Laiyifen Marks Listing on Shanghai Stock Exchange with Appearance in New York's Times Square
SHANGHAI and NEW YORK, Oct. 12, 2016 /PRNewswire/ -- Shanghai Laiyifen Co., Ltd., owner and operator of a chain of snack food stores in China, saw its name come into the spotlight in Shanghai and in New York, two financial capitals on opposite sides of the globe, when the firm listed its shares on the Shanghai Stock Exchange on October 12, 2016 and, on the same day, appeared on one of the large billboards overlooking New York's Times Square, in celebration of the public listing.
Laiyifen is the first Chinese company specializing in snacks to go public, and another one of the companies adding its name to the roster of Chinese brands that have chosen to advertise in a big way in the famous square.
After 17 years of growth, the company has transformed itself from a small snack shop on a Shanghai street into a robust snack foods business, drawing the attention of both domestic and international media organizations by creating a buzz in Shanghai and New York simultaneously.
The first Chinese snack company to list in China's domestic A-share market, Laiyifen opened its first store in 1999 and has since established a network of 2,271 outlets across more than 10 Chinese provinces and municipalities, including Jiangsu, Zhejiang, Anhui and Shandong provinces, and the cities of Shanghai, Tianjin and Beijing.
In addition, the company has deployed an omni-channel marketing model combining online with offline operations. With over 13 million loyal members, Laiyifen boasts annual sales in excess of RMB3 billion (approx. US$450 million) and has served over 450 million consumers in the aggregate.
Laiyifen has, from the outset, implemented strict quality control standards across the entire process chain from raw materials procurement to production. Several years ago, the company participated in the drafting of China's two national snack standards, Good Manufacturing Practices for Roasted Nuts and Seeds and Domestic Trade Industrial Standards for Cooked Beans, and has imposed on itself even higher quality requirements for raw materials than the national standards.
Laiyifen has, in fact, evolved from a small snack store into a large-scale snacks enterprise. Notably, China's first world-class snack museum, on track to be built in the near future, will be based on creative designs provided by Laiyifen.
According to Laiyifen's IPO prospectus, the company plans to raise some RMB660 million (approx. US$98.3 million) by issuing up to 60 million shares (25 per cent of its post-issue share capital), and has appointed China Securities Co., Ltd. as the lead underwriter.
Laiyifen's controlling shareholders and actual controllers have all made a commitment to restrictions on the number of shares they can hold. The company's other shareholders have, as well, made a commitment to voluntary lock-up of shares in their possession.
Laiyifen's appearance in New York's Times Square is an affirmation of the company's 17 years of dedication to its craft and craftsmanship, while the listing on the Shanghai Stock Exchange announces the next chapter in the snack maker's evolving trajectory.
SOURCE Shanghai Laiyifen Co., Ltd.
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