Shanghai Yang Guofu Enterprise Management (Group) Co., Ltd. has submitted an application for listing on the main board to the Hong Kong Stock Exchange, with CITIC as the exclusive sponsor, according to the HKEx.

It is reported that the company mainly obtains revenue from the restaurant operation business division, of which joining the restaurant business line is the main source of income. The revenue of the franchise restaurant business line mainly comes from the franchise fee and system maintenance fee as well as the sale of goods to the franchisee. Since 2021, the company has been operating a retail business division.

Financially, Yang Guofu made profits of 181 million yuan, 169 million yuan and 202 million yuan from 2019 to 2020 and the first nine months of 2021, respectively, according to the prospectus. The net cash used for business activities from 2019 to 2020 was 240 million yuan and 260 million yuan respectively, and for the nine months up to September 30, 2021, the net cash used for business activities was 200 million yuan.