This article is from WeChat public account: cast the net (ID: China-Venture) , author: Chen Xiang clear, original Title: “The Power of Food: This Woman Is the Biggest Winner in Snacks to Get a Dozen of IPO Trillion Markets”, Picture from: Visual China

After three squirrels, A shares will soon welcome another casual snack company this year.

The official website of the China Securities Regulatory Commission said that on November 28, the good product shop had passed the review by the issuance committee. If there is no accident, it will land on A shares and usher in the same stage as the three squirrels.

In recent years, domestic casual snack companies have been listed. According to the Open Source Securities Report, from 2011 to 2019, the number of domestic casual snack listed companies increased from two to 15.

This is a trillion market. The “Snack Industry Development Report under the Background of Consumption Upgrade” issued by the Ministry of Commerce’s Distribution Industry Promotion Center shows that from 2006 to 2010, the total output value of China’s snack industry increased from 100 billion yuan to 1 trillion yuan, with a compound annual growth rate of 17.98% In 2020, the total industry scale of the snack industry will approach 3 trillion yuan.

whileBehind the increasing number of snack companies landing on the capital market, it also reflects the current fierce homogeneous competition in the industry: casual snack companies need to go public, seek brand power and expand their brands and channels to counter competition.

The online snack industry “BAT” gathers in A shares

The road to the listing of Liangpinpu has gone through twists and turns. 5 years ago, Liangpinpu set up a red-chip structure and sought to go public in Hong Kong, but in the end it failed to move to A shares, and submitted the IPO application materials to the Securities and Futures Commission in June 2018. Until today, Only then is the dust settled.

Coincidentally, the three squirrels went to market with a twist. In March 2017, the three squirrels submitted their prospectus to the Securities and Futures Commission for the first time, but in October they offered to suspend the review because of the “signing lawyer resignation”; at the end of the year, the three squirrels applied for an IPO again, but the Securities and Futures Commission With “there are still relevant issues that need further verification”, its qualification for review was cancelled again; until July 3 this year, the three squirrels finally landed on the A shares as they wished.

Compared to Liangpinpu and the three squirrels, the herb taste is much smoother. It was acquired by Imagine in 2016 and successfully landed on A shares. These three companies are called the snack industry “BAT” .

In terms of market share, Liangpinpu, three squirrels, and Baicaowei rank in the top three, and are far higher than the fourth place in Iraq. According to the data from the China Business Industry Research Institute, in 2018, the market share of the three squirrels increased from 10.9% in 2017 to 11.2%, and the market share of Baicaowei increased from 6.1% in 2017 to 6.2%. 0.1 percentage point fell to 5.0%, but it is much higher than the market share of the fourth-ranked Iraqi 0.8%.

In terms of business revenue, in 2018,The revenues of the three squirrels and Baicao are 7 billion yuan and 4.949 billion yuan, respectively. (for your overall revenue) , Liangpinpu 2017 The revenue was 5.224 billion yuan. (Undisclosed 2018 data) , while Laiyi’s 2018 revenue was only 3.89 billion yuan.

So, why have the BATs in the snack industry sought listing in the past three years?

China’s food industry analyst Zhu Danpeng said to China Investment Network that China’s FMCG industry, especially the snack industry, is facing the problem of product homogeneity. Under such a node, if we want to break the game, It is necessary to make a strategic layout of multiple brands, multiple categories, multiple channels, multiple scenarios, and multiple consumption levels. But the funds and resources involved in the strategic layout are huge, so we must solve them through the power of the capital.

The main categories of Liangpinpu, Three Squirrels, and Herbal Flavors all include categories such as roasted nuts, meat snacks, and candied snacks. The competition for product homogeneity is very serious.

With the launch of A-shares in Liangpinpu, the three companies may usher in the same stage in the capital market.

Behind Liangpinpu and the three squirrels, the same investor

Every successful IPO means a capital feast. This year, Liangpinpu and three squirrels went on the market. Today, Xu Xin, the head of the capital, stands in the spotlight again.

According to the prospectus of Liangpinpu, Ningbo Hanyi holds 41.55%, Dayong Limited holds 33.75%, and Zhuhai Gaocheng holds 5.15%. Among them, the second largest shareholder, Da Yong Limited, is held by a fund under Today Capital, and Xu Xin therefore serves as a director of Liangpinpu.