In 2022, the first fruit shares landed on the Hong Kong Stock Exchange.

In 2022, the first fruit shares landed on the Hong Kong Stock Exchange.

Hong Jiu Fruit landed in Hong Kong stock market and won the title of "the first fruit share" successfully, and its performance on the first day of listing was mediocre. During this period, the stock price rose by 3% and leveled off, with a market value of about HK$ 65.438+0.87 billion and a circulating market value of HK$ 654.38+0.2438+0 billion. So today, Bian Xiao is here to sort out the first fruit that landed on the Hong Kong Stock Exchange. Let's have a look!

Fresh fruit "Wang" from Chongqing

Hong Jiu Fruit was established in 2002, mainly engaged in the cooperation of global high-quality fruit bases and the integration of high-quality fruit resources. It has a variety of sales channels covering the whole country, and is committed to building brand fresh fruit suppliers and brand service providers in the fresh fruit supply chain, forming a fruit product portfolio with durian, mangosteen, longan, pitaya, cherry and grape as the core and ***49 categories.

According to the information of Zhuo Zhi Consulting, according to the sales revenue of 202 1, Hong Jiu Fruit is the largest fresh fruit distributor with its own brand in China. According to the sales revenue of 202 1 year, Hong Jiu Fruit is also the second largest fresh fruit distributor in China, accounting for 1.0% of the market. According to the sales revenue of 202 1, Hong Jiu Fruit is the largest durian distributor in China, and also the top five distributors of pitaya, mangosteen and longan.

Specifically, the performance of Hong Jiu Fruit Company has improved steadily in the past three years. According to the prospectus, the annual revenues of Hong Jiu Fruit 20 19, 2020 and 202/kloc-0 are 2.078 billion yuan, 5.771100 million yuan and 6.5438+0.028 billion yuan respectively, and the adjusted profits are 228 million yuan, 662 million yuan and 662 million yuan respectively.

In terms of products, Hong Jiu Fruit takes durian, mangosteen, longan, pitaya, cherry and grape as its six core fruit products. According to the prospectus, durian earned 1 555,438+0 billion yuan in the first five months of this year, which contributed nearly 30% to Hong Jiu's fruit products. From 20 19 to 202 1, the sales of durian were 473 million yuan, 2 107 million yuan and 3.482 billion yuan respectively.

While the performance is growing steadily, the gross profit margin of Hong Jiu fruits is decreasing year by year. According to the prospectus, the gross profit margin of fruits in Hong Jiu decreased from 65,438+08.9% in 2065,438+09 to 65,438+06.6% in 2020, and further decreased to 65,438+05.7% in 2026. Mainly due to the company's marketing activities since September 2020, the company provided preferential prices to customers to promote the sales of most fruit types, and continued to expand the customer portfolio of different sales channels during the business record period. The company provided preferential price terms to new customers at the beginning of the business relationship.

The "great" counterattack became the chairman

Deng, chairman of Hong Jiu Fruit Company, was born in Changshou, Chongqing. /kloc-at the age of 0/7, he lifted the pole with the shoulders of teenagers and became a "stick". "Stick" is Chongqing's name for porters, and it is a coolie who helps people unload goods. By chance, Deng found that the price of Changshou orange in his hometown was lower than that of Chaotianmen Wharf, so he had a new plan to earn money.

1987, Deng took out 2000 yuan accumulated in several years, bought more than 2 tons of oranges from Changshou, and picked them for sale at Chaotianmen Wharf. The oranges in 0.3 yuan were sold by Deng at the price of 0.6 yuan. I didn't expect business to be surprisingly good. "I earned 80 yuan in the first month, so happy!" Deng said that the monthly salary of office workers at that time was only about 65,438+000 yuan.

Seeing that selling fruit is obviously more profitable than being a "big official", Deng simply plunged into the fruit wholesale business.

In 2002, Deng and his wife Jiang Zongying established Chongqing Hong Jiu Fruit Products Co., Ltd. In 2005, Deng once again seized this opportunity. At that time, a news caught his attention: 15 kinds of fruits from Taiwan Province province of China will be imported at zero tariff. Deng realized that if the fruits from Taiwan Province Province of China were introduced to Chongqing first, even if the price was high, it would be an opportunity to expand the popularity and enhance the strength. In this way, at a trade fair, Deng hit it off with a company in Taiwan Province province of China, and the first batch of 4.4 tons of fruits from Taiwan Province province of China entered Chongqing. This move really raised the popularity of fruit products, and Deng also began to look to the broader imported fruit market.

With the continuous exploration, Deng began to explore the import of fruits from Thailand on 20 1 1. With longan as the breakthrough point, Deng established a bilateral market through long-term procurement. In Thailand, Deng set up a factory, gained the trust of local fruit farmers, and bought a large number of longan from fruit farmers; In terms of sales, Deng cooperated with more than a dozen provincial wholesale markets to digest tens of thousands of tons of imported fruits.

Ali holds 8% of the shares and becomes the largest external shareholder.

With the mature distribution model, the business of fruit products in Hong Jiu is growing. From Thailand to Southeast Asia, fruit products gradually cover durian, mangosteen and pitaya. In terms of financing, on 20 16, Hong Jiu Fruit successfully obtained more than 50 million yuan of Pre-A financing.

Up to now, Hong Jiu Fruit has received several rounds of investment, including Alibaba, Tianyi Capital, CMC Capital, Sunshine Insurance, Shenzhen Venture Capital, China Merchants Capital, China Reclamation Fund, SF Holdings and CITIC Construction Investment Capital.

According to the prospectus, after the first round of financing, Hong Jiu Fruit received an investment of 65.438+78 billion yuan in the A round and 540 million yuan in the B round respectively. The total amount of financing in Series C is about 654.38+32.6 million yuan, and the total amount of financing is about 2.098 billion yuan.

Among them, Alibaba invested in the last round of financing of Hong Jiu Fruit on September 23rd, 2020. According to the prospectus, according to the share subscription agreement, Alibaba China agreed to subscribe for the company's newly-increased registered capital of RMB 65,438+02,0865,438+0,9765,438 with a total consideration of RMB 5,965,438+0,303,743, accounting for about 8.0% of the company's equity.

According to the prospectus, before the IPO, Hong Jiu Fruit Chairman and Executive Director Deng Hongjiu held 27.79%, Executive Director and General Manager Jiang Zongying held 9.43%, and Deng Haoji and Deng Haoyu held 3% respectively. Among them, Deng Hongjiu and Jiang Zongying are husband and wife, and Deng Haoji and Deng Haoyu are their children. Deng Hongjiu, Jiang Zongying, Deng Haoji, Deng Haoyu, Chongqing Heli and Chongqing Hezhong and * * * have the right to exercise about 46.06% of the voting rights and are the controlling shareholders.

Among institutional shareholders, Alibaba China holds 8.0% of the shares and is the largest external shareholder of Hong Jiu Fruit; Zhaoken Capital Management holds 6.59%, Shanghai Chinese Culture holds 5.42%, CITIC International holds 4.04% and Sunshine Insurance holds 3.29%.

There is a big market for fresh fruit.

The successful listing of fruit products in Hong Jiu also benefited from the development of fresh fruit industry in China. Except in 2020, which is affected by the epidemic, the compound annual growth of fresh fruit industry in China will exceed 10%.

According to the information of Zhuo Zhi Consulting, the market scale of fresh fruit retail market in China has increased from 939 billion yuan in 20 17 to 202 1 336.9 billion yuan in 20021year, with a compound annual growth rate of about 9.2%. The fresh fruit retail market in China still has the potential for further growth.

In addition, the per capita annual consumption of fresh fruit in China has increased from about 46 kg in 20 17 to 57 kg in 20021year, which is still far below the daily average fruit intake of 200-350 g (that is, 73- 128 kg per year) recommended by the Dietary Guidelines for China residents. Therefore, according to the information of Zhuo Zhi Consulting, it is estimated that the scale of fresh fruit retail market in China will further increase to 2071400 million yuan in 2026.

In addition, the continuous consumption upgrading trend in China has driven people's demand for high-quality fruits such as imported fruits and brand fruits. For example, the retail sales of durian increased from 26,543.8 billion yuan in 2065,438+09 to 52.4 billion yuan in 2026,5438+0, with a compound annual growth rate of 57.7%, far exceeding the growth rate of other fruit categories. According to the information consulted by Zhuo Zhi, durian, cherry, mangosteen, longan and pitaya are the five fastest growing fruit categories in China, and the annual retail sales in 2002/kloc-0 exceeded 654.38 billion yuan. Among them, durian is expected to be the fastest growing category in the next five years, and its compound will be from 202 1 to 2026.

Essence Securities pointed out that the fresh fruit market has a large scale, high growth rate and scattered competition pattern. The supply chain integration of the industry has just begun, and the pioneers have certain advantages of first Mover and scale, and establish competitive barriers with efficient operation.

Guoyuan Securities said that relying on the scale purchasing effect of the production end, the network layout of the distribution end, customer development and end-to-end supply chain management, it is expected to continuously increase market share and achieve high performance growth.