五战IPO！老乡鸡这次会赢？

Core Viewpoint - The company Lao Xiang Ji is making its third attempt to list on the Hong Kong Stock Exchange after multiple failed attempts, reflecting its strong desire to go public despite facing significant challenges and setbacks [1][3]. Group 1: IPO Attempts - Lao Xiang Ji submitted its latest IPO application to the Hong Kong Stock Exchange on January 8, marking its fifth attempt in four years [1]. - Previous attempts included two failed submissions in 2025 and two attempts to list on the A-share market in 2022 and 2023 [1][3]. - The company's valuation has significantly decreased from a peak of 180 billion to 90 billion, indicating a "halving" of its value [3]. Group 2: Compliance and Operational Issues - The company has faced numerous compliance issues, with the regulatory body issuing 45 feedback comments on its prospectus, highlighting concerns over bribery risks, food safety, and employee social insurance contributions [4][5]. - Lao Xiang Ji has reported a total shortfall of over 100 million in social insurance and housing fund contributions from 2022 to 2025 [5]. - Food safety incidents have also been a concern, with 13 administrative penalties issued for various violations affecting approximately 676 customers [8][9]. Group 3: Financial Performance - For the first eight months of 2025, the company's revenue grew by 10.90% to 4.578 billion, and net profit increased by 12.05% to 372 million [9]. - The company operates 1,658 stores, including 925 direct-operated and 733 franchised, with a notable shift from direct-operated to franchised stores [9][10]. - Despite a lower gross margin compared to competitors, the company has seen an increase in gross margin from 20.3% in 2022 to 24.6% in 2025 [10]. Group 4: Market Position and Growth Potential - Lao Xiang Ji holds a 0.9% market share in the Chinese fast food sector, ranking first in the Chinese fast food market and eighth overall in the fast food industry [13]. - The company is expanding its infrastructure, including central kitchens and regional distribution centers, to support its growth strategy [13][14]. - The increasing share of raw materials and consumables in revenue has put pressure on the company's debt structure, although recent improvements have been noted [14]. Group 5: Future Outlook - The company is leveraging digital systems for operational efficiency, with over 23.7 million registered members and advanced supply chain management [14][15]. - The market sentiment appears to be improving, which may positively influence the company's upcoming IPO prospects [15].