Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (Chao Hong Ji) has submitted an application for an "A+H" listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, amidst a rising trend of gold-related IPOs in Hong Kong [1][15]. Company Overview - Chao Hong Ji, founded in 1997 by the Liao father-son duo, has grown from a self-operated gold shop in a department store to a well-known chain with over 1,500 stores [1][5]. - The company was the first fashion jewelry company to be listed on the Shenzhen Stock Exchange in 2010, with a current market capitalization exceeding 13 billion RMB [5]. Market Context - The Hong Kong Stock Exchange is experiencing a "golden wave," with companies like Lao Pu Gold seeing their market value increase significantly, and new entrants like Zhou Li Fu achieving a market cap of over 20 billion HKD shortly after listing [1][15]. - The demand for gold jewelry is shifting towards younger consumers, with a significant portion of retail sales coming from the 18 to 34 age group [16]. Financial Performance - Chao Hong Ji's revenue for 2022, 2023, and projected figures for 2024 and the first half of 2025 are 4.364 billion RMB, 5.837 billion RMB, 6.452 billion RMB, and 4.061 billion RMB respectively, indicating a compound annual growth rate of 21.6% [11]. - The company's core jewelry business contributes over 90% of total revenue, with reported revenues of 40.26 billion RMB, 54.35 billion RMB, and 61.55 billion RMB for the respective years [12]. Product Strategy - Chao Hong Ji has diversified its product offerings, including brands like CHJ Chao Hong Ji, Soufflé, CHJ·ZHEN, and Cëvol, focusing on both jewelry and handbags [6][10]. - The company emphasizes design and cultural heritage, having sponsored design competitions and launched a new brand, VENTI, to promote innovative jewelry designs [3][13]. Competitive Landscape - Despite the growth, Chao Hong Ji faces intense competition in the jewelry market, ranking ninth in overall sales and eighth in the gold jewelry segment among domestic brands [13]. - The company has been proactive in engaging with younger consumers through collaborations with popular IPs, having launched over 400 SKUs since 2010 [13]. Ownership Structure - The major shareholders include Liao Mu Zhi, Liao Chuang Bin, and Lin Jun Ping, collectively holding approximately 31.67% of the company, making them the largest shareholder group [14].
潮汕父子要IPO敲钟了
3 6 Ke·2025-09-16 10:05