Who is the first Chinese fast food?

  After Cunji delisted from the US stock market, the throne of "the first Chinese fast food stock" has been vacant.

  According to the website of the Anhui Bureau of the China Securities Regulatory Commission, it was recently disclosed that Anhui Laoxiang Chicken Catering Co., Ltd. ("Laoxiang Chicken" for short) has signed a listing counseling agreement with a securities firm to formally sprint the main board of the Shenzhen Stock Exchange. The sponsor is Guoyuan Securities (000728.SZ).

  Not long ago, Lao Niang Jiu, who is also a Chinese fast food, was also preparing to go public on the A-share market and had already conducted counseling and filing.

The "earth and red" fellow chickens and old mothers, who can become "the first stock of Chinese fast food"?

  Fellow chicken

  Going farther and farther on the road of hype

  Laoxiang Chicken is a large-scale Chinese fast food chain enterprise focusing on characteristic old hens.

Shu Congxuan, the founder of fellow chickens, has raised native chickens for more than 20 years and claims to be the "Chief Chicken Officer".

In October 2003, the first "Feixi Laohen" fast food restaurant officially opened in Hefei.

Up to now, Laoxiangji has more than 1,000 directly-operated stores, with Hefei as the center, radiating to Nanjing, Shanghai and other places.

In the 2011 China Food and Beverage Industry Survey Report, the scale of Chinese fast food Laoxiang Chicken ranked among the top three in China, and was the only Chinese fast food company to be awarded the title of “China Well-known Trademark”.

Today, the average daily service of fellow chickens is 500,000, and annual sales exceed 3 billion yuan. It is estimated that there will be more than 1,500 direct-operated stores nationwide in 2023.

  During the COVID-19 pandemic early last year, some fellow employees jointly asked for a voluntary pay cut to tide over the difficulties with the company.

As a result, Shu Congxuan directly tore up the joint letter by hand and declared: "Even if you sell a house or a car, you must ensure that employees have food and work." Shu Congxuan suddenly became popular for a while and was praised as "Good Chinese Boss" "The fellow chickens also became popular all over the net.

  In March of this year, the fellow chicken held a "strategic press conference", announcing that the fellow chicken will spread across the country.

In order to arouse concern, Shu Congxuan went to a certain village to spend 200 yuan to set up a big rural stage. He also took an old hen and appeared on the stage.

As a result, this "soil and scum" strategy press conference was screened across the entire network again, and it also attracted comedy star Yue Yunpeng's message: "I think you can come to our Deyun Club", making the fellow's chicken popular again.

  However, these two marketing incidents have completely different public opinion reactions. The latter has even been accused of deliberately showing off and making hype, which aroused the disgust of some netizens.

Hometown Chicken's official Weibo also often posted "cocks", and once the boss Shu Congxuan left a message: "This is how you fool your work every day?" It also caused a topical issue on the Internet.

  And under the Weibo of the fellow chicken "Coco-Da", a lot of well-known companies also came here: Zhou Hei Ya left a message "Quack", Wuzhou Beef left a message "Moo Moo", Geely Automobile left a message "Di Di Di"...Various In addition to the hilarious technique, the fellow chicken is also accused of going further and further on the road of hype.

  Old mother uncle

  The mysterious "post-00" appeared behind the shareholders

  Coincidentally, Lao Niangjie, who is also a Chinese fast food, is also preparing for A-share listing. The counseling agency is CITIC Securities (600030.SH), and the counseling has been publicized with the Zhejiang Securities Regulatory Bureau.

  Lao Niang Jiu was founded in 2000 and started in Huzhou, Zhejiang. It is currently a large-scale and highly standardized Chinese fast food chain in the Yangtze River Delta. The number of terminal stores has exceeded 385, most of which are concentrated in Zhejiang, Jiangsu and Shanghai. , Anhui and other places, their geographical attributes are more obvious, and the number of stores is also less than that of fellow chickens.

  The old mother uncle has a registered capital of 340 million yuan, and the actual controllers are Yang Guomin, Yang Junhui and his son.

Yang Guomin was engaged in self-employment in his early years. In 2000, he founded Lao Niang Jiu and served as chairman and general manager.

His son, Yang Junhui, is a post-90s generation who serves as the company's vice chairman.

Yang Guomin directly holds 39.58% of the company's shares, Yang Junhui directly holds 8.96%, and indirectly controls some shares through multiple employee shareholding platforms, and the two together control 53.08% of the company's shares.

  The Red Star Capital Bureau reviewed the shareholding structure and found that the third largest shareholder of Lao Niang Jiu Company is Jiang Jianqi, the founder of the listed company Xiang Piao Piao (603711.SH). Since 2016, Jiang Jianqi has also served as the director of Lao Niang Jiu.

In fact, both of them are well-known local enterprises in Huzhou.

The fifth largest shareholder of the company is Tibet Jinbang Jinda Venture Capital Partnership (Limited Partnership), which belongs to Jinba Men's Clothing, which is famous for its business casual jackets.

  Among the shareholders holding more than 5% of the Lao Niangjiu Company, there is also a shareholder named Hu Jiayi, who holds 18.5455 million shares, or 5.45% of the shares.

The shareholder was born in 2001 and is currently studying at the University of British Columbia.

Judging from the timing of the equity change, Hu Jiayi appeared on the list of shareholders of Lao Niang Jiu in November 2019, when he was only 18 years old.

If the old mother's uncle is successfully listed, Hu Jiayi may become a "post-00" billionaire.

  The old mother's uncle was punished for publishing false advertisements.

According to industry and commerce data, in June and July 2018, the old mother uncle was punished by the Market Supervision Bureau of Wuxing District of Huzhou City and the Market Supervision Bureau of Jianye District of Nanjing City for "posting false advertisements."

In September 2021, the old mother uncle was punished by the Huzhou City Market Supervision Bureau, with a total fine of about 130,000 yuan.

  Why is it difficult to market Chinese fast food?

  In recent years, the catering industry has seen a momentum of accelerated listing.

Hot pot catering companies such as Haidilao (06862.HK) and Xiabuxiabu (00520.HK) have been listed, but compared to hotpot companies that are easier to standardize, the listing of Chinese fast food seems to be much more difficult.

  At present, in addition to Hometown Chicken and Lao Niang Uncle preparing for A-share listing, other Chinese fast food brands include Xiang Jiang Ji, Zhen Kung Fu, Yonghe King, and Mr. Rice.

After the delisting of the U.S. stock market, Rural Base also had an A-share listing plan. Real Kungfu had also planned to sprint for an IPO before, but ultimately failed.

  In addition, Xibei Younian Village also expressed that it is considering listing, but has not yet taken further action; Yang Mingyu's yellow braised chicken with more than 6,000 stores, because of franchising all over the country, has caused a rapid expansion in the number of stores, and its reputation has also fallen rapidly.

  Chinese food industry analyst Zhu Danpeng told the Red Star Capital Bureau that the overall operation of Chinese fast food is more complicated than that of hot pot. In fact, hot pot is a more successful category of "de-cooking".

Chinese fast food is difficult to standardize, and food safety cannot be guaranteed; second, there are not many big brands, and there are almost no national brands.

From the perspective of the integrity of the entire supply chain, the internal control of food safety, and the scale of the brand, it is relatively weak, and it is difficult to standardize, which is the core reason why it is difficult to go public.

  Guoyuan Securities also pointed out in its due diligence investigation of Laoxiang Chicken that Laoxiang Chicken is in a Chinese fast food chain industry, with a total of nearly 100 kinds of dishes, and it also involves broiler breeding, slaughter and food processing.

Due to the numerous production and operation links of the company, there may be problems in the food safety and quality control of various internal links.

The company's main raw materials include chicken, pork, fresh vegetables, dried rice, noodles, etc. The prices of these raw materials may fluctuate significantly; poultry farming may also be affected by large-scale poultry infections and epidemics.

In addition, due to differences in dietary habits in different regions, the company still has certain cross-regional operating risks.

  From the perspective of capital, Chinese fast food is just in demand and high frequency, and it is a huge market. The industry leaders are still receiving attention these years.

Taking corporate financing as an example, Lao Niang Ji has more than Lao Xiang Ji, and Lao Niang Ji has only had one round of financing since its establishment; however, Lao Niang Ji has experienced 5 rounds of financing, among which well-known investment institutions such as Fosun Group and Cornerstone Capital have participated in financing.

  Judging from the listing guidance time, the listing guidance period for Lao Xiang Ji is September 2021-2022 April, and Lao Niangmao is September 2021-2022 February.

Therefore, it is difficult to say who will get the "first share of Chinese fast food".

  Chengdu Commercial Daily-Red Star News reporter Li Weiming

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