Opera招股书（英文）-2018.6-481页-10mb

Opera Limited Initial Public Offering Summary

Core Content Overview

This document is a preliminary prospectus for the initial public offering (IPO) of American Depositary Shares (ADSs) by Opera Limited, a Cayman Islands-based company. The offering is intended to be listed on the NASDAQ Global Select Market under the symbol "OPRA." The IPO is accompanied by Concurrent Private Placements with major investors such as Bitmain, IDG Capital Fund, and IDG Capital Investors.

Key Information

• Offering Type: Initial Public Offering (IPO) of ADSs
• Company Name: Opera Limited
• Jurisdiction of Incorporation: Cayman Islands
• Listing: NASDAQ Global Select Market ("OPRA")
• Estimated Offering Price: US$115,000,000
• Registration Fee: US$14,317.50
• Underwriters: CICC, Citigroup (alphabetical order)
• Offering Date: As soon as practicable after the effective date of the registration statement
• IPO Price Range: Not fully specified in the text, but mid-point is referenced as a base for calculations
• Underwriting Option: Underwriters may purchase additional ADSs within 30 days of the prospectus date
• Ownership of Chairman: Mr. Yahui Zhou will beneficially own $%$ of the outstanding ordinary shares and have significant control over the company

Main Business and Products

• Opera Browser: One of the world's leading browser providers, with a global user base of 321.7 million average monthly unique users (MAUs) as of March 31, 2018.
  • Mobile Browsers: 264.3 million average MAUs, with 182.0 million smartphone users
  • PC Browsers: 57.4 million average MAUs, available on Windows and macOS
• Opera News: An AI-powered personalized news feed service integrated into browsers and as a standalone app
  • MAUs: 90.2 million in Q1 2018, up from 9.1 million in Q1 2017
  • User Engagement: Average time spent per user on AIRE-enabled browsers reached 32 minutes per day in Q1 2018, up 40.4% from 23 minutes per day in Q1 2017

Revenue and Financial Performance

• 2017 Operating Revenue: US$128.9 million (up 20.1% from 2016)
• 2018 Q1 Operating Revenue: US$39.4 million (up 54.8% from 2017 Q1)
• 2017 Net Income: US$6.1 million
• 2018 Q1 Net Income: US$6.6 million
• Non-IFRS Adjusted Net Income (2017): US$17.8 million
• Non-IFRS Adjusted Net Income (2018 Q1): US$0.8 million

Market Opportunity

• Internet Growth: Expected to grow significantly in underpenetrated regions such as Southeast Asia, South Asia, and Africa
• AI and Personalization: Consumers increasingly demand personalized, interactive, and engaging content experiences
• Digital Advertising Growth: Projected to reach US$376.3 billion by 2021, up from US$247.9 billion in 2017
• Search Advertising: Expected to grow to US$165.2 billion by 2021

Strengths

• Global Brand: Strong brand presence with a large user base
• Innovative Products: Continuous product innovation driving organic growth
• Proven Monetization Model: Revenue from search and advertising partners
• Strategic Partnerships: Wide network of strategic partners
• Visionary Leadership: Global and forward-thinking leadership

Strategies

• User Growth: Continue product innovation to expand user base
• AI-Driven Engagement: Use AI to enhance user engagement and stickiness
• Monetization Expansion: Improve monetization capabilities
• Ecosystem Development: Seek partnerships to enhance content-driven ecosystem

Challenges and Risks

• User Retention: Maintaining or growing user engagement
• Intense Competition: Innovation and product differentiation in a competitive market
• Technology Changes: Rapid changes in mobile and internet technologies
• Global Operations: Managing diverse and expansive international markets
• Profitability: Sustaining future profitability
• Revenue Concentration: Reliance on a small number of business partners
• Regulatory Compliance: Navigating compliance in principal markets and jurisdictions

Corporate Structure and History

• Incorporation: Opera Limited was incorporated in the Cayman Islands in March 2018
• Historical Background: Originally founded as Otello Corporation ASA in Norway in 1995
• Public Listing: Listed on the Oslo stock exchange in 2004 as Opera Software ASA
• Acquisition: Acquired by Kunhoo Software AS in 2016 for US$575.0 million
• Structure: Holding company with principal operations conducted through subsidiaries in Norway, Ireland, Sweden, Poland, the PRC, the United States, India, and the Netherlands

Legal and Regulatory Information

• Emerging Growth Company: Eligible for reduced reporting requirements under the JOBS Act
• Opt Out Decision: Has opted out of the extended transition period for financial reporting standards
• NASDAQ Controlled Company: May be exempt from certain corporate governance requirements, though not intended to rely on such exemptions
• Regulation S Exemption: Concurrent Private Placements are conducted under Regulation S

Distribution and Jurisdiction

• U.S. Jurisdiction Restrictions: The prospectus and related materials are not available for distribution or possession outside the United States
• Dealer Obligations: Dealers may be required to deliver a prospectus until the 25th day after the prospectus date

Conclusion

This document outlines the IPO of Opera Limited, highlighting the company's mission, business model, growth strategies, and financial performance. It also addresses the regulatory environment, corporate structure, and key risks associated with the offering and the company's operations. Investors are advised to review the "Risk Factors" section carefully before making any investment decisions.