Dailycook's IPO in the United States has obtained approval from the China Securities Regulatory Commission and is planning to list on the New York Stock Exchange.
03/11/2023
GMT Eight
On November 3rd, the International Cooperation Department of the China Securities Regulatory Commission issued a notice of overseas issuance and listing filing for DDC Enterprise Limited. The company plans to issue no more than 63,216,234 shares of ordinary stocks for overseas listing on the New York Stock Exchange. The IPO is jointly underwritten by CMB International, The Benchmark Company, Guotai Junan International, ED Securities, and Tiger Brokers.
According to the prospectus, as of March 31, 2023, DDC's main products include self-heating convenience food, quick cooking, and trendy healthy series, covering consumption scenarios such as offices, travel, and home cooking. Its three major brands in mainland China are "DDC," "Fisherman," and "Fierce Flavor." DDC, as the flagship brand, has developed over 100 SKUs. Fisherman focuses on flavored seafood products such as scallops and deep-sea fish, as well as instant flavored fish paste snacks. Fierce Flavor specializes in self-heating hot pot, self-heating rice, and fast-food rice, etc., in the self-heating and fast-food category.
In terms of distribution channels, DDC has covered mainstream domestic e-commerce platforms and content platforms such as Tmall, JD.com, Pinduoduo, TikTok, Bilibili, Weibo, Xiaohongshu, Kuaishou, and Meituan, as well as offline channels such as 7-11, Lawson, Carrefour, Hema, Ole', and G-Super.
Financially, in 2020, 2021, and 2022, DDC achieved operating revenues of RMB 169 million, RMB 205 million, and RMB 180 million, respectively, with revenues from product sales accounting for 91.53%, 93.28%, and 98.24%, respectively. The overall gross profit margins were 16.46%, 17.77%, and 24.46%, respectively.