The renamed Hong Kong stocks are near the market, and the top to toy business is to respond to market concerns

After submitting a prospectus to the Hong Kong Stock Exchange for nearly three months, Nasdaq has been listed in Nasdaq in the United States for less than two years. According to media reports, the Mingyin Youpin in the hearing was launched on the week of June 27, and the Hong Kong Stock Exchange was launched on the week of the week, and it was planned to raise about 100 million US dollars.

According to market news, Mingchuang Youpin had previously responded that the company's double listing went to the Hong Kong Stock Exchange to actively respond to the potential delisting risk in the United States while improving the current stock liquidity.

The Red Star Capital Bureau verified the name and excellent product on the above news.

It can be determined that the use of the listing of well -being listed on the Hong Kong Stock Exchange. According to its prospectus, the raising funds will be used for store network expansion and upgrading, supply chain improvement and product development, enhance technical capabilities, continue to invest in brand promotion and cultivation, and business or assets that may acquire or invest in complementary business.

In February 2022, Shanghai, famous and innocent. Picture according to visual China

Why choose dual main listing

Like most Chinese stocks, Mingchuang Youpin also chose a dual major listing model this time.

On October 15, 2020, Mingchuang Youpin was listed on Nasdaq at $ 20 per share at a price of $ 608 million. At the end of 2020, the highest stock price of Mingchuang Youpin reached 37 US dollars per share, but it has fallen all the way. As of June 24, Eastern Time, the closing of US $ 8.77/share, the company's total market value was about 2.687 billion U.S. dollars.

The trend of the stock price of Mingchuang Youpin (weekly K line)

This time returning to the listing of Hong Kong stocks, the two major listing of famous Chuangyou's choice refers to the same listing status of the same company on the stock exchange of the two places. Affects the listing status of another listing place.

Compared with the simplified second listing model, the two major listings are not listed in the two places. It is not the same batch of stocks in the two places.

In view of the relatively independent stock prices of the two places after the two major listings, this model has become a popular choice for recent Chinese stocks to return to Hong Kong stocks, including Zhihu (03390.HK; zh.us), ideal car (02015.HK; Li.us; Li.us )Wait.

A capital market analyst who focuses on the consumer industry told the Red Star Capital Bureau that although Mingchuang Youpin has not yet been included in the pre -delivery list of the US Securities and Exchange Commission, after the performance of the second half of 2022, its pre -delivery of U.S. stocks was delivered to The probability is higher. The listing of Hong Kong stocks is mainly to fight the risk of delisting and retain financing channels.

Increasing income and increasing expansion pressure

In addition to the risks of pre -delivery, the current stock price of Mingchuang Youpin has been cut compared to the $ 20/share issuance price. Corresponding to the stock price, the cumulative losses of famous and innocent products are the cumulative losses.

The prospectus submitted to the Hong Kong Stock Exchange shows that as of 2019, 2020, and June 30, 2021, the revenue of Name Chuang Youpin was RMB 9.395 billion, 8.979 billion yuan and 9.072 billion yuan. In the same period, net profit was 294 million yuan, 260 million yuan, and 1.429 billion yuan in losses. In the second half of 2021, Mingchuang Youpin turned his losses, but the cumulative losses still exceeded 1.6 billion yuan.

Mingchuang Youpin is also under pressure to increase income and increasing income. According to the financial report, the revenue of Mingchuang Youpin in the third quarter of fiscal year was 2.34 billion yuan, a year -on -year increase of 5%; the adjustment of net profit after adjustment was 110.7 billion yuan, a year -on -year decrease of 25.7%.

The prospectus shows that Mingchuang Youpin is a global retailer with a high -speed growth, providing rich and diverse creative home life products. The prospectus quoted the Ferris Sansae report that in 2021, the famous GMV (total commodity transaction) was about 18 billion yuan, becoming the world's largest brand of home -living home furnishing retailers.

However, behind the high -speed growth, the market saturation and expansion space is the common hidden concern for the market.

TOP TOY TOP TOY sales reached 374 million yuan last year

For market concerns, the answer to Mingchuang Youpin is to go public in Hong Kong.

TOP TOY is a new brand launched in December 2020. As a trendy toy collection store, the aforementioned report was quoted, Top Toy's GMV of Top Toy reached 374 million yuan in 2021. It ranked among the top three of the Chinese trendy toy market with brand offline stores as its main GMV sources.

TOP TOY stores incubated by Mingchuang Youpin

As a comparison, it is a trendy toy company listed on the Hong Kong Stock Exchange in 2020 Mart (09992.HK), which has a net funding of HK $ 5.03 billion. The prospectus shows that as of June 30, 2020, the sales of Bubble Mart include 136 retail stores and 1001 robotics stores. The total revenue of Bubble Mart in 2019 was 1.683 billion yuan, about 4.5 times the TOP TOY 2021 GMV.

TOP TOY is not the first brand of Nutcho's incubation.In 2018, Mingchuang Youpin launched home clothing brand NOME and furniture home brand Mini Home.In May of the following year, both brands were cut off.After listing in Nasdaq in 2020, Mingchuang Youpin proposed the "X strategy": X represents all possibilities to encourage team innovation.TOP TOY, as the most representative X factor, is brought back to the market by Mingchuang Youpin.

Red Star reporter Yu Yao Intern reporter Cheng Luyang Liu Yi

Editor Ren Zhijiang

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