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久久王食品國際
Jiujiuwang Food International
COMPANY PROFILE

Jiujiuwang Food International is a confectionary products manufacturer established in the PRC in 1999. It manufactures and sells confectionary products, including gum-based candies, tablet candies, aerated candies and hard candies.

The Group generally source raw materials from suppliers, manufacture and package confectionary products at its in-house production facilities, and either sell its products under brands owned or licenced by its OEM customers in the PRC and to overseas countries, or sell products under its own brands, namely Coolsa, Lalabo and Jiujiuwang, to distributors or to end consumers through e-commerce channel in the PRC.

As at 31 August 2020, the Group had 129 third party distributors with sales network covering one municipal city, two autonomous regions and 21 provinces, forming a nationwide sales network in the PRC and reaching hypermarkets, supermarkets, grocery stores and tuck shops. According to Frost & Sullivan, as measured by revenue, the Group ranked second in the overall sugar confectionary market in Fujian Province with regional market share of approximately 2.7% in 2019 and had approximately 0.7% market share in the PRC in 2019.

The Group manufactures confectionary products at its in-house factory located in Jinjiang City, Fujian Province. It had 32 production lines, with an annual production capacity of approximately 15,045.4 tonnes, for manufacturing products.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureFood & Beverages
Websitewww.jiujiuwang.com
Board Lot5,000
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares198m shares
No. of International Placing Shares178m shares
No. of HK Offer Shares19.80m shares
Offer Price$0.65 - $0.75
Nominal ValueUS$ 0.0001 each
Stock Code1927
Sponsor(s)Lego Corporate Finance Limited
Underwriter(s)Lego Securities Limited; Aristo Securities Limited; China Tonghai Securities Limited; First Fidelity Capital (International) Limited; Seazen Resources Securities Limited; Brilliant Norton Securities Company Limited; Fruit Tree Securities Limited; Grand China Securities Limited; Kirin Securities Limited; Lee Go Securities Limited; MTF Securities Limited; Realord Asia Pacific Securities Limited; Yuzhou Financial Holdings Limited
TIME TABLE
Application PeriodFeb 26 (Fri) - Noon, Mar 5 (Fri)
Price Determination DateOn or Before 5pm, Mar 5 (Fri)
Result Announcement DateOn or Before Mar 15 (Mon)
Dispatch of Shares and Refund ChequesOn or Before Mar 15 (Mon)
Dealings in Shares commence onMar 16, 2021. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveZheng Zhenzhong (Chairman), Zheng Guosi, Chen Kan
Independent Non-ExecutiveWang Linan, Wu Shiming, Chen Congming
MAJOR SHAREHOLDERS
Director Zheng Guosi25.46%
Zheng Guodian25.46%
Director Zheng Zhenzhong21.82%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue237,854414,082380,815
Gross Profit74,911130,404114,726
Pre-Taxed Profit34,86559,20153,422
Attributable Profit for the period25,81843,19638,686
EPS - Basic (cents)4.37.36.5
* For the eight months ended August 31, 2020.
OFFER STATISTICS (HK$)
Offer Price$0.65 - $0.75
Capitalization$515m - $594m
Unaudited pro forma adj NAV / share$0.45 - $0.47
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $0.70, the net proceeds raised would be HK$70.8m, of which:
* $36.1m (51.0%) to expand of production capacities;
* $18.1m (25.5%) to replace of machines in existing production lines;
* $5.6m (7.9%) to apply partial repayment of bank loans;
* $6.0m (8.5%) to enhance of marketing efforts; and
* the balance of $5.0m (7.1%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00151WANT WANT CHINAunchange5.7200.0000.000%
01262LABIXIAOXINdown0.250-0.005-1.961%
01285JIASHILI GPdown1.640-0.060-3.529%
01583QINQIN FOODSdown2.210-0.050-2.212%
01927JIUJIUWANGdown0.425-0.010-2.299%
03799DALI FOODSdown4.380-0.030-0.680%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 14/04/2021 10:59
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