New stock news | Gu Ming submits its second application to the Hong Kong Stock Exchange. As of the first nine months before 2024, its GMV reached 16.6 billion yuan, a year-on-year increase of 20.4%.

According to the disclosure of the Hong Kong Stock Exchange on December 15th, Master Kong Holdings Limited (hereinafter referred to as "Master Kong") submitted its application to the Hong Kong Stock Exchange Main Board, with Goldman Sachs and UBS Group as joint sponsors. This is the company's second time submitting an application to the Hong Kong Stock Exchange Main Board, having previously submitted in January of this year. The prospectus shows that Master Kong is a leading and rapidly growing Chinese ready-to-drink beverage company, committed to providing consumers with fresh, delicious, consistently produced, and affordable high-quality products. Based on the gross merchandise volume (GMV) for 2023 and the number of stores as of December 31, 2023, Master Kong is the largest mass-produced tea beverage brand in China and the second largest ready-to-drink tea beverage brand in all price ranges in China. In 2023, the company's GMV was 19.2 billion RMB, an increase of 37.2% from 2022. For the nine months ending on September 30, 2024, the company's GMV was 16.6 billion RMB, an increase of 20.4% from the same period in 2023. As of December 31, 2023, the company's store network included 9,001 stores, a 35.0% increase from December 31, 2022, and expanded to 9,778 stores by September 30, 2024. Master Kong mainly operates the Master Kong brand by opening stores through a franchise model. Master Kong stores mainly sell three types of beverages: fruit tea beverages, milk tea beverages, coffee beverages, and others. The company focuses on the Chinese mass-produced tea beverage market. Based on 2023 GMV and expected GMV growth from 2023 to 2028, this market segment is the largest and fastest-growing, with intense competition. In line with Master Kong's slogan "Drink a cup every day and never get tired," the company offers consumers a variety of consistently produced products. The company has strong product development capabilities and regularly introduces new products to maintain product appeal. In 2023 and for the nine months ending on September 30, 2024, the company launched 130 and 85 new products, respectively. At the same time, as the company rapidly iterates new products, it has the ability to ensure that all stores provide stable quality and consistent taste products. Master Kong has become a beloved brand among consumers. The company has built a loyal membership base, with approximately 94 million and 135 million registered Mini Program members as of December 31, 2023 and September 30, 2024, respectively. The number of active members in the quarter ending on December 31, 2023 and the quarter ending on September 30, 2024 exceeded 36 million and 43 million, respectively. The average quarterly repurchase rate in 2023 reached 53%, far exceeding the average repurchase rate of less than 30% for mass-produced tea beverage brands. In terms of finances, for the nine months ending on September 30, 2021, 2022, 2023, and 2024, Master Kong's revenue was approximately 4.384 billion, 5.559 billion, 7.676 billion, and 6.441 billion RMB, respectively; during the same period, the total comprehensive income for the year was approximately 23.992 million, 392 million, 1.077 billion, and 1.112 billion RMB respectively.