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If we ask who is the most persistent in the capital market, KK Group will definitely be ranked first.

According to the Hong Kong Stock Exchange website, KK Group's prospectus expired again on July 31. It is worth noting that this is the fourth time KK Group has submitted a prospectus, but all of them have ended in failure.

In terms of data, KK Group has previously handed in a good "report card". As of October 31, 2023, KK Group's revenue increased by 55.5% year-on-year to 4.77 billion yuan, and gross profit increased by 84.6% year-on-year to 2.25 billion yuan. However, the net profit was only 210 million yuan, which is almost uncompetitive in today's capital market. According to the current Hong Kong stock market's general listing price-earnings ratio of 10-15 times, its market value is about 3 billion, which is far from its previous primary market valuation of 20 billion.

After repeated IPO failures, the capital market's attention is mainly focused on losses, store reductions, franchisee exodus and other issues. According to a previous report by Red Star News, the company's domestic franchisees have been fleeing in large numbers, and the company's overseas business, which is expected to be a major success, may also face the problem of overseas agents setting up their own businesses and establishing their own brands.

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