IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

In 2008, we launched our first ChaPanda store in Chengdu. Since establishment, we have been dedicated to exploring combinations of natural ingredients with Chinese tea. We have been continuously developing diversified tea drink products and focusing on enhancing consumer experience. During the Track Record Period, our product portfolio includes classic tea drinks typically available throughout the year, and seasonal tea drinks and regional tea drinks only sold in limited time periods or certain regions. Through a franchise model that benefits our franchisees and ourselves, we have grown to be an established freshly-made tea drink company in China. Under the franchise model, we partner with qualified franchisees by participating in business planning and location selection, offering in-depth training and providing raw materials, equipment and services. Our franchisees primarily focus on the day-to-day operation and maintenance of their stores, on-site staff management and customer service. During the Track Record Period, we generated our revenue from (i) sale of goods and equipment to franchisees, (ii) royalty and franchising income from franchisees and (iii) other revenue. According to Frost & Sullivan, we ranked third in China’s freshly-made tea shop market in terms of retail sales value in 2023 with a market share of 6.8%. As of the Latest Practicable Date, the ChaPanda store network in China comprised 7,927 stores, spanning across 31 provinces and municipalities, covering all provinces and different tiers of cities in China. In 2023, the total retail sales value of ChaPanda stores reached approximately RMB16.9 billion. With the increase in consumer spending, people’s beverage preferences are evolving to encompass various dimensions. In the meantime, the rapid evolution of 5G networks and emerging technologies in China have enabled and driven the significant development of freshly-made tea shops in the key aspect of their business operation. For example, leveraging big data analytics, freshly-made tea shops optimize location planning and marketing strategies, targeting high-traffic areas and engaging consumers through diverse digital campaigns. Additionally, freshly-made tea shops leverage the convenience of online delivery services to reach a broader consumer base, enhancing accessibility and driving demand for freshly-made tea drinks. Benefiting from the foregoing factors, the freshly-made tea shop market in China has developed rapidly. According to Frost & Sullivan, the CAGR of China’s freshly-made tea shop market was 25.2% from 2018 to 2023, significantly higher than the CAGR of China’s soft beverage market of 4.4% for the same period. China’s freshly-made tea shop market is also expected to have great growth potential in the coming years, with an estimated CAGR of 15.4% from 2024 to 2028. Our rapid development is attributed to our dedication to product offering, consumer service and franchisee empowerment. For products, we are dedicated to ensuring the quality of our tea drinks by selecting our suppliers and raw materials through a strict process. We strive to offer in-store service, food safety control and brand promotion that meet our consumers’ demand. For franchisees, we conduct prudent screening process and deliver to our franchisees meticulous management and continuous empowerment. With ongoing supporting measures, we cultivate them into our long-term business partners. During the Track Record Period, we achieved strong financial growth. Our revenue increased by 16.1% from RMB3,644.2 million in 2021 to RMB4,231.7 million in 2022, and further increased by 34.8% to RMB5,704.3 million in 2023. From 2021 to 2023, the CAGR for our net profit reached 21.6%. BRAND AND PRODUCTS As symbolized by our brand IP, “ChaCha,” we are dedicated to balancing tea flavor and fruit freshness. We provide a wide selection of fruit tea drinks to consumers, especially the young generations who value quality tea drinks. Our dedication to product quality and product development has allowed ChaPanda to become a leading player in the industry with a broad base of consumers. Our product portfolio includes a wide range of classic tea drinks, seasonal tea drinks and regional tea drinks. In ChaPanda stores, our classic tea drinks are typically available throughout the year, whereas seasonal tea drinks and regional tea drinks are only sold in limited time periods or certain regions, primarily depending on accessibility of relevant seasonal fruits or local specialty fruits, consumer acceptance and sales and marketing considerations. During the Track Record Period, we generated our revenue from the following sources: ‧ sale of goods and equipment, where we sold to franchised ChaPanda stores materials and ingredients for the production of tea drinks, such as dairy products, tea leaves and fruits, as well as packaging materials and store equipment. We also sell packaging materials to third-party purchasers that are manufactured by Senmian New Materials, such as biodegradable straws and cups; ‧ royalty and franchising income, consisting of non-refundable upfront initial fees, royalty income and pre-opening training service fees; and ‧ other revenue, which were mainly derived from (i) our design services in relation to ChaPanda stores, (ii) our online operation and management services in relation to the collaboration with third-party online delivery platforms and (iii) incomes from our self-operated ChaPanda stores. Source: Chabaidao (02555) Prospectus (IPO Date : 2024/04/15)
Listing Market	MAIN
Industry	Beverages (Non-alcoholic)
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Wang Xiaokun & Family (Total share: 82.73%); (H share: 82.73%)
Directors	Wang Xiaokun (Chairman and Executive Director) Wang Hongxue (General Manager and Executive Director) Dai Li (Deputy General Manager and Executive Director) Chen Keyuan (Executive Director) Chen Da (Non-Executive Director) Cheng Li (Independent Non-Executive Director) Tang Yong (Independent Non-Executive Director) Yeung Chi Tat (Independent Non-Executive Director)
Company Secretary	Lee Chung Shing Xue Zenghui
Principal Bankers	Construction Bank of China
Solicitors	Jingtian & Gongcheng Law Firm Davis Polk & Wardwell
Auditors	Deloitte Touche Tohmatsu
Registered Office	46th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	https://www.chabaidao.com/
Email Address	hegui@chabaidao.com
Tel No	(86 4000) 515-777
Fax No

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