Lei Jianping on April 15
Sichuan Baicha Baidao Industrial Co., Ltd. (hereinafter referred to as "Chabaidao", stock code: "02555") today kicked off a roadshow in preparation for listing on the Hong Kong Stock Exchange on April 23, 2024.
The issue price is HK$17.5, and 148 million shares are issued, raising a total of HK$2.59 billion, making it the largest new stock so far in 2024.
Based on the transfer of 10% of the stock price, Chabaidao values itself at HK$25.9 billion.
Gu Jilin, co-founder of Chabaidao, said that despite the current weak market conditions, after careful consideration, he believes that now is the "perfect moment" for listing, which will help the company's long-term development and maximize shareholder benefits.
At present, Mixue Bingcheng, Gu Ming Holdings, and Shanghai Auntie have also submitted prospectuses to the Hong Kong Stock Exchange to prepare for listing in Hong Kong.
Annual revenue of 5.7 billion There are 7,921 franchise stores
In 2008, the first tea Baidao was born in Chengdu, and it also has Ka Furui Industry, Shu Wei Tea Yun, Senmian New Materials, Shu Xin Anhe, Shu Xin Zhiyuan, Shu Xin Zhiyuan, Tea Baidao Training, Shu Xin Cloud Tea, Tea Baidao E-commerce and other companies. In 2023, the brand of Tea Baidao will be upgraded, including the brand IP "Chacha".
During the Track Record Period, the revenue sources of Cha Baidao were three parts:
1. Sell goods and equipment, sell dairy products, tea and fruits and other tea materials and ingredients, as well as packaging materials and store equipment to tea Baidao franchise stores;
2. Royalty and franchise fee income, including non-refundable initial fees, royalty income and pre-opening training service fees;
3. Other revenues mainly come from the design services of Chabaidao stores, the online operation and management services of takeaway platforms, and the income of Chabaidao directly-operated stores.
As at 31 December 2021, 2022 and 2023 and the latest practicable date, there were 5,070, 6,352, 7,795 and 7,921 franchised stores in the Chabaidao store network, respectively, accounting for more than 99% of the total number of Chabaidao stores in operation as of the relevant dates.
According to the prospectus, the revenue of Chabaidao in 2021, 2022 and 2023 will be 3.644 billion, 4.232 billion and 5.7 billion yuan respectively, and the gross profit will be 1.3 billion, 1.456 billion yuan and 1.964 billion yuan respectively.
The profit of Chabaidao in 2021, 2022 and 2023 will be 779 million yuan, 965 million yuan and 1.151 billion yuan respectively, and the profit margin during the year will be 21.4%, 22.8% and 20.2% respectively.
The adjusted profit of Chabaidao in 2021, 2022, and 2023 will be 900 million yuan, 967 million yuan, and 1.258 billion yuan, respectively.
As of December 31, 2023, Chabaidao had cash and cash equivalents of $716 million.
Tea Baidao declared dividends of RMB379 million (RMB3.79 per share) and RMB600 million (RMB6 per share) for the years ended 31 December 2021 and 31 December 2022 respectively, which were paid in full as at 31 December 2021 and 31 December 2022.
Cha Bai Dao declared a dividend of $493 million ($4.93 per share) for the three months ended 31 March 2023, which has been paid in full.
Valued at 17.6 billion
On May 22, 2023, Chabaidao, Hengsheng Herui, Wang Xiaokun, Tower Quality Limited (Tower Quality), Shanghai Tanying Investment Partnership (Limited Partnership) (Zhengxin Valley Tanying), Suzhou Yuexiang Equity Investment Partnership (Limited Partnership) (Suzhou Yuexiang), Chengdu Xinjin Shengwang Jiaozi New Consumer Equity Investment Fund Partnership (Limited Partnership) (Xinjin Shengwang), Nanjing Yellow Tomato Equity Investment Partnership (Limited Partnership) entered into a capital increase agreement, pursuant to which Tower Quality, Zhengxin Gu Tanying, Suzhou Yuexiang, Xinjin Shengwang and Yellow Tomato Limited Partnership respectively subscribed to the new registered capital of the Company at cash considerations of RMB 800 million, RMB 30 million, RMB 40 million, RMB 5,000 and RMB 30 million respectively.
On June 19, 2023, Chabaidao, Hengsheng Herui, Wang Xiaokun and CICC Tongfu (Quanzhou) Consumer Industry Venture Capital Fund Partnership (Limited Partnership) ("CICC Tongfu") entered into a capital increase agreement, pursuant to which CICC Tongfu subscribed to the company's new registered capital at a cash consideration of RMB 20 million.
Chabaidao received a total of 970 million yuan in financing this time, with a cost of 13.2 yuan per share.
Among them, Tower Quality holds 4.5573% of the shares, Zhengxin Gu Tanying holds 0.1709%, Suzhou Yuexiang holds 0.2279%, Xinjin Shengwang of New Hope holds 0.2848% of the shares, Xiamen Microlight Qichuang's Yellow Tomato Limited Partnership holds 0.1709% of the shares, and CICC Tongfu holds 0.1139% of the shares.
Based on this calculation, the valuation of Tea Baidao is 17.6 billion yuan.
Before the IPO, Hengsheng Herui held 67.6758% of the shares, Wang Xiaokun held 18.0167% of the shares, Ms. Liu Weihong held 5.7449% of the shares, Tongchuang Gongjin held 0.4802% of the shares, Ms. Dali held 1.3163% of the shares, Wang Hongxue held 0.6395% of the shares, Ms. Gu Jilin held 0.3759% of the shares, and Chen Keyuan held 0.2250% of the shares.
Hengsheng Herui is 84.888% owned by (i) Chengdu Jinbaisen (100% owned by Wang Xiaokun and Ms. Liu Weihong), 7.78% by Ms. Dali through her wholly-owned subsidiary, Chengdu Jingchen Enterprise Management Co., Ltd., and (iii) 3.78% by Wang Hongxue through her wholly-owned subsidiary, Chengdu Lirong Jinsheng Enterprise Management Co., Ltd.;
Ms. Gu Jilin holds a 2.222% interest through her wholly-owned subsidiary, Sichuan Yongrunlin Enterprise Management Consulting Co., Ltd., and Chen Keyuan holds a 1.33% interest through her wholly-owned subsidiary, Chengdu Lianlin Enterprise Management Co., Ltd. Together with Ms. Liu Weihong, Chengdu Jinbaisen and Hengsheng Herui, together with Ms. Liu Weihong, Chengdu Jinbaisen and Hengsheng Herui, are regarded as a group of controlling shareholders.
After the IPO, Hengsheng Herui held 60.9082% of the shares, Wang Xiaokun held 16.215% of the shares, Ms. Liu Weihong held 5.1704% of the shares, and Tongchuang Gongjin held 0.4322% of the shares;
Ms. Dali holds 1.1847%, Wang Hongxue holds 0.5756%, Ms. Gu Jilin holds 0.3383%, and Chen Keyuan holds 0.2025%.
Tower Quality holds 4.1016%, Zhengxin Gu Tanying holds 0.1538%, Suzhou Yuexiang holds 0.2051%, New Hope's Xinjin Shengwang holds 0.2563%, Xiamen Microlight Qichuang's Yellow Tomato Limited Partnership holds 0.1538%, and CICC Tongfu holds 0.1025%.
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