Huang Xiaoming'S Endorsement Of Gan Yuan Food Sprint IPO "Sequoia Department" Capital Into The Bureau

Huang Xiaoming endorsed, relying on "crab meat melon seed kernel" to spell out a day's leisure food manufacturer Gan yuan food Limited by Share Ltd (hereinafter referred to as "Gan yuan food"), will be accepted by the issuance examination commission's first listing application in March 19th.

This headquartered in Pingxiang, Jiangxi, founded in 2006, mainly produces three kinds of products: melon seed kernel series, broad bean series and green pea series. In addition, nuts and nuts (walnuts, almonds, pistachio nuts, macadamia nuts and pine nuts) and cereal crisps (including rice crisp, crispy rice, fried rice, glutinous rice, etc.) are also produced.

However, the establishment of 14 years of Gan yuan food, in the capital market can be described as "early in the morning, catch a night collection."

002257.SZ, the same snack food industry, was founded in 2001, and was listed on the Shenzhen Stock Exchange in March 2011. It was only a year earlier than the establishment of Gan yuan food store in Yanjin (002847.SZ). It had already landed on the SME board in Shenzhen Stock Exchange in February 2017. In addition, it was founded in 2012 by three small squirrels (300783.SZ), also in the 2019 7 lunar exchange Shenzhen Stock Exchange gem.

In 2018, the three battalions of qqc, Yanjin shop and three squirrels were 4 billion 197 million yuan, 1 billion 108 million yuan and 7 billion 2 million yuan respectively. In contrast, the revenue of Gan yuan food was only 911 million yuan this year.

Distributor mode

Public information shows that Gan Yuan Food disclosed the prospectus for the first time in April 12, 2019, and the prospectus was updated in October 25, 2019. It intends to apply for listing in Shenzhen Stock Exchange. It plans to issue no more than 23 million 304 thousand shares, and intends to raise 954 million yuan.

Among them, Gan Yuan Food intends to use raising funds of 360 million yuan, focusing on the implementation of annual output of 36 thousand tons of snack food Henan production line construction projects.

Prospectus disclosed that in 2016 -2018 and 2019 1-6, the main business revenue of Gan yuan food was 708 million yuan, 788 million yuan, 911 million yuan and 449 million yuan respectively, with net profit of 49 million 283 thousand and 100 yuan, 62 million 127 thousand and 700 yuan, 120 million yuan and 54 million 551 thousand and 300 yuan respectively.

The most famous product of Gan yuan food is the three series products of "crab meat flavored melon seed kernel", melon seed kernel, broad bean and green peas, which contribute nearly 80% of its revenue.

From the point of view of the channel, the sales of Gan yuan products are mainly based on the distributor mode and the electricity supplier mode is subsidiary.

As of June 30, 2019, there were more than 1000 distributors of Gan yuan food cooperation, and terminal stores covered many scenes such as hypermarkets, warehousing member stores, supermarkets, chain stores, schools, traffic stations and so on. On line, they were mainly sold through dozens of e-commerce platforms such as Tmall mall and Jingdong mall.

In 2016 -2019 1-6, the income of Gan yuan food through distributors was 79.95%, 80.57%, 83.78% and 83.29%, and the proportion of e-commerce channel revenue was 14.67%, 17.06%, 14.24% and 13.98%.

However, this widely distributed dealer mode also brings potential trouble.

According to the business information of enterprises, because of the involvement of distributors, Gan yuan foods involved many disputes over sales contracts in the 2017-2018 years. Among them, the salesmen of Gan yuan food in Guizhou province launched large group buying activities in 2017, which triggered widespread litigation among dealers.

In twenty-first Century, the economic news reporter inquired about the ruling and the ruling found that between March 2017 and May, Gan yuan food and several distributors in Guizhou Province signed the "distribution agreement" respectively, and agreed that Gan Yuan Food authorized Zhang Ke to carry out business relations with the above dealers in Guizhou province market leader. In the actual performance, Zhang Ke appointed Yang Yuan food staff yang to handle related businesses.

In June 2017, Gan Yuan Food organized a group buying activity in Guizhou province. It was announced by Zhang Ke and yang to the dealers that the dealers were allowed to sell less than 32% of the market price of Gan yuan food at normal times. However, after the dealer paid the money, Gan yuan food had not been shipped, which led to the dissatisfaction of these dealers, which led to large-scale litigation.

However, Gan yuan foods said in the trial that the company did not carry out group buying promotions, and the promotion activities in Guizhou were Zhang Ke or Yang's personal behavior. Finally, the first instance of the above series of cases ended in December 2018. The court held that Zhang Ke's claim that his conduct constituted duty behavior could not be established according to law. But it also revealed some loopholes in the internal control of Gan yuan food in its dealer management mode.

"Sequoia Department" capital into the Bureau

As of the prospectus disclosure, Gan yuan food has 7 shareholders.

In addition to 74.99% of the company's real controller Yan Binsheng (Chairman), 8.33% of Yan Haiyan (vice chairman), as well as Ming Chi investment, Ming Wang investment and Ming Yi Investment 3 ESOP platform, the other two external shareholders are 11.7% of Beijing Sequoia Ming Tak equity investment center (limited partnership) ("Sequoia inscription") and 2.5% of Shenzhen's reputation cornerstone. Equity investment partnership (limited partnership) ("reputation cornerstone").

Combing the prospectus, we can see that in October 2015, the second replenishment of Gan yuan food introduced the Sequoia inscription.

At that time, Sequoia Ming De subscribed for RMB 120 million yuan in new form of registered capital of 8 million 181 thousand and 800 yuan, the remaining part was included in capital reserves.

In addition to "Sequoia" capital into the Bureau, in 2018, the cornerstone also shares Gan yuan food.

In August 15th, Yan Binsheng and Yan Haiyan signed the "share transfer agreement" with the cornerstone of Yan Binsheng. Yan Binsheng transferred 2.25% of its shares to 45 million yuan, and Yan Hai Yan transferred 0.25% of its shares to 5 million yuan. That is to say, we won the 2.5% stake in Gan Yuan Food by 50 million yuan.

The transfer of shares is also the first equity transfer after the change of Gan yuan food into a joint stock company, and the overall value of Gan yuan food is 2 billion yuan.

It is worth mentioning that 7 months after the cornerstone was established, Gan Yuan Food submitted a draft prospectus to the SFC at the end of March 2019, causing the market to question its surprise stake.

In the first round of feedback, the SFC also highly concerned about the transfer of shares, and asked Gan yuan to replenish and disclose the cause, price and pricing basis of capital increase and share transfer, indicating the fairness of pricing (especially in November 2011 and August 2018).

"Assault stocks are easy to damage the interests of small investors, but it is still necessary to decide whether to take a surprise stake or not." or, in March 16th, a lawyer told the business reporter in twenty-first Century.

In addition, in just three years, Gan yuan food changed the three chief financial officer.

In 2016, Gan Yuan Food chief financial officer changed from Fang Ming to Zhang Tieqiang. In 2018, he changed to Tu Wen Li, leaving the reasons for "unknown" or "personal reasons".

?