"The first share of vending machines in China's stock exchange market" is coming.

The Hong Kong Stock Exchange ushered in another star unicorn.

Recently, Beijing Youbao Online Technology Co., Ltd. (referred to as Youbao Online) submitted a listing application on the Hong Kong Stock Exchange. The joint sponsors are Goldman Sachs, China Securities Investment International, and Huatai International.

Youbao is the largest unmanned retail operator in China, with a network of over 102,700 unmanned sales points, covering 288 cities and 31 provincial-level administrative regions in China. In this IPO, Youbao is also known as the "first stock of vending machines" in the industry.

Strictly speaking, this is the third time Youbao has attacked the capital market. As early as 2016, the company was listed on the New Third Board, but it was delisted three years later, and then sought to be listed on the A-share GEM. Unfortunately, in February 2021, the company terminated the GEM IPO counseling.

Founded in 2011, Youbao owns smart retail products including Youbao Smart Containers, Youbao Smart Vending Machines, Youka, Yousing KTV, etc. At the same time, it provides customers with operations, advertising, marketing and other services.

According to the prospectus, Youbao has built a point-of-sale network covering core consumption scenarios such as schools, factories, offices, public places, and transportation hubs. As of December 31, 2021, Youbao's point network consists of more than 102,700 unmanned sales points, covering 288 cities and 31 provincial-level administrative regions in China, of which 81.3% are concentrated in the first-tier, new first-tier and Second-tier cities.

According to data from Frost & Sullivan, Youbao is already the largest unmanned retail operator in China.

At present, Youbao's revenue mainly comes from four major business segments: smart retail, supply chain operation services, digital value-added services and others.

Among them, the revenue of smart retail business mainly comes from the retail sales of goods from vending machines; the revenue of supply chain operation services comes from commodity wholesale, machine sales and leasing, etc.; the revenue of digital value-added services comes from providing digital advertising services to advertisers. Service fee derivative income, etc. In addition, Youbao also provides mini KTV services in China.

Vending machines "carrying goods" are the mainstay of Youbao's revenue. According to the prospectus, from 2019 to 2021, Youbao's operating income will be 2.727 billion yuan, 1.902 billion yuan, and 2.676 billion yuan respectively. Among them, the revenue generated by smart retail business accounted for 56.5%, 70.3% and 71.6% respectively.