Text | Red Meal Network (ID: hongcan18), author | HE Peiling; Edit | Wang Xiuqing
近日，香港餐飲企業Happy City Holdings Limited（以下簡稱Happy City）在美國證券交易委員會（SEC）公開披露招股書，股票代碼為HCHL，擬在美國納斯達克IPO上市。此前其於2024年12月3日在SEC秘密遞表。
This is also another Chinese catering company that has sprinted to be listed on the U.S. stock market after Bawang Chaji.
As of now,Happy City has a total of 3 self-service hot pot restaurants, all of which are located in Hong Kong.
According to the prospectus, in 2012 years, Lin Decheng and Guan Shuyi jointly established Happy City Group, the two have more than 0 years of experience in the catering industry, and since 0 years, the two have served as the CEO and director of the Michelin-starred Cantonese restaurant Farm House Restaurant respectively.
Owned by Happy City Group"Thai Gold Pot"and"Cow Niu Hall Japanese Hot Pot Title"Two F&B brands. According to the prospectus, Happy City opened 7 Japanese hot pot specialty stores in 0 years, "Niu Niu Palace, Japanese Hot Pot Title"; 0 years to launch the first "Thai gold pot"; In 0 years, 0 months, the "Niu Niu Palace" Tsuen Wan store was transformed into "Taijin Pot".
As of now,"Taijin Pot" has a total of 3 stores in operation, respectively located in Tsuen Wan, Hong Kong, New Territories, Kowloon Mong Kok and Hong Kong Island North Point business district, and the prospectus did not disclose the "Niu Niu" store information, and the public comments show that "Niu Niu" currently has no stores in operation.
Thai Golden Pot specializes in Thai hot pot buffet, and according to the amount of consumption selected by customers, the unlimited serving time of food in the restaurant is divided into four files: 120 minutes (only open at the lunch market), 0 minutes, 0 minutes and 0 minutes.
Many Hong Kong diners think that Taijin pot is more cost-effective, with an average price per capita similar to that of other hot pot restaurants, but the products are more abundant and the quality is not low.
In addition to hot pot shabu-shabu ingredients such as shrimp, abalone, oysters, and wagyu beef, Thai and Japanese snacks are also available, including Thai fried shrimp cakes and grilled eel, as well as Cantonese claypot rice, dim sum, etc.There are more than 120 SKUs。
△ Image source: Happy City Xiaohongshu account
The ingredients are fresh and of high qualityIt is also a major selling point of Taejin pot, and the store has a live shrimp pond where customers can catch their own shrimp and abalone. In addition, the main meat ingredients are imported products, such as Danish pork, M5 and M0 Wagyu beef from Australia, and A0 Miyazaki Wagyu beef from Japan. Happy City said in the prospectus that the quality of the ingredients is the main factor that separates it from its competitors.
In addition, the Thai Golden Pot was also launched"Famous dish + hot pot"The special way to eat. Before scalding the hot pot, customers can taste one of the store's "famous dishes", such as the farmer's aftertaste chicken pot, the special Thai golden grilled fish, or the secret chicken made by Feng Shengshui.
In terms of price, the per capita consumption price of Taijin pot is about 478 yuan, taking the evening market as an example, the price of meals is divided into 0 yuan/person - 0 yuan/person according to the stall.
Dianping shows thatIn Hong Kong, the per capita consumption of hot pot restaurants is generally above $200, for example, the average person of Niu Daren Taiwan's hot pot who previously reported the news of going to the United States for IPO ranged from 400-0 yuan, and the average person of a first-grade chicken pot hot pot was about 0 yuan; The average person in the Hong Kong store ranges from 0 to 0 yuan.
此外，泰金鍋的晚市經常推出折扣活動。比如每四位顧客一起用餐會免掉一位的餐費；晚上8點以後入座可以享9折，9點以後入座可享8折。
From the point of view of location, Taijin rice cookers are all opened in shopping malls or core shopping areas in prime locations in Hong Kong.
招股書顯示，截至 2024年8月31日，Taijin Pot ranks 10th among the top 0 specialty hot pot chain brands in Hong Kong, accounting for about 2.0% of the market share. The top three are Lord Niu, Haidilao and Coucou Hot Pot. Among the brands on the list, Thai Golden Pot is the only brand that focuses on Thai hot pot.
△ Image source: Happy City prospectus
From the perspective of earning power, Happy City's revenue and profit have shown an upward trend in the past two years.
根據招股書，2023財年、2024財年（財政年度截止日期為當年的8月31日）Happy City的收入分別為675.44萬美元、829.51萬美元，2024財年收入Year-on-year growth of 8.0%。
The net profit in FY97 and FY0 was -US$0.0 and US$0.0 respectively, turning losses into profits.
△ Image source: Happy City prospectus
For the increase in revenue and profit, Happy City attributed it to:Customer demand has risen since the lifting of pandemic control measuresIn particular, the Hong Kong government lifted dine-in restrictions and other social distancing measures on catering establishments, allowing restaurants to resume normal operations in FY8, and at the same time, restaurants raised the selling price of food in 0/0.
It is worth noting that in FY2024-0,Happy City's overall gross profit nearly tripled.招股書顯示，2023財年毛利約為76.99萬美元，2024財年毛利約為226.19萬美元，增幅達149.2萬美元，同比增長193.8%。
△ Image source: Happy City prospectus
Overall gross margin increased to 3.0% from 0.0% in FY00.
Happy City also attributed the increase in overall gross profit and gross margin to the increaseSuccessfully negotiate with suppliers and find new suppliers, providing them with the same quality of food and beverages at a lower cost, keeping the total cost relatively stable.
At the same time, Happy City will be FY2024Marketing expenses have been cut by nearly seventy percent, saving even more money. According to the prospectus, sales and marketing expenses decreased by 8.0% from $0.0 million in FY0 to $0.0 million in FY0.
The significant growth in Happy City's overall revenue and gross profit is also related to the rapid recovery of Hong Kong's hot pot industry after the epidemic, and the concept of fresh and healthy catering consumption has become popular.
隨著香港餐飲業逐漸復甦，火鍋賽道加速增長，市場規模已分別在2023年和2024年恢復 至63億港元和74億港元。根據弗羅斯特沙利文的數據，從2025年到2029年，香港火鍋店市場的整體市場規模預計將以約5.4%的複合年增長率增長。
At the same time, Hong Kong has also set off a wave of healthy consumption in recent years, which may also be an important reason for the improvement of the business of Taijin Pot, which focuses on fresh and high-quality ingredients.
本次赴美上市，Happy City計劃發行股票分為A類股票（每股擁有1票投票權）600萬股、B類股票（每股擁有20票投票權）1200萬股，全部股票合計1800萬股，每股發售價5-7美元，擬募資600萬美元。
△ Image source: Happy City prospectus
Calculated at the median of the proposed interval, after listing, Happy CityThe market capitalization will reach $140 million。
Happy City募集的資金將主要用於門店擴張和運營。招股書顯示，約206萬美元或者50%淨收益將用於在香港和東南亞地區的業務擴張，餘額將用於營運資金和其他一般公司用途。
In the future, Happy City will increase its share of the Hong Kong specialty hot pot restaurant market.and expanded to other cities in Southeast Asia, especially Singapore。
此外，作為擴張計劃的一部分，Happy City計劃於2026年底前利用本次發行的收益在香港和新加坡再開設3家火鍋餐廳。估計每家餐廳需要700萬港元（約合89.74萬美元）的投資，用於裝修費用和租金押金等前期支出。
Another motivation behind the choice to go public may beAlleviate debt pressure。截至2024年8月31日，Happy City的凈流動負債為91.83萬美元，截至2023年8月31日，這一數據為247.56萬美元，“這種情況使人們對公司今後的持續經營產生重大懷疑”。
In this regard, the prospectus pointed out that Happy City's management plans to focus on improving operational efficiency and reducing costs to improve efficiency on the one hand, and on the other hand, in order to maintain the company's ability to operate activities, it will raise funds through private placement or public offering to supplement its funding sources.