Three consumer companies received new funds; the subscription amount for Mixue Bingcheng's financing reached 1.77 trillion, setting a new record for Hong Kong stocks; the sales of Nezha-related products on Taobao have exceeded 300 million yuan. | Insights into Venture Capital and Investment.
Organized | Wang Yuchan
Busy Money
"ChainLibrary" Completes Series A Financing of 150 Million Yuan
36Kr learned that the global cold chain AI data platform "ChainLibrary" announced the completion of a Series A financing of 150 million yuan. This round of financing is jointly led by the New Supply and Marketing Industry Development Fund and the Guizhou Rural Development Investment Fund, with existing shareholders continuing to increase their investment. ChainLibrary stated that the financing funds will be focused on the research and development of the AI large model ColdSeeker, the construction of the national cold chain data platform, and the ecological layout of the smart supply chain, marking the strategic acceleration period of ChainLibrary in the agricultural modernization and rural revitalization tracks.
"Jirui Technology" Completes Multi-round Series B Financing of Hundreds of Millions of Yuan
36Kr learned that "Jirui Technology" announced the continuous completion of multi-round Series B financing of hundreds of millions of yuan. The investors include Yonyou Industrial Investment, Baidu, Red Dragonfly, and Choeru Asia, and Index Capital serves as the exclusive financial advisor. The financing funds will be mainly used for marketing coverage in the domestic market, the research and development of new products, and the continuous iteration of the e-commerce large model.
"Yuansheng Intelligence" Completes Angel Round Financing of Several Ten Million Yuan
36Kr learned that the startup company "Yuansheng Intelligence," which focuses on the research and development of robot dexterous hands, announced the completion of an angel round financing of several ten million yuan. This round of financing is led by Shenzhen Capital Group, with Kunzhong Capital and CASSTAR following the investment, and Langchao Capital serving as the exclusive financial advisor for this round of financing. The financing will be mainly used to accelerate the research and development of core products, including the development and optimization of a new generation of robot dexterous hands and high-performance tactile sensor systems.
Company Intelligence
Mixue Bingcheng's Financing Subscription Exceeds 1.77 Trillion Hong Kong Dollars, Setting a Record in the Hong Kong Stock Market
As of 9:00 on February 26, the subscription for the public offering of Mixue Bingcheng ended. The financing subscription multiple reached 5,125 times, and the subscription amount reached 1.77 trillion Hong Kong dollars, becoming a phenomenal IPO. The broker with the most financing subscriptions is Futu Securities, with nearly 1.06 trillion Hong Kong dollars, accounting for 59%. The second is Phillip Securities, with 306 billion Hong Kong dollars, accounting for 17%. CITIC-Prudential Securities and Tiger Brokers also exceeded 100 billion Hong Kong dollars.
The prospectus shows that Mixue Bingcheng mainly provides freshly made fruit drinks, tea drinks, ice cream, and coffee with a unit price of about 6 yuan. By the end of 2024, Mixue Bingcheng has 46,000 stores throughout China and 11 overseas countries, and the beverage output in 2024 is about 9 billion cups. According to the report of CIC, calculated based on the number of stores as of September 30, 2024, Mixue Bingcheng is the world's largest freshly made beverage enterprise.
In terms of performance, from 2022 to 2024, the terminal retail sales of Mixue Bingcheng increased from 30.7 billion yuan to 58.3 billion yuan. In the first nine months of 2024, the operating income and net profit of Mixue Bingcheng were 18.7 billion yuan and 3.5 billion yuan, respectively, with year-on-year growth of 21.2% and 42.3%.
In this IPO issuance, Mixue Bingcheng has introduced 5 cornerstone investors, with a cumulative subscription of 200 million US dollars (about 15.58 billion Hong Kong dollars), accounting for 45.09% of the global offering.
Regarding the use of the funds raised in this offering, Mixue Bingcheng stated that approximately 66% of it is intended to be used to enhance the breadth and depth of the end-to-end supply chain. For example, it plans to expand the company's production capacity in China by building and expanding facilities; approximately 12% will be used for the construction and promotion of the brand and IP; another 12% will be used to strengthen the digital and intelligent capabilities of various business links; approximately 10% will be used for working capital and other general corporate purposes.
Hongxin Supermarket Sprinting for Hong Kong Stock IPO
According to the official website of the China Securities Regulatory Commission, the filing information for the Hong Kong listing of Jiangsu Hongxin Supermarket Chain Co., Ltd. (hereinafter referred to as "Hongxin Supermarket") has recently been confirmed by the CSRC.
On January 24 this year, Hongxin Supermarket submitted its prospectus to the Hong Kong Stock Exchange for the third time, with Chuo Yao Capital as the sole sponsor. The latest filing notice shows that the company intends to issue no more than 61.596 million H shares, and simultaneously promote the "full circulation" of 160.6849 million domestic unlisted shares.
Hongxin Supermarket is a supermarket and convenience store chain operator headquartered in Yangzhou, Jiangsu, mainly operating retail and wholesale businesses under the "Hongxinlong" brand in the central region of Jiangsu.
In the Yangzhou area, Hongxin Supermarket has a certain regional influence, but except for being well-known by consumers in Jiangsu, the market awareness of Hongxin Supermarket is not high. According to the latest prospectus data, in terms of sales, Hongxin Supermarket ranked second among supermarket operators in Yangzhou in 2023, with a market share of 9.1%; in the central region of Jiangsu, it ranked fifth among supermarket operators in the region in 2023, with a market share of 2.3%.
In terms of operating performance, the prospectus shows that Hongxin Supermarket's annual revenue in the past three years was 1.432 billion yuan, 1.329 billion yuan, and 1.402 billion yuan, respectively; the net profit was 35.08 million yuan, 51.065 million yuan, and 51.602 million yuan, respectively. In the first nine months of 2024, the revenue reached 1.006 billion yuan, and the net profit was 24.078 million yuan.
Person Close to Dongfang Zhenxuan: Yu Minhong Says Dongfang Zhenxuan May Cooperate with Pangdonglai
On February 26, it was reported that Yu Donglai, the founder of Pangdonglai, Yu Minhong, the founder of New Oriental, and Zhang Wenzhong, the founder of Wumart Group, attended an event together on the evening of the 25th. Yu Minhong stated that in the future, Dongfang Zhenxuan and Pangdonglai may cooperate, and the product quality of Dongfang Zhenxuan should be benchmarked against Pangdonglai. In response, a person close to Dongfang Zhenxuan responded that Yu Minhong did indeed say that there may be a cooperation with Pangdonglai. This was what he said when he was interviewed by local media in Henan during an education event he attended in Zhengzhou, Henan on February 25. A person from Pangdonglai said that they have not received relevant notifications at present, and whether there will be a cooperation needs to be further verified, subject to the official disclosure.
Future Idea
Pangdonglai Officially Enters Zhengzhou
36Kr learned that on February 23, Yu Donglai, the founder of Pangdonglai, posted on social media that in response to the call of the provincial government to create a high-quality life, the Pangdonglai Supermarket Company decided to open a supermarket with artistic characteristics in Zhengzhou. This means that Pangdonglai officially enters the provincial capital of Henan, Zhengzhou.
Gree Executives Talk About "Dong Mingzhu Healthy Home": To Break the Stereotype That "Gree Only Has Air Conditioners"
On February 24, it was reported that Zhu Lei, the marketing director of Gree Electric Appliances, held a discussion with the media about the new strategic brand "Dong Mingzhu Healthy Home". Zhu Lei said that the planning for Dong Mingzhu Healthy Home began at the end of last year, and the current public opinion situation is within expectations. Previously, at the Gree Electric Appliances (Sichuan) 2025 Brand Strategy Conference on February 13, Gree's new strategic brand "Dong Mingzhu Healthy Home" was officially launched. Recently, Gree offline stores across the country have been changing their signs to "Dong Mingzhu Healthy Home".
Zhu Lei said that the purpose of launching Dong Mingzhu Healthy Home is to use a very short time to break the stereotype that the entire terminal market and consumers think that "Gree only has air conditioners". "Judging from the results of the past week, this goal has been achieved."
Starbucks Responds to Rumors That There Are Intended Acquirers for Some Equity in Its China Business
On February 25, it was reported that private equity firms such as KKR, Fountainvest Partners, and PAG are interested in acquiring the equity of Starbucks' China business. In addition, sources also revealed that Chinese companies including China Resources Group and Meituan are also considered potential buyers. Rachel Ruggeri, Starbucks' Executive Vice President and Chief Financial Officer, is expected to visit China with other senior company executives in the coming weeks to conduct equity sale negotiations. Starbucks' global spokesperson declined to confirm the market rumors, and responded to this matter with the statement made by Starbucks' global CEO Brian Niccol at the earnings call for the first quarter of 2025, saying, "I see the vitality and future opportunities in this market, and I also see some adjustments that can be made in the short term to enhance our business, while continuing to explore strategic partnerships in order to achieve continuous growth in China."
"Ne Zha 2" Becomes the Most Profitable Domestic Film and Television IP in Taobao's History: The Transaction Volume of Peripheral Products Exceeds 300 Million Yuan in Less Than 1 Month after Release
36Kr learned from Taobao that the peripheral products of "Ne Zha: Devil Child Comes into the World" have achieved a sales volume of over 300 million yuan in less than 1 month after its release, breaking the record held by "The Wandering Earth 2" for two years, becoming the most profitable domestic film and television IP in Taobao's history. Relevant staff from Taobao Tmall Toy and Trendy Play Industry introduced that more than 2 million people have purchased Ne Zha-related peripheral products on Taobao. Among the 300 million yuan transaction volume, trendy play products such as blind boxes, figurines, and trading cards have achieved a transaction volume of over 200 million yuan, and nearly 10 ten-million-level stores have emerged as a result.
Data Reading on Consumption
The Price of Pure Gold Drops Nearly 10 Yuan Overnight
On February 26, the price of pure gold jewelry of various major gold brands dropped. The pure gold price of brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook Jewellery dropped to 886 yuan per gram on the same day, while the price on the 25th was basically 895 yuan per gram. On February 25, the international gold price experienced a significant plunge. As of 07:00 on the 26th, the London gold once fell below 2900 US dollars per ounce, with a maximum decline of about 2%; COMEX gold lost 2930 US dollars per ounce, with a decline of 1.17%, closing at 2928.6 US dollars per ounce.
The 2024 Hurun China 500 List is Released, with the Total Value of Enterprises Increasing by 6.6 Trillion Yuan
Hurun Research Institute released the "2024 Hurun China 500 List". The total value of the 500 enterprises increased by 6.6 trillion yuan (13%) compared to the previous year, reaching 56 trillion yuan. The average value increased by 11.5 billion yuan compared to the previous year, reaching 111.5 billion yuan. Among the listed enterprises, the value of 291 enterprises increased compared to the previous year, including 74 new listed enterprises; the value of 34 enterprises remained the same as the previous year; the value of 184 enterprises decreased. 57% are B2B enterprises, an increase of 2% compared to the previous year. 43% are directly facing consumers. 74% of the enterprises provide physical products, an increase of 3% compared to the previous year. 26% provide software or services. The average age of the 500 enterprises is 29 years old, that is, they were established on average in 1995.
In 2024, the Import and Export of Private Enterprises in China Reached 24.33 Trillion Yuan, with an Increase of 8.8%
Learned from the General Administration of Customs, in 2024, the activity of China's foreign trade enterprises continued to increase, and the number of enterprises with import and export performance reached a historical high. Among them, the import and export of private enterprises reached 24.33 trillion yuan, with an increase of 8.8%, and the proportion of China's total foreign trade value continued to increase to 55.5%. In addition, state-owned enterprises continue to act as a "stabilizer" to maintain the stability of the economy and the market. The import and export reached 6.61 trillion yuan, playing an important role in the import of bulk commodities such as grain and energy.
Douyin E-commerce: Merchants in National Industrial Zones Achieve Sales of Over 430 Billion Yuan Through Store Broadcasting
36Kr learned that Douyin E-commerce held a store broadcasting-themed event. The data disclosed on the spot shows that in the past year, among the merchants engaged in live-streaming with goods, 69% of the merchants achieved product sales through store broadcasting. Among them, more than a thousand merchants achieved sales of over 100 million yuan through store broadcasting, and the sales of 162,000 merchants doubled through store broadcasting. Merchants in national industrial zones achieved sales of over 430 billion yuan through store broadcasting.
AliExpress: In 2024, the Sales Volume of the Projector Category Increased by More Than 100% Year-on-Year, and in Many European and American Countries, the Increase Exceeded 200%
In 2024, the sales volume of the projector category on AliExpress increased by more than 100% year-on-year, and in many European and American countries, the increase exceeded 200%. Mid-to-high-end products such as ultra-short-throw, 4K high-definition, and intelligent voice accounted for nearly half. Among them, Magcubic from Shenzhen rushed into the global top 10 in shipments from an unknown brand, achieving a single-day single-product sales of 20,000 units and a single-month revenue of nearly 10 million US dollars. It is understood that the success of Magcubic has attracted more and more high-end projector brands to throw an olive branch to AliExpress, and several well-known projector brands are already in discussions for an official settlement.