New Stock News | Xiaocaiyuan IPO Prospectus Invalid: A Popular Chinese-style Catering Chain Enterprise

Little Veggie Garden International Holdings Limited's Hong Kong IPO prospectus submitted on January 16, 2024 expired after 6 months on July 16, with Huatai International and UBS Group as its joint sponsors. The previously submitted prospectus showed that Little Veggie Garden is a rapidly rising mass-market Chinese dining leading brand, ranking among the top in the industry in both business scale and growth rate. With a forward-looking strategic vision, the company has entered the potential huge market of mass-market Chinese dining by insightfully understanding the trends in the Chinese dining industry, modernization and industrialization of Chinese cuisine, and the increasing demand of consumers for convenient dining. According to Frost & Sullivan data, as of the nine months ending on September 30, 2023, Little Veggie Garden ranked first in the mass-market Chinese dining market with an average customer spending between 50 and 100 RMB. By the final feasible date, the company had established a national network of 548 self-operated stores covering different regions in China, mostly under the Little Veggie Garden brand. During the past period, the company's revenue mainly came from the Little Veggie Garden brand stores, with revenue from these stores accounting for 98.7%, 98.8%, 98.7%, and 99.1% of total revenue in 2021, 2022, and the nine months ending on September 30, 2022 and 2023, respectively. Financially, the company's revenue was 2.646 billion RMB, 3.213 billion RMB, and 3.429 billion RMB in 2021, 2022, and the nine months ending on September 30, 2023, respectively. During the same periods, the company's net profit was 227 million RMB, 238 million RMB, and 430 million RMB, respectively.