of AR/VR marketing services to advertising customers was our largest revenue contributor during the Track Record Period. According to iResearch, we ranked the first in terms of revenue in the AR/VR content and services market in China, amounting to 2.6% of the market share in 2021. We also ranked the first in terms of revenue in the AR/VR services market in China, which is a part of the AR/VR content and services market, reaching 13.5% of the market share in 2021. According to iResearch, the AR/VR content and services market size in terms of revenue in China was RMB21.7 billion in 2021 and is expected to increase from RMB35.7 billion in 2022 to RMB130.2 billion in 2026 at a CAGR of 38.2%. We started shifting our business focus from games business to AR/VR content and services businesses in April 2017 and completed the transition in May 2019. Notwithstanding our limited operating history in the AR/VR content and services businesses, through accumulation of experiences and know-hows, we have created a business providing a variety of services in connection with AR/VR, mainly including (i) AR/VR marketing services, (ii) AR/VR content, (iii) AR/VR SaaS and (iv) IP business: (i) AR/VR marketing services. AR/VR marketing services business is currently our primary source of revenue. The business model of our AR/VR marketing services business is “we develop and we help you use”. We provide AR/VR content modules and development tools and help our customers place their advertisements. We charge our customers based on the performance outcome such as using CPA, CPC and CPM pricing models and operational effect of the services. Working with media platforms and their agents, we primarily provided AR/VR marketing services to our advertising customers during the Track Record Period. Leveraging our advantages in technology and media resources, we provide customers with AR/VR marketing services, including formulating service plans, designing AR/VR marketing content, distributing AR/VR marketing content, and collecting, monitoring and optimizing data and feedback, in order to realize our customers’ business goals such as enhancing brand exposure and improving brand awareness. We help advertising customers to create cross-platform and AR/VR marketing materials, and furnish end users with an immersive experience. During the Track Record Period, we provided AR/VR marketing services to a total of over 50 advertising customers and promoted over 250 advertising products, the majority of which were apps and websites. (ii) AR/VR content. Utilizing our self-developed AR/VR development engines, our AR/VR content business offers customized content according to the needs of our customers. We provide AR/VR content to customers from various industries, including entertainment, gaming, education, culture and tourism, technology, healthcare and automobiles, and bring end users a diversified and immersive experience in a virtual world. The business model of our AR/VR content business is “we develop and you use”. We develop AR/VR content according to the requirements of our customers, which are then utilized by the customers in their businesses and provided to the end users. We generally charge a one-off fee when we provide the content products to our customers. We also utilize technology and experience accumulated in our AR/VR content business to support our AR/VR marketing services and AR/VR SaaS businesses. During the Track Record Period, we provided AR/VR content to over 60 customers, and gained experience from more than 150 AR/VR content projects. For example, in 2021, we developed a VR courseware customized for a middle-school geography course for an education business subsidiary under an Internet technology group operating one of the largest search engines in China in terms of the average daily active users in 2020. By simply wearing a VR device, students can learn the structure of the earth, the formation of the air pressure zones and other lessons in a visual and interactive way, thereby appealing to the interest of students and enhancing their level of involvement, which ultimately makes it easier for students to absorb the knowledge in the geography course. (iii) AR/VR SaaS. Leveraging the experiences we accumulated in the AR/VR content and services businesses, we provide standardized solutions on our AR/VR SaaS platform. The business model of our AR/VR SaaS business is “you develop and you use”. Our AR/VR SaaS platform enables our customers to generate, publish and utilize AR/VR content. We charge our customers for subscribing to our SaaS products or for developing customized SaaS solutions. Our AR/VR SaaS platform provides our customers with a range of online AR/VR interactive content design, development and distribution tools and empowers our customers to create activities that offer experiences such as exhibition, showcase, live-streaming and marketing, with the goal to improve the level and extent of participation of their end users. Our AR/VR SaaS business has grown at a fast pace since 2020. The revenue from our AR/VR SaaS business increased by 41.8% from RMB6.5 million in 2019 to RMB9.2 million in 2020, and further increased by 122.9% to RMB20.6 million in 2021, and increased by 353.2% from RMB2.1 million for the three months ended March 31, 2021 to RMB9.5 million for the three months ended March 31, 2022. As of March 31, 2022, the number of our AR/VR SaaS registered users reached over 14,000 and the number of our AR/VR SaaS subscribed paying users reached over 2,200. (iv) IP. Our IP business licenses IP rights to customers to enable them to develop games, cartoons, TV plays, movies and other works. During the Track Record Period, we mainly licensed out IPs we purchased from third parties. We have shifted our focus and going forward, we will mainly use IP resources to support our AR/VR businesses and license IP rights on a case-by-case basis to meet specific customer demands. Source: Flowing Cloud (06610) Prospectus (IPO Date : 2022/09/29)
Listing Market	MAIN
Industry	Systems Software
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Wang Lei & Associates (42.45%)
Directors	Wang Lei (Chairman and Chief Executive Officer and Executive Director) Li Yao (Vice President and Executive Director and Secretary to the Board) Xu Bing (Vice President and Executive Director) Jiang Yi (Independent Non-Executive Director) Tan Deqing (Independent Non-Executive Director) Wang Beili (Independent Non-Executive Director)
Company Secretary	Chan Sau Ling Li Yao
Principal Bankers	Bank of Nanjing China Merchants Bank
Solicitors	Morrison & Foerster
Auditors	Zhonghui ANDA CPA Limited
Registered Office	5th Floor, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.ophyer.com
Email Address	[email protected]
Tel No	(86 10) 8305-0736
Fax No

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