In the context of consumption upgrades, the large-consumption field has been favored by many PEs. In addition to individual funds that focus on certain subdivided fields, the large-consumption field has become almost all PE investment fields. People's "clothing, food, housing and transportation" is naturally the focus of the consumer field, and the catering industry occupies a very important position. However, after the gold rush that has continued for many years in the catering field, investment in the catering industry has now reached a crossroads.
Both the investment and exit links are difficult. Recently, a number of catering companies planning to go public have been frustrated in the listing of A shares, highlighting the different treatment of high-end catering companies by regulators. It is understood that affected by this, catering companies including Jingya Food and Qiaojiangnan have moved into overseas markets. The other challenge that PE has to face is that those lower-end and popular catering companies are also facing the problem of standardized management. What also makes PE headache is that these catering tycoons who are queued all day long are not right PE is interested, not to mention adopting the standardized management recommendations put forward by PE.
High-end catering listed rent
The “attitude†of the CSRC is testing the patience of many catering companies, the most typical of which is Qiaojiangnan Co., Ltd. (hereinafter referred to as “Qiaojiangnanâ€).
The listing process of Qiaojiangnan, which is seeking to list on A shares, is not ideal. Qiaojiangnan hopes to realize the listing of A shares on the Shenzhen Stock Exchange within this year, but this change not only affects the strategic deployment of Qiaojiangnan, but also makes the investors behind Qiaojiangnan feel hot.
During the 2008 financial crisis, PE Capital, headed by CDH, invested in Qiaojiangnan. After three years of incubation, PE Capital is waiting to obtain generous returns from Qiaojiangnan.
Another company quite similar to Qiaojiangnan is Jingya Food Co., Ltd. (hereinafter referred to as "Jingya Food"). Jingya Foods is a Shandong company specializing in high-end seafood. It currently has stores in Shandong, Beijing, Liaoning and other places. The investor team behind Jingya looks more luxurious, with CITIC Industrial Fund, Shenzhen Venture Capital, Sequoia Capital and Jiuding Investment.
It is reported that Jingya Food has already submitted the listing materials to the China Securities Regulatory Commission in preparation for landing in A shares, but it has also encountered the same fate as Qiao Jiangnan.
In fact, currently there are only a few catering companies in the A-share market, and only Quanjude and Xiang-Eu are lucky to pass.
An investor of Jingya Foods confirmed that the company ’s listing process is more difficult than expected, and the information sent by the SFC is not optimistic, "It is difficult for high-end catering companies to enter the GEM, and the possibility of SMEs is higher. The performance threshold of the small and medium-sized board is relatively high, and the regulators are more worried about whether the performance of the catering companies has sustainability and growth issues. "In fact, such audit standards have been widely circulated in the industry.
There are many minefields for catering companies to go public. For a popular catering company, the cost and income of the company cannot be quantified, resulting in non-standard corporate governance, which is another obstacle facing it. "The deeper reason is that the listing of high-end catering companies does not meet the value orientation. To put it bluntly, many high-end catering companies are places where the consumption of public funds is relatively concentrated. The rationality of encouraging such companies to go public is doubtful, and the regulatory layer is also enduring a certain society Pressure. "The above said.
Another PE industry source revealed that he had also seen a high-end catering company that was going to be listed, but he had doubts about the company's standard operation. He said that during due diligence, he found that the company had intentionally inflated in order to meet the conditions of profitability for three consecutive years. Revenue and profit, but cannot be verified because the customer cannot be confirmed.
The door to the A-share listing is gradually closing, and these catering companies have to reassess the A-share listing. These blocked catering companies are slowly moving their targets overseas. A few days ago, another catering chain company in the Mainland, Xiao Nan Guo Group, participated in the listing hearing of the Hong Kong Stock Exchange. The plan to list H shares in September soon came true. "We are considering letting Jingya go overseas for listing." The above-mentioned Jingya Food Investor said that it has lost patience with A shares. And this change has also included Qiao Jiangnan, which is understood to have been planned to switch to H shares.
Investment paradox in the catering industry
People take food as the top priority. The main position occupied by the catering industry in the consumer industry has always attracted the favor of PE capital. How can the huge market volume and the steady flow of passengers from those excellent catering companies keep PEs from moving.
According to statistics, since 2008, a total of more than 20 catering chain companies have received capital injections, such as Baifu Catering, Jiahe Yipin, Wangxiang Garden and Jingu Garden. Such a story is still happening. A month ago, the European PE fund Apax Partners (Apax Partners) acquired the buffet restaurant chain leopard for about 250 million US dollars, becoming the industry's largest single investment.
The Chinese Cooking Association believes that the chain restaurant industry and VC and PE are in a "love" hunger period. According to its latest "Survey on Development Trends of China's Catering Chain Enterprises", 6% of the catering chain companies currently in the capital operation stage have introduced capital or are preparing for listing, and 72% are negotiating with multiple investment banks.
Among all the factors that measure the value of investment, whether the catering enterprise is reproducible ranks first. Yan Xiaoping, a partner of Dachen Ventures, believes that the cash flow of the catering industry is particularly good. Some distinctive and branded catering companies are not short of people, but catering companies cannot copy the successful experience of single stores to more chain stores and grow. Sex is facing greater pressure. "Catering companies need venture capital to support the expansion of the chain scale, which is inevitable before going public, but the rapid expansion of catering companies will inevitably face huge risks. Chain stores have high requirements for management capabilities, decoration design, quality control, process management, and service. Level standardization, team building, etc. require more experience, which is also a risk that may exist after investment. "Another PE investor also sighed. Therefore, choosing a business model with small-scale chain store operation experience and sustainable positioning has become a factor for investors to consider.
But in fact, the good situation that once had enough choices is gradually becoming bleak. In addition to the reasons for the frustration of the withdrawal of A shares, the ideal "prey" in the eyes of PEs began to frequently reject the olive branches that PE extended.
The grandma ’s restaurant on the edge of Hangzhou ’s West Lake is overcrowded at dinner each day, and the endless stream of people is often crowded outside the store. This is just one of the hot scenes of the restaurant chain of Zhejiang Grandma ’s Restaurant Co., Ltd. (hereinafter referred to as “Grandma ’s Homeâ€). At present, Grandma's family has dozens of chain stores in Zhejiang, Beijing, Shanghai and other places. Its good brand appeal and large-scale chain operation model naturally attract many PEs. "We have contacted them, but they made it clear that they did not want to introduce investors." A person from Zhejiang Business Ventures said, "There are still many irregularities in the catering industry, and the regulators no longer encourage high-end catering companies. And low- and mid-end catering companies are also facing pressure to increase the cost of operations after standardization, which makes us very difficult. "Of course, even local venture capital institutions Zheshang Venture Capital has no way, let alone other institutions, the same There are many well-known PE institutions such as Dachen Venture Capital who have eaten behind closed doors.
The PE institutions rejected by Haidilao, another well-known catering company in China, are numerous.
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