Port communicationLaoganma，Are you going public? recently，A piece of news that the Shenzhen Stock Exchange went to Laoganma for investigation spread like wildfire，Attracting the attention of many netizens。 20The Laoganma who has insisted not to go public for many years，Are you going to break your promise this time? to know，If Laoganma goes public，That is definitely the overlord of domestic food companies.。Judging from Laoganma’s existing market share and production capacity，A market value of tens of billions or even hundreds of billions is possible，Competing with Haitian Flavor Industry in the field of condiments。
but，Some netizens are also worried，Once you enter the capital market，12A bottle of rice-drinking artifact，Will it cease to exist?，Instead, it becomes a bargaining chip for capital operations.。 actually，Don't worry too much，According to the latest news，Regarding the olive branch extended by the Shenzhen Stock Exchange，Laoganma has responded：There is no such thing，We are not preparing to go public。
01 Why is Lao Gan Ma so stubborn? First of all，From the perspective of entrepreneurial purpose，Mrs. Tao’s motivation for starting a business was just to support her family until she became rich.。 Judging from media reports，Mrs. Tao is a very contented person.，There is no ambition or desire like Jack Ma to "change the world"。 so，Laoganma Company has no motivation to go public，There is no capital-driven motivation。
Secondly，From a business model perspective，Lao Gan Ma adopts the policy of "no debts owed"、"No credit" cash sales model，The company's accounts receivable turnover period is 0 days，Abundant cash flow。 Whether it’s purchasing chili from farmers or selling chili sauce to distributors，Tao Huabi always has cash in stock.。"Laoganma" is out of stock，There are no accounts receivable and accounts payable，Only a few billion yuan in cash flow。 In simple terms，Just not short of money。
so，Among Lao Gan Ma’s three major insistences，Except "not listed"，There are also "no loans" and "no financing"。 In summary, it is，An expansion strategy that is indifferent to fame and fortune，Sufficient cash flow and unparalleled product quality，This determines Laoganma’s current confidence in insisting not to go public.。 02 The collapse of the “unlisted alliance” Zeng SF Express、Huawei、Wahaha、Laoganma is the most well-known company in China that is determined not to be listed on the stock market.，Dubbed the “unlisted alliance” by netizens。
but，This alliance appears to be beginning to unravel。 2011Year，SF Express Chairman Wang Wei talks about why SF Express is not listed，So said： “The benefit of going public is nothing more than making money.，Get the capital you need to grow your business。SF Express is also short of money，But SF Express cannot go public just for money，Nor will it go public just for the sake of going public.。
” 5 years later，Among the "three links and one delivery", ZTO Express chose to IPO in the United States，Yuantong、STO、In the context of Yunda’s backdoor landing in A-shares，SF Express borrows money from Dingtai New Materials to enter the A-share market。 March 24 this year，Zong Qinghou, chairman of Wahaha, who has always claimed that "we won't go public if we don't have enough money" has also begun to relent.。
Zong Qinghou said，“Wahaha Group is not short of money now，We are also investing in high-tech industries now，When investing heavily in high-tech industries，We may also consider going public.”。 The former "unlisted alliance"，Currently only Huawei remains，Stay strong with Lao Ganma all the way。 03 Is going public a general trend? Most companies that have the ability to go public but refuse to go public，The most critical reason is that "the company is not short of money"，No financing needs”。
According to Huawei’s recently released operating data for the first half of 2025, it also shows，Achieved sales revenue of 325.7 billion yuan in the first half of the year，A year-on-year increase of 15%，Operating profit margin 14%。Huawei’s operating data for 2025 shows that，The company's operating cash flow will increase from 49.218 billion yuan in 2025 to 96.336 billion yuan in 2025。 Same as Lao Ganma，Huawei is also not short of money。
So why，SF Express and Wahaha, which once said they were “not short of money”，Will his attitude suddenly change? Take SF Express as an example，SF Express was founded 23 years ago，Rarely rely on the outside world，Mostly self-reliant，Overcome financial difficulties。But in the face of meager profits，There is a strong enemy before、There will be new talents later，The flames of the industry are burning into the battle between the capital market and the rivers and lakes，SF Express cannot escape the magic of capital，"Bend" to the capital market。
so，Following STO、Yuantong borrowed money from Edici respectively、Dayang Chuangshi，After Curve seizes a seat in the A-share market，SF Express, which insists on not trapping money, has also begun to embrace the capital market。 So，When the profit model of Chinese enterprises，Driven by a single product，After gradually transforming into a dual-mode drive of ‘product + capital’，"Capital + product" has become the development trend of enterprises，When industry competition and own development change,，Companies will have to consider taking advantage of the trend。
on the other hand，Many companies have always refused to go public.，Many companies have always insisted on not being listed, which is directly related to the company's shareholding structure.。 For example, Huawei currently has a total of 81,144 employees holding company shares.，Far exceeding the requirement that no more than 200 people hold shares before listing.。If you want to go public，Huawei must clean up its huge employee shareholdings，Directly shake Huawei's interest structure。
“If a large amount of capital enters Huawei，will be diversified，It will destroy Huawei's management that has not been fully straightened out for more than 20 years.。"Ren Zhengfei also said，Huawei's listing will make a large number of company employees rich，"This may make us more and more lazy，Losing the essential color of a striver”。 Wahaha has revealed its intention to go public，The liquidation of employee shareholdings began in March this year。
1987year created，Wahaha is a state-owned enterprise，After being restructured、joint venture，Wahaha becomes a fully employee-owned company。This shareholding structure motivates employees while，It also creates institutional obstacles to listing.。
Generally speaking，Everything has advantages and disadvantages，Whether it is listed on the market or not, there are advantages and disadvantages.，future，Laoganma、Will Huawei and other companies that insist on "not going public" be "slapped in the face"?，It also depends on the market environment faced by the enterprise at that time and the development of the enterprise itself.。 *Pictures come from the Internet，If there is any infringement, please contact Hong Kong Information Communication - Delete
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