溜溜果园：上市前夕持股9年的北京红杉套现离场｜IPO观察

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd. is preparing for an IPO in Hong Kong, with significant financial growth but concerning short-term debt repayment capabilities [2][7][11]. Group 1: Company Overview - Liuliu Fruit Garden was established in 2009 by Yang Fan and Li Huimin, who currently control 87.78% of the company's shares [3]. - The company specializes in the research, production, and sales of specialty fruit snacks, primarily focusing on products made from plums [7]. Group 2: Financial Performance - The company reported continuous revenue growth from 2022 to 2024, with revenues of RMB 1.174 billion, RMB 1.322 billion, and RMB 1.616 billion, respectively [7]. - Net profits for the same period were RMB 68.43 million, RMB 99.23 million, and RMB 147.72 million, indicating a positive trend in profitability [7]. Group 3: Shareholder Activity - Beijing Sequoia, a long-term investor, is cashing out before the IPO, potentially earning over RMB 200 million from its investment [2][6]. - The fair value of Liuliu Fruit Garden's shares is estimated between RMB 32.3 and RMB 33.04, suggesting a significant return for Beijing Sequoia [6]. Group 4: Debt and Liquidity Concerns - The company's current assets have consistently been lower than its current liabilities, with current assets of RMB 631.17 million, RMB 679.03 million, and RMB 936.11 million against current liabilities of RMB 1.138 billion, RMB 918.05 million, and RMB 1.049 billion for the respective years [11]. - Liuliu Fruit Garden has faced annual bank loan interest payments exceeding RMB 7 million, raising concerns about its ability to maintain sufficient cash flow for operations and capital expenditures [11][12].