Xiamen Yan Palace Bioengineering Co., Ltd., which operates the Chinese edible bird’s nest brand “Yan Palace”, has cleared the listing hearing of the Hong Kong Stock Exchange, with CICC and GF Capital (Hong Kong) as its joint sponsors, according to the information disclosed by the exchange.
Yan Palace is the largest edible bird’s nest product company in China with a market share of 14%, according to data from consulting firm Frost & Sullivan.
The company’s revenue reached 1.73 billion yuan in 2022, rising from 1.3 billion yuan in 2020, with a compound annual growth rate of 15.3%, and the revenue for the first five month of 2023 reached 783 million yuan, rising by 12.3% from the same period in 2022, according to its prospectus.
Net profit reached 206 million yuan in 2022, rising from 123 million yuan in 2020, with a CAGR of 29.2%, and the net profit for the first five months of the year reached 101 million yuan, rising by 20% from a year earlier. Its net profit margin for 2020 was 9.5%, 2021 11.4%, 2022 11.9% and the first five months of 2022 12% and the first five months of 2023 12.8%.