Core Viewpoint - Green Tea Restaurant, a Chinese casual dining brand from Hangzhou, successfully listed on the Hong Kong Stock Exchange under the stock code "6831", raising a total of HKD 847 million through the issuance of 168 million shares at an offer price of HKD 7.19 per share [1][2]. Fundraising and Use of Proceeds - The net proceeds from the listing, after deducting related expenses of HKD 102 million, amounted to HKD 746 million. The company plans to allocate HKD 472 million for expanding its restaurant network, HKD 200 million for building central food processing facilities, HKD 40.3 million for upgrading IT systems, and the remaining HKD 37.3 million for general corporate purposes [1][2]. Shareholder Activity - Existing shareholder Partners Gourmet sold 50,509,200 shares, representing approximately 7.5% of the total issued share capital post-offering, netting about HKD 349 million after expenses. Partners Gourmet is ultimately controlled by a company listed on the Swiss Stock Exchange [2]. Market Performance - On its first trading day, Green Tea Restaurant's stock opened at the issue price but later fell below it, currently trading at approximately HKD 6.82, reflecting a decline of 5% and a market capitalization of around HKD 4.6 billion [2]. Financial Performance - Green Tea Restaurant reported impressive revenue growth, with revenues of RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion for the years 2022, 2023, and 2024, respectively. Net profits for the same years were RMB 114 million, RMB 296 million, and RMB 350 million [2][3]. Adjusted Net Profit and Profitability - As of December 31, 2024, the adjusted net profit was RMB 361 million, with an adjusted net profit margin of 9.4%. However, the average store operating profit has declined despite revenue and profit growth [3]. Store Expansion - In 2024, Green Tea Restaurant opened 120 new locations and closed 15, bringing the total number of restaurants to 465 by year-end, with the latest count reaching 493 [4]. Same-Store Sales Performance - The same-store sales for 2024 decreased by 10.3% compared to the previous year, with declines observed across all regions, including East China, Guangdong, North China, and other areas [5]. Shareholding Structure - Post-IPO, the shareholding of co-founders Wang Qinsong and Lu Changmei decreased to 54.29%, making them the largest shareholders, while public shareholders hold 25% of the company, including several cornerstone investors [8]. Conclusion - The successful listing of Green Tea Restaurant not only provides financial support for future growth but also highlights the performance of Chinese dining brands in the international capital market. However, the company faces challenges such as declining same-store sales and must continue to enhance its market competitiveness and profitability [8].

来源|贝多财经 5月8日，绿茶集团有限公司（HK:06831，下称"绿茶集团"）披露发售公告，于5月8日至5月13日招股。本次上市，绿茶集团计划全球发售1.68364亿股，包括 1.17854亿股新股和5050.92万股销售股份。 按照计划，绿茶集团预计将于2025年5月16日在港交所上市。本次上市，绿茶集团的发售价为每股7.19港元。据此计算，绿茶集团预计将募资约12.11亿港 元。其中，发行新股募资约8.47亿港元，售股股东出售股权价值约3.63亿港元。 据招股书披露，出售5050.92万股销售股份的股东为Partners Gourmet，其为在瑞士证券交易所上市的合众集团最终控制。截至2024年12月31日，合众集团的 在管资产均为1520亿美元。 2017年5月，Partners Gourmet斥资约6059万美元向Time Sonic收购了绿茶集团的部分股权。同期，Partners Gourmet参与了对绿茶集团的A轮投资，结合收购股 权，合计支付代价金额约7063万美元，持股30.0%。 天眼查App信息显示，绿茶集团的主要经营主体为杭州绿茶餐饮管理有限公司、西藏绿茶餐饮管理有限公司等。其中，西藏 ...