Nearly a year later, another new tea beverage company has received the filing notice from the China Securities Regulatory Commission for listing in Hong Kong.
On December 9, 2024, the International Cooperation Department of the China Securities Regulatory Commission released a notice regarding the overseas issuance and listing filing of Guming Holdings Limited (古茗控股有限公司) (Guo He Han [2024] No. 2247).
The filing notice is as follows:
Guming Holdings Limited (古茗控股有限公司):
Your company is acknowledged for the filing materials for the overseas initial public offering submitted through the domestic operating entity Guming Technology Group Co., Ltd. According to the "Securities Law of the People's Republic of China", "Interim Measures for the Administration of Domestic Enterprises' Overseas Issuance of Securities and Listing" and other regulations, we notify you of the following regarding the filing matter:
1. Your company plans to issue no more than 441,176,400 overseas listed common stocks and list them on the Hong Kong Stock Exchange.
2. From the date of this filing notice until the completion of this overseas issuance and listing, if your company encounters any significant issues, it should report them through the China Securities Regulatory Commission's filing management information system in accordance with the relevant regulations for domestic enterprises' overseas issuance and listing.
3. Within 15 working days after your company completes the overseas issuance and listing, it should report the issuance and listing conditions through the China Securities Regulatory Commission's filing management information system. Your company must strictly comply with relevant laws, regulations, and rules during the overseas issuance and listing process.
If the company does not complete the Overseas issuance and listing within 12 months from the date of this filing notice, and intends to continue the promotion, updated filing materials should be submitted.
This filing notice only confirms the company's Overseas issuance and listing filing information and does not indicate any substantive determination or guarantee by the China Securities Regulatory Commission regarding the investment value of the company's securities or the returns for investors, nor does it guarantee or recognize the authenticity, accuracy, or completeness of the company's filing materials.
International Cooperation Department of the China Securities Regulatory Commission
December 9, 2024
Guming submitted its prospectus to the Hong Kong Stock Exchange on January 2, 2024, and the prospectus is now invalid. Its main listing intermediary team includes: Goldman Sachs and UBS Group as joint sponsors; Ernst & Young as its auditor; Shihui and Shida as its Chinese lawyers and Hong Kong and USA lawyers; Jingtian Gongcheng and Jiali as its brokerage Chinese lawyers and brokerage Hong Kong lawyers; and Zhaoshixing Consulting as its industry advisor.
As an industry-leading and rapidly growing fresh beverage company in China, Guming is committed to providing consumers with fresh, delicious, consistently produced, and affordable high-quality products. In 2010, the founder Mr. Wang Yunan opened the first 'Guming' store in Daxi Town, Wenling, Taizhou, Zhejiang. According to the report by Zhaoshixing Consulting, based on the commodity sales volume (GMV) in 2023 and the number of stores as of December 31, 2023, 'Guming' is the largest mass fresh tea drink brand in China and the second-largest fresh tea drink brand in China across all price ranges. As of December 31, 2023, Guming's store network consists of 9,001 stores (8,995 franchise stores and 6 directly managed stores), making it one of the top five fresh beverage brands globally in terms of the number of stores.
The prospectus indicates that prior to the listing, the shareholder structure of Guming is as follows: Mr. Wang Yunan holds 43.21% through the family trust Modern Leaves Limited; Ms. Pan Pingping holds 2.76% through the family trust Spring Equinox Drinks Limited; Mr. Qi Xia holds 19.78% through the family trust Chivalrous Lancers Limited; Mr. Ruan Xiudi holds 13.74% through the family trust Cousin Tea Limited; the employee stockholding platform Thriving Leafbuds Limited (including Chief Financial Officer Mr. Meng Hailing, Chief Technology Officer Mr. Qiang Yu, and other employees) holds 3.87%; the employee stockholding platform Nascent Sprouts Limited (including Executive Director Ms. Jin Yayun 0.78%, Mr. Cai Yunjian 0.97%, Chief Operating Officer Mr. Li Jifeng, and other employees) holds 3.43%; Meixing Private Equity Fund (GP) holds 8.00% through Beijing Meiming and Beijing Meiyan; Sequoia holds 4.00% through Max Mighty Limited; Coatue Management, controlled by Philippe Laffont, holds 1.00% through Coatue 34; and Star Budding Capital, controlled by Wang Yimiao, holds 0.20% through Abbeay Street Capital.
Guming prospectus link:
https://www1.hkexnews.hk/app/sehk/2024/106123/documents/sehk24010201488_c.pdf
