The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on April 8, Pong Pong Xiang (China) Co., Ltd. (“Pong Pong Xiang”) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Ping An Capital of China (Hong Kong) is the sole sponsor.

According to Frost & Sullivan's report, based on sales revenue in 2020, Pong Pong Xiang is the largest integrated service provider for the cafeteria food supply chain in Shanghai. The company supplies a wide and complete range of agricultural products and other food products to corporate and institutional customers in Shanghai (mostly kindergartens and educational institutions). Generally, customers use company products to prepare meals and serve or prepare packed lunches for their students, employees, and other customers in the cafeteria. In addition to distributing fresh and high-quality agricultural products and other food products every day, the company provides value-added supply chain services, including stable and high-quality procurement and supply of agricultural and other food products, the main processing of standardized or customized agricultural products, food safety and quality control, door-to-door and on-time delivery to ensure supply chain efficiency and 24-hour customer service.

The company's comprehensive product portfolio and ability to maintain food quality and safety contributed to its relatively stable customer network, resulting in customer retention rates of 80.6% and 72.8% in 2020 and 2021, respectively. From June 2019 to May 2021, the company became the only designated agricultural product distribution unit under the first batch of standardized pilot projects in Shanghai in 2019. In December 2021, Pong Pong Xiang was named “Shanghai Key Leading Enterprise for Agricultural Industrialization” and was also named “2019 Shanghai Business Quality Service Collective” in January 2020.

In 2019, 2020 and 2021, Pong Pong's revenue was approximately RMB 143 million, RMB 123 million, and RMB 223 million respectively. In the same period, gross profit was approximately RMB 441.2 million, RMB 447.2 million, and RMB 075.4 million, respectively.