Multiple Factors Have Encouraged Catering Companies To Go Public.

At the founding meeting of China Association of listed companies, Guo Shuqing, chairman of the China Securities Regulatory Commission, publicly expressed support for the catering industry for the first time. Listing financing It shows that the review of catering companies that have stalled for more than 2 years will usher in the dawn.

As we all know, the SFC is cautious about the listing of catering enterprises. The main reasons include: the catering enterprises often have financial problems, which are not standardized, the income and cost can not be measured, the degree of standardization of the catering industry is low, the replication rate is low, and the food safety and other issues. This directly led to the listing of many well-known catering enterprises including the south of the Yangtze River, which had been shelved for a long time in the SFC. Therefore, chairman Guo's speech made the catering enterprises quite excited.

The SFC has mainly benefited from the following factors:

First of all, catering industry's service industry plays an important role in stimulating domestic demand. Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said: "China urgently needs to develop the third industry. If the high-end service industry can not attack temporarily, it will make a big traditional low-end service industry, especially the labor-intensive service industry, such as the catering industry, which can not only improve the living standard of the people, but also expand domestic demand and stimulate consumption, which is the reason why people eat food as food for the ancestors. Supporting catering enterprises listing is a major positive for catering enterprises. "President Guo Shuqing also said that we should eliminate the prejudice that consumer service enterprises are not important, and there are more consumer service enterprises in the listed companies. The strategic role of the service industry in the current national economic development is undoubtedly one of the important reasons for the catering companies' listing.

Secondly, the catering industry has developed well. Guotai Junan Recently, the research report has been highly appraised for the catering industry. "The growth rate of catering industry in China is relatively high, and the retail sales volume of catering industry has maintained a two digit growth in the past 22 years (12%-25%). In the future, industrial capital will increase investment in the catering industry, accelerate the growth of the industry, and increase the listing target. Food and beverage sector valuation has been slightly higher than the tourism average (10% premium), 2012 times about 24 times PE, maintain the plate overweight rating. "

Finally, whether the listed companies are suitable for IPO has always been the most fundamental concern of investment banks. In addition to those industries which are obviously not in line with national macro-control policies or industrial policies, the SFC has always been the focus of investment banking circles for some industries in the traditional industries and emerging industries. It is learned that the SFC is developing guidelines for some industries with special characteristics, so as to give full scope to specific risks in specific industries and provide references for issuers, intermediaries and auditors to grasp the key points of the industry.

　　 China SME Association In April 21st, the "IPO summit of Chinese enterprises in Beijing" will be held in April 21st. There will be a number of leaders of the Commission leading the exchanges at home and abroad to interpret the industry trend and policy trend of Chinese listed companies. The different exchanges' attitudes and preferences on various industries including catering will also be one of the important themes of the conference discussion. I hope that more accurate information and voices will be heard in the listing of catering enterprises. (