The exposure of “earth pit pickled cabbage” has brought a storm to China’s instant noodle market. On March 19, jinmailang food’s official microblog issued a clarification statement saying that recently, it has suffered many false injuries, misreading and misunderstandings that do not know the truth, and reiterated its identity as a Chinese private enterprise: 100% private enterprises without any foreign capital.
It is worth noting that jinmailang’s IPO road is advancing in an orderly manner. Since jinmailang signed the listing guidance agreement with China Securities Co.Ltd(601066) in December 2020, the second phase of listing guidance report was disclosed in August last year. In January this year, jinmailang announced that it had completed the financing of 600 million yuan, and the investor was Canadian capital, the head organization of China’s consumer industry.
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Steady progress of IPO
On March 20, jinmailang company issued a statement on its official website, emphasizing that jinmailang is a 100% private enterprise. The previous day, on March 19, jinmailang sent a microblog saying, “recently, a large number of accounts suddenly appeared, questioning that jinmailang is a Japanese funded enterprise. I have to show my ‘ID card’ for wheat.” Pictures are attached to show that they are 100% Chinese private enterprises and do not have any foreign capital, reminding consumers not to be misled.
Jinmailang was founded in August 1996, formerly known as Hualong noodle group, headquartered in Xingtai City, Hebei Province. It is a large comprehensive food group focusing on convenience food and integrating R & D, production and sales. Now it has five business systems: instant noodles, flour, noodles, comprehensive and drinks. In 2019, jinmailang’s operating revenue reached RMB 218488 billion.
Jinmailang’s barrel and a half, bag and a half series, spicy Huangshang series and Lao Fanjia non fried series have been highly praised by consumers all over the country. Jinmailang products are exported to 36 overseas countries and regions such as the United States, Canada, Australia, South Korea and Japan. The annual production capacity of instant noodles is 12 billion copies, the daily processing of wheat is 5500 tons, and the annual conversion of wheat is 1.8 million tons. It ranks among the top six in the same industry in the world and China is among the top three.
In 2015, jinmailang started to build a “one and a half barrel” series, aiming at the blank of “large amount” products in the market and creating large noodle categories. “One barrel and a half” series products have formed a certain market scale. In August 2020, today Mailang announced that the cumulative sales volume of its “barrel and a half / bag and a half” series products exceeded 5 billion.
Relying on the large noodle category, jinmailang has occupied the top three market shares of instant noodles. According to yingminte data, in terms of the share of instant noodle sales, the share of Master Kang decreased from 48.2% to 46.6% and from 17% to 16.3% in 20182019. Today, Mailang increased from 14.1% to 15.8%, and the white elephant increased from 5.8% to 7.5%.
Enterprise investigation shows that there are 7 shareholders of jinmailang Food Co., Ltd., of which jinmailang Investment Co., Ltd. is the major shareholder, holding 503764% of the shares; Fan Xianguo, the actual controller, directly holds 250532% shares of jinmailang; The remaining five shareholders are two natural persons and three partnerships.
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with fierce competition for listing
Since its establishment, jinmailang has been making efforts for listing. In 2017, jinmailang had the idea of independent listing. It is reported that jinmailang Securities Department plotted the IPO of jinmailang noodle company, but there was no later.
In December 2020, jinmailang and China Securities Co.Ltd(601066) signed a listing guidance agreement. Subsequently, in April and August 2021, China Securities Co.Ltd(601066) successively disclosed two issues of listing guidance reports.
In the second guidance report disclosed in August last year, China Securities Co.Ltd(601066) pointed out that during the guidance period, China Securities Co.Ltd(601066) securities Guidance Group continued to carry out guidance work according to the arrangement of guidance plan and implementation plan, and organized jinmailang and various intermediaries through holding coordination meetings, interviewing the main responsible personnel of key business departments, problem diagnosis and rectification, case analysis, reviewing relevant materials provided by jinmailang, etc, Urge the company to solve relevant problems in the listing process. The counseling work in this period has achieved good results, and the counseling plan formulated by the counseling organization has been well implemented.
In January, Macquarie announced that it had invested RMB 600 million in the industry, which was the head of China’s consumption capital in 2021. Jinmailang said that the company is one of the few industry giants across the two tracks of food and beverage in China, with a revenue scale of more than 20 billion yuan, and is expected to become the Chinese version of “Nestle” and “Kraft”. After this financing, jinmailang won the support of strength capital and industry resources, and will further accelerate the national layout and lead the development of the industry.
At present, in China’s instant noodle market, the inherent share of Master Kang and uni president has declined. Once jinmailang lands in the capital market, the situation of the tripartite confrontation of instant noodles may be laid.
However, in the past two years, the consumer track has ushered in an upsurge of listing. Nongnongshan spring, Yihai Kerry Arawana Holdings Co.Ltd(300999) , Dongpeng special drink and other food and beverage giants have been listed one after another, and the market value of some enterprises has exceeded 100 billion. Sichuan Baijia akuan Food Industry Co., Ltd. (“akuan food”) also submitted a prospectus not long ago to be listed on the Shenzhen Stock Exchange, which increases the urgency of jinmailang’s listing.
A Kuan food, known as the “face unicorn”, officially disclosed its prospectus last December. In this IPO, a Kuan food plans to raise 665 million yuan, which will be used for the construction project of Health Food Industrial Park (phase I) and the construction project of R & D center. A Kuan food has seven product series, including convenient vermicelli, convenient rice noodles, non fried instant noodles and convenient self heating hot pot, which belong to the two brands of “Baijia Chenji” and “a Kuan” respectively.
