Observer Network - Orange Finance News (Article / Lu Si Ye Editor / Zhuang Yi) February 7, news that the fruit retail chain fresh abundant fruit company Limited (hereinafter referred to as "fresh abundant fruit") of the listing counseling has been terminated, fresh abundant fruit of the road to the A-share listing into the state of suspension.
Annual revenue of more than 5 billion
Founded in 1997, Fresh Fruit is one of the country's largest fruit chain, with more than 2,000 stores in 19 provinces and cities across the country.
On December 30, 2019, CITIC Securities signed a listing counseling agreement with Fresh Fruit to formally start the plan of listing on the A-share market.
On March 27, June 24, September 21, and December 18, 2020, CITIC Securities reported four phases of counseling progress materials to the Zhejiang Securities Regulatory Bureau.
December 18, 2020 issued the fourth phase of the counseling work progress report shows that CITIC Securities and Fresh Fruit counseling work is progressing well, and deployed the next phase of counseling work. And according to the capital state IPO early to know and other media news, at present, fresh abundant fruit and CITIC Securities consensus, decided to terminate this counseling work, has been to the Zhejiang Supervision Bureau to terminate the counseling application.
In this regard, the observer network to the fresh fruit and CITIC Securities call for verification, as of press time has not received a response.
The official website information shows that Fresh Fruit has Fresh Fruit, AK Fruit Garden, Fruit Wharf, Fresh Fruit Wharf, and Yang Fruit Shop five fruit brands, and it is a set of new retail, intelligent cold chain logistics and supply chain B2B platform.
In 2019, Fresh Fruit's revenue reached 5.6 billion yuan, of which the to B business, which provides after-dinner fruits for large catering enterprises and large unit canteens, and supplies more than 30,000 small community stores (husband and wife stores), contributed to more than 1 billion yuan in sales.
Qixinbao information shows that from 2015 to 2018, Jiuding Investment, Maixing Investment, Qianhai Sycamore Merger and Acquisition Fund, Qingrui Venture Capital and Sequoia China have invested in it.
In 2020, the fresh fruit industry ushered in a new opportunity for users to surge and online orders to skyrocket. The China Agricultural Outlook Report (2020-2029) shows that China is the world's largest fruit producing region and consumer market, with fruit production accounting for about 1/3 of the world, and will continue to grow in the future, and the fruit industry is ushering in industrial upgrading.
Feng Dexin, vice president of Fresh Fruit, pointed out in a recent media interview that "the fresh fruit market is a trillion-dollar market, and the proportion of the market accounted for by a single head enterprise is less than 1%." Fresh fruit wants to connect the whole chain, build the "fruit industry Internet".
Competition for the "fruit retail first share"
In the entire trillion domestic fruit retail market, another fruit chain giant Baiguoyuan also in the process of promoting the A-share listing.
In June last year, Hundred Fruit Garden had submitted materials to the International Department of the China Securities Regulatory Commission, to be listed on the main board of the Hong Kong Stock Exchange, and in the follow-up has been approved by the Securities and Futures Commission; in November, Hundred Fruit Garden and Minsheng Securities signed a listing counseling agreement, from Hong Kong stocks to A shares.
Official website information shows that Baiguoyuan was founded in Shenzhen in 2001, and its business includes fruit procurement, planting support, post-harvest preservation, logistics and warehousing, standard grading, marketing and expansion, branding and operation, and store retailing, etc. In 2019, Baiguoyuan's annual revenue was 13.1 billion yuan, a year-on-year increase of 30.7%, with more than 4,600 terminal stores.
In January 2018, Hundred Fruit Garden announced the completion of 1.5 billion yuan of Series B financing, with investors including CICC, Zhongshi Capital, CICC Huirong, Cornerstone Capital, Source Capital, Yuexiu Industrial Fund, and SZV. Yu Huiyong, founder and chairman of the Board of Directors of Parkview, has publicly disclosed that the valuation of Parkview has reached 8.5 billion yuan before the B round of financing.
In the industry, Baiguoyuan and Xianfeng fruit are considered the "strongest rivals". 2019 March, the Prospect Industry Research Institute released the "fresh food enterprise ranking", showing that Baiguoyuan and Xianfeng fruit ranked in the industry's top three, of which Baiguoyuan is in the first place, and Xianfeng fruit is ranked third.
The two are secretly competing to become the "first fruit retail stock". Tiantu Capital said in 2015 when it invested in the hundred fruit garden, it will take three to five years to get rid of competitors, landing in the capital market, to become the first share of China's fruit chain.
In 2017, when the 20th anniversary of the start-up of fresh fruit, its founder Han Shuren also said that he wanted to make fresh fruit the first stock of fruit retail in China.