Three consumer companies secure new funds; Bawang Cha Ji surges over 20.53% at the opening on its first trading day after listing; Card Hobby Group files for listing on the Hong Kong Stock Exchange again | Venture Capital Outlook

Compiled by Wang Yuchan

Busy Money

Yunjing Secures Another $100 Million in Financing

Yunjing Intelligence, a household cleaning service robot company, recently completed a $100 million financing round. This round was co-led by Tencent Investment and the Beijing Robot Industry Development Investment Fund, with Science Fiction Fund and Mingshi Venture Capital increasing their investments. Gengxin Capital served as the exclusive financial advisor. The funds will be primarily used for the R & D of Yunjing's embodied intelligent products, global market expansion, and multi - category strategic layout.

This is another round of financing for Yunjing after the end of its financing in late 2024. Currently, Yunjing has officially launched its Pre - IPO round of financing, initiating the final sprint before going public, and accelerating its capitalization process comprehensively.

Chagee Goes Public and Raises $411 Million

On April 17th, Chagee officially listed on the NASDAQ. On the first day of listing, its opening price rose by more than 20.53%, reaching $33.75. Based on the issue price of $28, the scale of this IPO fundraising was $411 million. On March 6th this year, the International Cooperation Department of the China Securities Regulatory Commission disclosed the "Record - filing Notice for Overseas Issuance and Listing of Chagee Holdings Limited". Chagee became the 89th enterprise to be approved for record - filing to list in the United States since the CSRC launched the overseas listing record - filing system. After obtaining the CSRC's record - filing permission, Chagee publicly submitted its prospectus early on March 26th. According to the prospectus, the funds raised from this IPO will be used for technology investment, new product R & D, expanding the store network, and building an overseas supply chain network.

New Chinese - style Tea Brand "Yueshang Chajian" Completes Angel - round Financing of Tens of Millions

Yueshang Chajian, a new Chinese - style tea brand under Jinan Daoshang Catering Management Co., Ltd., announced the completion of a 10 - million - yuan angel - round financing. This round was led by Hanpan Venture Capital. The funds will be used for brand upgrading, product innovation, and national market channel expansion to accelerate the ecological layout of "cultural tea drinks".

Company Intelligence

Meet You Noodles Aims for Hong Kong IPO

On April 15th, Guangzhou Meet You Noodles Catering Management Co., Ltd. (hereinafter referred to as "Meet You Noodles") submitted a listing application to the Main Board of the Hong Kong Stock Exchange. China Merchants Securities International is its exclusive sponsor. According to its prospectus, Meet You Noodles plans to raise $100 million.

From 2022 to 2024, the company's operating revenues were 418 million yuan, 801 million yuan, and 1.154 billion yuan respectively, with a compound annual growth rate of up to 66.2%. In terms of net profit, the company had a loss of 35.973 million yuan in 2022, turned profitable in 2023 with a net profit of 45.914 million yuan, and further increased to 60.7 million yuan in 2024.

Public information shows that Meet You Noodles was established in 2014 by Song Qi, Su Xuxiang, and Luo Yanling in Guangzhou. Meet You Noodles is a Sichuan - Chongqing flavor chain noodle restaurant brand featuring Chongqing small noodles. In addition to its signature Chongqing small noodles, it has now expanded its product lines to include Sichuan - Chongqing specialty snacks, barbecues, and freshly - stir - fried topping noodles. Meet You Noodles' stores are concentrated in first - tier or new first - tier cities, mainly in first - tier business districts and transportation hubs.

The prospectus shows that as of April 5th, 2025, Meet You Noodles' restaurant network includes 374 restaurants in 22 cities in mainland China and 6 restaurants in the Hong Kong Special Administrative Region. Currently, the company has 64 new restaurants in active preparation. Recently, Meet You Noodles' 400th store opened in the West Kowloon High - Speed Railway Station in Hong Kong.

Card Game Resubmits Listing Application to Hong Kong Stock Exchange

After the previous listing application expired, according to the Hong Kong Stock Exchange, Card Game Co., Ltd. resubmitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are Morgan Stanley, China International Capital Corporation, and J.P. Morgan. Financial data shows that in 2024, Card Game's revenue exceeded 10 billion yuan for the first time, reaching approximately 10.057 billion yuan, of which trading cards contributed 8.2 billion yuan in revenue. Card Game had a net loss of 1.242 billion yuan in 2024.

The prospectus shows that in 2022, 2023, and 2024, Card Game's revenues from selling trading cards were 3.93 billion yuan, 2.179 billion yuan, and 8.2 billion yuan respectively, accounting for 95.1%, 81.8%, and 81.5% of the total revenue in the same period.

Currently, Card Game's top - selling IPs include Ultraman and My Little Pony. At present, Card Game has reached in - depth cooperation with more than 70 well - known IPs, including the Four Great Classical Novels, Harry Potter, My Little Pony, and Nezha, which are popular international IPs.

According to CIC Consulting, in terms of the total transaction volume of goods in 2024, Card Game ranks first in the pan - entertainment product industry and the pan - entertainment toy industry, with market shares of 13.3% and 21.5% respectively; the company ranks first in the trading card field of the pan - entertainment toy industry, with a market share of 71.1%; and the company ranks first in the pan - entertainment stationery industry, with a market share of 24.3%.

Liuliu Orchard Resubmits Listing Application to Hong Kong Stock Exchange

According to the Hong Kong Stock Exchange, Liuliu Orchard Group Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities and Guoyuan International Holdings. From 2022 to 2024, Liuliu Orchard's total revenues were 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan respectively; the corresponding net profits were approximately 68 million yuan, 99 million yuan, and 148 million yuan respectively.

In June 2019, Liuliu Orchard submitted a prospectus to the Growth Enterprise Market of the Shenzhen Stock Exchange, but the company voluntarily withdrew its listing application at the end of that year. Six years later, when Liuliu Orchard once again aims for the capital market, its revenue scale is nearly double that of 2018 before its first attempt to go public, and its profit has also increased significantly.

Before submitting the prospectus, Liuliu Orchard completed a total of four rounds of financing from Series A to Series D. The investors included Sequoia Capital China. However, on the eve of Liuliu Orchard's prospectus release, Sequoia Capital China, which had accompanied the company for nearly a decade, cleared its position and exited. The latest prospectus shows that in June 2024, Liuliu Orchard entered into an agreement with Sequoia Capital China to repurchase all of the latter's shares through capital reduction. The capital reduction registration was completed in January 2025, and the company's registered capital decreased by 10.5882 million yuan.

After Sequoia's exit, from December 2024 to February 2025, Huaan Fund and Xingnong Fund successively completed the subscription of Liuliu Orchard's shares, enabling Liuliu Orchard to complete its Series D financing.

Future Idea

Juewei Food and Tencent Smart Retail Jointly Release China's Retail Chain AI Vertical Scenario Large - scale Model and Launch Three AI Applications

Juewei Food and Tencent Smart Retail jointly released China's retail chain AI vertical scenario large - scale model and launched three AI applications - the AI ordering agent "Xiaohuoya", the AI store manager agent "Juezhi", and the AI member agent. Chen Pengfei, the Chief Digital and Intelligent Growth Officer of Juewei Food, said, "We believe that AI is the biggest certain variable in the next 3 - 5 years. Juewei will leverage digital and intelligent capabilities to continuously enhance consumer value and promote the transformation of the organization from a supply - chain model to a full - link AI - driven digital and intelligent model."

'Hyperthyroidism Brother' Boosts Rongchang Roast Goose, and Rongchang Roast Goose Brother Establishes a Food Technology Company

The "Rongchang Roast Goose Brother", who attracted attention during the live - broadcast of the American internet celebrity "Hyperthyroidism Brother"'s trip to China, recently established a food technology company. Tianyancha shows that recently, Chongqing Rongchang Jiangge Food Technology Co., Ltd. was established. The legal representative is Lin Jiang (Roast Goose Brother), with a registered capital of 1 million yuan. Its business scope includes food production, food sales, catering services, poultry slaughter, etc., and it is jointly held by Lin Jiang, Lin Xingyu, etc. The business scope of Rongchang District Jiangdehang E - commerce Business Department (an individual business) under Lin Jiang's name has been changed to include cultural and entertainment brokerage services and commercial performances.

Data - driven Consumption

Gold Price Hits Record High but Faces Downward Risk

On April 18th, after hitting a record high of $3357.66 per ounce, spot gold slightly declined by 0.48% on Thursday (April 17th), closing at $3327.04. Despite the short - term correction, the gold price still rose by more than 2% this week, and its strong pattern remained unchanged.

Valeria Bednarik, the chief analyst at FXStreet, wrote that the corrective decline of gold continued to attract buyers, and the gold price returned above $3300 per ounce, with higher highs still in sight. Wong warned that the risk for the gold price is that the United States may announce a tariff agreement over the weekend, possibly targeting Japan.

According to Sina News, a Chinese gold recycler said, "Although the gold price is getting higher and higher, in the face of the volatile market, the gold recycled on the same day will be sold on the same day, and we dare not hold the gold overnight. In fact, we are also very entangled. Such a strong performance of the gold price is really rare."

The RMB Becomes the World's Third - Largest Trade - financing Currency

Currently, the RMB has become the world's third - largest trade - financing currency. In 2024, foreign financial institutions and enterprises issued nearly 200 billion yuan worth of panda bonds in China, a year - on - year increase of 32%, and the issuance of offshore RMB bonds increased by 150% year - on - year. The head of the treasury and securitization department of Deutsche Bank Group said that they continue to be optimistic about the Chinese market, especially the development prospects of the capital market, and plan to maintain a regular issuance rhythm and simultaneously explore the panda bond and dim - sum bond (RMB - denominated bonds issued in Hong Kong) markets.

Brazil Replaces the United States as China's Largest Soybean Supplier, but China Remains the Largest Export Destination for US Soybeans

Chinese importers purchased at least 2.4 million tons of soybeans from Brazil in the first half of last week, equivalent to 40 cargo ships. People familiar with the matter said that most of this batch of soybeans will be shipped from May to July, and the purchase volume is one - third of China's average monthly imports. US media described that China's purchase this time was large in quantity and fast in speed. In recent years, China has continuously promoted the diversification of agricultural product imports, and Brazil has replaced the United States as China's largest soybean supplier. Data shows that from 2016 to 2024, the US share in China's soybean import market decreased significantly from 40% to 18%; at the same time, China remains the largest export destination for US soybeans.

China's Total Box Office Exceeds 25 Billion Yuan, Ranking First in the World

As of 17:38 on April 12th, the box office (including pre - sales) of the Chinese film market in 2025 exceeded 25 billion yuan, ranking first in the world. Among them, "Ne Zha: Rebirth of the Demon Child" ranked among the top five in the global box - office history.

The First Batch of 20 Companies: Zhejiang Collaborates with Global Platforms to Expand New Markets

36Kr learned that according to Zhejiang Release, to help traditional foreign - trade enterprises and cross - border e - commerce enterprises accelerate the exploration of new markets and launch new sites, the Department of Commerce of Zhejiang Province has launched a cross - border e - commerce new - market expansion campaign in collaboration with global platforms. The first batch of 20 cross - border platforms participating in this campaign include AliExpress, Lazada, Daraz, Taobao Global, Alibaba.com, Amazon, Geekbuying, Voghion, Made - in - China.com, YiCaibao, Inniverse, Maoshanpai, Dewu, OTTO, Rakuten Japan, Newegg, Shopee, Wildberries, Egatee, and Ozon Global.