Core Insights - Softcare Limited successfully listed on the Hong Kong Stock Exchange on November 10, 2025, becoming the first African consumer goods manufacturer to go public in Hong Kong [1] - On its first trading day, the company's stock closed at HKD 34.46, representing a 31.53% increase from the IPO price of HKD 26.20 [1] Company Overview - Founded in 2009, Softcare Limited is a multinational hygiene products company focused on emerging markets such as Africa, Latin America, and Central Asia [3] - The company specializes in the development, manufacturing, and sales of baby diapers, training pants, sanitary napkins, and wet wipes [3] - A significant portion of the company's revenue is derived from sales to African customers, establishing it as a leading player in the hygiene products industry across multiple African countries [3] Market Position - According to a report by Frost & Sullivan, Softcare Limited ranks first in Africa's baby diaper and sanitary napkin markets by volume in 2024, with market shares of 20.3% and 15.6%, respectively [3] - By revenue, the company ranks second in Africa's baby diaper and sanitary napkin markets, holding market shares of 17.2% and 11.9%, respectively [3] - Softcare Limited is the market leader in baby diaper markets in Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania, as well as in sanitary napkin markets in Ghana, Senegal, Kenya, and Tanzania [3]

Core Viewpoint - LeShuShi (02698) experienced a decline of over 4% on its second day of trading after an initial surge, indicating volatility in its stock performance post-IPO [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - The company achieved a market share of 20.3% in the African baby diaper market and 15.6% in the sanitary napkin market, ranking first in both categories based on 2024 sales [1] - In terms of revenue for 2024, LeShuShi ranks second in the African baby diaper market with a market share of 17.2% and second in the sanitary napkin market with a market share of 11.9% [1] Industry Insights - The emerging markets present significant growth opportunities, and the company holds a leading position within the industry [1] - LeShuShi has established a mature and stable sales network, which is expected to facilitate the replication of its success in other markets [1] - The company benefits from localized factories and a global supply chain system that supports its ongoing healthy operations [1]

Group 1 - The core viewpoint of the article highlights the initial performance of LeShuShi (02698) after its listing, with a significant drop of over 4% on the second day despite a peak increase of 40.46% on the first day, closing at a 25.95% gain [1] - LeShuShi is a multinational hygiene products company focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins with market shares of 20.3% and 15.6% respectively, and ranks second in terms of revenue with market shares of 17.2% and 11.9% in the same categories [1] Group 2 - Guo Zheng International previously commented that emerging markets have significant development potential, and the company holds a leading position in the industry [2] - The company has established a mature and stable sales network, which is expected to replicate its success in other markets [2] - Local factories and a global supply chain system support the company's ongoing healthy operations [2]

Core Viewpoint - LeShuShi Limited (02698.HK) was listed on the Hong Kong Stock Exchange, opening at HKD 34.98 and closing at HKD 33, marking a 25.95% increase from the final offer price of HKD 26.20 [1] Fundraising and Use of Proceeds - LeShuShi issued a total of 90,884,000 shares, with 9,088,400 shares for public offering in Hong Kong and 81,795,600 shares for international offering [1] - The total amount raised was HKD 2,381.16 million, with a net amount of HKD 2,228.72 million after deducting estimated listing expenses of HKD 152.44 million [1] - The funds will be used to expand overall production capacity, upgrade production lines, and conduct marketing activities in Africa, Latin America, and Central Asia from 2026 to 2029 [2] - Additional uses include strategic acquisitions in the hygiene products sector, upgrading the CRM system, and hiring management consulting firms for market analysis and strategy execution from 2026 to 2029 [2] Key Investors - The cornerstone investors include Out, BA HM, Arc Avenue, Arcane Nexus, Beijing Shunao, CDH Emerging Markets, HCEP Funds, NewTrails Capital, Southern Fund, and others [2] Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were USD 320 million, USD 411 million, USD 454 million, and USD 161 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, USD 95.11 million, and USD 31.10 million [3] - The net cash generated from operating activities for the same periods were USD 13.57 million, USD 95.98 million, USD 110 million, and USD 32.33 million respectively [4]

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [1][4]. Company Overview - LeShuShi is controlled by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market, having established a presence in various African countries since 2000 [4][9]. - The company has a strong local production capability with 51 production lines across eight African countries, allowing it to meet local demand effectively [5][6]. Market Position - As of 2024, LeShuShi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary napkin market at 15.6% [7][8]. - The company benefits from a growing demand for hygiene products in Africa, driven by a high birth rate and low penetration of such products compared to more developed markets [5][6]. Financial Performance - LeShuShi's revenue has shown consistent growth, with figures of $320 million in 2022, $411 million in 2023, and projected revenues of $454 million in 2024 [6][8]. - The company’s net profit has also increased, reaching approximately $9.6 million in 2024, with baby diapers contributing over 70% of total revenue [6][8]. IPO Details - The IPO involved the global issuance of 90.884 million shares at a maximum price of HKD 26.20 per share, raising approximately HKD 2.382 billion [1][13]. - On its first trading day, the stock price surged by 25.95%, closing at HKD 33.00 per share [1][2]. Investor Interest - LeShuShi attracted significant interest from institutional investors, with a subscription rate of 1813.77 times for the public offering and 34.33 times for the international offering [13]. - The company secured 15 cornerstone investors, raising approximately $139 million (around HKD 1.08 billion) during the IPO [13]. Future Plans - Post-IPO, LeShuShi aims to replicate its successful African model in other emerging markets with similar demographic and consumption characteristics, including Latin America [14].

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [1][2]. Group 1: Company Overview - LeShuShi is headquartered in the Dubai Airport Free Trade Zone and was founded by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market [5][9]. - The company has established a strong local presence in Africa, with 51 production lines across eight countries, enabling it to meet local demand effectively [6][9]. Group 2: Market Position and Performance - As of 2024, LeShuShi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary napkin market at 15.6% [1][7]. - The company reported revenues of $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024 respectively, with a significant portion of revenue coming from baby diapers [7][8]. Group 3: IPO Details - LeShuShi's IPO involved the global offering of 90.884 million shares at a maximum price of HKD 26.20 per share, raising approximately HKD 23.82 billion [1]. - The stock opened at HKD 33, reflecting a 25.95% increase on the first day of trading, although it later experienced a decline [2][3]. Group 4: Future Growth Strategy - The company plans to replicate its successful "African model" in other emerging markets with similar demographic and consumption characteristics, such as Latin America [15]. - LeShuShi has attracted significant interest from institutional investors, indicating confidence in its growth potential in the fast-moving consumer goods sector in Africa [11][14].

Core Viewpoint - LeShuShi Limited, known as the "King of Diapers in Africa," officially listed on the Hong Kong Stock Exchange on November 10, 2023, with a first-day stock price increase of 25.95% [1]. Group 1: Company Overview - Established in 2009, LeShuShi is a multinational hygiene products company focused on the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1]. - The company began local production in Ghana in 2018 and has since expanded its sales network to over 30 countries in Africa, Latin America, and Central Asia [1]. Group 2: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively, and ranks second by revenue with shares of 17.2% and 11.9% [2]. - The company operates multiple brands, with Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2]. Group 3: Financial Performance - Revenue from baby diapers during the reporting period was $251 million, $324 million, $342 million, and $116 million, accounting for 78.4%, 78.7%, 75.3%, and 71.8% of total revenue, respectively [3]. - The company reported total revenues of $320 million, $411 million, $454 million, and $161 million during the reporting period, with net profits of $18.4 million, $64.7 million, $95.1 million, and $31.1 million [5]. Group 4: Regional Sales and Growth - Approximately 90% of LeShuShi's revenue comes from the African market, with West Africa and East Africa contributing significantly to sales [4]. - The company has seen a revenue increase due to rising demand for hygiene products in emerging markets, driven by a large population base and high birth rates [5]. Group 5: Cost Structure and Profitability - The gross profit margins for the reporting periods were 23.0%, 34.9%, 35.2%, and 33.6%, while net profit margins were 5.7%, 15.7%, 20.9%, and 19.3% [6]. - The increase in gross margin is attributed to a decline in raw material prices, which also helped reduce foreign exchange losses [6]. Group 6: Operational Efficiency - The company has eight production facilities across Africa, with a total designed capacity of 6.301 billion baby diapers annually [13]. - The capacity utilization rates for baby diapers were 78.3%, 81.5%, 77.9%, and 67.2% during the reporting periods, indicating room for improvement in production efficiency [13]. Group 7: Shareholder Returns and Governance - The controlling shareholders, Shen Yanchang and Yang Yanjuan, received dividends totaling $3.24 million (approximately 16.6 million yuan) prior to the IPO [12]. - Concerns have been raised regarding the high ownership percentage of the controlling shareholders, which may lead to governance issues and potential conflicts of interest in dividend decisions [11].

Core Viewpoint - Leshu Health Limited, a multinational health products company focusing on emerging markets like Africa, has successfully listed on the Hong Kong Stock Exchange on November 10, raising a net amount of HKD 22.29 billion through its IPO [1][4]. Group 1: IPO Details - The IPO price was set at HKD 26.2, with a total of 90.88 million shares issued, resulting in a total fundraising amount of HKD 23.81 billion [1]. - The cornerstone investors include BA Capital, Arc Avenue, Arcane Nexus, and several others, collectively subscribing to USD 139 million [2][3]. Group 2: Financial Performance - For the first four months of 2025, the company reported revenue of USD 161.31 million and a profit of USD 31.1 million [10][11]. - Revenue projections for 2022, 2023, and 2024 are USD 319.9 million, USD 411.4 million, and USD 454.4 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, and USD 95.11 million [11][12]. Group 3: Business Strategy - The net proceeds from the IPO will primarily be used to expand overall production capacity and upgrade production lines, with additional funds allocated for global business expansion and operational enhancements [4]. - Leshu Health aims to replicate its "localized products + self-built channels" model in emerging markets to compete for leadership in the global health products sector [4][9]. Group 4: Shareholding Structure - Prior to the IPO, the controlling shareholders, Shen Yanchang and Yang Yanjuan, held 66.42% of the company through Century BVI [15][22]. - Post-IPO, their stake decreased to 54.75%, while other shareholders like Luo Jichao and Wang Dajiang hold 5.69% and 1.48% respectively [24].

Core Viewpoint - The company Leshu Comfort (02698.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first African consumer goods manufacturer to do so and the first Middle Eastern headquartered company on the exchange [1]. Company Overview - Leshu Comfort was founded by a couple in their 70s, Shen Yanchang and Yang Yanjuan, and has been operating in the African hygiene products market for 15 years since its inception from the Sen Da Group [7]. - The company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6% respectively, according to a report by Frost & Sullivan [7]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from $320 million to $454 million, while net profit is expected to increase from $18.4 million to $95.1 million, representing a profit growth of over four times [7]. - The company has demonstrated strong operating cash flow, indicating robust financial health [7]. Market Potential - The African market presents significant growth potential, with over 50% of the population under 20 years old and the highest global growth rate for newborns. However, the penetration rate for baby diapers is only 20%, compared to 70%-86% in Europe and China [7]. - The company has established eight factories and 51 production lines in Africa, covering over 80% of the local population through a localized production and deep distribution channel strategy [7]. IPO Details - The IPO was highly sought after, with a global offering of 90.884 million shares, and the public offering was oversubscribed by 1,813.77 times, marking the highest subscription rate for Hong Kong consumer stocks in the past five years [5]. - The company secured 15 well-known institutional investors, raising approximately $139 million (about HKD 1.08 billion) in the offering, reflecting strong institutional confidence in its investment value [5]. Use of Proceeds - The net proceeds from the IPO are approximately HKD 22.29 billion, with over 70% allocated for capacity expansion and production line upgrades, including new production lines in Ghana and Senegal [7]. - The company plans to add an annual production capacity of 6.278 billion baby diapers and 3.407 billion sanitary napkins [7].

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [2][4]. Company Overview - LeShuShi is controlled by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market, having established a presence in various African countries since 2000 [4][6]. - The company has become a major player in the African hygiene products market, with a focus on local production and competitive pricing [5][7]. Market Position - As of 2024, LeShuShi holds a 20.3% market share in the African baby diaper market and a 15.6% share in the sanitary napkin market, ranking first in several African countries [2][6]. - The company operates 51 production lines across eight African countries, with a total designed capacity to produce billions of hygiene products annually [5][6]. Financial Performance - LeShuShi's revenue for 2022, 2023, 2024, and the first four months of 2025 were $320 million, $411 million, $454 million, and $161 million, respectively, with net profits showing significant growth [6]. - The baby diaper segment contributes over 70% of the company's revenue, while the sanitary napkin segment has a compound annual growth rate of 40.5% [6]. IPO Details - The IPO involved the global issuance of 90.884 million shares, raising approximately HKD 2.382 billion, with a closing price of HKD 33 per share on the first day of trading, reflecting a 25.95% increase [2][9]. - The IPO attracted significant interest, with the public offering being oversubscribed by 1,813.77 times [9]. Future Plans - Post-IPO, LeShuShi plans to replicate its successful African model in other emerging markets with similar demographic and consumption characteristics, including Latin America [10].