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Ganyuan Foods Lands on the SME Board, Stock Up 44%
COVID-19 and China
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The snack food company, Ganyuan Food has landed on the SME board with an issue price of CNY 38.76 per share, which at once soared 44% to CNY 55 on the first-day trading, with a total market value of CNY 5.1 billion.

The prospectus shows that from 2017 to 2019, Ganyuan Food's revenue reached CNY 780 million, CNY 910 million and CNY 1.1 billion, and net profits were CNY 62 million, CNY 110 million and CNY 170 million respectively.

With three main products, including roasted seeds, nuts, and grain crisps, the company covered more than 1,000 dealers globally via both online and offline channels. From 2017 to 2019, revenue generated from the first category accounted for 79.12%, 74.21% and 71.36% of total revenue. 

Although competitors such as Three Squirrels, Qiaqia Foods, and Yanjin Shop have been listed on the A-share market, the snack food market is expected to reach CNY 1.250 trillion in 2020, with a compound growth rate of more than 13%. In the context of consumption upgrades, the scale of this market will continue to grow, and it is expected to exceed CNY 4 trillion in 2025.

Editor: Luke Sheehan
ANALYST
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