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 one of the leading and rapidly growing pantry staple food companies in China. Since our inception, we have been dedicated to providing our consumers with pre-packaged premium rice, whole grain, bean, and dried food products. By maintaining wide sales coverage and addressing evolving consumer needs, we have achieved a strong sales growth during the Track Record Period and established a range of household brands for Chinese families. Among the top five players by revenue in China’s pantry staple food market, we were the fastest-growing company by revenue CAGR from 2020 to 2022, according to Frost & Sullivan. Northeast China is reputable for its unique natural environment and geographic conditions, and generally regarded by consumers as a prominent grain production region in China. As such, we have established a comprehensive and efficient supply chain system in Northeast China, encompassing all critical stages along the value chain from procurement, storage, production, sales, and logistics. We have successfully established our flagship brands, namely Shiyue Daotian (十月稻田) and Firewood Courtyard (柴火大院), and introduced a range of products with various specifications to address consumer needs. Our brand recognition and popularity have earned us numerous awards and honors, specifically: ‧ for each year from 2019 to 2022, we have been the largest company on comprehensive e-commerce platforms, such as JD.com and Tmall, in terms of the revenue generated from sales of rice, whole grain, bean and seed products, with a 14.2% market share in 2022, which is 2.7 times that of the second-largest company, according to Frost & Sullivan; ‧ for each year from 2019 to 2022, our flagship brands, Shiyue Daotian and Firewood Courtyard, have consistently ranked in the top two positions on comprehensive e-commerce platforms in terms of revenue generated from sales of rice, whole grain and bean and seed products, according to Frost & Sullivan; and ‧ Shiyue Daotian has been recognized as “Best Partner of 2022 (2022年度最佳合作夥伴)” by JD Supermarket and “A Hundred Million Club – Super Brand of 2022 (超棒品牌億元俱樂部)” by Tmall Supermarket. We took the initiative to enter comprehensive e-commerce platforms, social e-commerce platforms and community group buying platforms at their early development stages. This strategic initiative has facilitated our swift acquisition of invaluable sales network operating experiences. We retained the largest market share by revenue from China’s rice, whole grain, bean and seed market in each of such channels in 2022. Our extensive range of premium products spanning diverse categories, coupled with our efficient supply chain management, positions us as a crucial business partner in grocery retail channels. We have expanded rapidly in recent years in grocery retail channels, achieving a 79.5% CAGR of revenue growth from 2020 to 2022. In 2022, we ranked fourth in the grocery retail channels for China’s rice, whole grain, bean and seed industry in terms of revenue, according to Frost & Sullivan. Leveraging our nationwide sales network, we are able to integrate online and offline sales operations to gain insights into consumer needs from an extensive amount of consumer feedback. We believe this has distinguished us from our competitors, and will inform our product development and marketing efforts for the future. According to Frost & Sullivan, the total market size of China’s rice, whole grain, bean and seed market amounted to RMB1,073.7 billion in 2022, representing 57.7% of China’s pantry staple food market, which had a market size of approximately RMB1.9 trillion, and is expected to reach RMB1,265.0 billion by 2027. According to the same source, with the continuously improving living standards of Chinese consumers, the premium subsegments are expected to grow at a faster rate than China’s overall rice, whole grain, bean and seed market. Meanwhile, there is a growing trend towards favoring branded rice, whole grain, bean and dried food products and more convenient purchase methods, benefiting the development of companies with competitive brands and advanced operations across different sales channels. As a leading pantry staple food company in China, we are well positioned to seize such growth opportunities. We have maintained a strong growth momentum during the Track Record Period. Our revenue increased from RMB2,327.0 million in 2020 to RMB4,532.9 million in 2022, representing a CAGR of 39.6%, and increased from RMB910.2 million for the three months ended March 31, 2022 to RMB1,081.5 million for the three months ended March 31, 2023. We recorded an adjusted net profit (non-IFRS measure) of RMB364.0 million and RMB77.9 million in 2022 and the three months ended March 31, 2023, respectively. According to Frost & Sullivan, we have been the largest company by revenue in China’s pre-packaged retail market for Northeast Rice products for four consecutive years from 2019 to 2022. According to the same source, we were the largest company by revenue in China’s pre-packaged whole grain, bean and seed market in 2022. Source: Shiyue Daotian (09676) Prospectus (IPO Date : 2023/09/28)
Listing Market	MAIN
Industry	Packaged Foods
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Shenyang Shiyue Daotian Enterprise Management Consulting Partnership (Limited Partnership) (Total share: 36.14%); (H share: 0.00%) Wang Bing (Total share: 20.57%); (H share: 0.00%) Shenyang Shiyue Jinfeng Enterprise Management Consulting Company Limited (Total share: 9.79%); (H share: 0.00%) Generation Sigma Investment Ltd. (Total share: 7.67%); (H share: 31.98%) MIC Capital Management (Restricted) 7 Ltd (Total share: 3.26%); (H share: 13.58%) Yunfeng Fund IV, L.P. (Total share: 1.43%); (H share: 5.94%)
Directors	Wang Bing (Co-Founder and Chairman and General Manager and Executive Director) Zhao Wenjun (Co-Founder and Deputy General Manager and Executive Director) Zou Hao (Chief Financial Officer and Executive Director) Shu Minghe (Executive Director) Zhao Shulan (Executive Director) Chang Bin (Non-Executive Director) Lin Chen (Independent Non-Executive Director) Shi Ketong (Independent Non-Executive Director) Yeung Chi Tat (Independent Non-Executive Director)
Company Secretary	Chen Hua Oh Sim Yee
Principal Bankers	Bank Of China Bank Agricultural Bank of China Limited China Merchants Bank
Solicitors	Clifford Chance Commerce & Finance Law Offices
Auditors	KPMG
Registered Office	40th Floor, Dah Sing Financial Centre, No. 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.shiyuedaotian.com
Email Address	SYDT123@shiyuedaotian.com
Tel No	(86 400) 0188-975
Fax No

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