According to a report by China Securities Journal, Pagoda, the largest fruit retailer in China, submitted a listing application to the Hong Kong Stock Exchange a few days ago, with Morgan Stanley as the sole sponsor.
According to the prospectus, from 2019 to 2021, Baiguoyuan’s revenue was 8.976 billion yuan, 8.853 billion yuan, and 10.289 billion yuan, respectively; the net profit was 248 million yuan, 46 million yuan, and 226 million yuan, respectively.The report pointed out that in terms of fruit retail sales in 2021, Baiguoyuan is the largest fruit retailer in the country, and ranks first among all fruit franchise stores and retail enterprises in China.Among them, the retail sales of Baiguoyuan fruit in 2021 will be 2.8 times that of the second place.
According to the prospectus, as of the latest practicable date, Baiguoyuan has more than 5,351 stores (5,336 of which are franchise stores) in over 130 cities in 22 provinces, autonomous regions and municipalities across the country, mostly located in residential areas, commercial streets and other high-traffic areas. , and has deployed mobile APP, WeChat applet, Tmall, JD.com, Douyin, Meituan, Koubei, Ele.me and other online channels.
Judging from the membership data, the total number of members of Pagoda's distribution channels currently exceeds 67 million, the number of paid members exceeds 780,000, and the average monthly active members in 2021 will exceed 7 million.
According to Tianyancha, before submitting the listing materials this time, Baiguoyuan has conducted eight rounds of financing.According to market estimates, after the latest round of financing is completed in 2020, the valuation of Pagoda has reached 60 billion yuan.
Pagoda stated in the prospectus that the net proceeds from the IPO on the main board of the Hong Kong Stock Exchange will be mainly used to improve and strengthen the operation and supply chain system, as well as for working capital and general corporate purposes.
