February 8, 2023

Weipaitang, a web-based public sale platform for collectible handicrafts, submitted utility fabrics for a public checklist at the Hong Kong Inventory Change (HKEx) on Wednesday. The unique sponsor is CICC.

The prospectus cites knowledge from Frost & Sullivan appearing that, in 2021, the GMV of collectible handicraft transactions promoted by way of Weipaitang reached 40.5 billion yuan ($6.03 billion). The corporate additionally identified that as of December 31, 2021, it was once one of the vital skilled platforms with essentially the most complete collectible handicraft classes.

The corporate mentioned that underneath the present marketplace mode, lots of the merchandise on Weipaitang are equipped by way of traders. There have been reportedly greater than 108,000 lively traders at the platform in 2019. The determine exceeded 110,000 in 2020 and surpassed 78,000 in 2021. Those traders have equipped a variety of merchandise at the platform.

As of December 31, 2021, there have been greater than 74 million registered customers and greater than 331,000 registered traders. In 2021, the selection of lively consumers exceeded 3.9 million, and the overall selection of orders exceeded 85.2 million. The typical MAU had reached about 5 million.

The revenues of Weipaitang have been 473 million yuan in 2019, 1.07 billion yuan in 2020 and 978 million yuan in 2021. In the meantime, its gross benefit was once 340 million yuan in 2019, 814 million yuan in 2020 and 752 million yuan in 2021. Internet benefit totaled 137 million yuan in 2019, 53.82 million yuan in 2020 and 142 million yuan in 2021, indicating evident fluctuation.

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Consistent with the prospectus, the source of revenue of Weipaitang is basically divided into 3 classes: platform provider charges, affiliate internet marketing provider charges and others. Particularly, the platform provider price accounts for the most important percentage, which is composed of commissions and annual platform provider charges. Fee source of revenue accounted for greater than 50% of the overall source of revenue, and turned into increasingly more concentrated, accounting for 57.1% in 2019, 64.0% in 2020 and 63.2% in 2021.

Then again, on July 1, 2021, Weipaitang was once fined 1.35 million yuan by way of the Hangzhou Municipal Marketplace Supervision Management for deceptive promotion, failing to take important measures to stop unlawful acts towards shoppers’ rights and pursuits, and different unlawful acts by way of the platform operator.