YesAsia to raise up to HK$131.7 million by offering 39,540,000 Shares at HK$3.00-HK$3.33 each

Strives to be the “go-to” E-commerce gateway for Asian products with customers worldwide

HONG KONG SAR - Media OutReach - 28 June 2021 - YesAsia Holdings Limited ("YesAsia" or the "Company"; together with subsidiaries, the "Group"; SEHK stock code: 2209), a Hong Kong-headquartered E-commerce platform operator engaging in the procurement and sale of Asian fashion and lifestyle, beauty and entertainment products to customers around the world, has announced its proposed global offering ("Global Offering") of shares ("Shares") in Hong Kong and proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") today.

YesAsia intends to offer 39,540,000 new shares ("Offer Shares") at an indicative offer price range of HK$3.00 to HK$3.33 per Share ("Indicative Price Range"). About 35,586,000 Shares or 90% of the Offer Shares will be available for placing with institutional and professional investors ("International Offering") while about 3,954,000 Shares or 10% of the Offer Shares will be available for subscription by the public in Hong Kong ("Hong Kong Public Offering").

UOB Kay Hian (Hong Kong) Limited is the Sole Sponsor and the Sole Global Coordinator of the Global Offering.

CS Logistics Holdings Ltd., and Triple Surge Holdings Limited have agreed to subscribe for HK$30 million and HK$15 million worth of Shares, respectively, as cornerstone investors.

The aggregate net proceeds to the Company from the Global Offering, after deducting related underwriting commissions and incentive fees in connection with the Global Offering and assuming an Offer Price of HK$3.165, being the mid-point of the Indicative Price Range, will be approximately HK$93.5 million, which are intended to be applied as follows:

• approximately HK$50.5 million or 54.0% for increasing marketing efforts for customer acquisition and retention;
• approximately HK$18.8 million, or 20.1% for enhancing platform content, IT capabilities and creating satisfactory user experience to promote benefits and uniqueness of Korean beauty and fashion products;
• approximately HK$15.0 million, or 16.1% for expanding logistics fulfilment capacity and enhancing warehouse efficiency; and
• approximately HK$9.2 million, or 9.8% as general working capital.

YesAsia is engaged in the procurement and sale of Asian fashion & lifestyle, beauty and entertainment products to global customers. The Group primarily sells products through its online platforms, complemented by a portion of sales of entertainment products through its offline B2B sales channel. Its principal business activities can be divided into two business segments: (i) sales of fashion & lifestyle and beauty products on its YesStyle and AsianBeautyWholesale platforms; and (ii) sales of entertainment products on its YesAsia platform and through its offline B2B sales channel.

YesAsia launched its key opinion leader initiative in January 2018, and subsequently its award-winning YesStyle Influencer Program in February 2019, which assisted YesStyle to reach a broader worldwide audience. As of June 2021, more than 150,000 KOLs and influencers from around the world have joined the Group's influencer marketing initiatives, providing it with a broad base of millions of followers. Revenues generated from its influencer marketing initiatives accounted for 1.2%, 7.9% and 17.4% of the total revenue of YesStyle for the three years ended 31 December 2020, respectively. The Group's YesStyle Influencer Program received the ''Technology Excellence Award'' in September 2020, granted by Hong Kong Business magazine. Their social media coverage includes social media platforms, including Instagram, YouTube, Facebook, Tiktok, Pinterest and Twitter.

Looking forward, the Group aspires to become the "go-to" E-commerce gateway that bridges Asian products with customers worldwide by reinforcing marketing strategies to boost customer base and enhancing customer loyalty; increasing global penetration to build stronger brand awareness; deepening its positioning as a Korean beauty product gateway; enhancing customer experience through further investment in IT systems and in-house-produced original content; and optimizing as well as expanding its logistics network and infrastructure.

Commenting on YesAsia's business strategy, Mr. Lau Kwok Chu, Founder, Executive Director and CEO, said: "We had been able to achieve above-industry revenue growth during the Track Record Period even in the midst of the COVID-19 pandemic, mainly due to our continuous effort in strengthening our marketing strategy to support customer retention and acquisition as well as long-term ecosystem development such as engaging influencers and KOLs, our efforts in establishing and building the reputation of our platforms and customer services; and wider varieties and selections of fashion and beauty products offered by our Group than some of our competitors."

"Our strengths rest with our established E-commerce platform with a global reach, our loyal and engaged customer base driving a virtuous cycle in our business ecosystem, our proven global E-commerce sales channel for Asian product suppliers, our innovative and effective marketing strategy to support customer retention and long-term ecosystem development, and our seasoned management team and diverse corporate culture. We believe these strengthens will continue leading our success in this industry," Mr. Lau added.

The Hong Kong Public Offering is expected to open at 9:00 a.m. on Monday, 28 June 2021 and is expected to close at 12:00 noon on Friday, 2 July 2021. Allotment results and the Offer Price are expected to be announced or made available on Thursday, 8 July 2021. Dealings in the shares on the Main Board of the SEHK are expected to commence under stock code 2209 at 9:00 a.m. on Friday, 9 July 2021.

WHITE Application Forms and Prospectus can be obtained from UOB Kay Hian (Hong Kong) Limited or any of the designated branches of Bank of China (Hong Kong) Limited; or on-line via the designated HK eIPO White Form Service Provider at www.eipo.com.hk. Applicants can also instruct the Hong Kong Securities Clearing Company Limited to effect their applications by using the YELLOW Application Forms or via electronic instructions.

YesAsia Holdings Limited

Offering Statistics at-a-Glance

Note:

(1) The calculation of market capitalisation is based on the 395,390,790 Shares expected to be in issue immediately upon completion of the Global Offering

Track Record

The following is a summary of the combined results of the Group for the three years ended 31 December 2018, 2019 and 2020