--- title: "The cornerstone subscription of Tiandi Huihe has reached 80%, worth a shot to enter the Hong Kong Stock Connect." type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/22023397.md" description: "TianDi JuHe (literally 'Heaven and Earth Convergence') submitted a listing application to the Shenzhen Stock Exchange's Growth Enterprise Market (GEM) in November 2018, withdrew the application in 2019, then attempted to list on the STAR Market without success before finally turning to the Hong Kong Stock Exchange for listing. I. IPO Information II. Company Overview Founded in 2010, TianDi JuHe is a comprehensive API data circulation service provider, offering standardized API services and customized data governance solutions to internet companies, telecom operators, technology companies, other commercial-grade government organizations, application developers, and technology professionals, with the goal of breaking down data silos..." datetime: "2024-06-24T02:49:07.000Z" locales: - [en](https://longbridge.com/en/topics/22023397.md) - [zh-CN](https://longbridge.com/zh-CN/topics/22023397.md) - [zh-HK](https://longbridge.com/zh-HK/topics/22023397.md) author: "[郭二侠说财](https://longbridge.com/zh-CN/profiles/7334.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/22023397.md) | [繁體中文](https://longbridge.com/zh-HK/topics/22023397.md) # The cornerstone subscription of Tiandi Huihe has reached 80%, worth a shot to enter the Hong Kong Stock Connect. Tiandi Juju (Aggregate Data) submitted an application for listing on the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange in November 2018, withdrew the application in 2019, and subsequently failed to list on the STAR Market before turning to the Hong Kong Stock Exchange. **I. IPO Information** ![Image](https://pub.pbkrs.com/uploads/2024/4d36bdd3c3d5a251041aaaf10fd08100?x-oss-process=style/lg) **II. Company Overview** **Founded in 2010, Aggregate Data is a comprehensive API data circulation service provider, offering standardized API services and customized data governance solutions to internet companies, telecom operators, technology firms, other commercial and government organizations, as well as application developers and tech professionals. The company is committed to breaking down data silos and providing users with cross-service and cross-scenario online API services.** An Application Programming Interface (API) is a set of protocols that enable disconnected applications to communicate with each other. Specifically, API services cover information queries, SMS notifications, and top-up services. The verification code SMS, order update SMS, and promotional SMS received by ordinary users in their daily lives are all related to the operations of platforms like Aggregate Data. In 2022, Aggregate Data was the largest comprehensive API data circulation service provider in China by revenue, with a market share of 6.1%. ![Image](https://pub.pbkrs.com/uploads/2024/0585c39064715c429e4d0eb920ff447f?x-oss-process=style/lg) Financial data shows that from 2021 to 2023, Aggregate Data's operating revenues were RMB 260 million, RMB 329 million, and RMB 441 million, respectively, with corresponding net profits of RMB 45.966 million, RMB 41.284 million, and RMB 35.061 million. Clearly, Aggregate Data is facing the dilemma of increasing revenue without increasing profits, mainly due to the continuous decline in gross profit margin. From 2021 to 2023, the company's gross profit margins were 34.6%, 32.7%, and 28.3%, respectively. ![Image](https://pub.pbkrs.com/uploads/2024/3fa9566f6b15384fb4b8a184d2620fde?x-oss-process=style/lg) Aggregate Data's revenue mainly comes from the API marketplace and data management solutions. The API marketplace generates revenue from the sales of query services, SMS notifications, and top-up services, charging based on usage volume and unit price or fixed contract amounts during the contract period. Data management solutions generate revenue from selling solutions to government and corporate institutions, including platform construction fees, typically charged for deploying data management platforms, and may also include fees for operational support services and consulting services tailored to specific client requirements. Since entering the API market, Aggregate Data has developed over 770 proprietary APIs covering various fields such as enterprises, lifestyle, finance, data intelligence, transportation and geography, application development, e-commerce, and top-up and entertainment services. The company's partners include well-known enterprises such as Tencent, Alibaba, Baidu, NetEase, Meituan, China Mobile, China Unicom, and China Telecom. Since its inception, Aggregate Data has undergone multiple rounds of financing from 2014 to 2020, with JD.com being its second-largest shareholder. **III. Comprehensive Review** Aggregate Data operates in a highly competitive and fragmented industry. Despite years of deep cultivation, the company has not emerged as a dominant player. With the lowering of barriers to entry in the internet sector, it will be even harder for Aggregate Data to capture more market share in the future. In short, Aggregate Data's fundamentals are mediocre, and value investors might pass on it. That said, truly worthy value investments are rare. For us IPO players, market sentiment and liquidity have a greater impact on short-term post-listing performance. **Aggregate Data** **is issuing 9.61% of its total shares in this IPO. At the offer price of HKD 83.33, the fundraising amount is approximately HKD 402 million,** **with four cornerstone investors collectively subscribing to about HKD 321 million, accounting for 80%. However, if oversubscription exceeds 100 times, the public offering will be increased to 50%, resulting in a float of HKD 202 million.** **This is an H-share with full circulation and a market cap of HKD 4.176 billion. The listing date is the last trading day of June, coinciding with the half-yearly Hang Seng Composite Index review. A 50% post-listing gain would push the market cap to HKD 6.2 billion, meeting the threshold for inclusion in the Stock Connect program.** Aggregate Data's margin financing is currently 72 times oversubscribed and is expected to reach 300 times. Normally, this would trigger an increase in the public offering to 50%, but since cornerstone investors have subscribed to 80% of the international offering, the market speculates that the public offering might only be increased to 20% to facilitate inclusion in the Stock Connect program. **We are calculating based on the normal increase to 50%, as no one can predict the unconventional adjustments,** **resulting in 24,090 lots each for Group A and Group B. Assuming 25,000 applicants, the estimated one-lot winning probability is 60%—worth a shot.** $TIANJUDIHE(02479.HK) $DIDA INC(02559.HK) $LAOPU GOLD(06181.HK) ### 相关股票 - [TIANJUDIHE (02479.HK)](https://longbridge.com/zh-CN/quote/02479.HK.md) - [DIDA INC (02559.HK)](https://longbridge.com/zh-CN/quote/02559.HK.md) - [LAOPU GOLD (06181.HK)](https://longbridge.com/zh-CN/quote/06181.HK.md)