"Failure" of the prospectus of Laowang: Laowang made its first dash for listing in Hong Kong, and the turnover rate continued to decline

3 month 1 Japan , Bedouin finance learned from the Hong Kong stock exchange that , Cantonese hotpot chain store —— Lao Wang LAOWANG HOLDING LIMITE（ Its full name is “ Laowang pot food ”） Your listing application materials have expired . It means , Lao Wang made the first dash for listing on the Hong Kong stock exchange .

however , This does not mean that the listing failed , Laowang can still update the materials and continue to promote IPO Matter . Before that , There were many companies in “ invalid ” After that, submit the table several times , And successfully listed on the Hong Kong stock exchange . Again , Some enterprises have suspended listing , Such as Beite group 、 Yang guangzhibo 、 Beta pharmaceuticals 、 Yingke medical, etc .

Public information display , Laowang's first store opened in 2009 year .2015 year , Lao Wang （ Shanghai ） Catering Management Co., Ltd. was incorporated , The legal representative is the founder of the company 、 Chairman Li Yucheng .2021 year 9 month 1 Japan , Lao Wang delivers the form at the Hong Kong stock exchange , And in 9 month 3 The prospectus was updated on （ Revised edition ）.

Before this IPO , Li Yucheng 、 Chen Xiang 、 Zhao Hongze and Chen Xiang's spouse Huang Yaling 、 Zhao Hongze's spouse Wang Yongshi directly or indirectly holds... Of the total issued share capital of Laowang 29.92%、7.51%、1.33%、4.26% And 2.00%, And acting in concert , It is the joint controlling shareholder of Laowang . among , Chen Xiang 、 Zhao Hongze is the co-founder of Laowang .

Lao Wang quoted frost Sullivan in the prospectus as saying ,2020 year , Laowang's income and the number of restaurants rank first in the industry . By revenue , The company owns 1.7% Market share . Frost Sullivan data show , Laowang is the No. 1 Cantonese hotpot restaurant chain in China .

According to the prospectus ,2018 year 、2019 Years and 2020 year , The operating income of Laowang is 8.71 One hundred million yuan 、10.95 Million dollars 11.25 One hundred million yuan ;2021 Years ago 6 Months （ In the first half of the year ）, The operating income of Laowang is 6.47 One hundred million yuan , and 2020 In the same period of year 4.36 One hundred million yuan .

according to the understanding of , Laowang has achieved continuous profits .2018 year 、2019 Years and 2020 year , The net profits of Laowang are 5905.5 Ten thousand yuan 、7991.5 Million and $ 6744.1 Ten thousand yuan ;2021 In the first half of , The net profit of Laowang is 2145.0 Ten thousand yuan ,2020 In the same period of the year 106.2 Ten thousand yuan .

As a chain restaurant enterprise , Laowang's income mainly comes from restaurant operation .2018 year 、2019 year 、2020 year , It generates income from the operation of the restaurant 8.61 One hundred million yuan 、10.68 One hundred million yuan 、10.62 One hundred million yuan , Share of revenue respectively 98.8%、97.5%、94.4%.2021 In the first half of , Revenue of this sector 6.2 One hundred million yuan ,2020 In the same period of the year 4.0 One hundred million yuan .

2018 year 、2019 Years and 2020 year , The per capita consumption of Laowang's restaurant customers is 120.3 element 、123.7 Genna 128.1 element , The overall growth trend . And in the 2021 In the first half of , The per capita consumption of Laowang's restaurant customers is 123.9 element , a 2020 In the same period of 130.1 Yuan fell by about 4.8%.

Here's the thing to watch , Laowang's turnover rate has continued to decline . The prospectus shows , Lao Wang 2018 year 、2019 Years and 2020 The turnover rates in are 3.1 Time / God 、3.0 Time / Days and 2.5 Time / God , Declining year after year .2021 In the first half of , The turnover rate has dropped to 2.4 Time / God , But higher than 2020 In the same period of 2.1 Time / God .

by comparison , Haidilao, a hotpot restaurant chain , The turnover rate is much higher than that of Laowang . data display , haidilao 2018 year 、2019 year 、2020 The year and 2021 The turnover rates in the first half of the year were 5 Time / God 、4.8 Time / God 、3.5 Time / Days and 3 Time / God .

In particular , Turnover rate is an important consideration index for catering enterprises , It refers to the table reuse rate . Usually , The high turnover rate means that the enterprise can have a high turnover rate of seats within a limited number of floors and business hours , Can bring more revenue , Otherwise, it means that the income is not ideal .

By contrast , The turnover rate index of Laowang is similar to that of Xiabu . Bedouin learned that , Xiabu Xiabu Restaurant 2018 year 、2019 year 、2020 Years and 2021 The turnover rates in the first half of the year were 2.8 Time / God 、2.6 Time / God 、2.3 Time / Days and 2.3 Time / God .