“家族企业”老乡鸡再闯上市：业绩快速增长，有股东临场退出

Core Viewpoint LXJ International Holdings Limited, known as "Laoxiangji," has submitted an updated prospectus for listing on the Hong Kong Stock Exchange after previously withdrawing its A-share listing application. The company aims to raise funds to support its strategic development and expansion plans. Group 1: Company Background - Laoxiangji was founded in 2003 in Hefei, Anhui Province, starting with its first fast-food restaurant named "Feixi Laomuhen" and later rebranded in 2012 to prepare for market expansion outside Anhui [5][6]. - The company has undergone several changes in its corporate structure and capital, with its registered capital fluctuating from approximately 3.6 billion RMB to about 10.36 billion RMB in 2024 [6][8]. - Major shareholders include Laoxiangji (Anhui) Holdings Co., Ltd. and Laoxiangji (Shenzhen) Catering Holdings Co., Ltd. [5][8]. Group 2: Management Changes - The company has experienced significant changes in its management team, with key figures such as the founder, Shu Congxuan, stepping down from all positions in November 2023 [5][18]. - The current management includes Shu Xiaolong as the CEO and other family members holding significant positions, indicating a strong family influence in the company's governance [18][20]. Group 3: Financial Performance - Laoxiangji has shown rapid revenue growth, with reported revenues of approximately 45.28 billion RMB, 56.51 billion RMB, and 62.88 billion RMB for the years 2022, 2023, and 2024, respectively [20][21]. - The company achieved a net profit of about 2.52 billion RMB, 3.75 billion RMB, and 4.09 billion RMB for the same years, reflecting a consistent upward trend in profitability [20][21]. Group 4: Market Position and Expansion Plans - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities, with a market share of 0.9% in the Chinese fast-food industry, ranking first in the Chinese Chinese fast-food sector [20][21]. - The company plans to use the funds raised from the Hong Kong listing to enhance its supply chain, expand its store network, and invest in technology upgrades and marketing efforts [23].