Mingchuang Youpin opened the prospectus of Hong Kong stocks?How far can Hong Kong stocks go to the market?

In the new consumer market in China, there is a very famous listed company. This is the famous Chinese version of MUJI. At that time, it was one of the most successful new retail companies in China with the advantages of extreme cost performance to become one of the most successful development of China's global development. Now that Mingchuang Youpin has launched its own listing of Hong Kong stocks again. Many people are asking what to think of the listing of Hong Kong stocks in Name Chuangyou? How far can the famous and innocent products that realize the re -listing of Hong Kong stocks?

I. Famous Chuang Youpin opens the prospectus of Hong Kong stocks?

According to the interface report, the famous and innocent products that have been listed in Nasdaq in the United States have chosen to log in to the capital market again with dual listing models.

On June 30, Mingchuang Youpin, which is planned to be listed on the Hong Kong Stock Exchange, launched a prospectus. It plans to issue 41.1 million shares, including 10%of Hong Kong offering, 90%of international offering, and the highest public offer price per share. Hong Kong dollars are expected to start buying and selling at 9 am on July 13, 2022.

Mingchuang Youpin is expected to raise a total of HK $ 908 million and a net fundraising of 802 million Hong Kong dollars. And cultivation and so on.

Double major listed companies will also have the same listing status of two listed areas at the same time. For example, delisting in one of the listed areas does not affect the listing position in the other listing area. Due to the differences in the logic of asset pricing between different markets, affected by this, the stock prices of the two places after the two major listings are relatively independent. Previously, Zhihu was convenient for the selection of this way in April this year to go public.

Founded in 2013, the famous products, relying on cost -effective products and franchise models, it took 7 years to go public on October 15, 2020 on October 15, 2020.

In terms of finance, the net profit after the adjustment of the fiscal year of the fiscal year in 2019-2021 was RMB 840 million, 930 million, and 480 million, respectively. The three years of accumulated net profit was nearly 2.3 billion yuan. And 5.3%. As of December 31, 2021, as far as the number of countries and regions entered, it has the most extensive global store network in the world's own brand comprehensive retail industry. It has entered about 100 countries and regions around the world. Home store.

From the perspective of overseas markets, as of March 31, 2022, the third fiscal quarter of fiscal year in fiscal year, the total revenue of Famous Chuang Youpin reached 2.34 billion yuan. Among them, domestic revenue was 1.82 billion yuan, an increase of 1.9%year -on -year; overseas operating income was 520 million yuan, an increase of 17.4%year -on -year.

In December 2020, Mingchuang Youpin launched a new brand of TOP TOY. At the same time, Ye Guofu, CEO, Chairman of Mingchuang Youpin, also announced the company's launch of the "X-Strategy", which is intended to achieve diversified operations. Chuangyou has transformed into a new retail platform and incubated more sub -brands. The prospectus quoted Fhstrisana report that TOP TOY reached 374 million yuan in GMV in 2021, ranking seventh in the Chinese trend toy market.

2. How far can Hong Kong stocks go out?

Friends who are familiar with us know that Mingchuang Youpin is a company we have tracked for a long time. As a representative company in China's new consumer market, Mingchuang Youpin has achieved breakthroughs from 0 to 1 with its own extremely cost -effective advantage over the years. And with this advantage, we have achieved the path from China to the world. Today, famous and innocent products will be listed again in Hong Kong stocks. After winning the Hong Kong stock market, what should we think? How far can the famous and innocence go?

First of all, why did Mingchuang Youpin choose to go public in Hong Kong stocks again? Speaking of the re -listing of Hong Kong stocks of Mingchuang Youpin, this logic is actually similar to many Chinese stock companies. With the development of the capital market in recent years, China stock companies are in a relatively embarrassing situation in the U.S. stocks. Under the influence of various policy fluctuations, most of the stock prices of stock companies are often treated in the U.S. stock market. Under the influence of various policy fluctuations, the stock price of most of the stock companies is in a state of continuing downward, and even risk of delisting.

In this context, Chinese stock companies often choose the practice of "not put eggs in a basket". Since 2020, a large number of Chinese stock companies have begun to return. In China, it is undoubtedly the most friendly China stock company, and the listing conditions and the closest to the US stocks are undoubtedly the capital market of Hong Kong stocks. Therefore, returning to Hong Kong stocks has almost become the choice of consistency of Chinese stocks. From Alibaba, Jingdong, Netease, which were familiar with before, to the recent periods of shells, Zhihu, and Weilai Automobile, they were all under this circumstances. Gradually return to Hong Kong stocks. Therefore, the return of Mingchuang Youpin is undoubtedly a choice for the trend under this trend.

At the same time, as a new consumer company, Mingchuang Youpin's own consumer market advantage is quite obvious. It is undoubtedly a market awareness in the prevailing metropolis in Hong Kong. For the US market in the consumer model, the Hong Kong market is undoubtedly more suitable for companies such as famous and innocent products. This is also an important reason for the selection of Hong Kong stocks to list Hong Kong stocks.

Secondly, can the fundamentals of Mingchuang Youpin be recognized by the Hong Kong market? As a mature capital market, the Hong Kong market is not based on the reputation of listed companies, but the real performance of the listed company. Can this famous excellent product be recognized by the Hong Kong market? We might as well look at it from the perspective of value investment: First, although the famous creation is affected by the epidemic, it still maintains a good growth rate. According to the financial report data from Mingchuang Youpin, since it was launched in 2019, although it has been impacted by the epidemic, after a short -term impact, Mingchuang Youpin has maintained a good market growth rate. Since fiscal 2019, since fiscal 2019 , Mingchuang Youpin has continued to make a profit in the last 15 quarters, with a cumulative net profit of nearly 2.8 billion, and earning 188 million per quarter. Although its growth rate is not as fast as it is listed, under the dual effects of base utility and epidemic, it is difficult to maintain such a growth rate among new consumer companies.

Second, the overall profit level of famous and innocent products can satisfy the capital market. We can find out that the financial report data of Mingchuang Youpin has been found in recent years. After the adjustment of the fiscal 2019-2021 fiscal year, the net profit was RMB 840 million, 930 million, and 480 million, respectively. In the same period, net profit margins were 9.0%, 10.4%and 5.3%, respectively. The overall profit level still maintains a good level. Compared with many companies listed in Hong Kong stocks, the profit level of famous and innocent products is also OK.

Third, the anti -risk capabilities of Mingchuang Youpin are worthy of attention. In addition to continuous profitability and sufficient profits, the overall anti-risk ability of famous and innocent products is still quite good. According to the data of the prospectus, the cash flow generated by operating activities in fiscal 2019-2021 is RMB 1.04 billion and 8.3, respectively. 100 million and 920 million, 1.05 billion in the first three quarters of fiscal year in 2022. From the perspective of the capital liability ratio disclosed by the prospectus, only 0.2%at the end of 2021, and the book cash was as high as 5.3 billion. In sufficient cash to help Mingchuang Youpin had the ability to fight against market risks.

Therefore, from the perspective of various financial indicators, famous and innocent products should be recognized to a certain extent by the Hong Kong stock market with their own financial level and business development status.

Third, how far can Mingchuang Youpin go? The previous financial data represents the historical development and market development level of Mingchuang Youpin. The future of Mingchuang Youpin is undoubtedly more worthy of attention. We believe that the future possibility of Mingchuang Youpin is concentrated in the following aspects:

The first is that cost -effective logic is often accurate. Previously, when we analyzed the development of a series of out -of -sea companies such as Chuanyin, Shein, etc., we repeatedly mentioned that cost -effective logic is not only the development advantage of Chinese enterprises itself, but also a one that can be used in the world market with the "Law of Zhenxiang" in the world market. For the current famous and innocent products, although the speed of opening the store's online stores has slowed down, its cost -effective advantage still exists, but in China’s vast sinking market and Asia A large number of third -world countries in non -ruling are undoubtedly difficult to resist for high -quality products with low price. As long as they can give play to this advantage, the advantages of famous products will always exist.

The second is the advantage of martial arts in the world. When we studied Mingchuang Youpin in previous years, we have specially said that the advantages of the SKU of Mingchuang Youpin can rely on short -term large -scale market innovation and design innovation to conquer users with high cost -effective gameplay. The main market of famous and innocent products, generations of generations and Z generations in the world are often pursuing personalization and design. Only products that can continuously grasp the trend of popularity can be recognized by them.

Third, the global expansion logic of the tide market. At the beginning of this year, we have repeatedly discussed the advantages of Chinese tide plays to the sea. With their own design and gameplay, China has become an important participant for China IP to go to sea. They are all pretty good. As long as Mingchuang Youpin can promote these tide plays in the international market, it will undoubtedly help Mingchuang Youpin to further conquer the needs of consumers.

Therefore, there are many opportunities for Mingchuang Youpin. After getting enough funds this time, how to spend this money well became the most critical thing!

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