Qian Dama dares to apply for listing despite losses | Zeng Zhihua

Near my residence, at the intersection of the Back Lane and the Falling Mountain Road, there is a large 3,000 square foot shop that was previously operated by the Jia Bao Supermarket, which later closed down. This location is extremely attractive, as it is right at the entrance of the MTR station, and should command high rent, with many people wanting to rent it. However, strangely, about five years ago, after Jia Bao closed its doors, it has remained vacant ever since. Every time I pass by, I feel it’s a pity (a complete waste of a prime location, and I can't understand why it hasn't been rented out? Is it because the landlord is asking for too high a price, leading to a stalemate?). "Aunt Tian" spends a fortune to rent a nice shop Until half a year ago, this vacant shop suddenly had renovation workers bustling about. I thought for sure someone had invested heavily to open a tea restaurant or similar eatery. To my surprise, it turned out to be another low-end supermarket called "Aunt Tian," catering to the domestic market. What’s most puzzling is that in such a large space, they only set up a few shelves with sparse vegetables, fruits, and canned goods. Additionally, they outsourced other sections for pork, roasted meats, seafood, and frozen meats. The entire market feels completely devoid of any competitive spirit. After half a year, it still gives off a sense of "just getting by," resembling a model that could disappear overnight. What is the mentality behind "Aunt Tian," which spends a fortune to rent a nice shop but operates in such a laid-back manner? It’s very hard to understand. Unable to see what "Aunt Qian" has in terms of competitiveness Speaking of "Aunt," there’s another puzzling matter: why would a domestic low-to-mid-tier neighborhood pork and vegetable group dare to apply for listing in Hong Kong? The only explanation is that they are taking advantage of the Hong Kong Stock Exchange and the entire SAR government’s policy over the past two years, which has been—"just get it done." They focus solely on numbers without regard for quality, leading to a situation where even loss-making companies can raise funds here; how absurd! The funniest part is that many friends openly joke with me, asking: "Sir, if Aunt Qian's listing application is successful, will you go shopping at Ma?" (As if I were Aunt Qian from To Kwa Wan?) As a stock investor, one of my essential conditions is that I must be able to directly assess the quality of a company's services, such as CLP (002), Hong Kong and China Gas (003), MTR (066), Cathay Pacific (293), Hong Kong Stock Exchange (388)... I must first confirm their business strategy, profit prospects, and corporate governance before deciding whether to invest. Since Aunt Qian entered Hong Kong in 2018, I have been unable to see any competitiveness in its business model. Looking at its performance, it actually reported a loss of 290 million last year. And they still dare to apply for listing? Who would be foolish enough to underwrite it? Don’t be ridiculous! Senior Media Person Zeng Zhi Hua Related articles: The dangers of investing in trendy product stocks | Zeng Zhi Hua The central government is more worried about "involution" than monopolies | Zeng Yuan Cang