Ping An Insurance Capital (Hong Kong), an integrated service provider for the canteen food supply chain, submitted an application for listing to the Hong Kong Stock Exchange, with Ping An Insurance Capital (Hong Kong) as its sole sponsor, according to a filing by the HKEx on October 24.

$Pang Pang Xiang (China) Company Limited (810369.HK)$For a canteen food supply chain integrated service provider. According to Frost Sullivan, it is the largest food supply chain integrated service provider in Shanghai in terms of sales revenue in 2021.

As the Shanghai canteen food supply chain integrated service market is extremely fragmented, there are more than 500 canteen food supply chain integrated service providers, and according to Frost Sullivan, based on sales revenue in 2021, the market share is only 1.5%. In addition to daily distribution of fresh and high-quality agricultural products and other foods, the company strives to provide customers with value-added services.

The company's complete product portfolio and ability to maintain food quality and safety have contributed to its relatively stable customer network, resulting in customer retention rates of 80.6% in 2020 and 72.8% in 2021.

In terms of financial data, in 2019, 2020 and 2021, the banging income was 143 million yuan (RMB, the same below), 123 million yuan and 223 million yuan respectively, and the profits during the period were 22.689 million yuan, 27.291 million yuan and 36.609 million yuan respectively.