Famous traditional Chinese preserved meat brand Rongye Food Products (WYHG.US) reduces the size of its US stock IPO, aiming to raise $9 million.

Wing Yip Food Holdings Group, a company in China engaged in processing and selling meat products, has reduced the proposed transaction size for its initial public offering (IPO). The company is currently planning to issue 2 million American Depositary Shares (ADS) at a price of $4-5 per share to raise $9 million, a decrease of 20% from the previous planned financing amount. The company had previously planned to issue 2.5 million ADS at the same price. Through its operating subsidiaries in mainland China, Wing Yip Food mainly engages in the processing, sales, and distribution of cured meat products, snack products, and frozen meat products. Currently, Wing Yip Food's products are marketed and sold in 18 provinces in mainland China through 7 self-operated stores, 72 distributors consisting of retail stores and supermarkets, and 7 e-commerce platforms (including one company-owned platform). It is worth noting that all 7 self-operated stores of Wing Yip Food are located in Guangdong Province, and although the company has already expanded into e-commerce channels, the revenue from e-commerce platforms accounted for only about 2.21%, 2.24%, and 1.23% respectively from 2021 to the first half of 2023, indicating that the company's main sales channels are offline. The development history of Wing Yip Food can be traced back to 1915, when it mainly processed and sold cured sausages. Since 2010, Wing Yip Food has accelerated its business expansion, expanding beyond the "Wing Yip" brand of cured meat to develop new product lines, such as snack brands "Master King" and "Mad Man", and entering the frozen food category, creating a product matrix of traditional meat products, snack foods, and frozen foods, becoming a modern food company with a multi-category drive. In terms of financial data, the company had a total sales of approximately $137 million for the 12 months ending on June 30, 2024. The company plans to list on the NASDAQ market under the stock symbol "WYHG".