Food firm testsIPO appetite

Business | Avery Chen 29 Aug 2019

Jiumaojiu International, a Chinese fast food restaurant, yesterday filed for an initial public offering in Hong Kong.

The Guangzhou-based company operates 269 restaurants and manages 41 franchised restaurants, covering 31 cities in mainland China.

It currently manages and operates five brands, namely, Jiu Mao Jiu, Tai Er, Double Eggs, Cooking Spicy Kebab and Uncle Chef.

Its revenue rose 41.47 percent to 1.24 billion yuan (HK$1.36 billion) for the first half this year, while net profit grew 87.61 percent to 102.04 million yuan.

Jiumaojiu intends to use proceeds from the IPO to expand its network, strengthen supply and support capabilities and enhance centralized procurement system and repay part of a syndicated loan facility.

The company submitted its A-share listing application in 2016, but decided to withdraw it last year because of the prolonged and uncertain listing timetable, due to the A-share vetting process, and in order to gain recognition worldwide.

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