(Yicai Global) May 13 -- Weilong Delicious Global Holdings, a Chinese producer of popular spicy nibbles, submitted its application to go public on the Hong Kong Stock Exchange yesterday.

Weilong, which was China’s favorite snack maker last year with 5.7 percent market share according to Frost & Sullivan research, saw profit surge 19.9 percent in 2020 from the year before to CNY819 million (USD127 million), double the industry’s average rate, according to the initial public offering prospectus.

Last year it posted revenue of CNY4.1 billion (USD635 million) logging an annual compound growth rate of 22.4 percent. Not bad considering that the price of one pack of its spicy sticks or latiao is CNY10 (USD1.50).

The Chinese snack food market is scattered, with the country’s top five producers holding 10.7 percent market share, California-based Frost & Sullivan said recently.

Weilong raised CNY3.6 billion (USD557.7 million) earlier this month in a pre-IPO offering round of financing, giving it a valuation of CNY70 billion (USD10.8 billion). Participants included Australia’s CPE Capital, Chinese investment firms Hillhouse Capital, Sequoia Capital China and Yunfeng Capital as well as internet giant Tencent Holdings.

Weilong raised CNY3.6 billion (USD557.7 million) earlier this month in a pre-IPO round of financing, giving it a valuation of CNY70 billion (USD10.8 billion). Participants included Australia’s CPE Capital, Chinese investment firms Hillhouse Capital, Sequoia Capital China and Yunfeng Capital as well as internet giant Tencent Holdings.

Editor: Kim Taylor