On the evening of March 24, the first domestic cheese stock Miao Ke Lando (600882) disclosed a private placement plan, planning to raise no more than 890 million yuan in private placements from Dongxiu Industrial and Inner Mongolia Mengniu. This is another capital increase after Mengniu acquired a 25% stake in Miokelando html and a 42.9% stake in its subsidiary Jilin Guangze Dairy for 740 million yuan in early January this year. The total investment will be 1.055 billion yuan and will become the company's second largest shareholder.
This is also a case in which strategic investors were introduced to the Shanghai Stock Exchange’s first order after the release of the new strategic investment regulations. On March 24, the share price of Miao Ke Landuo rose by more than 9% to 21.11 yuan, a record high.
Mengniu will increase its holdings of Miaokelando shares by 315 million yuan
According to the plan, the issuance price of Miaokelando is 15.16 yuan per share, and it is planned to issue no more than 58.71 million shares. Among them, Dongxiu Industrial plans to subscribe for 37.93 million shares, with a subscription amount of 575 million yuan; Inner Mongolia Mengniu plans to subscribe for 20.78 million shares, with a subscription amount of 315 million yuan; the raised funds will be used for Miokelanduo Shanghai Second Factory reconstruction and expansion projects.
Dongxiu Industrial is a company controlled by Chai Xiu, the actual controller of Miaokelando . It was established on February 20, 2020. After the completion of this issuance, Chai Xiu’s direct and indirect equity ratio in the listed company will increase to 24.36 %. Inner Mongolia Mengniu has previously acquired a 25% stake in Miao Ke Landuo html, but has not yet completed the transfer procedures. It is expected that after the share transfer and this non-public issuance are completed, Inner Mongolia Mengniu will hold no more than 8.81% of the company's equity. Inner Mongolia Mengniu plans to hold the shares of listed companies for a long time and has not yet considered any future exit plans.
Therefore, Dongxiu Industrial, Inner Mongolia Mengniu and listed companies have related relationships, and this non-public issuance constitutes a related transaction.
On January 6 this year, Miao Ke Lando disclosed that it plans to introduce Mengniu Dairy as a strategic shareholder of the company and its wholly-owned subsidiaries. Mengniu Dairy Group acquired 25% of the shares of Miao Ke Lando html for about 280 million yuan, and invested 460 million yuan in cash to increase the company's subsidiary Jilin Guangze Dairy Technology Co., Ltd. to acquire 42.9% of its shares.
commented on this private placement, Miao Ke Lan Duo said that the company’s flagship product, cheese sticks, has been in short supply since it was put into production and launched in 2018. The direction of the fund-raising investment is consistent with the company’s current main business direction, which will help the company seize the market. The cheese industry in the dairy industry segment has formed a scale advantage to seize the rapidly growing domestic market, improve profitability, and lay the foundation for the company to achieve its medium- and long-term strategic development goals.
Dairy enterprise card slot segment
Euromonitor data shows that my country’s cheese retail terminal market size was 6.55 billion yuan in 2019, with a compound growth rate of 16.13% from 2013 to 2019. It is the industry with the most growth potential in the dairy segment. ; However, in terms of volume, my country's cheese consumption is still in the cultivation period, and retail sales accounted for only 1.50% of my country's dairy consumption in 2018. It is expected that my country's retail cheese terminal market will reach 11.2 billion yuan in 2024, with an average annual compound growth rate of 12% from 2020 to 2024.
Previously on March 6, one year after announcing the termination of its IPO due to "business development strategic needs", Zhejiang's time-honored brand Panda Dairy once again launched an impact on the A-share market. It planned to issue no more than 31 million shares and listed on the GEM, raising 5.52 100 million yuan will be used to develop the Cangnan concentrated dairy product production project with an annual output of 30,000 tons, and the Jiyang Phase II concentrated dairy product project with an annual output of 20,000 tons.
According to statistics from the China Dairy Industry Association, in 2018 Panda Dairy ’s condensed milk sales were second only to Nestlé, making it the second largest condensed milk brand in the domestic market. Relying on its competitive advantage and brand influence in the domestic condensed milk market, the company's gross profit margin of concentrated dairy products business is higher than Mioclando . However, from 2016 to the first three quarters of 2019, the capacity utilization rate of the company's flagship product, concentrated dairy products, has dropped from 126.88% to 65.77%, indicating excess production capacity. A survey by
shows that my country’s cheese market is currently dominated by imported brands. In 2018, the top five brands in the domestic cheese retail market accounted for approximately 52.6% of the market share, all of which were imported brands; the top ten brands accounted for 63.5% of the market share, among which Chinese brands include Mengniu (2.9%), , Mioclando, (2.0 %), bright (0.8%).
Industry insiders said that judging from Panda Dairy sprinting towards the A-share market, Mengniu increasing its position Mioclando targeting the cheese market, the domestic dairy industry has begun to compete for market segments, and the market concentration of niche varieties will increase.
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