In addition to Saturday Fook, similar brands on the market include players such as Saturday Gold, Chow Tian Fook, Chow Ba Fook, and Chow Pak Fook. These jewelers under the banner of “Zhou’s family” seem to be international classics, but behind them may be fellows from Shenzhen Shuibei.
Editor’s note: This article is from the micro-channel public number “investment community” (ID: pedaily2012), Author: Yang Zhongyu.
Saturday Fu is still eager to be on the IPO bell stage.
Yesterday (March 4), the official website of the Shenzhen Securities Regulatory Bureau disclosed that China Securities Regulatory Commission issued an announcement stating that Saturday Fortune Jewelry Co., Ltd. intends to IPO and listed on the domestic stock exchange, and now accepts China Securities Co., Ltd. The company’s counseling was filed with the Shenzhen Securities Regulatory Bureau on February 25, 2021.
So far, Saturday Fu has once again embarked on a journey to market. In May 2019, Saturday Fu disclosed for the first time that the IPO prospectus was to be listed on the Shenzhen Stock Exchange, but it was unexpected that its IPO would be rejected in October of the following year. Today, Saturday Fortune has once again hit the A-share market, and the heart to go public is still alive.
What few people know is that behind Saturday Fu is a pair of Li brothers from Chaoshan, Guangdong. In 2002, his younger brother Li Weizhu resigned from the bank and founded a jewelry setting factory in Shuibei Village, Shenzhen, earning his first pot of gold. Soon after, his brother Li Weipeng also entered. In 2004, Saturday Fu was formally established in Shuibei Jewelry Concentration Zone, and the two brothers joined forces on the jewelry stage.
Today, the Lee brothers created a jewellery kingdom and sold 2.3 billion yuan a year. However, “Zhou’s” cottages in the jewelry industry are flooded-in addition to Chow Tai Fook, Chow Sang Sang, Chow Tai Sang, there are also Saturday Fook, Saturday Gold, Chow Tian Fook, Chow Ba Fook, Chow Pak Fook, etc., which makes people stupid and confused. A quagmire triggered by “Zhou’s” is still going on.
The Chaoshan Brothers have joined forces for 17 years
The birth of a “cottage” jewelry kingdom
Saturday Fu made its fortune in the first village of China’s jewelry-Shuibei Village, Shenzhen.
In 2000, Li Weizhu graduated from Guangdong University of Foreign Studies with a major in marketing and was successfully assigned to work in a bank in his hometown of Chaoyang. By chance, he came into contact with the jewelry industry and saw a business opportunity. In 2002, Li Weizhu decisively quit his “iron rice bowl” and founded a jewelry inlay factory in Shuibei, Shenzhen, and obtained the first pot of gold by supplying jewelry manufacturers.
The following year, nonThe jewellery industry was hit hard by the coming of codes, and the traditional bulk jewellery market gradually collapsed. Merchants changed their careers one after another. Li Weizhu persisted in the posture of hunting down. In this crisis, he realized the importance of branding, and Li Weizhu, who graduated with a major in marketing, is well versed in marketing.
Li Weizhu had a good time. With the completion of Shenzhen Shuibei International Jewelry Trading Center, Shuibei has also become China’s largest gold jewelry processing, manufacturing and trading center. Here, thousands of jewelers have a clear division of labor. They have built a complete industrial supply chain from mining, processing, to wholesale and retail. Most of the gold jewelry and jewelry business are Chaoshan people. Li Weizhu is one of them. It is also doing well.
Not long after, my brother Li Weipeng joined in. In 2004, Li Weipeng and his partner Chen Chuangjin each invested 500,000 yuan to equally divide the equity to establish Saturday Fu in Shenzhen Shuibei Jewelry Concentration District. In the second year, 50% of the equity held by Chen Chuangjin was transferred to Li Weizhu at a price of 500,000 yuan. At this point, the two brothers began to join forces in the jewellery arena. This year, Li Weizhu was 28 years old.
Why was it named “Saturday Fu”? In fact, at the very beginning, this company was not called “Saturday Fu”, but Shenzhen Zhou Tianfu Jewelry Co., Ltd. In September 2005, it also applied for the trademark of “Zhou Tianfu”. In March 2012, the company changed its name to “Shenzhen Saturday Fortune Jewelry Co., Ltd.” and 4 months later, it was renamed “Saturday Fortune Jewelry Co., Ltd.” and in November 2018 it was changed to a company limited by shares.
Because of this, Saturday Fu has been controversial about “cottage”. In the eyes of the outside world, both “Chow Tian Fook” and “Saturday Fook” are similar to the famous Hong Kong jewelry brand Chow Tai Fook, and “Saturday Fook” not only hit the face of “Chow Tai Fook”, but also touched the “Liu Fook Group”. Surprisingly, the two brothers even made up the history of the brand. On the company’s official website, they described Saturday Fu as an established company. The group was founded in the early eighteenth century, which is about 300 years away from the actual year of establishment.
For a long time, Saturday Fook only occupies the mainland until the Li brothers opened their first store in Hong Kong, China at the end of 2016, and the opposite of this store is a powerful competitor-Chow Tai Fook. What’s interesting is that on the opening day, Saturday Fook invited the famous star Carina Lau as a guest. Carina Lau confessed to the media: “At first I thought it was Chow Tai Fook or Luk Fook Jewelry, but later I realized that it was Saturday Fook.” Later, Carina Lau said, “It doesn’t matter what the name is, the most important thing is that business is booming.” This has become one of the scenes that has been criticized by people today.
This way of taking shortcuts led to Saturday Fu being caught in a trademark dispute. Not only that, but also because of infringements on the reproduction rights, distribution rights and copyrights of other people’s art works, Zhou Fu has repeatedly become defendants in court. Chanel and Ge You have both put Saturday Fu in the dock.
The Lee brothers behind them still have a lot of money. It is reported that the two brothers together hold the weekLuk Fook’s 94.58% shares, once successfully listed, these shares will be cashed into real money.
In a year, it received 2.3 billion yuan, and it was listed twice.
This time, what is Saturday’s winning percentage?
This is Saturday’s third sprint for IPO.
As early as May 2019, Saturday Fortune launched an offensive on the capital market for the first time, but the hired accounting firm was in the Pearl River, which was affected by the investigation by the Securities Regulatory Commission, and Saturday Fortune’s first IPO road was cast a shadow. In December of that year, Saturday Fu updated the company’s prospectus, regrouping and embarking on the IPO gold rush once again.
This prospectus directly exposes the true operating conditions of this company. The investment community has learned that “mainly inlays + push franchise stores” is a major feature of Saturday Fortune. It is not difficult to find from the prospectus that, relying on the strategy of laying out franchise stores on a large scale, the sales revenue of Saturday Fortune has been rising steadily, and the growth rate of net profit in recent years has been more eye-catching.
These can be seen from the revenue data: From 2017 to the first half of 2020, Saturday Fu achieved revenues of 962 million yuan, 1.677 billion yuan, 2.269 billion yuan and 835 million yuan respectively; the net profit attributable to the parent in the same period was 141 million yuan respectively. , 303 million yuan, 414 million yuan and 173 million yuan. Among them, the revenue growth rate in 2018 and 2019 reached 74.54% and 35.11%, respectively, and the net profit growth rate attributable to the parent was 115.12% and 36.38%, respectively, and the growth rate far exceeded that of Ming brand jewelry, Chao Hongji, Lao Fengxiang, Zhou Dasheng and other industries. the company.
However, the Issuance Examination Committee rejected the IPO. On October 29, 2020, the 18th Issuance Review Committee of the China Securities Regulatory Commission convened the 154th Issuance Review Committee in 2020. On Saturday, Fu Jewelry Co., Ltd. (first issue) was not approved. The reason for the failure is that the China Securities Regulatory Commission’s Issuance Examination Committee has doubts about the authenticity of Saturday’s high growth performance and the legitimacy of its relationship with franchisees. Once again, Saturday Fu listed the dream broken.
How did Saturday Fu become popular? This is due to the franchise model. The prospectus shows that from 2017 to the first half of 2020, the company’s franchise model revenues were 807 million yuan, 1.323 billion yuan, 176,400 yuan, and 493 million yuan, accounting for 86.45%, 82.18%, and 493 million yuan in main business revenue, respectively. 82.00% and 62.05%, accounting for half of all revenue of Saturday Fortune.
Relying on the franchise model, Saturday Fortune was able to quickly occupy the market and made a lot of money, but it was precisely because of its heavy dependence on franchisees that Saturday Fortune hit the capital market and the road was not smooth. As of June 30, 2020, it has a total of 3,425 franchise stores and 28 self-operated stores, and the proportion of self-operated stores is still less than 1%.
The quality control problems that are common in the franchise model are not immune to Saturday Fu. In the third quarter of last year alone, there were more than 300 economic cases against the fake and inferior products of Saturday Fu across the country. Saturday Fu was also deducted as “bad currency expelled.” Currency” hat.
Before, there was “the review of the Pearl River Thunder in the middle of the center was suspended”, and then there was “will be rejected on the IPO”. The trip to Fu’s A-shares on Saturday was a bumpy ride, and now the return is still unknown. What’s more, standing in front of Saturday Fu is the orthodox Zhou family in the jewelry industry.
Share 750 billion jewellery worlds
“Zhou’s” is spreading all over major shopping malls and has become a disaster
Where does the rumored “Zhou family” come from?
Founded in 1929, Chow Tai Fook was the earliest of all Zhou’s gold brands. Its predecessor was “Chow Tai Fook Gold” located in Hongde Road, Henan, Guangzhou. The founder Zhou Zhiyuan is the first person who founded the “Zhou XX” brand, but his son-in-law Zheng Yutong is indeed the one who really carried forward Chow Tai Fook.
When similar merchants used 94 and 95 gold to pretend to be 99 gold to sell, Zheng Yutong asked Chow Tai Fook to use a purity of 99.99, which won the trust of many customers. Since then, Chow Tai Fook has established a good reputation. After that, Chow Tai Fook quickly became popular. In Hong Kong, 11 branches have been opened in just a few years. In 1965, Zheng Yutong completely took over Chow Tai Fook from his father-in-law. In December 2011, Chow Tai Fook was listed in Hong Kong, and it is still Hong Kong’s largest jewellery company by market value.
Just five years after Chow Tai Fook was founded, the Jinxing, founded by Zhou Fangpu in the last century, was officially changed to “Chow Sang Sang”, which means “weeks and starts, endless life”. There are rumors that the two founders of Chow Sang Sang and Chow Tai Fook are relatives, but this statement has not been officially certified.
Years later, Zhou Fangpu let the descendants of the main room and the side room operate independently as “Guangdong, Hong Kong and Macao Chow Sang Sang Jewellery and Gold Shop” and “Chow Sang Sang Jewellery and Gold Shop”. His three sons, Zhou Junling, Zhou Junlian and Zhou Junren, carried forward. The brothers promoted the listing of Chow Sang Sang’s business in 1973 and became the first listed company in the Hong Kong jewelry industry.
The brand history of Chow Tai Sang is not as long as Chow Tai Fook and Chow Sang Sang. It is only 5 years earlier than Saturday Fook. In 1999, it opened its first counter in Beijing Wangfujing Department Store.” There is a widely circulated story about its origin: 1In 966, the overseas Chinese Zhou’s family founded the “Hong Kong Dragon International Company” to wholesale jewelry in Hong Kong. In the early 1990s, it formed a joint venture with the “Zhou’s Heda” company to establish Hong Kong Chow Tai Sang Jewelry Co., Ltd. Zhou Dasheng experienced the first IPO abortion after the jewellery crackdown in 2013 and the failed backdoor in 2014. Only in 2017 did he successfully go public on the A-share market.
In the A-share market that Saturday Fu wants to hit, there are also jewelry brands such as Lao Fengxiang, Tongling Jewelry, Yuyuan Shares, and Chaohongji. Each has its own unique trajectory and history. After listing, psychic jewelry acquired the Belgian royal jewelry brand with a history of more than 160 years.
In addition to Saturday Fook, similar brands in this market also include players such as Saturday Gold, Chow Tian Fook, Chow Ba Fook, and Chow Pak Fook. These jewelers under the banner of “Zhou Family” seem to be international classics, but they are actually fellows from Shenzhen Shuibei.
The latest data shows that the size of the jewelry market in Mainland China has reached 750 billion yuan, and the entire jewelry market is facing a Red Sea war. With the awakening of consumer awareness, jewellery brands have gradually shifted from price competition to a comprehensive competition of brands, channels, products, supply chains and business models. It is not just a “Zhou XX” brand that will make everything happen.
At the moment, this “golden shining” jewelry melee hasn’t stopped. Saturday Fu, who once left a shadow on the road to IPO, is still waiting for new results.