Yealink Network Technology Co., Ltd. (“Yealink”, ticker: 300628) was successful listed on the Shenzhen Stock Exchange on March 17, 2017, raising net proceeds of RMB 1,590 million with 18.67 million new shares publicly offered, accounting for 25% of the enlarged share capital issued at an offering price of RMB 88.67 per share. Yealink is the second largest SIP terminal solution provider in the world，and the largest in China market. Its products and services have been sold to 106 countries around the world. CICC acted as the sole sponsor and underwriter for Yealink’s IPO.
As a global leading provider of internet-based unified communications terminal solution, Yealink provides intelligent and functional enterprise communication terminal equipment to global business customers with the support of its integrated research, OEM/ODM, sales and customer services. Over ages of development, Yealink has built a global network and sales channel by cooperating with international telecommunication system providers such as BroadSoft, Microsoft and Huawei, and providing services to well-renowned enterprises such as PCCW, BT and Telefónica. Yealink’s financial performance has enhanced impressively in recent years - from 2014 to 2016, Yealink generated total revenue of RMB 488 million, RMB 662 million and RMB 924 million respectively, at a CAGR of 23.67%; gross margin reached 55.26%, 58.63% and 63.13% respectively; and net income attributable to shareholders achieved RMB 151 million, RMB 248 million and RMB 432 million respectively, at a CAGR of 42.13%.
Based on the profound understanding of the industry and the client, CICC helped Yealink to thoroughly excavate the investment highlights and successfully accomplished a remarkable debut on the capital markets with overwhelming subscription demand. Yealink’s issuance was made through direct pricing, and the oversubscription multiple of public offering reached above 7,000x. By leveraging the capital market platform and the diversified financing tools, Yealink is in a good position to lay a solid foundation and secure a great leap for its future development. Thanks to CICC’s outstanding execution and teamwork, Yealink embraced a very successful listing on the ChiNext board.
CICC has always been fulfilling its core value of “Chinese Roots and International Reach” as the top Chinese investment bank. Through bridging the domestic and overseas markets, CICC will continuously contribute to the development of China’s small-and-medium enterprises and new economies.
