Juewei Food Opponent Ziyan Foods to Go Public in Shanghai
The company's leading product, 'Fuqifeipian,' generated revenue of up to CNY 1.6 billion a year, amounting to 30% of its competitor Juewei Food's total revenue in 2019.
Ziyan Foods signed a listing counseling agreement with GF Securities and submitted filing materials to the Shanghai Securities Regulatory Bureau on July 14, planning to go public and becoming the next marinated cooked food company, after the listing of Huangshanghuang (002695:SZ) in 2012 and Juewei Food (603517:SH) in 2017.
Established in 2000, Ziyan Foods is engaged in producing and selling marinated cooked food. As of 2019, the number of stores exceeded 4000, comparable to Huangshanghuang, more than Zhou Hei Ya (01458:HKEX), but far inferior to Juewei Food. So far, it has deployed online channels in Tmall, JD.com, Meituan, Eleme and Douyin.
Juewei Food saw revenue of CNY 5.17 billion in 2019, ranking first among peers. Zhou Hei Ya and Huang Shanghuang's revenue were CNY 3.19 billion and CNY 2.12 billion, respectively. Though Ziyan Foods hasn't disclosed official financials yet, the 'Fuqifeipian' dish generated revenue up to CNY 1.6 billion a year, indicating a high potential to reach the second place in the industry.