The Zhitong Finance App learned that, according to the Hong Kong Stock Exchange's disclosure on May 31, Easy International Holdings Limited (Easy International Holdings, 08659) submitted a listing to the main board of the Hong Kong Stock Exchange, with Changxiong Securities as its sole sponsor. According to reports, the company was originally listed on GEM. On May 31, the company submitted a formal application for proposed transfer listing to the Stock Exchange in accordance with the provisions of Chapter 9A of the Main Board listing rules.
According to the prospectus, Easy International Holdings is mainly engaged in the design, development, production and sale of disposable plastic fast food boxes, followed by e-commerce business, which provides necessities of life and other household products. According to Frost & Sullivan's report, in 2022, the company was the tenth largest disposable plastic fast food box company in China in terms of sales revenue, with a market share of about 1.5%. Single-use plastic fast food boxes are processed by injecting polypropylene resin or other thermoplastic materials with high-temperature hot melt plastic. They are commonly used to store food and beverages.
In terms of industry, downstream industries such as the catering and food takeaway markets are the main application markets for the disposable plastic fast food box industry. The rapid development of these industries has led to an increase in demand for disposable plastic fast food boxes in China. The sales revenue of the disposable plastic fast food box industry grew rapidly from about RMB 7.4 billion in 2017 to about RMB 19.1 billion in 2022. The compound annual growth rate from 2017 to 2022 was about 21.0% and is expected to reach about RMB 29.7 billion in 2027. The compound annual growth rate from 2022 to 2027 is about 9.2%. Based on 2022 sales revenue, China's top five market participants accounted for about 21.5% of the market, and Easy International Holdings ranked tenth, with a market share of about 1.5%.
In terms of e-commerce business, the competition faced by Easy International Holdings mainly comes from well-known Chinese e-commerce platforms and other social media platforms. These competitors have generated significant traffic and have established strong brand awareness, solid technical capabilities, and significant financial resources. Since the “Easy World” application platform is dedicated to promoting agricultural products with Chinese characteristics and other necessities of life, the company directors believe that with unique high-quality products, the company is in an advantageous position to compete with other competitors to accurately obtain traffic from middle-aged and elderly users.
On the financial side, in 2020, 2021 and 2022, the operating income of Easy International Holdings was approximately RMB 233 million, RMB 263 million and RMB 287 million respectively. In the same period, profits for the year were approximately RMB 20.76 million, RMB 35.231,000 and RMB 33.814 million respectively.
