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Original title: Is the “first stock” of new tea coming to drink? Naixue announced its Hong Kong IPO, created by a beauty born in the 1980s, with a valuation of 12.9 billion! This track is welcoming multiple IPOs from companies
Is the “first part” of new tea drinks about to be born?
On New Year’s Eve on February 11, Naixue’s Tea (hereinafter referred to as Naixue) formally submitted a listing application to the main board of the Hong Kong Stock Exchange and officially launched the Hong Kong stock listing process. . The prospectus stated that their joint sponsors were JPMorgan Chase, CMB International and Huatai International. If included successfully, Nayuki will become the first new national tea drink.
According to the prospectus, Naxue’s operating income reached 2.11 billion yuan in the first three quarters of 2020 and a loss of 27.51 million yuan. According to its official website, as a new national tea brand, Naxue was founded in Shenzhen in 2015. In December 2017, Naxue started to leave Guangdong and expand domestically. According to the prospectus, in September 2020, has been in the country 420 stores were opened in three cities.
Previously, according to the brokerage research report, Nay Xue was valued at 12.9 billion after multiple investment rounds.
There are more than 420 stores with a valuation of 12.9 billion
On New Year’s Eve, the capital market was not quiet. After completing round C of financing of more than US $ 100 million in early January, Nai Xue formally submitted an application for listing to the main board of the Hong Kong Stock Exchange and officially launched the stock listing process. From Hong Kong.
According to Nayuki’s prospectus, at the beginning of January this year, Nayuki has undergone 5 rounds of funding. From 2017 to 2018, Tiantu Investment has invested around 400 million yuan in Naxue’s first three financing rounds. From April to June 2020, Shenzhen Venture Capital, Hongtu Venture Capital, CourtCardHK Limited, etc., invested about 232 million yuan and launched a B-2 round of investment in it; In early January, in Naxue round C financing, PAG Taimeng Investment Group He Yunfeng Fund and others invested US $ 100 million in it. According to previous estimates by Essence Securities Research Report, after the aforementioned investment rounds, Naxue’s valuation has been close to US $ 2 billion, or about 12.9 billion yuan.
Currently, Peng Xin and Zhao Lin are the majority shareholders of Naxue, jointly holding approximately 75.36% of the company’s voting rights through Lin Xin Holdings and the employee equity incentive platform ForthWisdom Limited.
As one of the leading new style tea beverage brands in China, Naxue has undergone rapid expansion since its establishment 6 years ago. Since opening its first store in Shenzhen in November 2015, it has opened more than 400 branches across the country. According to the prospectus, as of September 2020, Nai Xue’s stores have covered 61 cities in mainland China and a total of 422 stores in Hong Kong, Japan and other regions.
Nai Xue said that it will expand the network of tea shops and increase market penetration in the next three years. Specifically, the company plans to open between 300 and 350 Nayuki tea shops in 2021 and 2022, mainly in first-tier cities and new first-tier cities, of which about 70% will be planned as Nayuki PRO tea shops, es That is, the new tea shops launched by the company last year are mainly distributed in prime locations such as high-end shopping malls and office buildings with a high flow of passengers.
Loss of 27.51 million in the first three quarters of last year
In 2018 and 2019, the daily sales of each Naxue store were 30,700 yuan and 27,700 yuan, respectively. In the first three quarters of 2020, it dropped to 20,100 yuan; the average daily order volume for each tea shop also increased since 2018. 716 orders in the year and 642 orders in 2019, which fell to 465 orders in the first three quarters of 2020.
In response, Nayuki said that average daily sales and same-store sales declined over the period, mainly because the company continued to open new tea shops across the network, increasing the number of visitors to existing tea shops. The distribution of orders is more balanced.
Overall, Nayuki’s profitability has been low over the past two years. The data shows that in 2018 and 2019, Nayuki lost about 69.729 million yuan and 39.68 million yuan respectively. In the first three quarters of 2020, the net loss was 27.51 million yuan. In 2019 and the first three quarters of 2020, Naxue’s net profit margins were 1% and 0.2%, respectively.
Nai Xue said in the prospectus that although he has made losses during the previous record period, his profitability has improved. Furthermore, despite the impact of the new corona pneumonia epidemic on related businesses, the company still achieved a non-IFRS adjusted net profit of 4.5 million yuan in the first three quarters of 2020.
Nai Xue said: “The improvement in our overall profitability reflects the improvement in our operating efficiency at the group level, primarily due to our continued acceleration of business expansion to achieve considerable economies of scale.”
Many tea startups compete for the capital market
In fact, in addition to Nayuki, the news of the listing of Hey Tea and Michelle Ice City has also been reported.
According to the interface report, a Hong Kong investment banker said Hey Tea will submit a prospectus to the Hong Kong Stock Exchange in March.Guosen Values(Hong Kong) sources also claimed that Hicha could do an IPO in March. According to a report published by Hey Tea in early February, at the end of 2020, Hey Tea has opened 695 stores in 61 cities in the country and abroad.
According to reports on January 13, the first round of funding for the new Michelle Ice City tea brand that lasted more than three months had already been completed earlier. Dragon Ball Capital and Hillhouse Capital jointly led the investment, each of which invested 1 billion yuan. Once the financing is completed, Michelle Ice City is valued at more than RMB 20 billion. It is understood that Michelle Ice City plans to list on the A-share market, and the preparations for the listing have reached the final stage.
According to data from iiMedia Consulting, the size of China’s new-style tea market in 2019 was 204.48 billion yuan. In 2021, the new-style tea drink is expected to return to the pre-epidemic level , with a market size close to 280 billion yuan. IiMedia Consulting CEO and Chief Analyst Zhang Yi believes that once Heytea, Naixue and Michelle Ice City are listed, the new tea drinking track will only get more intense. Since the new tea market in the first and second tier cities is basically saturated, brands must turn to the sinking market for new growth points.
Essence Securities believes in the research report that the current awareness of new style tea drinking was initially established. As the leading high-end tea drinks, Xicha and Naixue enjoy high recognition from consumers. – and second-tier cities, and the sinking market space remains wide, with enough potential for performance growth.
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