Can the "National Snacks" of the Hong Kong Stock Exchange "snacks" Wei Long like this?

Wei Long, known as the "national snack", once again embarked on the road to seeking Hong Kong stocks.

On the evening of June 27, according to the Hong Kong Stock Exchange, Weilong Delicious Global Holdings Co., Ltd. (hereinafter referred to as "Weilong") passed the Hong Kong Stock Exchange listed hearing. The company's listed sponsor is Morgan Stanley, CICC and UBS Group.

It is worth mentioning that on May 12, 2021, Wei Long submitted a prospectus to the Hong Kong Stock Exchange for the first time. On November 12 of the same year, the company submitted an application for listing Hong Kong stocks again on the day when the listing materials were about to fail. It is the third time that the company has shocked listing. Can Wei Long eventually pay for it?

I have submitted a listing application twice before

In 1999, Wei Long was founded in Henan and has gone through more than 20 years of development. Now it has become a highly well -known snack brand.

In the fame, Wei Long's performance is also eye -catching. From 2019 to 2021, the company's total revenue was 3.385 billion yuan, 4.12 billion yuan, and 4.8 billion yuan, respectively; net profit at the same time was 658 million yuan, 819 million yuan, and 827 million yuan; the net cash generated by operating activities was 7.50, respectively. 100 million yuan, 706 million yuan and 889 million yuan.

Nowadays, with the expansion of scale, the company also has new considerations for future development. The content of the prospectus shows that the purpose of Wei Long's fundraising funds includes upgrading the production facilities and supply chain systems to improve the company's production capacity, warehousing management and product quality; to invest or acquire companies that have synergistic role in the company's business; further expand the expansion Sales and distribution networks; for R & D activities and enhance research and development capabilities; promote the intellectual construction of business digital.

But compared with the success of brand promotion, Wei Long's listing process can be described as bumpy.

In May 2021, Wei Long completed the Pre-IPO round of financing. At that time, it was favored by many star investment institutions. It is reported that this round of financing was jointly led by CPE Yuanfeng and Gaozhang Capital, and the red shirts and Tencent followed the investment.

Since then, Wei Long has twice impacting that the listing of Hong Kong stocks has not been available, and the prospectus has failed due to the failure to be approved.

"The current Hong Kong stock market is not uncommon due to overdue failure." Jiang Han, a senior researcher at Pangu Think Tank, told the Securities Daily that "the listing of Hong Kong stocks is relatively easy and flexible. . In the recent period, companies that involve the prospectus invalidation are not only Wei Long's family. The failure of listing is not equal to the failure of listing. There is no direct relationship between the two. "

60 % income comes from spicy strips

Public information shows that Wei Long's main products are divided into three categories, namely seasonal products, vegetable products, soy products and other products. The most well -known categories are seasoning noodles, namely the high -profile Wei Long spicy bar.

Data show that Wei Long's seasonings have increased from 2.475 billion yuan in 2019 to 2.690 billion yuan in 2020, and further increased to 2.918 billion yuan in 2021. As of the end of 2021, the operating income brought by the seasonings of seasoning still accounted for 60.8%of the company's total operating income.

In addition, according to the prospectus, Weilong customers are mainly online and offline dealers, and the company has a higher dependence on offline dealers. From 2019 to 2021, 92.6%, 90.7%, and 88.5%of the company's revenue came from offline dealers. As of December 31, 2021, the company cooperated with more than 1900 offline dealers. About 690,000 retail terminals.

"Single is the biggest problem of the company at present." Chinese food industry analyst Zhu Danpeng said in an interview with the Securities Daily reporter, "It can be summarized as a single category, single channels, single scenes, single customers and models. Below, the capital market's attention and pursuit of Weilong are difficult to meet expectations. In the future, the company can break through by taking the 'Five Strategy', that is, multi -brand, multi -product, multi -scenario, multi -channel and multi -consumer groups. Under the strategic 'layout, it is expected to increase the favor of capital to the company. "

At present, Wei Long has realized the risks contained in a single product. In recent years, the company's diversification trend has been obvious, the proportion of seasonings of seasoning products has continued to decline, and the proportion of vegetable products income has gradually increased. Data show that the income ratio of Weilong seasoning products decreased from 73.1%in 2019 to 60.8%in 2021, and the income of vegetable products increased from 19.6%in 2019 to 34.7%in 2021.

"It is not easy to have such a very strong item. This is also a very strong 'hematopoietic point'. The company is currently gradually expanding the product. Strong channel tension and new categories are superimposed in the back. The difficulty is not too difficult. "Liu Chang, chief analyst of Founder Securities Food and Beverage, told the Securities Daily reporter.

(Editor in charge: Peng Yanzhang)

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