It had a none too exciting listing experience on the Singapore Exchange between 2007 and 2011, following which it was privatised by its chairman and two other major shareholders.
Its market cap was S$54 million (based on the delisting offer of 17 cents a share and a historical PE of 11.6X), which was rather small to attract coverage by analysts and buying by fund managers.
Its results weren't too sizeable either. In 2006, the year before its IPO, revenue was RMB106.2 million while net profit, RMB37.7 million. In 2010, the year before it was privatised, revenue was RMB 249 m and net profit, RMB24 m.
News has emerged that Shenzhen-based China Angel Food is seeking a listing on the Hong Kong Stock Exchange.
It would be the latest in a number of S-chips that have bid goodbye to Singapore and embraced Hong Kong where they are likely to be accorded a much higher valuation. (China Animal Healthcare is a recent example in a list that includes Man Wah Holdings, Want Want Holdings, etc).
China Angel Food chairman, Patrick Liang Qiusheng, was quoted by South China Morning Post recently saying the company planned to float its entire business, which includes mooncake and leisure food production, a bakery chain and a catering service.
No timetable for the IPO was disclosed.
Presumably a much bigger business now, China Angel Food has three big-name shareholders -- US asset management company Franklin Templeton Investments, private equity firm SEAVI Advent and Hong Kong-listed CK Life Sciences International.
While mooncake sales continue to be the major contributor of revenue, the company is targetting to build another big core business.
Mr Liang said part of the funds raised from the IPO being considered would be used to build central kitchens in first and second-tier cities on the mainland and expand catering services to other parts of the country.
By 2023, he added, the company was expected to be able to provide meals to as many as 10 million people every day, compared with 10,000 now.
YOU MAY not recall a rather obscure S-chip, China Angel Food.