Hong Kong's Bull Daddy (MB) IPO Amidst a Resurgent Dining Market

Dec 05, 2024

Hong Kong's dining scene is experiencing a revival, reaching 85% of pre-pandemic levels. Bull Daddy, a Taiwanese hotpot and barbecue restaurant chain in Hong Kong, plans to go public on NASDAQ with the ticker "MB". The company aims to raise $9 million by offering 2 million shares priced between $4 and $5 each, valuing it at $77 million.

Despite the recovering market, Bull Daddy's financial performance remains unstable. The company's revenue for 2022-2023 was HKD 4.57 billion and HKD 5.32 billion respectively, with increasing net losses. In 2024, revenue declined by 5.06% in the first half, but net profits improved.

The company faces significant debt, with liabilities totaling HKD 2.85 billion against assets of HKD 3.21 billion. Bull Daddy plans to use IPO proceeds for expansion and brand development amid fierce competition in Hong Kong's dining market.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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