GUANGZHOU, China, May 9, 2021 /PRNewswire/ -- On the evening of May 7, local time in Beijing, Onion Global Limited ("Onion Global" or the "Company"), known as the first Chinese dream factory of lifestyle brands, formally went public on the New York Stock Exchange under the ticker symbol "OG", offering 12.5 million American depository shares (ADSs) at a par value up to 11.71 USD/share, achieving a maximum increase of more than 57%.
Onion Global Limited, founded in 2015, is a next-generation lifestyle brand platform that currently works with over 4,000 brands in 43 countries and regions through brand partners and serving as the brands' incubator, marketing and distribution agency in China alongside the development of private label brands. The group owns over 20 private label brands and provides next-generation lifestyle brands to consumers through its online self-operating sales channels, the engagement of KOCs (key opinion consumers), the leveraging of third party e-commerce platforms and the establishment of offline retail experience store.
The Prospectus demonstrates that since its inception in 2015, Onion Global Limited has maintained continuous and high growth in earnings. For 2020, the group booked annual revenue of over 3.8 billion yuan yielding a net profit in excess of 200 million yuan, doubling the net profit in comparison to 2019. Onion Global Limited has constantly gained market recognition for its outstanding brand management performance.
Approximately 50% of the net proceeds from the IPO will be used for the purpose for development of private label brands and brand partnerships; approximately 20% will be used for the purpose for expansion and diversification of marketing and distribution channels; approximately 15% will be used for the purpose for enhancement of technological capabilities; while approximately 15% will be used for the purpose for working capital and other general corporate purposes, including potential strategic investments and acquisitions.
SOURCE Onion Global Limited