Yoho Group is Beyond Ventures’ Fourth IPO from its Fund I Portfolio
HONG KONG, June 10, 2022 /PRNewswire/ — Hong Kong-based venture capital firm Beyond Ventures is pleased to announce that its portfolio company, Yoho Group (Stock code: 2347.HK), a first mover and one of the leading market players in the Hong Kong’s B2C e-commerce industry, today debuted on the Main Board of the Stock Exchange of Hong Kong.
Yoho Group is Hong Kong’s No. 1 e-commerce platform for consumer electronics and home appliances in terms of website traffic and online retail sales in FY20/21 and had a market share of approximately 5.6%, according to the Frost & Sullivan Report.
In just three years Yoho Group has quadrupled sales revenues, from HK$135m in FY18/19 to HK$523m in FY20/21 and HK$497m in the first eight months of FY21/22. Adjusted net profits grew from HK$13m in FY18/19 to nearly HK$28.7m in FY20/21.
Beyond Ventures and the HKSAR Government’s Innovation and Technology Venture Fund (ITVF) were Yoho Group’s first investors and Yoho Group was the first of a number of subsequent co-investments by Beyond Ventures and ITVF.
Lap Man, Co-founder and Managing Partner of Beyond Ventures, said, “We are delighted that Yoho Group has become the fourth IPO from our Fund 1 portfolio and have every confidence that the company will become the largest e-commerce platform in Hong Kong over the next three to five years. We also believe that Yoho Group will become one of the leading players in Hong Kong’s retail industry overall.”
He continued, “Yoho Group’s zero to one is a great reference model for other Hong Kong entrepreneurs. It has not only succeeded in a highly competitive market through operational efficiency and a clear industrial vision, but unlike so many other businesses in this space, Yoho Group has been profitable from day one as they did not employ the common subsidy strategy for market share. Franz and his team have created a truly unique e-commerce model for the Hong Kong market.”
Franz Wu, Co-founder, Chairman & CEO of Yoho Group, said, “Prior to 2020 no one in Hong Kong really believed in e-commerce, but Beyond Ventures and ITVF had the vision to back us, becoming the only two investors in our Series A fundraising. Their investment is not just capital, but rather a strong vote of “YES” to our business model, which makes us more confident to expand the business and generates the exponential growth we have achieved in the past three years, and undoubtedly paved the way to our successful IPO. We are excited about the significant further growth opportunities which we see ahead.”
As a Hong Kong-based venture capital firm, Beyond Ventures also supports Hong Kong founders, even if they only focus on the Hong Kong market, which most other VCs rarely do. Yoho Group’s IPO is another great success after Uber’s acquisition of HKTaxi in 2021, demonstrating that supporting local founders for the local market can be both profitable and bring benefits to the community.
About Beyond Ventures
Co-founded by Lap Man and Marvin Hung, Beyond Ventures is a Hong Kong-based venture capital firm. Started in 2017, Beyond Ventures is recognised for the support it gained from well-known Hong Kong conglomerates including Hop Hing Group, Far East Consortium, Chinney Alliance Group and Chinachem Group, as well as leading private equity firms Hony Capital and GAW Capital and Hong Kong VC firm eGarden.
The name “Beyond Ventures” originates from the popular rock-and-roll band Beyond, which emerged in early 1990s Hong Kong. We aspire to revitalize and transform the city’s innovation ecosystem by being Hong Kong’s most impactful venture capital firm. By uniting venture capital experts and local conglomerates with visionary entrepreneurs, we provide startups with the capital and guidance they need to thrive.
Beyond Ventures’ portfolio companies include SenseTime, Smartsens, Prenetics, Yoho, HKTaxi and more.
Please visit www.beyondventures.hk for more information.
About Yoho Group Holdings Limited
Yoho Group Holdings Limited is a first mover and one of the leading market players in the business-to-consumer (B2C) e-commerce industry in Hong Kong, adopting an online-merge-offline (OMO) business model. According to the Frost & Sullivan Report, the Group ranked first as an e-commerce platform with a primary focus on Consumer Electronics and Home Appliances in Hong Kong in terms of website traffic, and recorded the highest online retail sales of Consumer Electronics and Home Appliances among all Hong Kong e-commerce platforms with a market share of approximately 5.6%, for FY20/21.
SOURCE Beyond Ventures