Liuliu Plum goes public; SpacX ultimately loses out, ending in a crushing defeat😂😂

After seven years of IPO pursuits, Liuliu Plum’s listing on Hong Kong stocks surged more than 180% intraday on its first day.
As of the time of writing, Liuliu Plum is up 185.68%, trading at HKD 124.50 per share, with a total market cap of HKD 9.8 billion.
Before the IPO, the company received a “platform” from executives of Focus Media, with backgrounds including Master Kong and Want Want, among others.
Just based on the subscription multiple of Liuliu Plum’s Hong Kong public offering, Liuliu Plum has already surpassed last year’s Mixue Bingcheng (📊).
According to the prospectus, Liuliu Plum’s current three major core categories are dried plum snacks (green plum products), prune products (prune products), and plum jelly (natural plum-flavored jelly). In 2025, the three are expected to generate revenue of 830 million yuan, 380 million yuan, and 466 million yuan respectively, accounting for 48.5%, 22.2%, and 27.3% of the company’s total annual revenue.
⚠️Notably, early institutional investors in Liuliu Plum included Sequoia China. In 2015, Sequoia China took an investment of 135 million yuan, and its stake once reached 14.25%. In 2024, Liuliu Plum repurchased all the equity held by Sequoia China via a capital reduction, and Sequoia China exited the list of shareholders.
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