On the morning of June 15th, LIULIUMEI (06658.HK) officially commenced trading on the Hong Kong Stock Exchange.
On its first day of trading, the stock opened significantly higher, reaching an intraday peak of HK$118, representing a surge of nearly 171%.
At the time of reporting, the share price stood at HK$116.90, marking a gain of 168.24% and giving the company a total market capitalisation of approximately HK$9.213 billion.
The company's global offering consisted of 11.4641 million H shares.
The Hong Kong public offering portion comprised 1.1465 million shares, accounting for roughly 10% of the total, while the international offering made up the remaining 10.3176 million shares, or about 90%.
The subscription results showed the public offering was oversubscribed by approximately 6,586.73 times, with a lottery success rate of 1.5% for one board lot of 100 shares.
The international placement was oversubscribed 2.64 times.
The final offer price was set at HK$43.58, matching the initial price range.
Consequently, the IPO raised gross proceeds of HK$500 million.
After deducting listing expenses, the net proceeds amounted to approximately HK$440 million.
For this listing, the company secured two cornerstone investors: Fanchang Revitalization, controlled by the Finance Bureau of Fanchang District, Wuhu City, and Dalong, controlled by Jiang Nanchun, founder and chairman of Focus Media.
Together, they subscribed to 3.3871 million shares, involving an investment of about HK$148 million.
Founded in 2009, the company is a fruit-based snack business specialising in products made from green plums.
Since launching its "LIULIUMEI" brand in 2001, the company has focused on developing technology within the plum product industry, aiming to unlock the culinary potential of the plum's sour flavour.
Its product portfolio is divided into three main categories: dried plum snacks, prune products, and plum jellies, each featuring different series, including items made with traditional techniques and those with varied flavours.
According to data from Frost & Sullivan, the company ranked first in China's fruit-based snack industry by retail sales in 2024, with a market share of 4.9%.
Its core plum jelly product, launched in 2019, has rapidly gained market acceptance, propelling the company to sixth place in China's jelly market by retail sales in 2024, with a 2.9% share.
From 2023 to 2025, the company reported revenues of approximately RMB1.322 billion, RMB1.616 billion, and RMB1.711 billion, respectively.
Corresponding annual profits for those years were approximately RMB99 million, RMB148 million, and RMB182 million.
The company's board consists of nine directors.
This includes five executive directors: Mr. Yang Fan (aged 56, Founder, Chairman of the Board and CEO); Mr. Ning Pengfei (aged 49, Board Secretary and Joint Company Secretary); Ms. Hu Yan (aged 49, General Manager of the LIULIU Research Institute); Mr. Gou Bin (aged 49, CFO); and Mr. Mei Huixiang (aged 36, former Brand Director of Tingyi Holding).
There is one non-executive director: Mr. Xu Lianzheng (aged 51, Founder of Shanghai Yingzhengtong Enterprise Management Consulting).
There are also three independent non-executive directors: Mr. Liu Feng (aged 60, teacher in the Accounting Department of Xiamen University); Mr. Xiong Hui (aged 54, specially appointed Visiting Professor at the University of Science and Technology of China); and Mr. Lu Jian (aged 57, Professor at Jiangnan University).
Other senior management personnel include Mr. Zhang Shuai (aged 49, Vice President of the New Retail Department) and Mr. Lu Jianlong (aged 43, R&D Director).
According to the prospectus, immediately following the global offering (assuming the over-allotment option is not exercised), Mr. Yang Fan, his wife Li Huimin, Jurun Investment, Kaixuan Zhixing, and Kailai Zhixing will directly hold approximately 32.44%, 3.73%, 31.21%, 4.57%, and 3.05% of the company's total issued share capital, respectively, aggregating to 75%.
Jurun Investment is 90% owned by Mr. Yang Fan and 10% by Li Huimin.
Approximately 84.72% of Kaixuan Zhixing, for which Mr. Yang Fan acts as the general partner, is held by his family members.
Kailai Zhixing is an employee share incentive platform established by the company before the IPO and is controlled by Mr. Yang Fan as the general partner.
Post-listing, Mr. Yang Fan and his wife, Jurun Investment, Kaixuan Zhixing, Kailai Zhixing, and Liuliu Zhixing (which holds about 41.67% of the interests in Kailai Zhixing) will be considered a group of controlling shareholders.
The key intermediaries for this IPO were as follows.
The joint sponsors were CITIC Securities and Guoyuan International.
The auditor and reporting accountant was Ernst & Young.
The joint bookrunners, joint lead managers, and capital market intermediaries included CLSA, Guoyuan Securities, Zhongtai International, Soochow Securities, CEB International, Huafu International, and Orient Securities.
The industry consultant was Frost & Sullivan.
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