Market+ (iPhone)

Market+ (Android)

US STOCKS

FUNDS

FX & CRYPTO

SH/SZ-HK

HK STOCKS

IPO Plus - IPO

To-be Listed

	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 national potash fertiliser company in China with sourcing and procurement, and processing and manufacturing capabilities selling various potash fertiliser products, including KCL, SOP, NOP and compound fertilisers. We ranked the third among potash fertiliser companies in China in terms of sales volume of potash fertilisers in 2022 and we ranked the second among fertiliser companies without its own potash mineral resources (i.e., non reserve-based potash fertiliser companies) in China in 2022 by the same measure. We accounted for approximately 7.1% of the total sales volume of potash fertilisers in China for 2022. In terms of sales revenue of KCL, SOP and NOP in 2022, we ranked the third, the fourth and the fifth among potash fertiliser companies in China, respectively, and accounted for approximately 7.0%, 4.0% and 0.3% of the total sales revenue of KCL, SOP and NOP, respectively, in China for the same year. Due to the discontinuation of production of our Chengdu Production Facility, we did not manufacture any NOP and only sold NOP to our customers by resale during the Track Record Period. Our major raw material is KCL which are generally imported. For FY2021, FY2022, FY2023 and 8MFY2024, our purchase of KCL accounted for approximately 77.7%, 86.6%, 90.4% and 92.2% of our total purchases, respectively. The sea import master contract price (the “Sea Import Master Contract Price”) plays an important guiding role in the determination of the overall price of imported KCL to the PRC (by sea and by land). It is primarily determined by reference to the PRC domestic demand and the international market price of KCL (which reflects the global supply and demand), and therefore generally follows the trend of the international market price of KCL. As the Sea Import Master Contract Price affects our overall purchase price of KCL, it ultimately affects our selling price. We have strategically situated our production facilities in main plantation zones in China to enable us to provide potash fertiliser products to our customers in a timely and cost-effective manner. As at the Latest Practicable Date, we had five key production facilities in Heilongjiang Province, Jilin Province, Guizhou Province and Guangdong Province in the PRC. As at the Latest Practicable Date, we had three KCL granulating lines, 40 SOP production lines, and three compound fertilisers production lines. Our total estimated production capacity of our KCL granules, SOP and compound fertiliser were 390,000 tonnes, 363,000 tonnes, and 172,000 tonnes, respectively. We have one other production facility, our Chengdu Production Facility, located in Sichuan Province which is subject to relocation. Prior to its discontinuation of production in January 2019, we also manufactured NOP at such production facility. We are currently planning to build our New Sichuan Production Facility in Mianyang City, Sichuan Province, which is expected to commence construction around the second half of 2024 and to complete construction and commence operation in the second half of 2025, to enable us to resume the production of NOP. From FY2021 to FY2023, our total revenue increased from RMB2,081.6 million in FY2021 to RMB3,841.4 million in FY2022 and further to RMB4,722.7 million in FY2023 and our profit for the year increased from RMB206.5 million in FY2021 to RMB396.6 million in FY2022 and further to RMB421.5 million in FY2023. However, the level of growth from FY2021 to FY2023 is not indicative of our financial performance before the Track Record Period or may not be indicative of our future financial performance. Please refer to the section headed “Risk Factors – Risks Relating to Our Business – We have historically recorded lower gross profit and net profit prior to the Track Record Period” in this document for further information. Our revenue decreased from RMB2,727.2 million for 8MFY2023 to RMB2,283.7 million for 8MFY2024, and our profit for the period decreased from RMB236.8 million for 8MFY2023 to RMB162.1 million for 8MFY2024 primarily due to the decrease in average selling price of our KCL and decrease in sales volume of our KCL. Although we expect our revenue and gross profit for FY2024 will decrease compared to FY2023 given the expected lower average selling prices of our fertiliser products attributable to lower domestic market prices of potash fertilisers in FY2024, we expect the demand for our products will nonetheless increase. Please refer to the section headed “Business – Expected Demand for FY2024” for further information. Source: Migao Group (09879) Prospectus (IPO Date : 2024/03/13)
Listing Market	MAIN
Industry	Fertilizers & Agricultural Chemicals
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Liu Guocai (74.26%)
Directors	Liu Guocai (Chairman and Chief Executive Officer and Executive Director) Dong Benzi (Executive Director) Sun Pingfu (Executive Director) Chen Guofu (Independent Non-Executive Director) Huang Shasha (Independent Non-Executive Director) Qing Meyerson (Independent Non-Executive Director)
Company Secretary	Fung Wai Sum
Principal Bankers	Bank Of China Bank
Solicitors	Morgan, Lewis & Bockius LLP
Auditors	Deloitte Touche Tohmatsu
Registered Office	Room 801, 8th Floor, COFCO Tower, 262 Gloucester Road, Causeway Bay, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.migaogroup.com
Email Address	[email protected]
Tel No	(86 400) 101-3635
Fax No

SITEMAP

AASTOCKS.com

Members

Forgot Password

About Us

Email: [email protected]

AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.

Disclaimer

You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 6 January 2023.