Click to read the original text for details. After nearly three years in the queue, Youyou Food Co., Ltd. (hereinafter referred to as "Youyou Food") will finally be reviewed by the IPO committee on October 10. When it comes to Youyou Food, people may feel a bit unfamiliar, but seeing the "pickled pepper chicken feet" on the ready-to-eat shelves in convenience stores and supermarkets will suddenly make it clear. As a leading enterprise in pickled pepper chicken feet, Youyou Food, based in Chongqing, was listed on the New Third Board as early as November 2014. On August 20 this year, Youyou Food announced the end of its nearly four-year journey on the New Third Board, "resolutely" focusing on entering the A-share market. Over 70% of revenue comes from pickled pepper chicken feet Less than two months after Youyou Food delisted from the New Third Board, the CSRC announced the schedule for the company's listing review. The day of the IPO review is "hard-won" for Youyou Food; the company first submitted its prospectus to the CSRC in December 2015 and has been queuing for nearly three years. During the queue period, Youyou Food also experienced a "downgrade" on the New Third Board; in May 2017, Youyou Food was downgraded from the innovation layer to the base layer. According to the latest prospectus disclosed by Youyou Food, the company plans to list on the main board of the Shanghai Stock Exchange, intending to issue no more than 79.5 million shares. Youyou Food plans to use the raised funds in two aspects:
On the one hand, to build its industrial park project;
On the other hand, to build marketing network and brand promotion projects, with a total of 560 million yuan in raised funds to be used. In terms of performance, Youyou Food's operating revenue from 2014 to 2017 showed a trend of first declining and then rising. According to public data, from 2014 to 2017, Youyou Food's operating revenue was 880 million yuan, 750 million yuan, 830 million yuan, and 990 million yuan respectively, with net profit after deducting non-recurring gains and losses of approximately 120 million yuan, 100 million yuan, 120 million yuan, and 180 million yuan in the same period. So, how much operating revenue did pickled pepper chicken feet contribute to Youyou Food? According to its prospectus, pickled pepper chicken feet accounted for more than 73% of Youyou Food's total revenue during the reporting period. In other words, most of this company's performance is created by the single product of pickled pepper chicken feet. For a listed company, a too-single product structure means relatively concentrated risks. In fact, as Youyou Food mentioned in its prospectus, major food safety accidents, large-scale avian influenza outbreaks, and other events will become risks it faces. The issue of "three types of shareholders" to be resolved According to the latest prospectus disclosed by Youyou Food, the company currently has 401 shareholders, of which 19 are private equity investment funds or private equity investment fund managers, and 398 shareholders hold less than 5% of shares. Regarding the issue of the number of shareholders, the CSRC also conducted a detailed inquiry in its feedback, stating, "The issuer was once listed on the New Third Board and engaged in market-making trading, resulting in the number of shareholders exceeding 200. Please have the sponsor and lawyer verify and explain whether the issuer's shareholder count exceeding 200 has obtained approval from the securities regulatory department." Many in the industry believe that Youyou Food's previous delisting from the New Third Board was intended to solve the problem of "three types of shareholders." In fact, many New Third Board companies planning to list on the main board face the issue of "three types of shareholders" during IPO. However, at the beginning of this year, as the CSRC put forward clear requirements for listed companies with "three types of shareholders," companies such as Wencan Co., Ltd., Xinneng Technology, and Keshun Waterproof successively passed the review, adding confidence to many IPO companies with "three types of shareholders." However, Youyou Food's situation is relatively special. The company has more than 400 shareholders. To solve the problem of "three types of shareholders," there are only two ways: either fully penetrate to prevent interest transfer from the source, or clean up the "three types of shareholders." For Youyou Food with a large number of shareholders, full penetration is difficult. Youyou Food's sponsor is Northeast Securities, which is also the first IPO company sponsored by Northeast Securities this year. Food safety may be the focus of regulatory attention In addition to resolving the "three types of shareholders," Youyou Food also faces food safety issues that plague food companies. In recent years, snack food companies such as cooked food and ready-to-eat food have been eager to gain a foothold in the capital market. In November 2016, Zhou Hei Ya listed on the Hong Kong Stock Exchange, and in March 2017, Juewei listed on the A-share market. At the IPO review meeting for Juewei Food in 2017, the first question raised by the review committee was about its food safety. Compared with Juewei Food, although Youyou Food's main products are mostly vacuum-packed, there are still food safety hazards. Industry insiders predict that when the company goes to the review meeting on the 10th, food safety issues will likely become the focus of the review committee. In addition to Youyou Food, snack food companies currently queuing for IPO review include Bestore, Nanqiao Food, Three Squirrels, and Sichuan Tianwei Food Group. Among them, it is worth noting that Three Squirrels, which was supposed to attend the review meeting on December 13 last year, was temporarily suspended the day before the meeting due to "matters that need further verification," and there has been no clear progress so far. Source: China Business Network (ID: cbn-yicai) On October 23-24, during the Autumn Sugar and Wine Fair, the "2018 FMCG City Distribution Logistics Conference" hosted by New Distribution will be held. We will invite industry experts, FMCG warehousing and distribution specialists, and distributors who have transformed to unified warehousing and distribution platforms to discuss and answer questions about the future development trends of FMCG city distribution logistics and practical cases of distributor transformation to unified warehousing and distribution, under the theme of "New Distribution, New City Distribution." We hope to bring you different inspiration and thinking! The specific meeting topics are as follows: List of participating companies In no particular order Hunan Zonglan Dian Network Technology Co., Ltd. Jingbang (Wuhan) International Freight Forwarding Co., Ltd. Mengniu Dairy Qinghai Hanxiang E-commerce Co., Ltd. Unilever Services (Hefei) Co., Ltd. Shanghai Branch Huicong Hunan Xuanang Food Co., Ltd. Guangzhou Tongdaoren Information Technology Co., Ltd. Qingdao 888 Trading Co., Ltd. Uni-President Enterprises (China) Investment Co., Ltd. Hunan Province Zhongxiang Gongpei Logistics Co., Ltd. Shenglong Ingredients COSCO Shipping Logistics Warehousing and Distribution Co., Ltd. Guangxi Yongpai Liquor Co., Ltd. Shangqiu Kangrong Trading Co., Ltd. Jinan Dingzhong Economic and Trade Co., Ltd. Liaoning Bimai Agricultural Technology Co., Ltd. Kunming Xiongjia Trading Co., Ltd. Shaanxi Houheng Trading Co., Ltd. Guangzhou Dingwo Enterprise Information Consulting Co., Ltd. Shaodong Jiajiale Commercial Firm Boda Trading Industrial Bank Changsha Branch Wuhan Muchen Convenience Store Chain Co., Ltd. Fujian Fuxing Yuncang Logistics Co., Ltd. Guizhou Yilimi E-commerce Co., Ltd. Jiangxi Xiao Laoer E-commerce Co., Ltd. Jinshankoufu Shanxi Taihang Yuanjing Supply Chain Management Co., Ltd. Shanxi Dezhun Supply Chain Management Co., Ltd. Shaoyang Tongdeli Trading (Xiangbang Logistics) Huanfu Tongda Express City Distribution Beijing Xinjingxiang Food Co., Ltd. Wuhan Huizhong Tianhong Liquor Co., Ltd. Changsha Paide Biotechnology Co., Ltd. Chaoan Tuqiang Guizhou Yihe Bopin Supply Chain Management Co., Ltd. Jiangxi Kang'en Industrial Development Co., Ltd. Xiangtan County Yisuhe Town Yuhua Paper Store Luoyang Yuanlang Trading Co., Ltd. Tongchuan Yaozhou Huayuan Supermarket Co., Ltd. Hunan Yongfu Jiujiu Trading Co., Ltd. Zhejiang Chengchengtong Logistics Co., Ltd. Chongqing Kaiguo Materials Trading Co., Ltd. Beijing Xianmaixianmai Data Technology Co., Ltd. Hanchuan Qixing Trading Co., Ltd. Tongxin Jiuzhi Trading Co., Ltd. Guizhou Meiguo Guoguo Network Technology Co., Ltd. ...... Representatives of distributor transformation (proposed) In no particular order Rong Jun, Chairman of Jiangsu Huashang City Distribution Network Co., Ltd. Wang Bo, Chairman of Hubei Yijiaren Logistics Co., Ltd. Jiang Shuming, General Manager of Chengdu Xingrenxing Trading Co., Ltd., Sichuan Liu Jichen, Chairman of Shandong Yunbang Warehousing and Logistics Co., Ltd. Tu Mingyu, Chairman of Chongqing Lingyu Consumer Goods Supply Chain Management Co., Ltd. Yang Su, Chairman of Guangzhou Zhongshan Wanrong Marketing Co., Ltd. Yuan Xia, Chairman of Sichuan Bajie Supply Chain Management Co., Ltd. Li Qiangyun, Co-founder of Hubei Pengdun Meiyitian Supply Chain Management Co., Ltd. Zhang Jianyong, Chairman of Henan Xuchang Jiulegou E-commerce Co., Ltd. Ma Haichao, Founder of Hebei Changyi Logistics Co., Ltd. Meng Yucun, General Manager of Hebei (Chengde) Wulian Yuncang Co., Ltd. Zhang Xun, Chairman of Urumqi Su'an Jinchi Logistics Co., Ltd., Xinjiang Zhang Hailing, Chairman of Jilin Sanxing Lianggou Qiang Huitao, Founder of Hebei Dunjie Supply Chain Management Co., Ltd. Liao Lei, General Manager of Hunan Damei Supply Chain Management Co., Ltd. ...... -END-