香港餐饮企业Ga Sai Tong，3家门店，递交IPO招股书，拟赴美国上市

Core Viewpoint - Ga Sai Tong Enterprise Limited, a Hong Kong-based restaurant group, has filed an updated prospectus with the SEC for an IPO on NASDAQ under the ticker GST, aiming to expand its operations in the U.S. market [3][5]. Company Overview - Ga Sai Tong operates three restaurants in Tsim Sha Tsui, Hong Kong, offering a diverse range of cuisines including Japanese yakitori, French-Japanese fusion, and authentic Japanese sashimi/sushi [5]. - The restaurant portfolio caters to various customer preferences, providing experiences from casual dining to fine dining [5]. Shareholder Structure - Prior to the IPO, Ga Sai Tong has approximately 10.7 million Class A shares (1 vote per share) and 1 million Class B shares (10 votes per share), totaling 11.7 million shares [6]. - Major shareholder Wai Kit NG holds 3.7771 million Class A shares (35.30%) and 500,000 Class B shares (50%), representing a total ownership of 36.56% and 42.40% voting power [6]. Management Team - The management team includes Wai Kit Ng as the CEO and Chairman, Sui Chi Wong as CFO, and several independent director nominees [13]. Financial Performance - For the fiscal years 2023, 2024, and the first half of 2025, Ga Sai Tong reported revenues of $1.956 million, $2.276 million, and $1.357 million respectively, with net profits of $455,407, $793,670, and $246,650 [14][16]. - The company has shown a significant increase in gross profit from $852,206 in 2023 to $1,049,552 in 2024, indicating a positive trend in operational efficiency [15]. Underwriting Team - The underwriting team for the IPO includes Bancroft Capital, LLC as the lead underwriter, with SRCO, C.P.A. as the auditor and various legal advisors for U.S. and Hong Kong operations [16].