Company Overview

Company Description

Through the operating subsidiaries in mainland China, we are one of the notable meat product processing companies in mainland China. According to the industry report produced by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. (“Frost & Sullivan”), whom we commissioned in October 2023, in fiscal year 2022, based on retail sales of cured meat products in mainland China, we ranked second with a market share of 9.2%. As of the date of this prospectus, our products are primarily marketed and sold across 18 provinces in mainland China through 7 self-operated stores, 72 distributors, including major retail outlets and supermarkets and 7 e-commerce platforms, including one platform owned by us.

The operating subsidiaries are primarily engaged in the processing, sales and distribution of i) cured meat products, including cured pork sausages, cured pork meat and other cured meat products, such as cured chicken, cured duck and cured fish; ii) snack products, including ready-to-eat sausages, jerky, duck necks, duck feet and claypot rice; and iii) frozen meat products, including frozen sausages, frozen beef patties and frozen chicken breast fillets.

We, through the operating subsidiaries, sell and market our products under our flagship brand “Wing Yip”, which can trace its history back to 1915, when our predecessor business began processing and selling cured sausages under the name “Wing Yip”. Since the commencement of operations through our subsidiary, Wing Yip GD in 2010, we have continuously developed our business and built our brand. In addition to “Wing Yip”, we have also developed the snack product brands “Jiangwang” and “Kuangke”.

We, through the operating subsidiaries, focus on product development and are committed to improving product quality and expanding our product offerings to cater to evolving consumer preferences. As of the date of this prospectus, our research and development department is composed of 51 employees and it closely collaborates with the sales and marketing department, and the production department to periodically introduce new products and enhance the ingredients and packaging of existing products. We also enter into strategic cooperation agreements with external research institutions for the development of new products and product formulas. Leveraging our expertise in new product development, we developed and introduced 50, 62 and 11 new products to the market, during fiscal years 2021 and 2022, and during the six months ended June 30, 2023, respectively.

We also pride ourselves in upholding high standards for food safety, product quality and sustainability. The operating subsidiaries have stringent quality control systems in place at every stage of our value chain, from processing to sales and distribution. The operating subsidiaries have obtained internationally recognized quality assurance certifications, including (i) the ISO 22000:2018 Food Safety Management System Certificate, and (ii) the Hazard Analysis and Critical Control Point (HACCP) System Certificate.

We generate revenue primarily from sales of cured meat products, snack products and frozen meat products. For the six months ended June 30, 2023, we had total revenue of approximately $65,956,754 and net income of approximately $6,221,216. Revenue derived from sales of cured meat products, snack products and frozen meat products accounted for approximately 67.28%, 27.63% and 5.09% of our total revenue, respectively.

For the fiscal years ended December 31, 2021 and 2022, we had total revenue of approximately US$134,034,331 and US$130,789,405, representing a decrease by approximately 2.42%. Revenue derived from sales of cured meat products accounted for approximately 71.26% and approximately 67.58% of the total revenue for those fiscal years, respectively. Revenue derived from sales of snack products accounted for approximately 25.69% and approximately 27.45% of the total revenue for those fiscal years, respectively. Revenue derived from sales of frozen meat products accounted for approximately 3.06% and approximately 4.96% of the total revenue for those fiscal years, respectively.

Our principal executive office is located at No. 9, Guanxian North Rd, Huangpu Town, Zhongshan, Guangdong, China, and our phone number is 86-760-23215457. Our registered office in HK is at Unit B, 17/F, United Centre, 95 Queensway, admiralty, HK. We maintain a corporate website at wingyip-food.com. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.