People regard food as their heaven. Since ancient times, Chinese people have a unique love for food.
As a country on the tip of the tongue, our unique gastronomic culture accumulates everywhere, such as hot pot in Sichuan, pork bun in Shaanxi, roasted cold noodles in Northeast China, rice noodles in Hunan, etc. The mountains and rivers nurture one person, and one person breeds delicious food.
Of course, there are also delicacies that we have eaten all the way to the capital market, from Haidilao to Jiumaojiu to Xiabuxiabu, or and Fulao noodles that have just received investment from Tencent_ span8span, the catering market has never been without capital.
Nowadays, the noodle track has been favored by capital repeatedly, and financing has become a big trend.
Not long ago, , a Hong Kong foodie who loves rice noodles, created a listed company.
A fast and casual chain restaurant that makes rice noodles, has achieved long-term success in Hong Kong. Why is it bigger? It has just entered the mainland in 2021, and currently only three restaurants are opened in Shenzhen. How big is the room for growth in the future?
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From Xinjiang stir-fried rice noodles to snail noodles , "span 8span" has gradually become a major hobby of young consumers, and various special rice noodles have gradually developed in the market. , Also has a lot of loyal fans.
Nowadays, Tan Tsai rice noodles, which is popular in Hong Kong, are about to be eaten on the market!
Recently,Another catering company knocked on the door of Hong Kong Stock Exchange will be listed soon. According to the Hong Kong Stock Exchange, Tan Tsai International has passed the Hong Kong Stock Exchange listing hearing and started its IPO. It is expected to be listed on October 7.
I have to say that as long as you have a dream, you can also run a chain of Tommy Noodles stores!
Tan Tsai International is a well-known chain restaurant operator in Hong Kong specializing in rice noodles. It mainly deals in spicy soup and non-spicy rice noodles with various Hong Kong-style ingredients. It has a history of more than 20 years and has established a food culture in Hong Kong.
owns two major brands, "Tan Tsai Yunnan Rice Noodles" and "Tan Tsai Sange Rice Noodles". The two brands were founded in 1996 and 2008 by Tan Tsai's founding shareholder and third brother. Founding shareholders established.
's prospectus shows that as of the latest practicable date, Tan Tsai International operates a total of 156 restaurants, of which the stores are mainly located in Hong Kong. The number of Yunnan rice noodles and Sange rice noodle restaurants are 76 and 74 respectively; there are also 3 Jiasange rice noodle restaurants are located in Singapore, and 3 Yunnan rice noodle restaurants are located in the mainland;
In the past year, Tanzi International sold 30.73 million bowls of Yunnan rice noodles, an average of 30.73 million bowls of Yunnan rice noodles per store per day. Can sell 640 bowls.
It is worth mentioning that Tan Tsai International ranks first in the field of specialty noodle restaurants in Asia with a market share of 64.4%; it ranks second in the fast casual restaurant market in Hong Kong, with a market share of 10.0% ; Ranked third in the casual restaurant market in Hong Kong,The market share accounts for 4%.
Behind the listing of Tan Tsai rice noodles, it actually follows the general trend of consumption and the noodle track.
In 2021, the pasta track ushered in the first year of capital. According to data from , a total of 12 financings occurred in the pasta track in the first half of 2021, with a total amount of 1.011 billion yuan. Hillhouse Ventures, Sequoia China, Tencent Investment and other institutions.
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The Tan Tsai International, which made its fortune in Hong Kong, has been able to conquer and accompany the taste of Hong Kong people during such a long period of time.
The prospectus disclosed that the Tan Tsai and San Ge brands are the most well-known Asian noodle brands in Hong Kong, and more than 50% of the people who know the Tan Tsai brand visit more than once a month.
According to the prospectus, for the fiscal years ending March 31, 2019, 2020, and 2021, Tan Tsai’s revenue was HK$1.556 billion, HK$1.691 billion, and HK$1.795 billion, respectively. The accumulated revenue for three years Over 5 billion, a compound annual growth rate of 7.4%;
During the same period, the company's annual net profit was HK$198 million, HK$191 million and HK$288 million, respectively, with a compound annual growth rate of 20.7%.
net profit margins are 12.7%, 11.3% and 16%,Among the fast food chain brands in Hong Kong, it belongs to a higher level. At the end of the year, cash and cash equivalents were 300 million yuan, 300 million yuan and 460 million yuan.
If you look closely, you will find that this profit is actually moist. Because of the epidemic, the Hong Kong and Singapore governments have subsidized the company.
Especially this year, the government subsidized 154.5 million, and the landlord was rent-free 155.6 million. The sum of the two is 170 million, not counting the electricity price subsidy .
If these are removed, Tan Tsai’s profit has actually fallen for the entire 21 years.
After all, with so many stores opened, even if they are profitable, it will take time to reach a balance of payments.
For the year ended March 2020, the income of Café de Coral and Big Huo among the three giants in the fast food industry in Hong Kong was 4.7 times and 1.7 times that of Tan Tsai, and the number of stores in Hong Kong for both of them was higher than Tan Tsai International. ;
However, Tan Tsai’s FY2020 net profit is 1.6 times and 2.1 times that of Café de Coral and Big Happy respectively.
Why is the number of stores opened by Tan Tsai International is lower than that of the giants, but the profitability is several times that of the giants?
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This may be related to the unique business model of Tan Tsai International.
data shows that Tan Tsai International has established a highly standardized and expandable business model.
The highly standardized business model is reflected in the following aspects: standardized food processing procedures at the restaurant level, cooking equipment, central kitchen , central procurement, standardized restaurant operating policies and procedures.
In addition, Tan Tsai International's ability to be the market leader in Hong Kong's noodle industry is unique:
The vast restaurant network occupies a leading position in the Hong Kong market; the Hong Kong rice noodle market pioneer and brand awareness High; rice noodles are regarded as a popular new generation of refreshing food;
standardization, the most important thing for a successful catering company is to have replicability, so that it can have an advantage in the speed of development, so as to form a large-scale increase in efficiency and Can reduce costs. The positioning is clear, positioning as a fast casual restaurant, the stores are self-operated, and the product quality is guaranteed.
Of course, after the listing, Tan Tsai International also began its ambition to expand internationally. These are also calm in the prospectus. It plans to open 38 stores in Hong Kong, Singapore, Japan and Australia before the end of March 2024. 24, 25 and 15 new restaurants, and the mainland is an important market for Tan Tsai International in the future, and it plans to open about 58 new restaurants in mainland China.
Expansion of the market is large, but development is also difficult. In terms of local expansion in Hong Kong, new stores can help performance due to local recognition of the brand, but this market space is basically saturated.
According to data, the scale of casual restaurants in Mainland China is growing rapidly, with US$65.5 billion in 2020, and the market is expected to grow to US$113.6 billion in 2025.
Obviously, the most important growth point for Tan Tsai in the future must be the domestic market.However, the fierce competition in the domestic catering market is more intense than that of Hong Kong. There are endless catering of various price categories. Whether Tan Tsai's dishes can continue to capture consumers' stomachs is not yet known?
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In short, we must be cautious when we take the road of large-scale expansion. There is and Haidilao before, and rich aunts in the future are all lessons for us!
Tan Tsai, who sells nearly 100,000 bowls of rice noodles every day, is no stranger to Hong Kong residents and mainland tourists who often visit Hong Kong. But what is less known is that the Tan Tsai Yunnan Rice Noodles and Tan Tsai Sange Rice Noodles, which are jointly listed today, had a bloody love-hate affair that year.
The founding family of Tan Tsai rice noodles, Tan Dushou and his family are all from Hunan and immigrated to Hong Kong in the middle and late 1960s. In 1996, Tan Dushou's third son Tan Zequn, his sixth son Tan Zeqiang, and his daughter Tan Yanping jointly established the original "Tan Tsai Yunnan Rice Noodle".
In the early years, Tan Tsai rice noodles were indeed unremarkable in terms of operation, but within the company, the shareholders were not very united, and internal disputes within the family gradually emerged.
After the death of the elder Tan Dushou in 2006, the contradictions between brothers and sisters have become more and more prominent.
In the end, due to differences in business philosophy, the Tan family announced in 2008 to separate their stores. The fourth sister and the fifth brother inherited the original brand "Tan Tsai Yunnan Rice Noodle", and the third and sixth brothers created another "Tan Tsai". Three brothers rice noodles".
After the separation, the brothers and sisters still inevitably fought over and against each other, until the strong intervention of the Japanese restaurant giant Toridoll in 2017.Tolito of Japan is the operator of the world's largest udon chain "Marugame noodles".
In 2018, Toledo Hong Kong, a wholly-owned subsidiary of Toledo Corporation of Japan, acquired the two major brands of Tan Zi, the founder of Tan Zi brand, for a total price of HK$1.9 billion. And the original shareholders no longer have any rights and interests. From then on, Tan Tsai International became a Japanese company-controlled company.
In addition, it is worth mentioning that Tan Tsai rushed to distribute more than 280 million dividends to his shareholders before going public in July 2021, and his profit in 2020 would be 290 million? It is so unkind to cheat the interests of minority shareholders so hard.
Not long ago, the “Nine Hair Nine” in the same industry was listed on the Hong Kong stock market, and both the dark market and the first day rose sharply, but the “Tai Hing” and “Appreciation of the Taste” of the earlier The performance was unsatisfactory, and both the dark market and the first day broke.
However, with high profitability, high operational efficiency, and the just-needed track, Tan Tsai is still quite good in all aspects;
Of course, as one of the contestants of this year’s popular pasta track , What is the specific situation of Tan Tsai International, still has to be tested by the market and all investors, let us wait for its listing performance on October 7th!
Reference materials:
IPO catcher "Tan Tsai International went to the Hong Kong Stock Exchange,What kind of "taste" is hidden in a bowl of rice noodles? "、
Best Investment Global "Xiaomi Noodles Achieve Big Business, Tan Tsai International (02217.HK) is in the hot IPO! ",
Food Capital Bureau" Hong Kong rice noodle shop Tan Tsai International through the Hong Kong Stock Exchange hearing, plans to raise 100 million US dollars",
Huashengtong "annual sales of 30 million bowls, three-year revenue of 5 billion! What is the future prospect of this Hong Kong "king of noodles"? ",
"A bowl of rice noodles is about to support an IPO: 30.73 million bowls of rice noodles are sold a year, Hong Kong is popular, and the founder's family is from Hunan"
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