IPO News | 'Fruit Snack Company' Qiyunshan Foods Launches IPO, Expected to List on July 9; Minimum Subscription Amount HK$4,040.35

Futu News, June 30: $QIYUNSHAN FOOD (02797.HK)$ The company announced that its IPO subscription period will run from June 30 to July 6. It plans to globally offer approximately 25 million shares, with listing expected on July 9.

Company Overview

Qiyunshan Foods is a China-based fruit snack company primarily selling products made from Southern Chinese Date (Choerospondias axillaris). According to CIC Consulting, in 2025 the company held a 29.0% share of China’s Southern Chinese Date food market by retail sales value, ranking first in the industry. Since 1997, the company’s flagship product, Southern Chinese Date Cake, has been continuously certified as a 'Green Food' by China Green Food Development Center for 30 consecutive years and received the 'National Geographical Indication Protected Product' certification in 2018.

The company launched its first Southern Chinese Date Cake—the flagship product—in 1992. Over the years, it has continually refined its recipes and improved production processes. The company’s commitment to R&D is reflected in equipment upgrades and an expanded product portfolio. These efforts span all aspects of production and product development, including industrialization of Southern Chinese Date processing, and application of key technologies and equipment.

Financial Summary

Qiyunshan Foods’ total revenue increased from RMB 246.7 million in fiscal year 2023 to RMB 339.1 million in fiscal year 2024. This growth was primarily driven by the expansion of the company’s distribution network. The company’s total revenue slightly decreased from approximately RMB 339.1 million in fiscal year 2024 to RMB 313.7 million in fiscal year 2025.

During the historical period, the company’s gross profit amounted to RMB 120.4 million, RMB 164.9 million, and RMB 161.0 million for fiscal years 2023, 2024, and 2025, respectively, with corresponding gross profit margins of 48.8%, 48.6%, and 51.3%. Net profit for fiscal years 2023, 2024, and 2025 was RMB 23.7 million, RMB 53.2 million, and RMB 48.9 million, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Qiyunshan Food expects the net proceeds from the global offering to be approximately HKD 130 million (assuming the over-allotment option is not exercised and based on a mid-point offer price of HKD 6.5 per share). According to the prospectus, Qiyunshan Food intends to allocate the net proceeds from the global offering as follows:

Approximately 36.3% will be used to expand the company’s production capacity and storage capabilities; approximately 18.3% will be allocated to enhance the company’s research and development capabilities; approximately 13.9% will be used to develop e-commerce infrastructure and fund online marketing expenses; approximately 27% will be dedicated to broadening and deepening the company’s offline sales and distribution network in both existing and untapped markets in China; and approximately 4.5% will be used for working capital and other general corporate purposes.

Further reading:Qiyunshan Food Prospectus

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Editor/Joe

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