Kunpeng Project
The listing on the Hong Kong Stock Exchange made waves again: Flash suffered large losses, and cash flow continued to outflow.
Recently, Flashback Technology (hereinafter referred to as "Flashback Technology" or "Flashback**") submitted a prospectus with Qingke Investment as its sole sponsor to be listed on the Growth Enterprise Market in Hong Kong. In this sprint IPO, Shanbao plans to raise funds to further strengthen strategic cooperation with upstream resource providers, enhance market influence, and expand new market channels.
Bedo financial reporters learned that the main operating body of Flashback is Shenzhen Flashback Technology in Shenzhen, Guangdong Province *** hereinafter referred to as "Shenzhen Flashback"), the company was founded in May 2016. Tianyan checked, the registered capital of this enterprise is 218049.66 million yuan, Liu Jianyi is a legal person, and its shares are held by Zhejiang Flashback Technology *** and Zhang Fulong.
According to the prospectus, Liu Jianyi is the executive director, chairman of the board of directors, general manager and a member of the controlling shares of Flashcard** Company. In addition, Yu Hairong was appointed as Executive Director and CEO, He Xiaomin was appointed as Executive Director and Chief Executive Officer, and Lin Lexin was appointed as Executive Director and Chief Technology Officer.
Flashback Technology said in the prospectus that it is the leader of China Mobile's leading industry, mainly as a leading business provider in the consumer aftermarket. Now, Flashback Technologies Inc. owns several trademarks, including Flashback, Flashback Youpin, etc.
According to Frost & Sullivan data, as of 2022, Flashback Technology (FIA) has become China's largest mobile business with "trade-in" as its main business, and it is also the third largest mobile regeneration service provider in China, with a market share of 84% and 15%。
In addition, Flashback Technology obtained the "E-Commerce License" (deregulation) in Hong Kong in October this year. In addition, in September and December next year, the company will set up its first and second online stores in Shenzhen, with ** and ** used electrical appliances as its main business.
In the past record, the revenue of Flashback technology was mainly through Flashback Youpin's online platform and the company's self-operated stores on multiple third-party e-commerce platforms, which purchased second-hand consumer goods (mostly mobile**) from different supply channels, while in the past record, Flashback's revenue** was through Flashback Youpin's online platform and stores opened by the company's multiple third-party e-commerce platforms.
According to Bedo financial reporters, Flashback is an online trading platform under Flashback Technology; Shinsy Youpin is a retail enterprise mainly engaged in second-hand home appliances, with four sub-brands, including Flashfish**, Flashback Second-hand**, Flashback Home, Youyou and FlashCloud. In its prospectus, Flashback Technology said it intends to close the business of the four subsidiaries by the first half of 2024.
Flashback Technology's revenue in 2021 and 2022 and the first nine months of 2023 was 7., respectively5 billion yuan, 9$1.9 billion and $83.6 billion yuan, gross profit of 614110,000 yuan, 556670,000 yuan and 609660,000 yuan; The company's net profit loss was 487080,000 yuan, 990840,000 yuan, and 99,114,000 yuan.
According to non-ifrs calculations, Flashback Technology's operating income in 2021 and 2022 will be 1360 million and 2About 5.1 billion yuan, turning losses into profits in 2022. In 2023, the company will receive 931$1,000 profit, compared to $37 million in Q1 2022.
Flashback Technologies had total net short-term debt of 23.7 billion yuan, 33.6 billion yuan, 43.6 billion yuan. Flashback Technologies said in its prospectus that it was because of an offer to investors, which led to an increase in debt servicing.
Bedo Financial reporters noted that the net funds used by Flashback Technologies in its operational activities during the period were negative. For the nine months of 2021, 2022 and 2023, the company received net operating income of -63990,000 yuan, -43,736,000 yuan, and -8,13720,000 yuan.
Since its inception, Flashback Technology has gone through several rounds of investment. According to the data, Flashback received an angel round of financing of 2.4 million yuan in 2017, with a valuation of 16818,000 yuan. In 2018, Flashback Technology received Series A financing from Shunwei Capital and Xiaomi, with a total investment of 47.2 million yuan, of which the total investment was 3060580,000 yuan.
Flashback technology gained 29.1 billion yuan in Series C financing, of which the adjusted total financing reached 24.1 billion yuan. In the same year, Flashback completed the reorganization and introduced Fumingman (Hong Kong) as an investor, raising a total of 1,867,600 yuan. In December 2022, Flashback Technologies completed an $8 million D1 round investment.
Flashback Technologies said in its prospectus that for some of its shareholders in Shenzhen, the amount of its investment will be adjusted accordingly based on the reference value. That is to say, the adjusted investment amount should be equal to the ratio of all ** times (a-b) a paid by the investor, where a is the total amount of money paid by Shenzhen Flashback Company, and B is the shares bought.
In addition, due to the lawsuit, the People's Court of Jishou City, Hunan Province, judicially froze the shares of Zhang Fulong, chairman of Shenzhen Yintaifu Group, in Shenzhen. But Flashback Technology said that Zhang Fulong only holds 2% of the shares, which has not brought a serious negative impact on the company.