After submitting its listing application to the Hong Kong Stock Exchange four times, China's 'largest fruit retail operator' $PAGODA GP (02411.HK)$successfully listed on the Hong Kong stock market on January 16.
The stock opened 16.4% higher at HKD 6.52 on its first day of listing. As of the latest update, the price was HKD 6.32, with a gain of 12.86%, having risen more than 20% during intraday trading. The total market capitalization is HKD 9.837 billion, briefly surpassing the 10 billion mark.
On January 13, Pagoda announced its allocation results, stating that it plans to issue 78,947,500 shares globally, with 10% allocated for public offering in Hong Kong, China, and 90% for international placement. The over-allotment option has not yet been exercised. The offer price has been set at HKD 5.60 per share, with H-shares traded in board lots of 500 shares each.
Pagoda stated in its prospectus that data from consulting firm Frost & Sullivan shows,Pagoda is China’s largest fruit retailer based on fruit sales revenue in 2021,with a 1.0% share of the total Chinese market (the top five players collectively account for 3.6% of the total market share). It operates 5,645 offline stores across 140 cities in 22 provinces domestically.
During the periods of 2019 to the first half of 2022, Pagoda’s revenues were RMB 8.976 billion, RMB 8.853 billion, RMB 10.289 billion, and RMB 5.915 billion, respectively. Over three and a half years, Pagoda generated total revenues of RMB 34 billion.2021 was a significant year...