How much is ten Hong Kong dollars equal to the people?

On September 10, hellens opened higher 16% on the first day of listing, after the dark market closed up more than 6%; As of the close of the day, the company's share price closed at HK$ 24.3, an increase of 22.9 1%, with a total market value of about HK$ 30.3 billion.

It is reported that Helen's main operating system was established in Helen's pub in 2009. In today's huge domestic pub market, Helen's pubs have opened nearly 400 stores for more than ten years, and it is estimated that the total number of pubs will increase to about 2,200 by the end of 2023.

Then, as the "first pub", how did hellens develop into a chain pub and finally successfully go public, and how long can its traffic last?

"the first share of pubs"

In 2009, Xu, the founder of the company, opened the first Helen bar in Beijing. Because of the price of "being close to the people", Helen's story soon spread among international students. After becoming famous, Xu began to think further. As a culture, the audience of pubs should not be confined to international students, and young people in China may not dislike it. He decided to continue to open stores and develop hellens into a domestic chain pub brand.

A few years later, Helen's bistros opened in Shanghai, Tianjin, Xiamen, Wuhan and other cities, with more than 300 pubs.

Xu defined his bar as "a free gathering space for young people". At present, the main consumers of pubs are young people aged 20 -30, including college students, young people who have just entered the workplace, women who enjoy themselves, or young people in small towns who lack social scenes. And because it provides a place for small groups to get together, it also has the reputation of "Starbucks at night".

In March 20021year, Helen submitted a prospectus and launched a sprint to the Hong Kong Stock Exchange; In August of the same year, the company heard through the Hong Kong Stock Exchange; In September of 20021,the company was listed on the Hong Kong Stock Exchange, becoming the first chain pub listed in China.

Judging from the previous subscription results, it seems that investors also want to drink "slightly drunk" in this pub.

According to the disclosed IPO results, hellens has set the issue price at HK$ 65,438+09.77 per share, and will raise HK$ 256,543.8+03 million through the IPO of Hong Kong stocks.

According to the announcement, Helen Company received 30.8 times of subscription in this public offering stage, and the final number of public offering shares was 40.395 million shares, accounting for about 30% of the total number of issued shares; International distribution is also very popular, oversubscribed by 25.58 times. The final number of shares issued is 94.255 million shares, equivalent to 70% of the total number of shares issued.

If we refer to the net profit in 2020, Helen's current P/E ratio exceeds 300 times. As the "first pub stock" in China, there is no Hong Kong listed company in the same industry. As a new consumption track, the dynamic P/E ratios of Jiumaojiu, Haidilao and POP MART are 79.4 times, 108.7 times and 94.8 times respectively. In contrast, hellens's P/E ratio is still much higher than these three companies.

Tell the story of "low price"

According to Jost Sullivan's report, the total revenue of pub industry in China increased from about 84.4 billion yuan in 20 15 to about10/79 billion yuan in 20 19, and it is expected to reach183.9 billion yuan in 2025.

At the same time, the pub industry in China is highly dispersed, mainly consisting of a large number of independent pubs (referring to pubs with less than three locations) and a few chain pubs. According to public data, by the end of 2020, there are about 35,000 pubs in China, of which more than 95% are independent pubs. According to the revenue in 2020, the total market share of the top five tavern operators in China tavern industry is about 2.2%.

As a member of many pubs, one of the important factors for hellens to develop into a chain pub is its high cost performance.

Unlike other domestic pub chain participants such as Walnut, Ermayina Pub and Perry's, Helen's, known as the "Ten-Yuan Pub", sells ordinary bottled beer within 10 yuan/bottle; In contrast, the prices of the same industry are mostly concentrated in 15-30 yuan/bottle.

However, the products provided by hellens are mainly self-owned products, supplemented by external products. The self-owned wines and drinks mainly include draft beer from hellens, craft beer from hellens, fruit beer from hellens and milk beer from hellens. Therefore, although the price is lower than that of peers, the gross profit margin is actually relatively high.

During the reporting period, the proportion of the company's own alcoholic beverage sales revenue to the total alcoholic beverage revenue was 68.4%, 64.2% and 69.8% respectively; At the same time, the gross profit margin of self-owned liquor is as high as 7 1.4%, 75.3% and 78.4% respectively, which is much higher than other third-party liquors.

Perhaps because of optimistic about this model, the capital chose to "hand in hand" with this chain pub. Just one month before submitting the prospectus, the company just completed a round of financing, which is the only round of financing since the company was established in 2009. According to Tianyancha's information, in February of 20021,hellens received $33 million in financing, which was led by Black Ant Capital and followed by CIC, among which CIC was also the exclusive sponsor of the company's listing.

At the same time, the company also easily handed over a "beautiful" report card to the Hong Kong Stock Exchange.

According to the prospectus, from 20 18 to 2020, the company realized operating income of1150,000 yuan, 565 million yuan and 8180,000 yuan, and the income increased substantially in a short time; The corresponding net profits were 9.734 million yuan, 7910.36 million yuan and 70.072 million yuan respectively, and profits were realized during the reporting period.

How long will it last?

However, while the company's revenue increased in 2020, its net profit declined.

The reporter learned that the expenses of Helen Company increased, especially the labor cost, from 9227 1 10,000 yuan in 20 19 to179 million yuan in 2020. This reason is mainly because the company has maintained a fast opening speed in recent years, and the number of employees, corresponding employee benefits and labor costs are also increasing.

But this does not affect its determination to expand.

According to the prospectus, with nearly 400 pubs opened, hellens said that "it is estimated that about 400 pubs will be opened in 20021year, and the total number of pubs will increase to about 2,200 by the end of 2023". This listing in Hong Kong, the company also plans to raise funds to continuously expand the pub network, continuously invest in basic capacity building, and strengthen brand image and customer awareness.

Guosen Securities believes that "hellens's first position in the economic pub industry has brought scale advantages, and it is not feasible to completely copy the business model (property restrictions and initial investment will be greater). Secondly, the role of soft power (talent training system, corporate culture, etc.). ) Don't underestimate. Helen Company has a perfect talent promotion system and a clear cultural core, which other players in the industry do not have at present. "

It is reported that hellens adopts the single-store model. Because the price of drinks is cheap, and the fixed costs such as rent, labor and depreciation are more advantageous than those in the pan-catering industry, the investment cost of a single paint shop is lower, and it is easier to reach the break-even point. And the high standardization rate and low operation difficulty also give hellens a strong extended attribute.

On the other hand, how can the company build its own "moat" when the entry threshold of the pub industry is generally low?

"Tavern is a brand-new format, and the main consumers are the new generation, white-collar petty bourgeoisie and some foreign groups. From the innovation of the whole scene, to the quality of products, to the tonality of brands, including the improvement of service system and the improvement of customer stickiness, these five aspects determine whether this pub model has the core competitiveness of sustainable development. " Food industry analyst Zhu told reporters.

Cai, a liquor marketing expert, believes that the biggest feature of Helen Company lies in its youth culture, and it is also the night leader of a new youth consumption culture.

Cai said, "It now focuses on super cost performance and the socialization of young people. I think these two directions are its advantages and an aspect that needs to be further strengthened in the next step. As long as these two points are done, that is, the target consumers and self-operated products of this consumption scene are done, then this model actually has great advantages. "

"This company was' drunk' and listed! With a market value of over HK$ 30 billion, how long can Starbucks last? /kloc-how much can I exchange for 0/0 Hong Kong dollars? -:According to today's bank foreign exchange rate, 10 Hong Kong dollars can be converted into 9.8 yuan RMB.

HKD = How much RMB? -: 10 HKD = 8.4355 yuan

/kloc-how much is 0/0 Hong Kong dollars equal to RMB? All the answers are 20 1 8-08-1417: 52: 5210 HKD =8.2 13 RMB1RMB =1.2655. ...

10 How much is it in Hong Kong dollars? : 100 the spot buying price (HKD) of Hong Kong dollars against RMB currency is 78.7578.1179+14-14: 46438 exchange:/kloc-0 ), converted at the cash purchase price: 10 * 78.75/.

What is the Hong Kong dollar 10? RMB: HK$ 10 yuan RMB 10.2623 Yuan.

How much is HKD 10 equivalent to RMB-:HKD 10 =8.98 1 RMB, the latest exchange rate.

/kloc-how much RMB can I exchange for 0/0 Hong Kong dollars? -:The currency exchange is 65438 Hong Kong dollars +00 =8.3056 RMB. The transaction is based on the transaction price at the bank counter. Update time: 20 18-0 1-04 22:55.

/kloc-how much RMB can I exchange for 0/0 Hong Kong dollars? -:Currency exchange 10 HKD =7.90 14 RMB. The conversion data is for reference only. The transaction price at the bank counter shall prevail. Update time: 2014-03-1712: 40. ...

10 RMB = how many Hong Kong dollars -: 10 RMB = 12.772 Hong Kong dollars or more is calculated at the exchange rate of 3013.12.11.

What is the Hong Kong dollar 10? -:HKD 1 =0.8776. So it's 8.70 yuan.