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2026 IPO bonanza! Over 90% of new stocks rose on their debut
贝多财经
joined discussion · Jun 16 10:13

Liu Liu Mei lists on the Hong Kong Stock Exchange: unlocking a market cap of over HK$10 billion, what has changed and what remains behind its earnings growth

Written by Beiduo
Source | Beiduo Business & Beiduo Finance
Another company from Wuhu City has listed on the Hong Kong Stock Exchange.
On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) listed on the Main Board of the Hong Kong Stock Exchange. According to Bedo Business & Bedo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its core offerings centered around green plum-based series.
In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of about HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined amount of approximately HK$147.6 million.
Written by Beiduo Source | Beiduo Business & Beiduo Finance Another company from Wuhu City has listed on the Hong Kong Stock Exchange. On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. According to Beduo Business & Beduo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its green plum product series as the core offering. In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of approximately HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined HK$147.6 million. On its first trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to HK$130.1 per share. At the close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its market capitalization above HK$10 billion. This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong’s history. Even more remarkable, Liu Liu Mei’s public offering was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery success rate of just 1.5%. Capital markets have cast their votes—with real money—for this humble green plum...
On its debut trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to as high as HK$130.1 per share. By market close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its total market capitalization above HK$10 billion.
This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong market history. Even more remarkably, the public offering portion of Liu Liu Mei was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery win rate for one-lot applications of merely 1.5%. Capital markets cast their votes of confidence in this humble green plum with real money.
I. From a husband-and-wife shop to a HK$10 billion market cap: The 20-year rise of a single green plum
According to information from Tianyancha App and the company’s prospectus, the story of Liu Liu Mei began in 1999.
At that time, Yang Fan, originally a farmer from Wuhu, Anhui, used HK$50 given by his mother to start his journey north to Beijing. Starting as a sales representative, he gradually rose to become a sales manager. After accumulating initial capital for entrepreneurship, he returned home in 1997 to establish a food company. In 2001, the company launched the Liu Liu Mei product, which unexpectedly sold well. Yang Fan quickly recognized the untapped potential of the green plum snack market.
In 2006, Liu Liu Mei experienced explosive sales growth, becoming a nationally popular hit product. In 2013, Yang Fan invested RMB 20 million to secure endorsement from then-celebrity actress Yang Mi. The catchy advertising slogan went viral overnight, rapidly bringing Liu Liu Mei into the public spotlight. By 2015, sales of Liu Liu Orchard’s green plum products surpassed the RMB 1 billion mark.
From a small family-run operation occupying less than ten mu of land to a publicly listed company with a market capitalization exceeding HK$10 billion today, Yang Fan spent over two decades transforming a single green plum into an entire industry. According to the prospectus, Yang Fan, founder of Liu Liu Mei, and his spouse Li Huimin together hold 42.34% of the company’s shares, making them the controlling shareholders.
The enthusiasm from capital markets is not unfounded. Citing data from Frost & Sullivan in its prospectus, Liu Liu Mei ranked first in retail sales in China’s fruit snack segment in 2024, with a market share of 4.9%; it also ranked first in China’s plum product segment, capturing a 7.0% market share—exceeding the combined shares of the second- and third-ranked players.
Meanwhile, LiuLiu Mei ranks first in retail sales within China's natural fruit jelly industry, with a market share of as high as 45.7%, capturing nearly half of the market. From 2021 to 2024, LiuLiu Mei has maintained the top position for four consecutive years in both preserved plum snacks and prunes snacks segments.
Behind these figures lies LiuLiu Mei’s sustained strategic focus. The company has developed three core product categories: dried plum snacks, prunes products, and plum jelly. Among them, dried plum snacks serve as the cornerstone, generating approximately RMB 838 million in revenue in 2023, which increased to RMB 974 million in 2024.
In 2025, however, revenue from dried plum snacks declined to RMB 830 million, accounting for 48.5% of total revenue—down from 63.4% in 2023 and 60.3% in 2024. In absolute terms, the segment’s 2025 revenue was also lower than in 2023.
By contrast, plum jelly—a product line launched in 2019—has emerged as a new growth driver for the company. Sales rose from RMB 311 million in 2023 to RMB 410 million in 2024 and further to RMB 466 million in 2025, with its revenue share increasing from 23.5% in 2023 to 27.3% in 2025.
Written by Beiduo Source | Beiduo Business & Beiduo Finance Another company from Wuhu City has listed on the Hong Kong Stock Exchange. On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. According to Beduo Business & Beduo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its green plum product series as the core offering. In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of approximately HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined HK$147.6 million. On its first trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to HK$130.1 per share. At the close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its market capitalization above HK$10 billion. This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong’s history. Even more remarkable, Liu Liu Mei’s public offering was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery success rate of just 1.5%. Capital markets have cast their votes—with real money—for this humble green plum...
Similarly, prunes products have delivered strong performance. According to the prospectus, revenue from prunes products grew from RMB 156 million in 2023 to RMB 224 million in 2024 and surged to RMB 380 million in 2025, with its share of total revenue jumping sharply to 22.2% in 2025.
Additionally, LiuLiu Mei has signed an exclusive technology strategic cooperation agreement with Japan’s ORIHIRO Co., Ltd., leveraging positive-pressure filtration sterile fresh-lock technology combined with natural plant-based konjac and locust bean gum to achieve zero additives, zero preservatives, and zero fat—precisely aligning with current health-conscious snack consumption trends.
II. What Has Changed and What Remains Unchanged Behind LiuLiu Mei’s Performance Growth
Overall, LiuLiu Mei’s revenue has continued to grow.
The prospectus shows that LiuLiu Mei’s revenue amounted to RMB 13.22 billion in 2023, RMB 16.16 billion in 2024, and RMB 17.10 billion in 2025. Gross profit was approximately RMB 5.30 billion, RMB 5.82 billion, and RMB 6.09 billion for the respective years, while net profit stood at approximately RMB 992.31 million, RMB 1.48 billion, and RMB 1.82 billion.
Written by Beiduo Source | Beiduo Business & Beiduo Finance Another company from Wuhu City has listed on the Hong Kong Stock Exchange. On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. According to Beduo Business & Beduo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its green plum product series as the core offering. In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of approximately HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined HK$147.6 million. On its first trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to HK$130.1 per share. At the close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its market capitalization above HK$10 billion. This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong’s history. Even more remarkable, Liu Liu Mei’s public offering was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery success rate of just 1.5%. Capital markets have cast their votes—with real money—for this humble green plum...
It is evident that LiuLiu Mei’s performance growth has somewhat moderated over time. Revenue growth slowed to 5.86% in 2025 from 22.24% in 2024. Similarly, although both gross profit and net profit continued to increase in scale, their growth rates also decelerated.
Correspondingly, LiuLiu Mei's gross profit margin also declined. According to the prospectus, LiuLiu Mei’s gross margin decreased from 40.1% in 2023 to 36.0% in 2024, a reduction of 4.1 percentage points, and further declined by 0.4 percentage points to 35.6% in 2025.
Written by Beiduo Source | Beiduo Business & Beiduo Finance Another company from Wuhu City has listed on the Hong Kong Stock Exchange. On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. According to Beduo Business & Beduo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its green plum product series as the core offering. In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of approximately HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined HK$147.6 million. On its first trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to HK$130.1 per share. At the close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its market capitalization above HK$10 billion. This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong’s history. Even more remarkable, Liu Liu Mei’s public offering was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery success rate of just 1.5%. Capital markets have cast their votes—with real money—for this humble green plum...
LiuLiu Mei stated in its prospectus that during the historical reporting period, fluctuations in the gross margin of its products were primarily influenced by (i) volatility in the prices of key raw materials and (ii) strategic pricing decisions made by the company to enhance market penetration across the broader snack industry.
As of December 31, 2025, LiuLiu Mei had established a distribution network covering all 34 provinces, municipalities, and regions nationwide, with 1,439 distributors. Meanwhile, the company has also built an online sales presence on major e-commerce and livestream shopping platforms, operating flagship stores, hosting large-scale livestream sales events, and expanding into overseas markets such as Japan, South Korea, and Southeast Asia.
Revenue from distributors amounted to RMB 882 million, RMB 659 million, and RMB 531 million in 2023, 2024, and 2025, respectively, accounting for 66.7%, 40.8%, and 31.0% of total revenue. Revenue from this channel declined by 25.2% in 2024 and by a further 19.5% in 2025.
Written by Beiduo Source | Beiduo Business & Beiduo Finance Another company from Wuhu City has listed on the Hong Kong Stock Exchange. On June 15, Liu Liu Mei Co., Ltd. (hereinafter referred to as “Liu Liu Mei,” HK:06658 $LIULIUMEI (06658.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. According to Beduo Business & Beduo Finance, Liu Liu Mei is a food company based in Wuhu City, Anhui Province, specializing in deep processing and sales of fruit products, with its green plum product series as the core offering. In this listing, Liu Liu Mei priced its shares at HK$43.58 per share, offering 11.4641 million H-shares globally, raising total proceeds of approximately HK$499.6 million and net proceeds of approximately HK$440.1 million. Fanchang Revitalization and Dalong acted as cornerstone investors, subscribing for a combined HK$147.6 million. On its first trading day, Liu Liu Mei opened at HK$95.0 per share, up 117.99% from its IPO price, and surged intraday to HK$130.1 per share. At the close, its share price stood at HK$128.0, marking a gain of 193.71% and pushing its market capitalization above HK$10 billion. This performance set a new record for the largest first-day gain by a consumer stock in Hong Kong’s history. Even more remarkable, Liu Liu Mei’s public offering was oversubscribed by 6,586.73 times, topping the all-time oversubscription ranking for Hong Kong-listed consumer stocks, with a lottery success rate of just 1.5%. Capital markets have cast their votes—with real money—for this humble green plum...
LiuLiu Mei stated in its prospectus that this shift was primarily due to a strategic realignment focusing on sales through supermarkets, membership-based retail stores, and specialty snack shops. Revenue from specialty snack shops surged by 311.7% from RMB 134 million in 2023 to RMB 551 million in 2024, and further increased by 17.7% to RMB 649 million in 2025, representing 38.0% of total revenue in 2025.
Revenue from supermarkets and membership-based retail stores also rose from RMB 171 million in 2023 to RMB 403 million in 2025, accounting for 23.5% of total revenue in 2025. According to the prospectus, these channels include both online and offline national and regional supermarket chains, as well as membership-based retail stores with which the company began partnerships at the end of 2024.
However, revenue from LiuLiu Mei’s self-operated online stores declined in 2025.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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