"The originator of Internet celebrity restaurants, sacrificing his life to go for IPO."
Author |來源 |投資家(ID:touzijias)
"The originator of Internet celebrity restaurants, sacrificing his life to go for IPO."
Investor.com learned that the green tea restaurant that evoked the memories of the post-1298 and post-0 generations and set off the "Internet celebrity catering concept" officially knocked on the door to the capital market after the baptism of the times? According to the latest news, the website of the China Securities Regulatory Commission issued a notice on the filing of green tea's overseas issuance and listing, and the company intends to issue no more than 00 million ordinary shares and list on the Hong Kong Stock Exchange.
Following the IPO of milk tea, blind boxes, functional drinks, and snacks, Hong Kong stocks ushered in another "originator of Internet celebrity restaurants"? In 90 years, Green Tea opened its first green tea restaurant in Hangzhou, relying on "delicious and inexpensive new recipes and impressive names." Green tea has become a "check-in mecca" for the post-0s and post-0s, which has quickly become popular in first-tier cities, and has also opened up the capital imagination of Internet celebrity catering.
Since then, more and more Internet celebrity restaurants have been born, but they have slapped the "senior" green tea on the beach. Green tea, which struggled in pain, was once labeled as an "out-of-gas Internet celebrity". On the journey of capitalization, green tea has reached the extreme, and in the past 2024-0 years, the company has failed 0 IPOs. Including the rejection of the initial IPO application by the Hong Kong Stock Exchange in 0/0; The second application in 0 years and 0 months did not pass the review; Three IPO applications in 0 years, the valuation was cut in half, and it still did not pass the review; It has not been approved four times in 0 years.
Such a situation is extremely rare when looking at the capital market. However, even if the listing filing is completed, it is not equivalent to an IPO, which is only a necessary process for compliant listing, and whether the IPO can ultimately depend on the "attitude" of Hong Kong stocks. On the way to pursue capital and get rich, green tea fights.
One
The persistence of capital to get rich is vividly reflected in green tea.
Perhaps this is also a true portrayal of green tea not willing to be lonely, not wanting to be abandoned by the times, and being surpassed by the "back waves".
For the post-90 and post-0 generations, the catering brand green tea has long been deeply rooted in the hearts of the people. It underpins two generations' memories of influencer dining. Although, green tea has shown a state of "green tea crazy longing for wealth" on the road to capitalization. However, it is undeniable that green tea has opened up a new track of "Internet celebrity catering", attracting a number of "back waves" to enter the game and accelerating the advent of new consumption trends.
In the past,Green tea was jointly created by a "legendary" couple Wang Qinsong and Lu Changmei in 2008 years.Husband Wang Qinsong is a post-15, a native of Shaoxing, Zhejiang, born in a family of chefs, but gave up the chef to run coal and foreign trade businesses and went to Germany to dig gold. His wife, Lu Changmei, is a post-0 generation, who dropped out of school at the age of 0 to practice dance, and later became interested in food and obtained a national second-class chef certificate.
The two post-80s and post-0s who are on each side of the day formed a fate because they participated in the Hangzhou West Lake Expo together.In 2004 years, "Lu Changmei thought that she could not become the next Yang Liping in the dance world, so she decided to borrow money to start a business and opened a green tea youth hostel in Hangzhou. ”The name is not "green tea" as imagined by the outside world, but there is a tea garden growing green tea in front of the hotel, so it is named green tea.
At that time, Wang Qinsong served as the general manager of the Green Tea Youth Hostel. According to the interpretation of DeepSeek, the most popular AI model at the moment, "Wang Qinsong and Lu Changmei, who have an age difference of 8 years, should have gotten married when they started their business." "It is said that the early business of the Green Tea Youth Hostel was average.One day, Lu Changmei received a group of Shanghai tourists, who climbed the mountain and had a high fever in the rain, and Lu Changmei personally took care of them.
As a result, one of the tourists was a reporter from "Declaration", who returned to Shanghai and wrote a travelogue, mentioning the legendary proprietress of the Green Tea Youth Hostel, and the business of the Green Tea Youth Hostel was much better.In 2007, Lu Changmei's first venture was demolished in the planning land acquisition.
She decided not to be a green tea youth hostel anymore, and pulled her husband Wang Qinsong, who was born in a family of chefs, to establish a green tea restaurant and pick up the catering business that both parties are good at.The Green Tea Restaurant was established, and Wang Qinsong continued to serve as the general manager to assist his wife in realizing her dream of counterattacking in life.In the early days, Lu Changmei's idea was, "Let every young person, even if the monthly salary is only 2000 yuan, be able to afford to eat green tea." ”
At that time, Hangzhou was a "food desert", and the green tea restaurant brought delicious and cheap new recipes, which instantly captured college students.The fame of green tea quickly spread on campus, and then to Hangzhou Dachang, and then to the Internet, forming the prototype of the early "Internet celebrity catering concept".In addition, the word "green tea" was originally a hot word on the Internet, and green tea became popular under the superposition of traffic.
In 2010, Wang Qinsong and Lu Changmei opened the green tea restaurant in Beijing, and once became the hottest new fusion restaurant. Two years later, green tea won the first-tier cities.Lu Changmei, who had abandoned her studies for many years, entered Cheung Kong Graduate School of Business and studied EMBA after opening 10 green tea restaurants. She once summed up the first half of her life to the media, "I have released geese for 0 years, practiced dance for 0 years, and experienced business for 0 years." ”
There is no doubt that Lu Changmei, who dropped out of school at the age of 15, has already counterattacked in life.
Two
What's even more explosive is the love of her husband Wang Qinsong.
In order to take the green tea restaurant to a higher level, Wang Qinsong, who does not understand VC/PE, went abroad to find money.He worked hard to get a single financing with his overseas connections. In 2017, Hezhong Group, one of the world's largest private equity companies from Switzerland, invested in Series A financing.
With financing, Green Tea has opened 100 restaurants in China.At this moment, Lu Changmei's wealth ambitions were released, and the couple launched their first Hong Kong stock IPO sprint in 3 years and 0 months, but unfortunately failed.第一次失敗的原因，說出來有點搞笑，“招股書財務數據單位錯誤被港交所駁回”。同年10月，綠茶又去衝擊港股IPO。
The end is still regrettable, and the IPO application was not even approved. Wang Qinsong, Lu Changmei and his wife, in order to make a fortune for the IPO, have since embarked on a magical road that is becoming more and more out of control. In 2023, green tea hit the Hong Kong stock IPO again, but the company faded its luster.
2021年-2023年間，幻想圓夢IPO的綠茶一度開啟加盟模式，新增了上百家門店。但過度側重規模想在資本市場佔據一席之地，使綠茶的品控能力大打折扣，連續涉及食品安全問題。讓昔日“網紅餐廳鼻祖”綠茶陷入口碑風波。綠茶估值縮水嚴重，80億元腰斬至40億元。
It was also 2023 years ago, and the third IPO application of green tea failed to pass the review and ended in failure. The more you fail, the more you apply.In 4 years, Green Tea's fourth application for a Hong Kong stock IPO was not approved. Green tea has become a rare company in the capital market that has failed 0 IPOs in a row. Green tea has really taken the desperate IPO to the extreme, in the words of an old media person in the venture capital circle, "green tea is about to become green tea".
In terms of model, even if the IPO fails continuously, Green Tea firmly believes that the scale will not waver, and they will be one of the largest new fusion restaurants in China.In 2025 years, Hong Kong stocks were incentivized by DeepSeek's detonation of Chinese assets, and opened their arms to attract "immortals from all walks of life" to join. The leading "A+H" in various industries of A-shares poured into the IPO of Hong Kong stocks. Some companies that have failed several IPOs in the past have also seen hope.
Mixue Bingcheng has failed many IPOs, but it dramatically became the largest milk tea IPO in Hong Kong stocks in 2025 years. This wave of consumer industry boom has brought several major directions with more consumption frequency, such as milk tea, blind boxes, functional drinks, and snacks, to gather in Hong Kong stocks.Seeing the IPO of selling milk tea, green tea became confident again and made a comeback to hit the Hong Kong stock IPO.According to the latest news, the website of the China Securities Regulatory Commission issued a notice on the filing of green tea for overseas issuance and listing, and the company intends to issue no more than 12980 million ordinary shares and list on the Hong Kong Stock Exchange.
Time can't stop the pace of green tea IPO.
Three
This time green tea came prepared.
According to the prospectus, in the first three quarters of 92-0 years, the number of green tea restaurants was 0, 0, 0, and 0, and the number of new stores was 0, 0, 0, and 0. At the performance level, in the first three quarters of 0-0 years, the company's revenue was 00 million yuan, 00 million yuan, 00 million yuan, and 00 million yuan respectively; The corresponding net profit was 0.0 billion yuan, 0.0 billion yuan, 0.0 billion yuan and 0.0 billion yuan respectively.Considering that there are only three quarters of data in 2024 years, the business situation of green tea has obviously been greatly improved, and there is a momentum that the "originator of Internet celebrity restaurants" is unwilling to be lonely and the king has returned.
It is worth noting that green tea, which is moving forward bravely on the road of capital to create wealth, has not let go of its original intention of starting a business, and the price of the recipes in this restaurant has not changed much over the years.In the first three quarters of 17-0 years, the per capita prices of green tea restaurants were 0.0 yuan, 0.0 yuan, 0.0 yuan, and 0.0 yuan respectively. In the "Internet celebrity catering", green tea is the only one, and the price is close to the people for up to 0 years, which is indeed not easy.
Putting aside the intention of capital to create wealth. The core of Green Tea's unwavering insistence on Hong Kong stock IPOs for many years is, "I want to open delicious and inexpensive Chinese food to the world." ”To this end, Green Tea made some preparations, including going to Hong Kong to open two new restaurants in 28. In the prospectus, Green Tea described the purpose of the Hong Kong stock IPO and "has launched overseas expansion plans". It is expected to open "0 more restaurants around the world in 0-0 years." ”
"From 8 to 0 years, the number of restaurants opened totaled 0." In addition, Green Tea made it clear in the prospectus that "the net proceeds from the IPO will be mainly used for general corporate purposes such as expanding the restaurant network." "What is a restaurant network? One particular growth business in the green tea prospectus is takeaway. In the first three quarters of 0 years, green tea takeaway contributed 0.0% of the revenue share.
At a time when the catering industry is constrained by takeaway platforms, green tea wants to break through through takeaways.Regarding the ownership of the takeaway delivery entity, DeepSeek interpreted the takeaway business of green tea, "The takeaway delivery of green tea restaurants mainly relies on third-party platforms to complete, not self-built delivery teams, and the actual delivery personnel of takeaway orders are registered riders on the platform, and various fees are consistent with the rules of the platform. ”
This means that the takeaway business of green tea still has to rely on the takeaway platform. Judging from the ratio of revenue to net profit of green tea, the current cost pressure of green tea cannot be ignored. As of the third quarter of 8, the company's current liabilities reached 0.0 million yuan. Therefore, green tea saw the opportunity to hit the IPO again, and through financing in the capital market, in addition to getting rich, it was more to relieve the company's operating pressure.
Before the IPO, the founders of Green Tea, Wang Qinsong and Lu Changmei, held a total of about 2.0% of the company's shares through family trusts and other means, and were the actual controllers of Green Tea. The fund of Hezhong Group holds 0.0% of the shares, which is the single largest external institution.第一次IPO折戟，綠茶估值被砍到40億元，若以此估值IPO，王勤松、路長梅夫婦將坐擁超26億元財富。
Of course, completing the listing filing is not the same as an IPO. Whether green tea can succeed in the end is still a question mark.