Lei Jianping on January 3
Gu Ming Holdings Limited ("Gu Ming Holdings") has submitted a prospectus to be listed on the Hong Kong Stock Exchange.
Gu Ming Holdings currently has a revenue of 5.559 billion yuan in 9 months, with 9,001 stores, and on the same day, Mixue Bingcheng also sprinted to the Hong Kong Stock Exchange, with a revenue of 15.4 billion yuan in 9 months and more than 36,000 stores.
On the whole, the revenue of Mixue Bingcheng is 3 times that of Gu Ming Holdings, and the store size is 4 times that of Gu Ming Holdings.
It has 9,001 stores and a 9-month revenue of 5.559 billion
Gu Ming Holdings is a ready-to-make beverage company, committed to providing consumers with fresh, delicious, consistent and affordable high-quality products.
Gu Ming Holdings' "Gu Ming" stores focus on the mass freshly made tea market, focusing on three types of beverages: fruit tea drinks, milk tea drinks, coffee drinks and others. Gu Ming Holdings' fruit tea drinks are made from tea and a variety of fresh fruits, including a variety of fruits with a short shelf life, with a fresh taste. Gu Ming Holdings' milk tea drinks have a smooth milky aroma and can be paired with pearls and/or a range of other ingredients.
Ancient Tea Holdings also offers coffee beverages in its stores, including traditional coffee drinks, innovative drinks that combine coffee with tea or fresh fruit, and other products such as yogurt shakes, pure tea, bakery products and branded derivatives. During the Track Record Period, the prices of Gu Ming Holdings' products remained relatively stable, usually between $10 and $18.
As of December 31, 2023, Gu Ming Holdings' store network totaled 9,001 stores, an increase of 35% from December 31, 2022.
According to the prospectus, the revenue of Guming Holdings in 2021 and 2022 will be 4.384 billion yuan and 5.559 billion yuan respectively, the gross profit will be 1.314 billion yuan and 1.563 billion yuan respectively, the operating profit will be 981 million yuan and 1.045 billion yuan respectively, and the profit during the period will be 23.99 million yuan and 372 million yuan respectively.
The adjusted net profit of Guming Holdings in 2021 and 2022 was 770 million yuan and 788 million yuan, respectively, and the adjusted profit of Guming Holdings in the first nine months of 2023 was 1.045 billion yuan, compared with 600 million yuan in the same period last year.
As of September 30, 2023, the cash and cash equivalents held by Guming Holdings were 1.857 billion yuan.
Dragon Ball & Sequoia are shareholders
The executive directors of Guming Holdings are Wang Yunan, Qi Xia, Ruan Xiudi, Ms. Jin Yayu and Cai Yunjiang, the non-executive directors are Huang Yaoxin, and the independent non-executive directors are Luo Weijie, Ms. Zheng Xiaodong and Li Jianbo.
In 2020, Gu Ming Holdings conducted a round of fundraising, with a total amount of 674 million yuan, and investors included Meituan's Dragon Ball, Coatue 34, and Sequoia, of which Longzhu and Cougue cost 2.33 yuan per share, Sequoia 2.4 yuan per share, and Abbeay Street 2.2 yuan per share.
On 27 June 2020, Wong Wan On, Qi Xia, Ruan Xiu Di, Ms. Poon (and other related companies) entered into a concert agreement whereby as at the Latest Practicable Date, the parties to the concert arrangement controlled a total of 1,728,260,872 shares, representing approximately 79.5% of the issued shares of Gu Ming Holdings.
Among them, Wang Yunan holds 43.21% of the shares, Qi Xia holds 19.78% of the shares, Ruan Xiudi holds 13.74% of the shares, Ms. Pan Pingping holds 2.76% of the shares, Thriving Leafbuds holds 3.87% of the shares, and Nascent Sprouts holds 3.43% of the shares.
In addition, Dragon Ball holds 8%, Sequoia 4%, Coatue 34 1%, and Abbeay Street 0.2%.
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