Shoufeng Holdings is a full-service catering group in Hong Kong, providing Cantonese catering services and banquet services, including wedding reception services. The company operates 19 Chinese restaurant, and it has two brands, namely "Huangfu" and "Huangyuan". As a full-service catering group, Shoufeng Holdings provides Cantonese catering services and banquet services, especially wedding reception services. According to the selected wedding package, provide free services, including wedding invitation design, wedding cake and transportation services. According to Jost Sullivan's report, Shoufeng Holdings is the third largest full-service Chinese restaurant group in Hong Kong's banquet market based on its market share of 20 17 years.
The reasons for the company's above forecast are as follows: (a) The decline in restaurant and banquet service income is mainly due to the social distance measures implemented by the Hong Kong government to curb and prevent the spread of novel coronavirus (coronavirus pneumonia-19) in Hong Kong, and the suspension or shortening of its business hours during the prohibition of catering services; And (b) under the current coronavirus pneumonia 19 epidemic, the provision for impairment of the property, plant and equipment and the right to use assets of group restaurants has increased. Shoufeng said in the prospectus that it is expected that Shoufeng will still carry out its core business in Hong Kong in the future, but its dependence on a single market may expose the Group to many risks, such as the decline of local tourism and retail industry, the overall economic recession and natural disasters, which may have a significant adverse impact on the Group's operation.
Judging from the competition of catering industry in Hong Kong, the yost Sullivan Report shows that by 20 17, the number of restaurants in Hong Kong will increase from about19,000 in 20 17 to about 28,200 in 20 17, while the number of Chinese restaurants in the same period will increase from/kloc-0.
Jost Sally predicts that the catering industry in Hong Kong will achieve a compound annual growth rate of 4. 1% of 20 138 1 100 million yuan from 2007 to 2022.