Baiguoyuan will go to Hong Kong for IPO again after two years.

Baiguoyuan will go to Hong Kong for IPO again after two years.

Baiguoyuan will go to Hong Kong for IPO again after two years. It is not the first time that Baiguoyuan has been reported to be listed. In April 2020, Baiguoyuan completed the shareholding system reform and submitted materials to the International Department of the CSRC two months later. Baiguoyuan will go to Hong Kong for IPO again after two years.

Baiguoyuan will once again visit Hong Kong IPO 1, the fruit retail market known as "Nanbaiguo, BeiXianfeng and Xihongjiu", or it will usher in the "first fruit share".

On March 16, it was reported that Shenzhen Baiguoyuan Industrial (Group) Co., Ltd. (hereinafter referred to as "Baiguoyuan") is expected to formally submit its prospectus to the Hong Kong Stock Exchange in April, intending to be listed on its main board. In this regard, the "Securities Daily" reporter interviewed Baiguoyuan, but the other party did not reply.

The advantage was gradually smoothed out.

It is understood that in June 2020, Baiguoyuan submitted to the International Department of China Securities Regulatory Commission the approval of overseas initial public offering (including ordinary shares, preferred shares and other stock derivatives), and planned to list on the main board of the Hong Kong Stock Exchange. Judging from the latest progress, China Securities Regulatory Commission has received the materials submitted by Baiguoyuan on March 14 this year.

According to public information, since 20 15, Baiguoyuan has been favored by many capitals. From 2065438 to September 2005, Tiantu Capital, Guangfa Shunde and Qianhai exchanged 400 million yuan in Series A financing. In February of the same year, 65438+ obtained the A+ round of financing.

20 17 obtained strategic financing from CICC qianhai development fund and China merchants capital. In June, 20 18, it obtained a series b financing of10.50 billion yuan; In July of the same year, it obtained equity financing of Jinzhong Qizhi Investment and strategic financing of Free Trade Zone Fund, Atlas Capital and CITIC Agricultural Industry Fund; In June of the same year 165438+ 10, Baiguoyuan completed equity financing with Jin Yafu as the investor.

Feng Weidong, chief investment officer of Tiantu Capital, predicted that Baiguoyuan would be listed in three to five years after completing the A round of lead investment on 20 15. Now, five years have passed. During this period, fresh e-commerce and community group buying developed rapidly, and projects such as daily fresh food, buying more food, and buying food by the US Mission rose. In addition to complete categories, from cost to delivery speed, the advantages of hundreds of orchards and fresh fruits have gradually been exhausted.

Expansion is difficult, and management is more difficult.

In fact, almost all the stores in Baiguoyuan are franchisees. Yu Huiyong, chairman of Baiguoyuan, set the goal of "opening 10000 stores in 2020, with annual sales reaching 40 billion yuan."

Now, has this goal been achieved? Baiguoyuan did not give a response, but the reporter found in official website that the number of Baiguoyuan stores is 5000+, which is far from this goal.

However, behind the horse race, consumers complain about franchisees. From 2020 to now, there are many disputes about returning goods. Previously, some consumers complained that shopping in Baiguoyuan chose to return it because of its bad taste, but the head of Haikou Qingnian Road Store in Baiguoyuan insulted and threatened to send a text message, asking consumers to refund the amount.

The "Securities Daily" reporter verified the matter with the relevant person in charge of Baiguoyuan, saying that he had apologized and got the understanding of consumers.

However, at the end of February 2022, consumers still encountered similar problems.

Does Baiguoyuan impose any penalties or restrictions on shopkeepers, and how should it be restricted in the future? The "Securities Daily" reporter interviewed Baiguoyuan again on the above issues, but did not get a reply.

On March 16, the reporter of Securities Daily found that there were more than 1300 complaints from Baiguoyuan, including complaints about malicious account locking, inability to withdraw account balance, and fruit deterioration, among which "three no returns" were the majority.

"After the opening of Baiguoyuan, the standardization of the whole operation is under great pressure, so I am not optimistic about the joining of fruit retail brands." Zhu, a researcher at China Brand Research Institute, told the Securities Daily that the opening of Baiguoyuan is actually the same as that of the previous one, hoping to achieve a higher volume and form a scale and brand through rapid scale.

However, Bao, the chairman of Baum Enterprise Management Consulting Co., Ltd., told the Securities Daily reporter that direct operation and joining have their own advantages and disadvantages, but it cannot be denied that joining is a bad management model, because franchise stores have self-management ability to a certain extent. "Return is a case and will not have a fundamental impact on Baiguoyuan."

It is worth noting that on the occasion of the IPO of Baiguoyuan, Xianfeng Fruit, as an opponent, has also completed the first phase of counseling for the listing of A shares. 20211kloc-0/On 29 October, Hong Jiu Fruit, which started in Chongqing, officially submitted its prospectus to the Hong Kong Stock Exchange, intending to be listed on the main board.

Previously, Hong Jiu Fruit signed a listing counseling agreement with Dongxing Securities on 20 19 to plan the A-share IPO. However, in September 20021year, the company terminated the A-share listing counseling and moved to Hong Kong stocks. It can be predicted that behind the intensive listing of fruit supermarket chains, the industry competition will be more intense.

Baiguoyuan will go to Hong Kong after two years. Two years later, Baiguoyuan will be listed again.

On March 14, official website of China Securities Regulatory Commission showed that the approval materials for the overseas initial public offering of Shenzhen Baiguoyuan Industrial (Group) Co., Ltd. (including ordinary shares, preferred shares and other forms of stock derivatives) had been accepted.

There is further news in the market that Baiguoyuan is expected to formally submit a prospectus to the Hong Kong Stock Exchange in April this year, and plans to list on the main board.

It is not the first time that Baiguoyuan has been reported to be listed. In April 2020, Baiguoyuan completed the shareholding system reform, and two months later submitted materials to the International Department of the China Securities Regulatory Commission to start the listing process in Hong Kong.

According to the relevant information of the CSRC, in September 2020, the application for overseas listing of Baiguoyuan was approved, and the limitation period was one year.

As early as 20 19, Baiguoyuan talked about listing. Xu Linyan, the current president of Baiguoyuan, once said: "Baiguoyuan is considering listing, which is the direction."

For the purpose of listing, Xu said that the industry can do better after the capital enters.

In fact, the head fruit retailers are known as "Nanbaiguo, Beixianfeng and West Hong Jiu", and the three listed companies are also "chasing each other" to compete for the first share of the fruit chain.

At present, Xianfeng Fruit has completed the first phase of counseling for A-share listing; Hong Jiu Fruit, which started in Chongqing, submitted an application for overseas listing to the CSRC last September. It was officially approved on June 5438+1October 65438+March this year ("Dalu Island") and is planned to be listed on the main board.

After listing, it can open up financing channels and play a gain role in the development of Baiguoyuan. However, whether Baiguoyuan, which has been repeatedly exposed and listed, also has "hidden secrets".

After the outbreak of COVID-19 epidemic, the fresh food industry developed rapidly, and Baiguoyuan also made substantial progress in listing at this time. However, after the outbreak, many Internet giants continued to exert their strength in the community e-commerce track, making the competitive environment confusing.

How far can the Baiguoyuan, which started from selling fruits, go by the "big market" of fruits?

Take the basic dish "fruit"

200 1 Yu Huiyong, a major in agriculture and vegetables, opened the first Baiguoyuan store in Shenzhen, which is the first fruit chain store in China.

For more than 20 years, Baiguoyuan specializes in fruit categories and gradually transforms the traditional industrial chain.

In view of the present situation of scattered fruit producing areas and nonstandard products in China, Baiguoyuan classifies products into "brand, A, B, C", "large, medium and small" *** 12 grades according to fruit quality, sugar content and appearance, which is equivalent to establishing a set of fruit standard system.

At the same time, Baiguoyuan divides the procurement channels into five categories. The first and second categories in the head are the production bases independently invested by Baiguoyuan, the' exclusive sales' orchards cooperated by Baiguoyuan, and the fifth category in the tail is the traditional wholesale market procurement.

20 15 China entrepreneurs reported that the first two procurement channels of Baiguoyuan accounted for 20%.

Not only are fruit products and procurement channels classified according to standards, but Baiguoyuan also goes deep into the origin of fruit, strengthens the construction of direct harvesting of origin, and further reduces the cost of supply, marketing and circulation of fruit and the loss rate.

By August last year, Baiguoyuan had laid out more than 200 fruit planting bases, 17 fresh distribution center and a large number of transportation fleet resources throughout the country. These infrastructures also ensure that Baiguoyuan can deliver fruits from the place of origin to stores with lower loss and higher timeliness.

For example, in the post-harvest processing of fruits, fruits need to be refrigerated as soon as possible to maintain freshness. Therefore, in the whole trunk transportation from warehouse to warehouse, Baiguoyuan adopts refrigerated trucks and is equipped with a thermometer, which is convenient for the warehouse to track the temperature and humidity of each truck in time.

The advantage of supply chain is the foundation of the development of Baiguoyuan and the key factor of its high-end product positioning.

Yu Huiyong once said that the best target customers of Baiguoyuan should be women with certain economic ability, certain fruit identification ability and pursuit of quality of life.

It can be seen that, unlike general fruit chain brands, Baiguoyuan pays more attention to product quality. Even the most common apples, bananas and pears are graded according to internal standards, and the products sold in the store are not inferior to friendly brands in both quality and price.

Take Beijing as an example. 600g Grade A imported bananas in Baiguoyuan are sold to 6.9 yuan. Ding Dong buys vegetables of the same specifications at the price of 7.9 yuan.

As a fruit chain brand, Baiguoyuan naturally has many product capabilities, but the reality is that all major players are carving up the fruit business of Baiguoyuan.

By August of 20021year, Baiguoyuan had more than 5,000 stores in China, but the brands of fruit chain stores were still highly dispersed, such as Xianfeng fruit and Hong Jiu fruit.

Even since 20 16, Baiguoyuan has successively acquired local fruit chains and fresh brands such as Nanjing Fresh Times and Yimixian, but a number of head "fruit shops" still have the strength to compete with Baiguoyuan for the top spot in the "fruit chain".

More importantly, on the basis of consumers' lack of strong brand awareness, Pioneer Fruit and Hong Jiu Fruit will divert the existing market share of Baiguoyuan.

And a group of Internet players are seizing the incremental market of Baiguoyuan.

After 2020, industries such as pre-warehouse and community group buying are extremely hot. Internet giants are constantly innovating the scene of self-promotion and instant delivery to their homes the next day. Fruit is also one of the main products in the above scene mode.

In the emerging field of community e-commerce, Internet giants enter the market with tens of billions of capital, covering the whole country in a short time, and then deeply transform the industrial chain through direct production and social cooperation.

The giants came quickly and thoroughly, which is unmatched by Baiguoyuan.

Obviously, not only in the fruit chain industry, Baiguoyuan is also facing the market competition format with scattered regional brands, and Internet players with strong determination will burn the war into the field of fresh fruit with the thinking of reshaping the industrial chain.

In such a market environment, if Baiguoyuan is successfully listed, what is the valuation?

In the face of external competition, Baiguoyuan will naturally not "sit still". As early as 10 years ago, Baiguoyuan began its diversification strategy, entering the online market and selling vegetable products. But what is the effect of the strategy of Baiguoyuan?

The future of diversification is uncertain.

In 2008, the year before Taobao Mall launched the "Double Eleven Shopping Festival", Baiguoyuan officially launched an online e-commerce sales platform.

After 9 years of online business, online monthly sales of Baiguoyuan exceeded 65.438+0.2 billion yuan. Since then, Baiguoyuan has continuously tested the online business.

In 20 18, Baiguoyuan entered the field of unmanned shelves, and once put over 200 unmanned containers in Beijing and Shanghai; In 20 19, Baiguoyuan launched an independent fresh-keeping platform "Baiguoxinxiang", and the category expanded from fruit to big fresh; In 2020, Baiguoyuan launched the community group buying platform "Panda Daxian". ...

Under the wave of digital transformation of retail format, online business of Baiguoyuan is various, which is also normal. However, the Baiguoyuan, which is good at building fruit supply chain and offline store operation, is not smooth.

Yu Huiyong once thought that the characteristics of fruit determined that it could only be sold on the surface. "The mode of direct access to C and warehouse direct access to home can hardly be copied, because it is not the best mode, and it is definitely a downward trend."

At the same time, in the face of the internet giants who buy the track in the community, it is difficult for Baiguoyuan to block the "siege of wolves". Diego. Com found that in Shanghai, on the platform of Panda Daxian in Baiguoyuan, the price of tomatoes weighing 400g was 1 1.8 yuan, and the price of the same product was 2.39 yuan when buying more food.

A single product price comparison may be difficult to explain the problem, but another data shows that up to now, the number of members of Baiguoyuan has exceeded 80 million, and Meituan's community group buying business can bring nearly 30 million new users to the platform in a quarter.

The gap not only appears in price and user data, but also in platform thinking.

Zhang Xuansong, founder of Yonghui Supermarket, once said that it cannot be said that getting an App is a new retail. For Baiguoyuan, digitalization is not only a multi-format and multi-scene layout, but also an iteration of organizational ability and management thinking, which finally makes the whole organizational structure closer to a flat management model.

New retail is a protracted war and will become a "bottomless pit" for burning money. Internet giants are still exploring the path through trial and error. How easy is it to transform the new retail of Baiguoyuan?

Of course, as a traditional fruit chain brand, Baiguoyuan meets the needs of different consumer groups as much as possible through online business, and the platform is constantly exploring incremental markets.

The strategy of "finding increment" is correct. In addition to online, Baiguoyuan is still expanding its categories.

2065438+In April 2009, Yu Huiyong announced that Baiguoyuan would enter the comprehensive field of fresh food, benchmark Amazon, start with a single category and gradually expand into a full-category business empire.

Since February 2020, Baiguoyuan has taken the lead in introducing vegetables to some cities in South China. At present, there are also fresh vegetables, seafood and other fresh products on Panda Fresh.

In terms of demand, eating is just needed, so the consumption frequency of vegetables, meat and eggs is significantly higher than that of fruits. The domestic vegetable industry chain and fruit industry chain are actually facing similar problems, and Baiguoyuan can also reuse its supply chain experience in the fruit field.

The ideal is full and the reality is skinny.

The fresh food field that Baiguoyuan wants to expand is also the main force point of some e-commerce giants. For example, Pinduoduo put forward the "Billion Agricultural Research Project", and Taocai and Jingxi made great efforts to build direct mining links.

China's agricultural industrial chain, including fruits and vegetables, still faces complex problems, especially in the supply and marketing channels of products. Therefore, e-commerce giants with stronger volume and capital strength are also more emboldened and powerful in transforming the industrial chain.

However, for Baiguoyuan, the story of "Variety, Innovation" is not easy to tell.

On the development road of Baiguoyuan, "listing" will be a milestone event, but before listing, the harsh reality of insufficient internal business diversification and fierce external competition will be difficult to alleviate.

Most importantly, what is the imagination space of Baiguoyuan focusing on fresh fruit retail in the future?

Baiguoyuan will go to Hong Kong after two years. IPO 3 The 20-year-old Baiguoyuan will be listed in Hong Kong soon.

It is reported that Baiguoyuan is expected to formally submit a prospectus to the Hong Kong Stock Exchange in April, and plans to list its main board.

In fact, this is not the first time that Baiguoyuan has launched an impact on the capital market. After a detour, Baiguoyuan seems to have abandoned the listing plan of Shenzhen Stock Exchange and returned to the original road of listing in Hong Kong.

It is worth mentioning that Xianfeng Fruit, which completed the shareholding system reform on 20 17, was listed in February 20021year, with the goal of becoming "the first fruit retail share in China".

As a result, the battle for "the first share of fruit chain" officially started. It is still unknown who will spend it on.

Fruit "couple shop": 80 million members, with annual sales exceeding10 billion.

Baiguoyuan was founded by Yu Huiyong on 1997.

It was not until 200 1 65438+February that Shenzhen Baiguoyuan Industrial (Group) Co., Ltd. was formally incorporated and began to operate as a company. Yu Huiyong's wife, Xu, chose to sing with her husband. Now they are the chairman and the president respectively, which is a veritable "mom-and-pop shop".

Today, the world's largest fruit chain enterprise has gone through more than 20 years of ups and downs. Baiguoyuan has also developed into a large chain enterprise integrating fruit procurement, planting support, postharvest preservation, logistics warehousing, standard grading, marketing expansion, brand operation, store retail, information technology, financial capital, scientific research and education. In addition, from June 20 19, when the first independent brand "Red Ballet Strawberry" was launched, to June 200212, Baiguoyuan launched 29 independent brands.

Throughout the development of Baiguoyuan, "chain+e-commerce+northward" is undoubtedly the key three steps.

The first is chain: Baiguoyuan is the forerunner of fruit chain management, and opened the first fruit franchise chain store in China as early as 200 1. During the eight years from 2002 to 2009, Baiguoyuan only opened 1 15 stores. It is also in the exploration of slow work and fine work that Yu Huiyong summed up a set of business models that can be quickly replicated, paving the way for rapid expansion in the country.

Followed by e-commerce: As early as June 5438+February 2008, Baiguoyuan launched an online e-commerce sales platform. 2065438+July 2007, Baiguoyuan announced that its online monthly sales exceeded 65438+200 million yuan, realizing large-scale profit. Early contact with the net also laid the foundation for its omni-channel sales to exceed 10 billion in the future.

Third, "going northward": In early August of 20 15, Baiguoyuan began to enter the Beijing market, which also laid the foundation for the acquisition of Dogmaea three months later.

Facts have proved that Yu Huiyong's three steps have achieved remarkable results:

In 20 15, Baiguoyuan has developed more than 1000 chain stores and established more than 100 fruit planting bases around the world.

In 20 17, Baiguoyuan opened more than 2,800 chain stores in 43 cities in 13 provinces, with nearly 200 million transactions and sales of 8.4 billion yuan that year.

In 2020, the number of people serving in Baiguoyuan has exceeded 200 million, and the omni-channel sales have exceeded 654.38+0 billion.

By August of 20021year, Baiguoyuan had laid out more than 200 fruit planting bases at home and abroad, and established and improved the global procurement system. It has more than 5,000 chain stores, covering more than 90 cities across the country, with over 80 million members, including over 165438+ 10,000 paid members.

At present, Baiguoyuan has also built four store forms: experience store, high-end store, ordinary store and simple store. Among them, the experience store is located in scenes such as office buildings and airports; High-end stores are located in the core business district, CBD and so on. Ordinary stores and simple stores are based on urban division. The former is mainly in first-and second-tier cities, while the latter is mainly in fourth-and fifth-tier cities and villages in cities.

According to the statistics of Baiguoyuan, the proportion of newly opened regional stores in third-and fourth-tier cities in 20021year was about 30%, and it is planned to increase to 40% in 2022.

After "going north", the M&A model was opened, and five companies including Guoduomei successively settled in.

In June 2009, Guoduomei Fruit Supermarket officially opened its doors, and most of its stores are located near residential areas and transportation hubs. It is worth mentioning that Guoduomei strictly controls the loss cost as the profit rule in fresh fruit management, and its fruit loss is strictly controlled at 1.5%-3%.

It has been in operation for nearly five years. In 20 15, Guoduomei has become the largest fruit chain store in Beijing market, covering nearly 100 key communities and business districts in Beijing, and is a proper regional leader.

As mentioned above, in August of 20 15, the "foreign monk" Baiguoyuan entered Beijing. Because there is no cold storage, 80% of the fruits in Baiguoyuan Store are transported by Shanghai and Shenzhen, and the supply chain cost is extremely high. For "going north", Yu Huiyong had no chance of winning at that time. He once said in a low-key way: "Baiguoyuan is not as competitive as the local fruit supermarket chain in Beijing, but the existence of * * * has made the market bigger."

Prior to this, the two fruit giants that dominated the North and South finally joined hands to fight, and the industry agreed that there would be a fierce "crossfire" between Baiguoyuan and Guoduomei.

However, the development of the situation is to make people in the industry stunned after all. 20 15, 1 1, only three months after "going north", Baiguoyuan and Guoduomei announced the merger and reorganization. Guoduomei has rich experience in the operation and management of large stores and supermarkets, which is different from and complementary to the boutique store model of Baiguoyuan, which is also an important reason why the two sides value each other and move towards mergers and acquisitions.

The two sides will carry out strategic restructuring by means of capital injection and stock exchange, and the restructured enterprise will adopt a dual-brand operation strategy. After the merger and reorganization, Yu Huiyong, the chairman of Baiguoyuan, will concurrently serve as the chairman of Guoduomei Company, and Tao Jin, the founder of Guoduomei, will serve as the director and chief strategy officer of Baiguoyuan. In addition, Zhang Yungen, former president of full-time convenience store, will be the managing director of Guoduomei.

Talking about the purpose of M&A, Yu Huiyong said: "The main goal is to build the aircraft carrier of China fruit enterprises and enter the international market". Regarding how to operate after the integration, Zhang Yungen said: "The most important task is to get through and aggregate the front and back offices of the two companies and make full use of resources."

At the front end, we must first get through the consumer groups represented by the two brands, that is, one card shopping; The back end integrates the whole supply chain to ensure that grading, warehousing and logistics are in the best state, reduce operating costs and let more people eat better fruits.

Since then, Baiguoyuan has opened the M&A model all over the country:

April 20 16, Baiguoyuan acquired Nanjing Fresh Age; 20 16 12, Baiguoyuan announced the strategic merger with fresh e-commerce; 2065438+June 2007, Baiguoyuan reached a strategic cooperative relationship with Qichao, a leading fruit enterprise in Chongqing, and the terminal sales business in Qi Chao was merged into Baiguoyuan Chongqing Regional Business Department. ...

By the end of 20 18 and 1, Baiguoyuan had merged and reorganized five enterprises, including Guoduomei, Yimixian and New Era.

It is worth mentioning that around 20 18, Baiguoyuan started the road of diversified exploration at the same time, but most of them were not famous:

In 20 18, Baiguoyuan set foot in the hot unmanned shelf market at that time, and put more than 200 unmanned container "Baiguoyuan" in the communities of first-tier cities such as Beijing and Shanghai. April 20 19, Baiguoyuan launched an independent fresh-keeping platform "Baiguoxinxiang", and tried to sell vegetables in Guangzhou and Shenzhen in the second half of the same year, expanding the sales category from fruit to fresh; On June 5438+ 10, 2020, Baiguoyuan once again launched "Panda Daxian" through community group purchase, and copied it to other categories through the accumulated supply chain operation experience in fruit category. ...

After the investment of 65.438+0.5 billion yuan, the valuation of Series B financing was 9 billion yuan, making it the first in the domestic fruit chain.

In the development of Baiguoyuan for more than 20 years, it is natural for investors to help each other. Tianyancha APP information shows that since its establishment, Baiguoyuan has completed 8 rounds of financing, and only two rounds of financing have been reported in detail.

2065438+September 2005, Baiguoyuan obtained Tiantu capital of 350 million yuan and Guangfa Shunde and Qianhai parent funds of 400 million yuan, with a valuation of 5 billion yuan.

Only three years later, Baiguoyuan announced the completion of Series B financing of 654.38+05 billion yuan, with investors including Jinzhong Zhide, Cizhi Capital, Jinzhong Rong Hui, Cornerstone Capital, Source Capital, Yuexiu Industrial Fund and Shenzhen Venture Capital. Relevant information shows that after the completion of this round of financing, the valuation of Baiguoyuan has reached 9 billion yuan.

When officially announcing the B round of financing, Yu Huiyong said: "Baiguoyuan has channels, products and brands, and will build a fruit industry ecosystem with an open and empowering attitude. Series B financing will help Baiguoyuan develop into a platform company. The target number of new stores in 20 1200 is 1200, and all of them will be expanded by franchising in the future. "

The investors in round B of Baiguoyuan said that compared with other retail formats, community fresh fruits are characterized by high consumption frequency, high user quality and stability, and high customer unit price; For example, the number of transactions in Baiguoyuan 20 17 is close to 200 million.

From the whole fresh fruit market, the average annual sales of fruit retail industry is 700 billion, and the market share of Baiguoyuan is only 1%. Relying on its absolute leading position, it has at least 5- 10 times the growth space. At the same time, I very much agree with the evergreen road of Baiguoyuan, and I am willing to accompany and help such enterprises grow together.

In fact, as early as 20 15, after Baiguoyuan obtained the first round of financing, some investors predicted that Baiguoyuan would be listed in three to five years. 20 19,10 in June, Xu Zeng, president of Baiguoyuan, said that "Baiguoyuan is considering going public, which is the direction, in order to make the industry do better after capital enters".

In April 2020, Baiguoyuan completed the shareholding system reform, and submitted materials to the International Department of the China Securities Regulatory Commission in June to start the listing process in Hong Kong. Just five months later, Baiguoyuan signed a listing counseling agreement with Minsheng Securities, and plans to land on the Growth Enterprise Market of Shenzhen Stock Exchange.

Within two years, if Baiguoyuan can successfully land on the Hong Kong Stock Exchange before Xianfeng Fruit, it is still expected to become the "first fruit chain" in China.