Financial Associated Press | New Consumption Daily (researcher Liang Youyun) news, with the holiday atmosphere left, the pace of consumer investment and financing in March gradually returned to the right track, and ushered in a small outbreak of investment and financing scale and density.
Based on the data and public information of The Star Mine, a total of 74 investment incidents occurred in March, more than doubling the previous month. According to the announced financing amount, the total financing amount in March was about 8.26 billion yuan, an increase of more than 250% year-on-year. Compared with the 68 financing in January, the amount of 8.1 billion yuan in the investment and financing data in March also showed a clear growth trend.
In terms of the secondary market, the new consumption track in March is also very lively: green tea restaurants pass the Hong Kong stock hearing, or the first Chinese catering listed company in adulthood; mattress brand Mousse shares Shenzhen Stock Exchange meeting; KEEP, Mingchuang Premium, Belle Fashion, Domino's Pizza submitted Hong Kong stock prospectuses; in addition, the long-dormant Baiguoyuan also released news that it is about to submit a Hong Kong stock prospectus...
This month, the traffic dividend of the sales end of the new consumer brands further faded, and the stock prices and profits of the previously listed consumer brands such as Naixue and Dingdong have not performed well for a long time, and the superimposed impact of the epidemic has given the projects in the catering retail and beverage industries no longer the focus of investors' "bets", while smart hardware brands such as VR/AR and smart homes have received great attention.
Overview of investment and financing data
The 74 financing incidents in March 2022 involved more than ten sub-tracks, namely e-commerce, catering and retail, intelligent hardware, local life, alcohol and beverages, beauty and personal care, logistics, sports, etc.
Between different projects, the Matthew effect of financing scale is still obvious, with 18 cases of single financing exceeding 100 million yuan, accounting for 88.53% of the total amount. The top three financing amounts are Nut Projection (Huole Technology) of 1 billion yuan, Zhongdi Dairy 970 million yuan and Rokid (Lingban Technology) of 700 million yuan, and the participating institutions include OPPO, IDG Capital, Youran Animal Husbandry and so on.
In terms of investment institutions, IDG Capital, Sequoia Capital, GGV Jiyuan Capital, CDH VGC, Meihua Venture Capital, Cornerstone Capital and other large and small institutions are active in different subdivisions. However, there are not many enterprise investment and financing this month, only Tencent, Alibaba, Baidu, Xiaohongshu and other companies that have long been concerned about the new consumption track.
Draft: New Consumption Daily Data: Star Mine Data
Among them, a total of 16 financings occurred in the e-commerce track, which is still the focus of attention of all parties, SaaS, digitalization, and cross-border e-commerce accounted for nearly 50%, and the amount of single financing was concentrated between tens of millions of yuan and millions of yuan.
"Shop Secret" and "Tianyi Purchase", which can provide comprehensive services and digital services, have received investment of 631 million yuan and 200 million yuan respectively. The former investment institutions include Tiger Global Fund, GGV Jiyuan Capital, Gaorong Capital, etc.; the latter includes Red shirt Capital, Tencent Venture Capital, hillhouse venture capital.
There were a total of 13 catering retail financing incidents, and chain catering brands still accounted for a large proportion of investment. At the same time, Chinese catering, such as spicy hot, beef noodles, hot pot, etc., is still the main focus of the organization. In addition, Xiaohongshu has quietly invested in the high-end prefabricated meat brand "Benwei Fresh Food" for the second time this month, and continues to be optimistic about the prefabricated vegetable market.
In the field of smart hardware, in addition to the nut projection that received 1 billion yuan of financing, most of the other VR/AR developers have received financing ranging from 100 million yuan to 700 million yuan. However, at present, VR/AR developers are still in the stage of engine technology and optical solution development and exploration, and there is still a certain distance from mature and epoch-making ToC products.
In addition, the wine and beverage track no longer sees the figure of sparkling water, coffee, yogurt has become the theme of this month, and they are all brands with high price positioning for high-end consumer groups.
Due to the impact of the epidemic, the enthusiasm for outdoor sports and tide play declined rapidly in March, while the attention of home fitness increased, and new models such as intelligent fitness and virtual human interactive fitness emerged.
Under the influence of many uncertainties, the primary market focuses on the early layout of the track.
The data shows that the proportion of strategic investment and seed round increased significantly reached 14% and 7% respectively, and its proportion with angel round, Pre-A round and A round added up to 70%. With the exception of nut projection for the Pre-IPO round, there were no post-B round financing projects this month.
Review of hot events
There were not many key financing events in the primary market in March.
As a high-end projector brand, Nut Projection has entered the Pre-IPO round to attract the attention of all parties, the brand is the second place in the domestic intelligent projector market share, and Jimi Technology, which has the first market share in 2021, has successfully achieved listing.
Before this round, Nut Projection has experienced 9 rounds of financing, and there are many participating institutions such as Songhe Capital, Junsheng Investment, Alibaba, and Rock Capital. However, its founder said in an interview that he intends to go public, but did not announce a timetable.
On March 30, Nreal announced in a high-profile manner that it had received $60 million (about 381 million yuan) from Alibaba's lead. Previously, Alibaba had said it would launch augmented reality glasses for virtual meetings in 2022, which may be based on Nreal, which has already launched several augmented reality glasses.
Nreal's products can overlay enhanced digital images on the real world, allowing users to experience gaming and movie apps based on this. Related products have been sold well in Korea, Japan, the United States and other places.
Since ByteDance acquired Pico, the developer of VR headsets, and gradually made the VR business one of the priorities for future development, the progress of the "meta-universe" business between Internet giants has always attracted much attention. As the global sales of Pico series products in 2021 far exceed expectations, there are media reports that the company has raised its sales target for 2022 and is expected to reach about one million units.
With the advancement of technology, the China Academy of Information and Communications Technology predicts that the global VR/AR industry will grow at an average annual rate of 54% from 2020 to 2024, of which VR will grow by about 45%, AR will grow by about 66%, and the market share of VR and AR will be 240 billion yuan in 2024.
Whether it's AR glasses or VR headsets, the giants' competition for consumer-grade smart hardware seems to be just beginning.
New consumer secondary market dynamics
In terms of the secondary market, the new consumption track in March is also very lively. In particular, Hong Kong stocks have ushered in a boom in domestic companies to submit prospectuses.
Draft: New Consumption Daily Data: Star Mine Data, THE OFFICIAL WEBSITE OF THE HONG KONG STOCK EXCHANGE
Specifically, after two updates to the prospectus, Green Tea Restaurant finally passed the hearing of the Hong Kong Stock Exchange as desired, and will soon be officially Hong Kong stocks. The prospectus shows that despite the impact of the epidemic on offline stores, the company's revenue and profit have achieved positive growth, and will steadily promote its future store expansion plan.
If there are no accidents, Green Tea Restaurant will also become one of the first Chinese catering brands to go public in 2022.
Also hoping to be listed on Hong Kong stocks include KEEP, Minchuang Premium, Belle Fashion, Domino's Pizza, Laowang, Zi Mu And so on.
At the end of February, KEEP, as the largest online fitness APP in China, had received a total of 8 rounds of financing of nearly 4 billion yuan before submitting the prospectus, and there were many participating institutions such as Jiyuan Capital, Tencent Investment, Goldman Sachs and even SoftBank.
The prospectus shows that KEEP still needs to burn money to expand and it is difficult to turn around in the short term, but if it can be successfully listed, it may improve some of its financial pressure. It is reported that in 2022, KEEP will also develop offline fitness course business.
Mingchuang Premium has previously been listed on the US stock market, and the brand has more than 5,000 stores worldwide and a quarterly net profit of 210 million yuan. According to The Recent Response to the Media, due to the potential delisting risk in the United States and in order to increase the liquidity of the stock, it chose to try to go to Hong Kong for a second listing.
Belle Fashion, which is controlled by Hillhouse, will also re-list on the Hong Kong Stock Exchange after four years of privatization and delisting. The financial report shows that the number of Belle fashion stores as an offline women's shoe brand dropped to 9153, a reduction of more than half, but fortunately, the financial report shows that the company's net profit increase is more obvious.
Domino's China, which specializes in pizza business, and Hotpot brand Laowang also submitted prospectuses this month.
From the data point of view, Domino's revenue of 25 years of deep cultivation in the Chinese market and 485 stores will be 1.611 billion yuan in 2021, which is slightly higher than the 12-year-old Laowang who has only 138 stores. However, from the perspective of profit performance, The King of Fishing, which mainly relies on store dine-in to generate revenue, has achieved positive profitability from 2019 to 2021, while Domino's, which mainly relies on the takeaway business, has accumulated a net loss of more than 900 million yuan in the past 3 years.
In addition, Simu co., Ltd. is mainly engaged in offline mattress sales business; Xinhuike is a supplier of intelligent control systems for Midea, Suber, Philips, and the boss takes you; Aoya Group is a domestic milk farm operator, mainly supplying domestic well-known beverage brands such as Mengniu, Guangming, Yuanqi Forest, Junlebao; GFT International is the largest manufacturer of plastic metal toys in Vietnam; Shuangcaizhuang is a Malaysian food distributor, and the distribution brands include Oreo, Adisin, etc.
In addition, baiguoyuan, which has been dormant for a long time, has also released news that it will soon submit a Hong Kong stock prospectus, or it will impact the first stock of the fruit chain.