Shares of plum-based snack producer Liuliumei Co. Ltd. (6658.HK) opened more than 100% higher in their Hong Kong trading debut on Monday, and continued to climb through the morning to close up 189% at HK$126 by the midday break.
The company sold 11.5 million shares for HK$43.58 each, raising net proceeds of approximately HK$440 million ($56.4 million). The Hong Kong public offering for local investors was oversubscribed by more than 6,500 times, while the international offering was oversubscribed by 1.6 times. Two cornerstone investors collectively subscribed to 3.39 million shares, accounting for 29.55% of the amount being sold.
Liuliumei sells three major product categories: dried plum snacks, prune based products and plum jelly. Its major customers include supermarkets, membership stores, snack specialty stores, and distributors. Revenue from its top five customers rose from 14.2% of its total in 2023 to 45.8% of the total last year.
By Lau Chi Hang
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