Pan Wei: A 9 Billion Odd Woman With A Bowl Of Noodles

In a casual and inevitable way, a ramen company with annual sales of less than 1 billion yuan has a market value of 9 billion yuan, and the personal wealth of the boss is nearly 5 billion yuan.

(Note: September 7th closing)

       

The capital market has played a 42 important role in the prosperity of the rich.

However, IPO has been oversold by mainland catering enterprises, and the IPO has been oversubscribed by 192 times, while the Hong Kong stocks enjoying an average price earnings ratio less than 20 times enjoy a price earnings ratio of 53 times.

In this age of easy prosperity, many occasional collections are still intriguing.

       

"We hope to inspire more colleagues!"

This is the vision of Pan Wei for the listing of "taste".

In the six months after the listing of the 3I, China's catering industry did get a lot of incentives: the little fat sheep was injected into the European Group's largest investment organization, the group of 3I, and the countdown was listed; Shanghai's tea industry completed a second round of venture capital financing of 10 million 680 thousand dollars; Chongqing swan was invested jointly by Sequoia China and Haina Asia venture capital fund.

        

Shen Napeng, founder of Sequoia Capital China foundation, once said: "China is at the turning point of the consumer economy, and consumption demand will explode in an explosive way. Many areas contain opportunities to build an empire."

Now, the sharp sense of risk investors seem to be tired of high-tech, Internet business IPO's "storytelling" mode, instead of focusing on high-speed, sustained growth in the consumer sector.

And "Pan comfort" once solved the problem of scale, chain and industrialization of catering enterprises, plus the diligence and down-to-earth efforts that run through the blood industry, the traditional industry also nurtured wealth opportunities.

        

From this point of view, Pan Wei has nearly 5 billion yuan of wealth.

       

Compulsory course - try to eat at 12 noon on September 4, 2007, in a narrow office at the 31 floor of the golden hall building in the middle of Huaihai Road, Shanghai.

        

They were surrounded by the two big bowls of steaming soup noodles and empty bowls placed on the central table.

       

"Let's start."

With a middle-aged lady wearing a silver rimmed glasses and curly hair shawl, the waiter suggested that the waiter begin to put noodles in each empty bowl, and everyone tasted it. Suddenly, there was a bowl of chopsticks hitting the office and the special sound that people would eat when they pulled noodles.

       

The middle-aged woman is Pan Wei, founder, chairman and chief executive officer of China Millennium Holdings Limited.

Those who eat noodles are the top executives of China.

This process of tasting noodles is called trial eating. It is a frequent monthly activity for half a year's menu replacement and a yearly refreshup rate of up to 40% of the dishes.

The noodle soup in the hands of the boss may appear in the menu of the new product on the floor of your house downstairs for a very short time.

       

"Which bowl do you think is delicious?"

Pan Wei, while sipping the soup in his mouth, said his own opinion: "I think the second bowls taste good, but the first bowl just tastes and smells, but the past is gone; the second bowls are more fragrant, and they are still in the throat after eating.

Not only young people like it, but older people may also prefer this kind of connotation.

       

Compulsory course -- try to eat

      

At 12 noon on September 4, 2007, a small office in the 31 floor of the Golden Bell Tower of the Huaihai middle road in Shanghai, with a group of suits in Western China, was filled with a narrow office.

       

They were surrounded by the two big bowls of steaming soup noodles and empty bowls placed on the central table.

       

"Let's start."

With a middle-aged lady wearing a silver rimmed glasses and curly hair shawl, the waiter suggested that the waiter begin to put noodles in each empty bowl, and everyone tasted it. Suddenly, there was a bowl of chopsticks hitting the office and the special sound that people would eat when they pulled noodles.

        

The middle-aged woman is Pan Wei, founder, chairman and chief executive officer of China Millennium Holdings Limited.

Those who eat noodles are the top executives of China.

This process of tasting noodles is called trial eating. It is a frequent monthly activity for half a year's menu replacement and a yearly refreshup rate of up to 40% of the dishes.

The noodle soup in the hands of the boss may appear in the menu of the new product on the floor of your house downstairs for a very short time.

       

"Which bowl do you think is delicious?"

Pan Wei, while sipping the soup in his mouth, said his own opinion: "I think the second bowls taste good, but the first bowl just tastes and smells, but the past is gone; the second bowls are more fragrant, and they are still in the throat after eating.

Not only young people like it, but older people may also prefer this kind of connotation.

        

Rapid expansion in ten years

         

The fast-food noodle with connotation is the quality of Pan Wei's continuous pursuit of noodle.

The flavor thousand noodles are positioned as healthy food from the beginning.

Although the main dish of "Ji Wan Ramen" is Chinese traditional pasta, according to Pan Wei, it is not entirely Chinese food, but a fast casual restaurant between western fast food and traditional Chinese cuisine.

For the difference between Chinese and Western food, Pan Wei has a famous assertion: "western fast food is waiting for you, and Chinese is waiting for you."

And the flavor thousand noodles are skillfully combined with the taste, nutrition and fast food of Chinese food.

        

10 years ago, when the first chain store was opened in Shenzhen, the extension of a food processing plant in the industrial area was called the central kitchen.

After that, all the products of the chain store in the Pearl River Delta came from the central kitchen.

In 1999, the company built a central kitchen in Shanghai to provide products for stores in East China, North China and Northeast China.

At present, the bone soup juice, noodle and raw materials of the 167 stores of the thousand thousand noodle noodle shops in the country adopt unified production and unified procurement. The store's kitchen only requires the final simple reprocessing process.

        

In the kitchen of Shanghai Huaihailu Road store, the thousand thousand noodle noodle shop, the industrialized cooking process is like a production line: the wrapped noodles are pported from the central kitchen to a bowl.

There are 6 hedge in each big pot. When the ramp is put in, the time is up. When the time comes, the hedge will emerge automatically.

The chef poured the noodles into the bowl, and served the soup with the original soup mixed with the same distribution.

A bowl of flavour thousand noodles is on the table, short to only 3 minutes.

        

192 times over subscription

        

With the increasing scale of enterprises, Pan Wei began to consider listing and financing in order to develop.

At that time, a lot of venture capital were removed from technology, media, telecommunications and other industries, and targeted to the profitable and fast-growing restaurant industry.

However, Pan Wei declined all venture capitalists.

       

"We are not short of money. Why do we want to dilute the shares by VCs?

And one hundred million or two hundred million yuan of financing is not much. "

When he said this, he was quite confident: from the initial stage of development, the cash flow of the noodle soup was quite abundant.

        

At the beginning of 2007, the company launched its landing process.

Thanks to the current international capital's pursuit of China's consumption concept, in the process of promotion, Wei won 192 times over subscription and raised 250 million US dollars.

Part of the international offering has also been touted by big investment banks.

        

About promotion, Pan Wei has a story.

Three years ago, a fund manager of a US investment bank came to Shanghai and happened to see a long queue at the gate of a thousand thousand noodle on Nanjing road.

In 2006, the fund manager came to Shanghai and saw the same scene in front of the same shop.

This made him realize the investment value of taste.

Soon he heard about the news of Hongkong's promotion.

Eventually, the investment bank became one of several big funds to subscribe to the stock.

        

In March 30th, 0538.HK was successfully listed on the main board of the stock exchange of Hongkong. It became the first chain restaurant company to visit overseas capital markets in the mainland to break the deadlock that the catering industry is not easy to list.

        

In September 5, 2007, Pan Wei handed over the first China Post in the first place after Hongkong's first sale of flavour: in the first half of this year, the sales volume of $391 million amounted to 41.6%. yuan, an increase of 107 million yuan over the same period last year, a net profit of 107 million yuan, an increase of 91% over the same period last year and a profit of $0.1217 per share.

        

Speaking of the prospect of listing, Pan Wei said: "we need to identify the value of the company through the listing, and pave the way for the taste of international brands."

       

Franchising opens soon.

        

Since its establishment, the noodle shop has been divided into three types: standard store, economic store and flagship store. The three form is direct store mode.

This practice makes the outside world very puzzled. For chain enterprises, the right to open franchise can rapidly expand the scale, increase brand influence and reduce operational risks.

      

"The franchisee is too difficult to control. We are worried that a shop will fail if it fails to do a good job."

Pan comfort explained his original worries.

But at the same time, she knows that once the market is launched, the company will face extraordinary development.

        

For this reason, after careful investigation, we have developed a franchise management system with a Japanese company to ensure the quality of franchised stores.

After that, the first time in the prospectus was the first time that "we will change the past and focus on developing franchises on the existing basis".

As soon as the news came out, pan comfort cell phone was quickly blown off.

        

Despite the fact that franchising is on the way, it has not yet announced the franchise conditions.

After careful formulation, at the China daily press conference, Mr. Wei announced that at present, "Wei Qian" still does not accept the requirement of individual agent's joining. The franchisee must be a company with a registered capital of more than 10 million yuan and a floating capital of 6 million yuan.

At the same time, the implementation of regional franchises, that is, franchisees must have enough strength to undertake the operation and management of the whole region.

This way of joining is still an attempt in the industry.

     

In this regard, Pan Wei said that a single store to join not only scattered but also not conducive to unified management, regional joining is a more reasonable choice.

Pan Wei revealed that after breaking the ice, the breakthrough of Hangzhou's noodle was first in Hangzhou: by the end of 2007, there will be about 10 franchise stores in the region.