Rectification completed, Yao Mazi fights again in the capital market?

Listing | Zhongfang Network

Review | Li Xiaoyan

As the absolute leader in the Sichuan pepper oil industry in China, Yaomazi’s journey in the capital markets has experienced ups and downs but remains steadfast. From switching from the Growth Enterprise Market to the Main Board, then to the Beijing Stock Exchange, this company, which is expected by the market to be the “First Sichuan Pepper Oil Stock,” received an inquiry letter from the Beijing Stock Exchange in February 2026, officially entering a critical “answering period.” Led by 34-year-old Secretary of the Board Ling Yang, the management team is responding to regulatory concerns with professionalism and compliance, completing systematic upgrades in core areas such as food safety, information disclosure, and governance structure. Building on prior IPO experience, Yaomazi is progressing steadily toward its capital market goals with more standardized governance, more stable performance, and clearer strategic direction.

Yaomazi’s listing journey began in September 2020, initially targeting the Shenzhen Stock Exchange’s Growth Enterprise Market, then shifting to the Main Board after six months. In 2022, the China Securities Regulatory Commission issued feedback with “43 questions,” and the company failed to respond promptly due to issues with information disclosure, causing the first IPO attempt to stall; after updating documents in 2023 and remaining silent, it ultimately withdrew its application in December of that year, citing “strategic planning adjustments and business development considerations.” After this withdrawal, the company received regulatory warnings from the Shenzhen Stock Exchange for disclosure omissions related to connected parties, specifically the incomplete disclosure of funds transactions between one of the actual controllers, Zhao Qi, and “Yaoguniang Night Snack Shop,” which was a core weakness in the previous application.

However, setbacks did not diminish the company’s determination to go public. In July 2024, Yaomazi listed on the New Third Board, completing the transition to a regulated public company; in July 2025, it resumed guidance for listing on the Beijing Stock Exchange with China International Capital Corporation, and the same year, it completed transfer and listing. In early 2026, its IPO application was accepted by the Beijing Stock Exchange. The full process of three applications, sector switching, and regulatory rectifications reflects not only the company’s proactive adaptation to the capital market but also its resilience in facing issues and continuous improvement. Compared to the compliance shortcomings during the initial application, Yaomazi has now undergone a rigorous re-listing on the New Third Board, achieving significant improvements in governance, information disclosure quality, and internal control systems.

In terms of industry position, Yaomazi remains the leader in the Sichuan pepper oil market, with a market share of about 30% in 2024, ranking first in the industry for consecutive years. Financially, from 2022 to 2024 and the first half of 2025, the company’s operating revenues were 450 million yuan, 545 million yuan, 625 million yuan, and 332 million yuan, respectively, with net profit attributable to the parent increasing from 72.04 million yuan to 101 million yuan, maintaining steady growth over the years. The “advance payment before delivery” settlement model ensures ample cash flow, with contract liabilities at the end of each period exceeding 66% of current liabilities, reaching 313 million yuan in the first half of 2025, highlighting channel recognition and operational safety. This solid fundamental support is the core confidence behind the company’s three IPO attempts.

After the previous IPO was halted due to disclosure issues, Yaomazi focused on standardizing governance as a key rectification measure. The performance of 34-year-old Secretary of the Board Ling Yang is crucial in strengthening internal controls and standardizing information disclosure. With a master’s degree and background in auditing at ShineWing Zhonghe, Ling Yang has served as Deputy Director of the Audit Department and HR Manager, and since November 2024, as Deputy General Manager and Secretary of the Board. Her expertise in financial compliance and internal controls precisely matches the company’s current compliance needs.

Regarding related-party disclosures, the company has fully supplemented disclosures related to “Yaoguniang,” clarifying transaction nature and amounts, and establishing long-term mechanisms for related-party identification and verification to prevent similar omissions. Led by Ling Yang’s team, the company has built a comprehensive information disclosure control system, establishing ledgers for fund flows, related-party transactions, and major events to ensure the authenticity, accuracy, and completeness of application materials. During the Beijing Stock Exchange inquiry, regulators focused on the authenticity and standardization of information disclosure, and Ling Yang’s auditing background will help the company respond precisely to regulatory questions, avoiding repeat issues.

In terms of ownership structure, the company is held by four members of Zhao Yuejun’s family, accounting for 68.2105% of shares, indicating a strong family influence. Meanwhile, the company actively introduces external professional executives to diversify governance. Through employee shareholding platforms, core talents are incentivized, balancing family control with professional management, and maintaining control stability while fostering operational vitality. The internal control self-assessment report for the first half of 2025 shows that the company’s internal control system covers all key areas such as procurement, production, sales, and finance, significantly enhancing compliance capabilities.

Food safety is the “lifeline” for food companies seeking IPOs and is also a core focus of the Beijing Stock Exchange inquiry. Regulators are concerned about outsourced processing in some segments, upstream raw material control difficulties, and 37 product quality complaints from early 2022 to August 2024. From an industry perspective, these 37 complaints over two and a half years are within the normal fluctuations of large-scale producers and have not led to administrative penalties, major consumer disputes, or safety incidents, nor have they caused substantial damage to brand reputation or operations.

To address raw material control, Yaomazi has established supplier access, on-site audits, and batch traceability systems for core raw materials such as fresh Sichuan pepper and non-GMO rapeseed oil, ensuring quality from the source; for outsourced processing, the company strictly selects qualified contractors, signs standardized food safety agreements, dispatches dedicated personnel to supervise production on-site, and enforces the primary responsibility of the entrusting party, complying with the “Supervision and Administration Measures for Food Entrusted Production.” For complaint issues, the company has established rapid response, cause tracing, and process optimization mechanisms, upgrading production workshop cleanliness standards and packaging inspection procedures to reduce the occurrence of foreign objects and turbidity.

In R&D, the company’s investment has remained above 5 million yuan during the reporting period, although slightly below industry averages, focusing on process optimization, flavor stability, and safety control for Sichuan pepper oil, aligning with capacity expansion and product upgrades. The planned investment of 390 million yuan in an intelligent production line with an annual capacity of 35,000 tons of Sichuan pepper oil and 95.27 million yuan for a technology center will significantly improve automation and quality control, strengthening food safety from the hardware side.

For this Beijing Stock Exchange IPO, Yaomazi plans to raise 568 million yuan, mainly for capacity expansion, technological R&D, and marketing network development. After the projects are implemented, the company’s production capacity for Sichuan pepper oil and seasoning oils will be greatly increased, breaking through capacity bottlenecks; the technology center will address R&D gaps and promote diversification into compound seasonings and snack foods, reducing reliance on a single product. Currently, seasoning oils account for over 93% of revenue, with Sichuan pepper oil contributing over 80%, and diversification will open long-term growth prospects.

From the capital market environment, the Beijing Stock Exchange focuses on specialized, innovative, and high-quality enterprises, aligning well with Yaomazi’s niche leader positioning. Having undergone standardized operations on the New Third Board, the company already has a solid foundation in public company governance. Coupled with stable performance, ample cash flow, and strong channel barriers, it meets the core conditions for listing on the Beijing Stock Exchange. The compliance issues from the previous application have been fully rectified, and with a professional Secretary of the Board team, the company’s information disclosure and internal control systems now meet listing requirements.

Of course, the company still faces challenges such as reliance on single products, increased R&D investment, and ongoing food safety management, but these are industry-wide issues, and the company has already outlined clear optimization paths. As a pioneer and leader in Sichuan pepper oil, Yaomazi’s brand value, channel barriers, and supply chain advantages are difficult to replicate, with a clear long-term growth logic.

This inquiry from the Beijing Stock Exchange is the final critical test for Yaomazi to enter the capital markets. Led by a professional team like Ling Yang, the company is responding to regulatory concerns with a rigorous attitude, demonstrating sincerity through compliance rectification. After three IPO attempts, Yaomazi has grown from a regional condiment company into a standardized, scaled niche leader. Its commitment to quality and continuous improvement aligns closely with the market’s expectations for high-quality entities.

As the review progresses, this Sichuan pepper oil leader is expected to realize its capital market dreams, leveraging capital to strengthen capacity, R&D, and channels, consolidating its industry leadership, providing consumers with safer, higher-quality seasonings, and creating long-term value for investors. Behind the three IPO attempts lies the company’s perseverance and growth, and the capital market will ultimately recognize the value of well-managed, innovative real entities.