麦德龙供应链三闯港交所折戟：物美捆绑超六成收入 陷关联方资金双杀困局

Core Viewpoint - Metro Supply Chain Co., Ltd. has faced significant challenges in its attempts to go public on the Hong Kong Stock Exchange, marking its third unsuccessful attempt in five years, reflecting a decline in its business performance and market confidence [1][2]. Financial Performance - From 2021 to 2023, Metro Supply Chain's total revenue decreased from 27.82 billion to 24.86 billion, with net profits fluctuating at 332 million, -471 million, and 253 million respectively, indicating instability [3]. - For the first seven months of 2024, the company reported revenue of 14.82 billion, a slight decline of 1.0% year-on-year, with operating profit halved compared to the same period in 2023 [3]. Business Segments - The company operates primarily in four segments: retail distribution solutions, food service and distribution solutions, welfare gift solutions, and wholesale goods, with retail distribution solutions accounting for approximately 59.6% of total revenue in the first seven months of 2024 [3][4]. Client Dependency - Metro Supply Chain heavily relies on the Wumart Group, with sales to its top five clients constituting 64.0% of total revenue, and sales to Wumart alone accounting for over 96% of this amount [4][5]. Financial Health - The company has a high debt-to-asset ratio, consistently above 100%, and has seen its cash reserves drop significantly, with only 5.37 billion remaining as of July 31, 2024, a decrease of 64.4% year-on-year [7][8]. - The financial costs related to bank loans and non-trade payables have consumed a significant portion of its gross profit, with interest costs accounting for 67.0% and 73.5% of financial costs in 2023 and the first half of 2024 respectively [7]. Investor Pressure - Various venture capital and private equity investors, including IDG Capital and Tencent, are under pressure to exit their investments, with a potential redemption obligation of up to 15 billion USD if the company fails to go public by June 28, 2025 [8][9].