China ** newspaper reporter Nan Shen.
There is another IPO related to eating, this time it is the company behind the Internet celebrity product "Red Oil Dough" - Akuan Food.
On the evening of December 19, the Shenzhen Stock Exchange disclosed that Akuan Food and the sponsor applied to withdraw the issuance of listing application documents. In accordance with the relevant regulations, the Shenzhen Stock Exchange has decided to terminate the review of its initial public offering** and listing on the Main Board.
As early as the end of 2021, under the approval system, Akuan Food submitted a prospectus, and the company was transferred to the Shenzhen Stock Exchange for review after the full registration system in March this year. The withdrawal announced the final failure of the company's two-year listing efforts, which may trigger a VAM agreement with Nanhai Growth, Hillhouse Yiheng and other investors.
Judging from the prospectus, Akuan Food Company itself is actually a "not bad money" owner, with total assets of 6100 million yuan, monetary funds have 45.2 billion yuan, accounting for about three-quarters. In addition, the company did not have any long-term or short-term borrowings during the reporting period. As a food company, the company has many complaints, and was once interviewed by the administration for complaints.
He is also a "not bad money" lord
According to the prospectus, Sichuan Baijia Akuan Food Industry Co., Ltd. (hereinafter referred to as "Akuan Food") is mainly engaged in the research and development, production and sales of new convenience foods, and its main products include instant noodles, instant vermicelli, instant rice noodles, etc. Akuan Food's self-operated brands include "Akuan" and "Baijia Chenji", and the company also provides OEM and OEM for well-known brands such as Ma Liuji and Li Ziqi.
From the perspective of operating performance, Akuan Food's performance in the reporting period was average. During the reporting period (2020 to 2022), the company's operating income was 11100 million yuan, 121.4 billion yuan, 124.6 billion yuan, almost no growth;The non-net profit was 83.36 million yuan, 64.05 million yuan and 66.59 million yuan, and the overall trend was still declining.
However, as a consumer goods company, the company's cash flow is relatively good, the monetary funds are sufficient, and the financial expenses are even negative.
During the reporting period, the company's net operating cash flow was 15.2 billion yuan, 71.78 million yuan and 97.2 million yuan. As of the end of 2022, the company had monetary funds on its books45.2 billion yuan, while its total assets are only 6100 million yuan, the "cash content" is as high as 75%. During the reporting period, the company did not have a penny of long-term and short-term liabilities. In 2021 and 2022, the company's financial expenses were both negative millions, that is, interest income far exceeded interest expenses. 
is not bad for money", and even is always "remembered" by related parties. According to the application materials, at the beginning of the reporting period, the balance of the company's capital occupation by Chuanbai Food, a related party, was 5580920,000 yuan, with an additional occupation of 8 million yuan during the reporting period. During the reporting period, the company also purchased real estate from related parties, with a total purchase capital of 2303850,000 yuan.
In the case of "not bad money" or even inverted related parties, the company prepared to go public and raise funds according to the original plan66.5 billion yuan. The amount raised is even more than the company's latest total assets. 
There are many complaints, and they have been interviewed by the administration
According to the introduction of the prospectus, the company's main brands of "A Kuan" and "Baijia Chen Ji" have gained high popularity in the market. Among them, the "Akuan" brand focuses on gaining insight into the consumption needs of young consumers, and meets and leads the trend of the new convenience food market from multiple dimensions such as the core of values, product taste, packaging design, and consumption scenarios, and "has a high brand appeal among consumer groups".
According to the prospectus, according to the "2021 Gen-Z Annual Favorite Product List" released by the CBN Business Data Center, the company's "red oil dough" ranks first on the list of instant noodles and ramen noodles. In the "2022 2nd China Food and Beverage Industry Innovation List" jointly released by Euromonitor International and National Business Daily, the "Akuan" brand won the "Top 10 Most Popular Brands of Generation Z".
However, the company also often has public opinion about food safety. During the reporting period, it was reported that the company's red oil dough products were suspected of having foreign bodies. There are also some ** claims that Ma Liuji hot and sour noodles and Li Ziqi hot and sour noodles exceed the standard with additives such as ammonium alum, and the company is the foundry of the above-mentioned enterprises.
On February 16, 2022, the Xiaohongshu app account "onsoul" posted an article titled "Ah Kuan is suspected of eating rats in the red oil noodles", which formed a big discussion after being social**account**. Under the witness and mediation of the staff of the Market Supervision and Administration Bureau where the article was published (Rugao City), the company confirmed with the parties that the black part of the dough was not a mouse, but caused by mold.
On June 28, 2022, due to the concentration of consumer complaints, the Chengdu Market Supervision and Administration Bureau conducted an administrative interview with the company and urged it to rectify within a time limit. For product defects caused by the company's process (such as black spots on the dough), strengthen process improvement or production process control. For product defects (mildew or insects) caused by improper storage and other reasons that are not the company's production and operation, the company explains the storage situation on the product packaging and store website to guide consumers to store in the correct way.
According to the complaint data provided by the Market Supervision and Administration Bureau of Longquanyi District, Chengdu, during the reporting period, the number of complaints from consumers to the competent authorities on the grounds of overtime delivery, black spots on the dough, product damage and mold was 162, 202 and 566 respectively, and there were 96 complaints in the first quarter of 2023.
Editor: Huang Mei Review: Xu Wen.