Xiangpiaopiao launched three times in 6 years and has not been smooth for a single advertising product.

　　Xiangpiaopiao's three listings in 6 years have not been smooth, exposing problems such as single product, low R&D costs, and excessive advertising. It plans to bet on liquid milk tea for 260 million yuan.

　　"Sell a billion cups a year, and the cups can circle the earth three times together." The advertising slogans of Xiangpiaopiao Milk Tea are iterated and upgraded every year. However, since the IPO was hit in 2011, after nearly six years of circumventing the earth, this cup-filled milk tea company has never entered the listing gate. On May 16, the China Securities Regulatory Commission issued the "Announcement on the Review Results of the 74th Meeting of the Main Board Issuance and Audit Committee in 2017", and Xiangpiaopiao's first release was suspended. This is the third time Xiangpiaopiao has failed to hit IPO since 2011.

　　Cup-in-a-blue milk tea has always been Xiangpiaopiao's main product. The single product structure is derailed from the consumer group. The high advertising investment in the past three years forms a comparison with the weak product R&D investment. Operating income has grown slowly for many years and the profit growth rate is not obvious. These have become the main concerns of Xiangpiaopiao's doubts. Xiangpiaopiao used a full 6 pages to explain 11 risks in the disclosed prospectus, including a single product structure and outstanding product seasonality. Behind the raising of funds to expand production capacity, Xiangpiaopiao faces core issues such as product innovation that needs to be solved urgently and seeking sustainable development.

　　"Xiangpiaopiao should break the limitations of its own products, expand the categories, and truly meet the needs of consumers." Zhu Danpeng, a commentator of China's food industry, believes that the demand of end consumers is the main factor affecting the decisions of investors and the China Securities Regulatory Commission.

　　The voting will be suspended after raising 740 million yuan

　　According to information, Xiangpiaopiao was founded in 2005 and is a Zhejiang company focusing on cup milk tea. In 2010, it announced that it had sold more than 700 million cups of milk tea, which could circle the earth twice. In 2011, Xiangpiaopiao announced that it had sold more than 1 billion cups of milk tea, which could circle the earth three times.

　　After the annual growth rate reached 300 million cups, Xiangpiaopiao made its first IPO in 2011. By November 2013, Xiangpiaopiao had passed the environmental protection review, but encountered an IPO suspension. In January 2014, the China Securities Regulatory Commission restarted its IPO, but before the application materials of Xiangpiaopiao were reaccepted, the IPO was suspended again due to the stock market fluctuations in July 2015.

　　On April 20, 2017, Xiangpiaopiao once again disclosed its latest prospectus, planning to issue no less than 40.01 million shares to the public, and plans to raise about 748 million yuan. Among them, about 261 million yuan will be used for liquid milk tea construction projects. After the fundraising project is completed and reached production, the company will increase its net profit by 316 million yuan each year.

　　Despite the specific risk and return assessment demonstration, Xiangpiaopiao was still suspended from the vote. However, the Issuance Supervision Department of the China Securities Regulatory Commission did not give specific reasons.

　　However, on April 20, the China Securities Regulatory Commission issued the "Feedback Opinions on the Application Document for the Initial Public Offering of Xiangpiaopiao Food Co., Ltd.", which proposed a total of 42 issues related to the company's normativeness and information disclosure, and asked Xiangpiaopiao to supplement the differences between its market share and share and its peers, and compare and analyze the main products with competitors. At the same time, it also mentioned whether the advertising fees during the reporting period are fair and whether there is a risk that new production capacity cannot be digested in the future.

　　Starting from May 19, a reporter from the Beijing News contacted the relevant person in charge of Shangxiang Piaopiao Company, but no reply has been received as of press time on the reasons for the suspension of the listing and whether strategic investment will be introduced.

　　Sales channels are derailed from young consumer groups

　　How is the market performing in this market that can sell 1 billion cups of milk tea?

　　On May 20, a reporter from the Beijing News visited some medium and large supermarkets in Guangzhou. At Baijia Supermarket, there is no product sales of Xiangpiaopiao. A person in the beverage area said that due to poor market sales, he has never been in this category. In a Walmart supermarket, Xiangpiaopiao and milk tea brands such as Youlemei and Lipton are placed on the same counter. Among them, Xiangpiaopiao has 4 categories for sale, and Youlemei accounts for half of the counter, while the other half is Lipton's various boxed tea products.

　　The online sales of Xiangpiaopiao cup-filled milk tea are not optimistic either.

　　Web page data from Tmall flagship store shows that online cup milk teas include Xiangpiaopiao, Youlemei, and Xiangyue. Among them, Xiangpiaopiao, a 20-cup package called Delicious Upgrade, has a monthly sales of up to 3,519 pieces. Based on its unit price of 64 yuan, the monthly sales are 225,000 yuan. The second is the original 80g cup pack of Youlemei, with a monthly sales of 1,101 pieces, and the monthly sales of Xiangyue Milk Tea family promotion pack of 4 consecutive cups, with a monthly sales of 976 pieces.

　　But Lipton's boxed classic original milk tea (20 packs) has a monthly sales of up to 6,863, with sales exceeding the total of 5,596 pieces of the three.

　　This performance is actually related to Xiangpiaopiao's channel strategy. According to the prospectus, from 2014 to 2016, Xiangpiaopiao's main sales channel was still a dealer platform, with sales revenue accounting for more than 99%, while the proportion of e-commerce channels increased from 0.08% in 2014 to 0.76% in 2016.

　　"What is the concept of beverage products for young people nowadays? They can be easily obtained and can be drunk anywhere." Zhu Danpeng analyzed that domestic milk tea consumers are mainly young people aged 15-35, and cup-in-cup milk tea should solve the gap in concept with this group of consumers. However, judging from the situation on the market, Xiangpiaopiao is mainly sold in medium and large supermarkets, and it is difficult to see some small convenience stores such as 7-11.

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