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It's been seven years since Chinese liquor makers made their way to go public, and ZJLD intends to be the next one.

Chinese baijiu company ZJLD Group Inc (ZJLD, Chinese: 珍酒李渡集團) recently filed a prospectus with the Hong Kong Stock Exchange for an IPO.

ZJLD stated that the proceeds will be mainly used to increase production capacity, improve branding and marketing, and expand sales channels, and some of them will be put into digitalization and operations.

Founded in September 2021, ZJLD is a Chinese baijiu company operating four brands, Zhenjiu (Chinese: 珍酒), Lidu (Chinese: 李渡), Xiangjiao (Chinese: 湘窖), and Kaikouxiao (Chinese: 開口笑).

As shown in the prospectus, ZJLD's revenues in 2020, 2021, and the first 9 months of 2022 were CNY 2.399 billion (USD 357.6 million), CNY 5.102 billion, and CNY 4.249 billion respectively, with operating profits reaching CNY 740 million, CNY 1.47 billion, and CNY 1.17 billion. And the gross margins in 2020, 2021, and the first 9 months of 2022 were 52.2%, 53.5%, and 55.2% respectively.

ZJLD's featured soy sauce aroma baijiu Zhenjiu contributed revenues of CNY 1.345 billion, CNY 3.487 billion, and CNY 2.764 billion in 2020, 2021, and the first 9 months of 2022, making up 56.1%, 68.4%, and 65% of ZJLD's revenues in these periods.

ZJLD's major sales are made through distributors who brought around 90% of the company's revenues. Their revenues were CNY 2.113 billion, CNY 4.529 billion, and CNY 3.752 billion in 2020, 2021, and the first 9 months of 2022, respectively. Direct sales contributed revenues of CNY 286 million, CNY 572 million, and CNY 497 million in the periods, accounting for only 10% of ZJLD's revenues.

Major Chinese baijiu brands include Kweichou Maotai (Chinese: 貴州茅臺, SH600519), Lu Zhou Lao Jiao (Chinese: 瀘州老窖, SZ000568), and Wuliangye (Chinese: 五糧液, SZ000858).