ANE (Cayman) Inc. Global Offering

Hong Kong, 2021年11月1日 - (JCN Newswire) - The leading express freight network operator in the China's less-than-truckload ("LTL") market - ANE (Cayman) Inc. (the "Company", together with its subsidiaries, the "Group", stock code: 9956), announces details of its Global Offering and listing on the Main Board of the Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange").

Highlights of the Global Offering:
-- Number of Offer Shares under the Global Offering: 80,220,000 Offer Shares (subject to the Over-allotment Option);
-- Number of Hong Kong Offer Shares: 8,022,000 Offer Shares (subject to reallocation);
-- Number of International Offer Shares: 72,198,000 Offer Shares (subject to reallocation and the Over-allotment Option);
-- Offer Price Range: HK$13.88 to HK$16.88 per Offer Share;
-- The Hong Kong Public Offering is expected to close at 12:00 noon (at 11:30 a.m. for submitting applications under the eWhite Form Service) on Thursday, November 4, 2021;
-- Dealings in the Shares on the Hong Kong Stock Exchange are expected to commence on Saturday, 11 November 2021;
-- J.P. Morgan Securities (Far East) Limited and China International Capital Corporation Hong Kong Securities Limited are the Joint Sponsors.

ANE (Cayman) Inc. plans to offer an aggregate of 80,220,000 Shares (subject to the Over-allotment Option) under the Global Offering, of which 8,022,000 Shares (subject to reallocation) will be offered in the Hong Kong Public Offering, and 72,198,000 Shares (subject to reallocation and the Over-allotment Option) will be offered by way of International Placing. The Offer Price will not be more than HK$16.88 per Offer Share and is expected to be not less than HK$13.88 per Offer Share. The Company is also expected to grant the Over-allotment Option, at any time from the Listing Date until Saturday, December 4, 2021, being the 30 days after the last day for lodging applications under the Hong Kong Public Offering, pursuant to which our Company may be required to issue up to an aggregate of 12,033,000 additional Shares. If the above Over-allotment Option is exercised in full and the final issued price capped at the maximum Offer Price (which refers to HKD16.88 per share), the total amount of funds raised will up to approximate US$200 million.

The Hong Kong Public Offering will commence on Saturday, 30 October 2021 and is expected to close at 12:00 noon (at 11:30 a.m. for submitting applications under the eWhite Form Service) on Thursday, 4 November 2021. Dealings of the Shares on the Main Board of Hong Kong Stock Exchange are expected to commence on Thursday, 11 November 2021. The Shares will be traded in board lots of 500 Shares each.

Assuming an Offer Price of HK$15.38 per Offer Share (being the mid-point of the stated range of the Offer Price of between HK$13.88 and HK$16.88 per Offer Share), the Company estimates that we will receive net proceeds of approximately HK$1,124.1 million from the Global Offering after deducting the underwriting commissions and other estimated expenses in connection with the Global Offering. The Company intends to use the net proceeds from the Global Offering for the following purposes and in the amounts set out below, subject to changes in light of our evolving business needs and changing market conditions:

-- Approximately 40%, or HK$449.6 million, will be used for building, upgrading and potential acquisitions of 5 to 10 key transit hubs in strategic locations to accommodate the high volume growth, improve the network structure;

-- Approximately 30%, or HK$337.2 million, will be used for the investment in the Company's line-haul truck fleet to further improve the Company's operational efficiency. In particular:
(i) approximately 25%, or HK$281.0 million, will be used to purchase approximately 2,000 to 3,000 modern and high-capacity truck tractors and trailers, and to partner with major trucking manufacturers to customise their models to fit the operational needs; and
(ii) approximately 5%, or HK$56.2 million, will be used to repay the borrowings for the purchase of trucks.

-- Approximately 20%, or HK$224.8 million, will be used for the investment in technology innovations. In particular:
(i) approximately 10%, or HK$112.4 million, will be used to upgrade the technologies and automated facilities of our sorting network; and
(ii) approximately 10%, or HK$112.4 million, will be used to invest in intelligent transportation management systems and autonomous driving technologies.

-- Approximately 10%, or HK$112.4 million, will be used for working capital and other general corporate purposes.

The Company have entered into a Cornerstone Investment Agreement with the cornerstone investor Harvest International Premium Value (Secondary Market) Fund SPC, to subscribe at the Offer Price for a certain number of Offer Shares that may be purchased for an aggregate amount of US$12.50 million (or approximately HK$97.23 million).

J.P. Morgan Securities (Far East) Limited and China International Capital Corporation Hong Kong Securities Limited are the Joint Sponsors. J.P. Morgan Securities (Asia Pacific) Limited, China International Capital Corporation Hong Kong Securities Limited, and Citigroup Global Markets Asia Limited are the Joint Global Coordinators. J.P. Morgan Securities (Asia Pacific) Limited, J.P. Morgan Securities plc, China International Capital Corporation Hong Kong Securities Limited, Citigroup Global Markets Asia Limited, Citigroup Global Markets Limited, China Galaxy International Securities (Hong Kong) Co., Limited, CMB International Capital Limited, China Merchants Securities (HK) Co., Limited, Futu Securities International (Hong Kong) Limited, and Haitong International Securities Company Limited are the Joint Bookrunners and Joint Lead Managers. ABCI Capital Limited is the Joint Bookrunner. ABCI Securities Company Limited and Livermore Holdings Limited are the Joint Lead Manager.

About the ANE (Cayman) Inc. (Stock Code: 9956)

ANE (Cayman) Inc. ("ANE"), the predecessor of which was founded in June 2010 in Shanghai, is an express freight network operator who have nationwide coverage. With the mission of "To create infinite possibilities with logistic services", ANE as a leading less-than-truckload ("LTL") service provider, delivers timely and comprehensive freight transportation services to operate a leading express freight network in China's LTL market, according to freight partner platform creating significant network effects, continuous technology innovation and digitalised operation and customer-centric product offerings with high service quality. As of 30 April 2021, ANE has 151 self-operated sorting centres across China, with our self-operated fleet consisted of approximately 2,400 high-capacity line-haul truck tractors and over 3,600 trailers. With approximately 29,400 freight partners and freight agents, our express freight network serves over 3.6 million shippers including e-commerce merchants, manufacturers, wholesalers, retailers, and individuals across the entire commerce landscape in China, covering approximately 96% of the counties and townships, as at April 30, 2021. In terms of total freight volume, ANE has 10.2 million tons of total freight volume and a market share of 17.3% in 2020 among all express freight networks in China.


Source: ANE (Cayman) Inc.

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