Hong Kong IPO disclosure precedents · 106 companies, 106 items
Disclosures of contract backlog/order reserve amounts and their growth or decline over the track record period, including drivers such as new order intake and expected recognition timing.
As at the Latest Practicable Date, we had a total of 202 ongoing projects with a total outstanding contract sum of approximately RMB16.8 million, of which:
Summary · p. 20
(including the rebates from the Media Partner), the contracts performed or entered into by us during FY2022 and 4M2023 were only framework agreements and therefore no contract sums were stated in the contracts.
Business · p. 238
Save for the Listing expenses in connection with the Global Offering, our Directors confirm that there had been no material adverse change in our financial or trading position since 30 April 2023, being the date of which our latest audited consolidated financial statements were made up, and up to the date of this prospectus.
As a result of the effort made, as at the Latest Practicable Date, we have secured projects/works that we have completed or expect to complete during the year ending 31 December 2023 with corresponding contract value (excluding VAT) of RMB89.6 million, RMB47.3 million and RMB8.7 million for integrated IT solutions, sales of hardware and/or software and provision of standalone IT services, respectively.
Summary · p. 18
In particular, as at the Latest Practicable Date, we had (i) 22 ongoing integrated IT solutions projects with outstanding contract value (excluding VAT) of RMB76.2 million; (ii) contracts for sales of hardware and/or software with outstanding contract value (excluding VAT) of RMB40.3 million; and (iii) contracts for provision of standalone IT services with outstanding contract value (excluding VAT) of RMB9.1 million.
We expect to launch 30 to 50 new game products in 2023, including role-playing game (RPG), casual game and simulation game (SLG).
Business · p. 257
The number of games in our game pipeline decreased in 2022 as we have decided to optimize our game portfolio by launching game products with better quality that we believe can attract and retain more end-users.
Business · p. 257
We plan to launch a total of eight new significant games from October 2023 to the first half year of 2024, which is expected to contribute to a surge in number of paying users, as well as a substantial increase in revenue and net profit.
As at the Latest Practicable Date, (i) such program was under production, with 10 out of 12 episodes being filmed, (ii) we were in the process of negotiation of sponsorship of such program with several brand owners, and (iii) we had entered into an agreement regarding licensing and title sponsorship of such program with a contract amount of approximately RMB42.5 million, of which (i) about RMB14.5 million being contributed by the licensing of such show; and (ii) about RMB28.0 million being contributed by sponsorship of such show.
Business · p. 217
We expect to recognize a revenue of about RMB32.7 million from such agreement (after deducting the profit share of the relevant business partners from the total contract amount) for the year ending December 31, 2023, which is estimated based on the information currently available to us and the actual amount of revenue to be recognized by our Group is subject to audit.
Business · p. 218
In late 2022, we entered into an agreement regarding sponsorship of such program with a contract amount of RMB40.0 million.
As at the Latest Practicable Date, we had 35 projects and the remaining contract value of our projects (including relevant variation orders) was approximately HK$338.0 million.
Summary · p. 4
As at the Latest Practicable Date, we had 35 projects in progress and estimate that the total revenue to be recognised from our backlog of projects remaining as at the Latest Practicable Date is approximately HK$62.9 million, HK$271.0 million and HK$4.2 million for the period from the Latest Practicable Date to 30 June 2023 and the years ending 30 June 2024 and 2025, respectively.
Summary · p. 12
Accordingly, we experienced a decrease in the number of projects but an increase in the contract value of our projects (including relevant variation orders) remaining as at 30 June 2022 as compared to 30 June 2020.
As of September 30, 2022 and the Latest Practicable Date, an aggregate of total bookings that we had generated historically of RMB540.6 million and RMB601.0 million, respectively, had not been recognized as revenues.
Summary · p. 3
Out of the total bookings that had left unrecognized as of the Latest Practicable Date, approximately RMB82.2 million are expected to be recognized as revenues for the one month ended March 31, 2023, being the end of the fiscal year of 2023.