Weipaitang, an online auction site for collectibles, submitted application documents for a public listing on the Hong Kong Stock Exchange (HKEx) on Wednesday. Exclusive sponsor is CICC.
The prospectus cites data from Frost & Sullivan showing that the GMV of Weipaitang-sponsored collectibles transactions reached 40.5 billion yuan ($6.03 billion) in 2021. The company also noted that as of December 31, 2021, it was one of the professional platforms with the most comprehensive collectible crafting categories.
The company said that in the current market mode, most of the products on Weipaitang are offered by merchants. There were reportedly more than 108,000 active traders on the platform in 2019. The number surpassed 110,000 in 2020 and surpassed 78,000 in 2021. These merchants have provided a wide range of products on the platform.
As of December 31, 2021, there were more than 74 million registered users and more than 331,000 registered traders. In 2021, the number of active buyers exceeded 3.9 million and the total number of orders exceeded 85.2 million. The average MAU had reached about 5 million.
Weipaitang’s revenue was 473 million yuan in 2019, 1.07 billion yuan in 2020 and 978 million yuan in 2021. Gross profit was 340 million yuan in 2019, 814 million yuan in 2020 and 752 million yuan in the year 2021. Total net profit was 137 million yuan in 2019, 53.82 million yuan in 2020 and 142 million yuan in 2021, showing obvious fluctuation.
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According to the prospectus, Weipaitang’s revenue is mainly divided into three categories: platform service fees, online marketing service fees and others. Specifically, the platform service fee accounts for the largest portion, which is made up of commissions and annual platform service fees. Commission income accounted for more than 50% of total income and was increasingly concentrated at 57.1% in 2019, 64.0% in 2020 and 63.2% in 2021.
However, on July 1, 2021, Weipaitang was fined 1.35 million yuan by the Hangzhou City Market Inspectorate for misleading advertising, failing to take necessary measures to carry out illegal acts against the rights and interests of consumers and others to prevent illegal actions by the platform operator.
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