Instant noodle giant Mai Lang today announced the completion of a financing of 600 million yuan.
On January 28, tianyancha showed that jinmailang obtained an exclusive financing of 600 million yuan from Jiahua capital. As a leading instant noodle enterprise as famous as Master Kang and uni president, so far, Mailang has not been listed yet. In May 2021 before the financing, Hebei securities regulatory bureau released the news of jinmailang listing guidance, saying that it signed a listing guidance agreement with China Securities Co.Ltd(601066) securities on December 23, 2020. Will the listing progress be accelerated after the financing of Melang Jiahua capital this time?
second echelon
In the development process, jinmailang is one step closer to IPO.
It is understood that jinmailang, formerly known as Hualong noodle industry, was founded in 1994. Its products include instant noodles, vermicelli, flour, comprehensive, drinks and other products. Jinmailang last obtained financing on January 10, 2019 and obtained pre-A financing from IDG capital.
As an old convenience food enterprise, jinmailang occupies a very important position in the flour food track. Although there are more convenient food production enterprises in China, large enterprises still occupy the leading position in the industry.
According to Zhiyan consulting data, China's instant noodle market is divided into three echelons in terms of brand, price and production, of which Master Kang and Tongyi are the first echelon, jinmailang, Baixiang and other medium-sized enterprises are the second echelon, and high-end oriented enterprises such as Riqing and ramen theory are the third echelon. According to the data, in 2020, the retail shares of Master Kang, uni president and jinmailang were 43.2%, 14.7% and 12.22% respectively.
According to the data, in 2020, the revenue of Master Kang's instant noodle business was 29.51 billion yuan and that of unified instant noodle business was 9.055 billion yuan. Based on the above market share, jinmailang's instant noodle sales will be about 8 billion yuan in 2020.
At present, the unlisted jinmailang has not disclosed specific financial data, but according to the data released before, the revenue of jinmailang across the two tracks of food and beverage has already exceeded 20 billion yuan. In September 2020, when attending the event, fan Xianguo, chairman of jinmailang, disclosed that according to Nielsen's data, at that time, jinmailang's flour business sector had the first growth in the industry for 13 consecutive quarters, and the beverage business sector had the first growth in the industry for 9 consecutive quarters.
It is understood that the investment in jinmailang's Jiahua capital has a cumulative management scale of more than 25 billion yuan, and has successively invested in consumer brands such as Eastroc Beverage (Group) Co.Ltd(605499) , Aimer Co.Ltd(603511) , Zhongyin Babi Food Co.Ltd(605338) , wenheyou, Chacha Food Company Limited(002557) , hometown chicken, small pot tea and so on.
What is the valuation of
With its nationwide network layout, jinmailang has won the love of capital, but at the same time, a number of "small and beautiful" enterprises are also booming with the help of the Internet. Take a Kuan food as an example. Its revenue reached 1.1 billion yuan in 2020. It just submitted a prospectus at the Hong Kong Stock Exchange and planned to be listed on the Hong Kong stock exchange. Ramen, catalyzed by the Internet, has also obtained six rounds of financing.
It is reported that in order to keep up with the pace of the Z era, jinmailang also launched the "Ramen fan" of instant noodles in January 2022. Previously, it also launched the rice instant brand "Mr. Mi fan".
In terms of drinks, as early as 2006, jinmailang and uni president jointly invested 1.8 billion yuan to establish "jinmailang drinks". In 2016, jinmailang and uni president "broke up". At that time, Mai Lang told the outside world that the reason was to avoid horizontal competition. After the breakup, jinmailang launched "jinmailang liangbaikai" in 2016. In October 2020, jinmailang beverage announced that the sales volume of "jinmailang liangbaikai" products had exceeded 2.4 billion bottles.
According to the list of 2020 China's top 500 private enterprises released on September 10, 2020, jinmailang's operating revenue in 2019 was 21.848 billion yuan. As a comparison, the unified revenue in 2019 was 22.02 billion yuan. In this way, the revenue scale of the two is almost the same.
If jinmailang is successfully listed in the future, will the valuation exceed unity? Shen Meng, executive director of Xiangsong capital, said in an interview with Huaxia times: "if the A-share has not officially launched the comprehensive registration system, it will be more difficult for jinmailang to be listed. If it is also listed in Hong Kong, the valuation coefficient will be close to the benchmark enterprise." Media reports show that today Mailang chose to be listed on a shares.
"The valuation of A-Shares will be higher than that of Hong Kong stocks, but the listing window will be far away, because when there is no comprehensive registration system, jinmailang still needs to follow the traditional approval channel to go public." Shen Meng added.
While jinmailang's performance is increasing year by year, jinmailang's competition from the beverage track is far more intense than that from the pasta track. The leaders of the beverage track such as Master Kang, nongnongshanquan, uni president and Wahaha are racking their brains to launch new products every year in order to increase their profits.
For the next development plan in the beverage track, "Huaxia times" reporter called jinmailang, but its staff said: "relevant personnel have been on holiday."
