However, according to the latest news, Haidilao was heard by the Hong Kong Stock Exchange on August 16, and the analyst roadshow was launched yesterday. It is expected to be officially listed on the Hong Kong Stock Exchange in the middle and late September. Its listing price range is $9 billion to $65.438+0.2 billion, which is equivalent to 22-28 times of the estimated net profit in 2065.438+09.
When the whole stock market is in the downward channel this year, Haidilao will be listed on the Hong Kong Stock Exchange. Haidilao, which will land in Hong Kong stocks next month, may fall below the issue price like Xiaomi in the market environment. Why did Haidilao venture to go public?
Haidilao needs to accelerate its expansion
Since Zhang Yong 1994 founded Haidilao in Jianyang, Sichuan, Haidilao has opened 320 stores. Among them, there are 296 in China and 24 abroad. According to statistics, the number of customers served each year has exceeded 1 100 million. In the past 24 years, Haidilao has developed into the first enterprise in the hot pot industry and the leader in the hot pot catering industry.
There are 32 haidilao 20 16 and 98 haidilao 20 17. In order to cooperate with the listing plan of 20 18 in Hong Kong, Haidilao explicitly proposed to open 180~220 stores this year at the annual meeting of 20 18.
Haidilao hot pot pays attention to scale effect, so the standard area of opening a shop is generally around 600- 1000 square meters. Except for some prime locations where rents are too high, other stores have an area of over 800 square meters.
Because the hot pot industry is rich in ingredients, the kitchen needs a larger area to ensure operation. Therefore, the dining area of Haidilao generally accounts for about 75% of the entire storefront area, with about 60 tables, which can serve 400 guests at the same time.
Because of the large storefront area, many kitchen facilities and a large number of employees to ensure the quality of service, the average cost of opening a shop in Haidilao is about 9 million yuan. With such a large cost of opening a store, Haidilao was in debt 14 1 billion yuan when it opened 32 restaurants in 20 16, and in debt139 million yuan when it opened 98 restaurants in 20 17.
In fact, before 20 13, the practice of Haidilao has always been to open as many stores as there is money. To this end, the management team has proposed to Zhang Yong more than once that the scale of Haidilao can be rapidly expanded through bank loans according to the fiery degree of Haidilao. The reason why Zhang Yong didn't take this approach for a long time lies in something that Zhang Yong experienced.
Zhang Yong was ready to start a business when he was young, but he was cheated away by a swindler on a long-distance bus 1200 yuan, which is all his possessions for starting a business. Since then, Haidilao doesn't like to do risky things, such as borrowing money from banks.
However, this "tradition" changed on 20 13. That year, Haidilao accelerated the pace of opening new stores all over the country. In recent years, it has obtained a credit line of 8.5 million yuan from China Merchants Bank and 40 million US dollars from Citibank Beijing Branch. But these loans add up, still can't support the cost of opening a shop in Haidilao. Therefore, Haidilao needs huge capital to support itself. And listing is the best way to obtain funds.
In the next five years, Haidilao plans to open 800 new stores in China and 0/00 new stores abroad (it is expected to open 30 stores in the United States, 30 in Europe and 40 in Southeast Asia). For the domestic market, it is mainly to improve the speed of opening stores in second-and third-tier cities. For example, in Jiangxi Province, only Nanchang has two stores at present, while more than 10 prefecture-level cities such as Ganzhou, Jiujiang and Fuzhou have not yet settled in Haidilao.
In the Asian market, Haidilao has registered the Haidilao trademark in Thailand, Malaysia, Indonesia and other countries to prepare for opening the Southeast Asian market in the future. This year, Haidilao School enrolled students, and stores are also vigorously recruiting college students majoring in small languages.
Listing is the umbrella of Haidilao.
As a civilian company, Haidilao has no background. With the increasing scale of Haidilao, Zhang Yong, the founder of Haidilao, is increasingly insecure. After all, the bigger the business, the more trouble there will be.
Haidilao's listing is not only for expansion, but also because it wants to find an umbrella. Listing is Haidilao's umbrella. According to Zhang Yong's words: "If we are a listed company and meet people and things that can't be taunted, we may have an extra layer of protection. At least the status of listed companies and social shareholders can help us. "
People who haven't done catering may not quite understand Zhang Yong's ideas, but the catering industry does have some messy ideas, such as begging with diners late at night and deliberately extorting money. Although Haidilao has done enough and these situations are not easy to happen, there are still some other troubles.
Anyone who has been to Haidilao knows that no matter where Haidilao is, it is inevitable to queue up when you go. However, according to insiders of Haidilao, in some areas, Haidilao managers often accompany some important guests to eat and chat, and even when there is a long queue at the door, Haidilao will leave one or two empty rooms. Behind this phenomenon, we can see that the catering industry is not as easy as laymen think.
Listing is the battle for Haidilao to win.
Whether it is Yihai, which is the bottom material of hot pot, or U Ding in maocai, Haidilao is stripping off its entire hot pot industry chain, making it bigger and stronger, and building a complete hot pot industry chain. Every independent company shares the same breath with Haidilao, one glory and one loss.
1. Haidilao in Zhalute Banner provides mutton for Haidilao.
2. Shu Hai provides procurement logistics and semi-finished products processing for Haidilao.
3. Micro-sea consulting is to do human resources work for Haidilao. It used to be the human resources department of Haidilao, but now it is split up to help Haidilao do recruitment and training.
4. Honghuotai, a joint venture between Haidilao and UFIDA Software Group, mainly provides catering information services.
Yihai International Holding Co., Ltd. is a company that provides hot pot bottom materials for Haidilao.
The above five companies used to be subsidiaries or related departments of Haidilao, but now they are independent from Haidilao, from raw material production to distribution processing, even semi-finished products and finished dishes; From recruitment to training and even to the later store manager training; Haidilao is turning them into independent and interrelated nodes in the catering supply chain.
Haidilao is approaching his dream step by step, step by step, and building a unique hot pot catering empire. Haidilao has great confidence in its listing, and companies such as Goldman Sachs and CMB International have also expressed their optimism about its listing. How the follow-up Haidilao will develop, let us wait and see.