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Biscuit maker co-founded by former Miss Hong Kong Tse Ning applies for IPO
04-09-2018, 02:00 PM.
Post: #1
Biscuit maker co-founded by former Miss Hong Kong Tse Ning applies for IPO
Biscuit maker co-founded by former Miss Hong Kong applies for IPO, plans to expand to Canada and Taiwan
Cookies Quartet ranked second in Hong Kong in terms of revenue last year

Louise Moon
PUBLISHED : Tuesday, 04 September, 2018, 1:50pm
UPDATED : Tuesday, 04 September, 2018, 1:50pm

Hong Kong biscuit producer Cookies Quartet, co-founded by a former Miss Hong Kong, has applied for an initial public offering in the city.

Co-founded by Miss Hong Kong 1985 Tse Ning, food and lifestyle writer Yuen Tung Kwan and pastry chef Yiu Man Wong in 2008, the company owns eight stores offering 30 flavours across Hong Kong. It manufactures all its products in San Po Kong, in northern Kowloon.

In a document submitted to Hong Kong Exchanges and Clearing on Monday evening, the company said it aimed to expand overseas and was already in agreement with two distributors to sell products in Canada and Taiwan. Expansion of online sales in China – where the company has been active since 2016 – through e-commerce platforms would also be an area of focus in the future.

In 2017, Cookies Quartet ranked second in terms of revenue out of the 32 biscuit retailers encompassing a total of 80 stores in Hong Kong, with its revenue of HK$80.7 million making up 13.6 per cent of the market, according to independent market research company Ipsos, which was commissioned by Cookies Quartet.

A top, unnamed, retailer had HK$206.9 million in revenue, a 34.8 per cent market share, while the top five retailers together accounted for 66 per cent of the market, according to Ipsos.

Cookies Quartet reported a profit of HK$24.7 million (US$3.14 million) for this year, HK$29.5 million in 2017 and HK$22.4 million in 2016. The company said in the document rising operational costs, including wages and rental prices, and an increase in selling and distribution expenses accounted for this year’s fall in profit. The industry’s relative dependence on a fluctuating tourism industry was also noted as a challenge.

More details in https://www.scmp.com/business/companies/...-ipo-plans
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