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About the company We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of the date of this prospectus, through our Hong Kong Operating Subsidiaries, we operate 12 restaurant outlets under our Master Beef and Anping Grill brands. Our Group’s revenue is primarily generated from the Hong Kong Operating Subsidiaries’ operation of our Master Beef and Anping Grill restaurant outlets in Hong Kong. According to the Frost & Sullivan Report, in 2023, our Master Beef brand ranked first among the specialty hotpot restaurant chain brands and Taiwanese hotpot restaurant chain brands in Hong Kong in terms of revenue, and our Group comprising our Master Beef and Anping Grill brands ranked first in the overall Taiwanese cuisine market in Hong Kong with a market share of approximately 9.7% in terms of revenue.
424B4 · 2025-04-10 · 0001641172-25-003665
Company description from the cited filing.
In the news No coverage from other publishers is available.
Seeking Alpha Seeking Alpha · 2026-09-02
Seeking Alpha · 2026-08-04
Seeking Alpha · 2026-08-03
Financials FY 2024 · USD Revenue 64,880,911 USD · FY 2024 Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
Net income — · FY 2024 Assets — USD · FY 2024 Cash — · FY 2024 Operating income — · FY 2024 Diluted EPS 0.33 USD per share · FY 2024 Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
Some figures are unavailable for this reporting year.
Balance-sheet figures are unavailable pending verification.
cash flow · annual statements Line item FY 2024 FY 2023 Cash flows from operating activities: Profit or Loss USD 4,235,545Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-37,446,111Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
Additional Financial Items AdjustmentsForCurrentTaxOfPriorPeriodUSD -1,278Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-1,049Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
AdjustmentsForDecreaseIncreaseInTradeAccountReceivableUSD 718,563Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-5,149,129Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociatesUSD 7,554,144Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
— AdjustmentsForIncreaseDecreaseInTradeAccountPayableUSD 125,243Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-1,580,470Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
IncomeTaxesPaidRefundClassifiedAsOperatingActivitiesUSD 1,301,358Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
7,598,311Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
InterestPaidClassifiedAsFinancingActivitiesUSD 340,604Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
2,863,104Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
InterestReceivedClassifiedAsOperatingActivitiesUSD 87,852Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
515,980Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivitiesUSD 6,293,213Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
47,679,212Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivitiesHKD — 61,239Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
Lines labelled “Derived” are calculated from reported figures.
income statement · annual statements Line item FY 2024 FY 2023 Total Revenue USD 64,880,911Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
532,286,102Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
Additional Financial Items AdministrativeExpenseUSD 3,484,057Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
27,379,871Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
ApplicableTaxRatenumber 0.2Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
— AverageEffectiveTaxRatenumber 0.17Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
— BasicEarningsLossPerShareUSD per share 0.33Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-3,745Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
CurrentTaxExpenseIncomeUSD 967,956Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
6,406,457Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
DepreciationAndAmortisationExpenseUSD 4,382,102Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
35,795,951Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
DepreciationRightofuseAssetsUSD 5,736,843Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
48,467,296Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
DilutedEarningsLossPerShareUSD per share 0.33Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-3,745Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
FinanceCostsUSD 1,311,945Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
11,449,103Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
FinanceIncomeUSD 81,232Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
472,262Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
IncomeTaxExpenseContinuingOperationsUSD 349,358Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
7,657,988Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
OtherIncomeUSD 331,569Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
1,191,524Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
ProfessionalFeesExpenseUSD 228,733Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
641,155Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
ProfitLossBeforeTaxUSD 4,584,903Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
-29,788,123Source 20-F · 2025-05-15 · 0001641172-25-010685
2023-01-01 to 2023-12-31
TaxRateEffectOfForeignTaxRatesnumber 0.03Source 20-F · 2025-05-15 · 0001641172-25-010685
2024-01-01 to 2024-12-31
—
Lines labelled “Derived” are calculated from reported figures.
Offerings Registration 333-283142 424B4 · 2025-04-10 · 0001641172-25-003665
Terms from the governing filing for this registration; not a claim that the offering is open today.
Offering price market-price
Ticker MB