Core Viewpoint - New Qi'an (02573.HK) has launched an IPO, planning to issue 10.5854 million shares globally, with a price range of HKD 18.9 to HKD 20.9 per share, aiming to raise approximately HKD 174.3 million if priced at HKD 19.9 per share [1] Company Overview - Established in 2003, New Qi'an specializes in the production and sale of food additives, including high-intensity sweetener sucralose and food-grade and industrial-grade glycine, ranking first in the global food-grade glycine manufacturing industry by sales volume and revenue in 2023 [2] - The company holds approximately 5.1% and 3.1% of the global market share in food-grade glycine by sales volume and revenue, respectively [2] Financial Performance - New Qi'an has experienced declining financial performance over the past two years, with revenue dropping from RMB 761 million in 2022 to RMB 569 million in 2024, and net profit decreasing from RMB 122 million to RMB 43.4 million during the same period [3] Market Segmentation - In 2024, over 60% of New Qi'an's revenue came from Europe and North America, with significant growth in the North American market [4] - Revenue distribution by region for 2024 shows North America contributing RMB 233.8 million (41.1%), Europe RMB 119.2 million (20.9%), and mainland China RMB 116.4 million (20.5%) [5] IPO Details - The Hong Kong public offering will commence on May 30, 2025, and end on June 5, 2025, with the final offer price and allocation results to be announced on June 9, 2025 [1] - New Qi'an has secured cornerstone investments of approximately HKD 60 million from investors including Reynold Lemkins and He Win [1]
【IPO追踪】新琪安今起招股，预计6月10日上市