The Chinese water and beverage maker Nongfu Spring is planning a Hong
Kong IPO and aiming to raise up to $1 billion.To get more news about
Nongfu Spring, you can visit en.nongfuspring official website.
The company, which claims it’s a top-three player in the bottled tea
and juice market will move towards the public listing despite its
operations in the mainland markets taking a hit from the Covid-19, as
Reuters reported today.
“During the COVID-19 outbreak, our sales of beverage products
decreased compared to the same period in 2019,” Nongfu said in its
preliminary prospectus.
The company added, “According to the information currently
available, our revenue and net profit decreased in the three months
ended March 31, 2020, compared with the three months ended March 31,
2019.” However, for the full year 2019, Nongfu generated 24 billion yuan
in revenue, up 15% year-over-year on a profit of 4.95 billion yuan.
The sponsors are China Capital International Corp and Morgan Stanley
with Freshfields Bruckhaus Deringer serving as the legal adviser on
Nongfu’s IPO.
(Nasdaq: JD) reportedly seeking to raise $2 million in its IPO in
Hong Kong. Despite the city relaxing its listing rules, there has been
just $2.45 billion worth of IPOs in 2020 compared with $4.27 billion for
the same time in 2019, according to data from Refinitiv. Mostly
regarding follow-on deals and convertible bond transactions, there has
been $12.81 billion worth of equity capital market activity in Hong
Kong, the data showed.
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