Core Viewpoint - Tan Zai International, known as "Hong Kong Rice Noodle King," is set to be privatized by its controlling shareholder, with plans to delist from the Hong Kong Stock Exchange after the market closes on August 19, 2023 [2][10]. Group 1: Company Overview - Tan Zai International primarily engages in investment holding, food procurement, and trading, with over 90% of its revenue generated from Hong Kong [7]. - The company operates two major brands: "Tan Zai Yunnan Rice Noodle" and "Tan Zai San Ge Rice Noodle," with its first restaurant opening in Hong Kong in 1996 [7]. - The company was listed on the Hong Kong Stock Exchange in 2021 at an issue price of HK$3.33 per share, becoming a "star" IPO in the restaurant sector that year [7]. Group 2: Financial Performance - The company's revenue for the fiscal years from 2022 to 2025 is projected to be HK$22.75 billion, HK$25.95 billion, HK$27.48 billion, and HK$28.43 billion, respectively [8]. - Net profits for the same period are expected to decline from HK$2.03 billion in 2022 to HK$798.43 million in 2025, indicating a decreasing profit margin from 8.9% to 2.8% [8][9]. Group 3: Market Context - Tan Zai International will be the 36th company to delist from the Hong Kong Stock Exchange in 2023, and the 18th to do so through privatization [5][11]. - The number of companies delisting has increased compared to the previous year, reflecting a faster "metabolism" in the Hong Kong stock market [12][14]. - Despite the delisting trend, the IPO market remains robust, with 53 new listings in the first seven months of the year, raising approximately HK$127 billion, a year-on-year increase of over six times [5].