blockchainquizgame| Rongye Food, a time-honored cured brand, announced terms of U.S. stock IPO and planned to raise approximately US$11 million

Wing Yip Food Holdings Group, which processes and sells meat products in China, announced terms for a U.S. stock IPO on Friday. The company is currently listed on the Korea Stock Exchangeblockchainquizgame, the code is "900340". The Zhongshan, China-based company plans to raise about $11 million by issuing 2.5 million ADS shares at $4 to $5 per share. Based on the midpoint of the proposed issue price range, Rongye Food's market value will reach approximately 1.blockchainquizgame.55 billion US dollars.

Through its operating subsidiaries in the mainland of China, Rongye Food is mainly engaged in the processing, sales and distribution of cured meat products, casual snack products and frozen meat products. At present, Rongye Food's products are mainly marketed and sold in 18 provinces in the mainland of China through 7 self-operated stores, 72 distributors composed of retail stores and supermarkets, and 7 e-commerce platforms (including one company-owned platform).

It is worth noting that Rongye Food's seven self-operated stores are all in Guangdong Province, and although the company has laid out e-commerce channels, from 2021 to the first half of 2023, Rongye Food's revenue from e-commerce platforms was 2.21%, approximately 2.24% and approximately 1.23%, respectively. Obviously, Rongye Food's sales channels are mainly offline.

The development history of Rongye Food can be traced back to 1915. In its early stages, it was mainly engaged in the processing and sales of cured sausages. Since 2010, Rongye Food has accelerated its business expansion. In addition to the "Rongye" cured meat brand, it has expanded new product lines, developed snack product brands "Craftsman King" and "Crazy Customers", and entered the frozen food track, forming three major product matrices: traditional cured meat, casual snacks, and frozen food, and becoming a modern food company with multiple categories.

In terms of financial data, total sales for the 12 months ended December 31, 2023 were approximately US$134 million. The company plans to list on the U.S. Nasdaq market with the proposed ticker symbol "WYHG". EF Hutton is the sole bookkeeper for the transaction.