IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

We are the third largest Chinese cuisine restaurant brand in the international market in terms of 2021 revenue. We are a self-operated restaurant brand, primarily serving Haidilao hot pot in the international market. According to F&S Report, we were also the largest Chinese cuisine restaurant brand originating from China in the international market in terms of 2021 revenue and the largest Chinese cuisine restaurant brand in the international market in terms of number of countries covered by self-operated restaurants as of December 31, 2021. Food is an expression of cultural identity, values and a way of life. Chinese cuisine is one of the richest and most diverse culinary heritages in the world. However, due to challenges in standardization, scalability and localization across countries, very few Chinese cuisine restaurant brands have successfully expanded internationally while maintaining consistent quality and a brand identity that resonates across cultures. Chinese cuisine restaurant brands with over 10 stores and brands covering two or more countries only accounted for approximately 13.0% and less than 5% of the international market in terms of number of restaurants in 2021, respectively. With our signature dining experience and service quality, Haidilao has become a worldwide brand. Since opening our first restaurant in Singapore in 2012, we have expanded to 110 restaurants in 11 countries across four continents as of the Latest Practicable Date, namely Singapore, Thailand, Vietnam, Malaysia, Indonesia, Japan, Korea, the U.S., Canada, the United Kingdom, and Australia. We have built an international Haidilao restaurant network with highly standardized operations, effective management systems, motivated employees and a high level of guest satisfaction. Due to the impact of the COVID-19 pandemic and as new restaurants has accounted for a large portion of our restaurants, we have incurred net losses of US$33.0 million, US$53.8 million, US$150.8 million and US$51.5 million, and US$55.7 million in 2019, 2020, 2021 and the six months ended June 30, 2021 and 2022, respectively. Nevertheless, we have achieved business growth during the Track Record Period. ‧ Restaurant expansion. Our restaurant network expanded from 24 restaurants in five countries as of January 1, 2019 to 103 restaurants in 11 countries as of June 30, 2022. Our revenue increased from US$233.1 million in 2019 to US$312.4 million in 2021 at a CAGR of 15.8%. We also gradually recovered from the COVID-19 pandemic since 2022, with our revenue increasing from US$134.8 million in the six months ended June 30, 2021 to US$245.8 million in the six months ended June 30, 2022. ‧ Entering new markets. Prior to the start of the COVID-19 pandemic, we expanded into six new countries in 2019, including four countries in Southeast Asia, namely Vietnam, Malaysia, Thailand and Indonesia, the UK and Australia. In the same year, we achieved table turnover rates of over 4.8 times per day on average in these countries. During the pandemic, we focused primarily on expansion within existing countries and enhancing their operating performance, opening a total of 67 new restaurants from January 1, 2020 to June 30, 2022. ‧ Guest traffic. Prior to the COVID-19 pandemic, we recorded a total of approximately 8.1 million guest visits at our restaurants in 2019. While our guest traffic was significantly affected by COVID-19, through our efforts, we increased guest visits from approximately 7.1 million in the height of the pandemic in 2020 to approximately 9.8 million in 2021. In the first half of 2022, we recorded approximately 9.3 million guest visits in total as the pandemic gradually eased in certain countries, doubling from approximately 4.5 million for the same period in 2021. ‧ Table turnover rate. We recorded an overall table turnover rate of 4.1 times per day in 2019. During the pandemic, we implemented a number of measures, such as offering discounts, reactivating existing guests and offering off-peak hour meals, to improve table turnover rates. In the first half of 2022, our overall table turnover rate was 3.0 times per day, improving from the overall table turnover rate of 2.4 times per day and 2.1 times per day in 2020 and 2021, respectively. Source: Super Hi (09658) Prospectus (IPO Date : 2022/12/19)
Listing Market	MAIN
Industry	Restaurants
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Zhang Yong & Associates (51.69%) Futu Trustee Limited (9.52%) Shi Yonghong (8.28%)
Directors	SHU Ping (Chairman and Non-Executive Director) June YANG Lijuan (Chief Executive Officer and Executive Director) LIU Li (Executive Director) LI Yu (Executive Director) LIEN Jown Jing Vincent (Independent Non-Executive Director) TAN Kang Uei, Anthony (Independent Non-Executive Director) TEO Ser Luck (Independent Non-Executive Director)
Company Secretary	QU Cong Cheng Ching Kit
Principal Bankers
Solicitors	Kirkland & Ellis International
Auditors	Deloitte Touche Tohmatsu
Registered Office	40th Floor, Dah Sing Financial Centre, No. 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.superhiinternational.com
Email Address	superhi_ir@superhi-inc.com
Tel No	(86 10) 5906-6000
Fax No

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