海拍客“带病”闯关港交所： 假货争议频现 关键运营指标成疑

Core Insights - The article highlights the challenges faced by Haipai Ke, a maternal and infant e-commerce platform, including allegations of counterfeit products and declining growth, as it prepares for its IPO [1][11]. Company Overview - Haipai Ke, founded in 2015, focuses on the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [1][9]. - The company claims a market share of 10.1% in the family care and nutrition product sector, with a projected transaction volume of 8.6 billion yuan in 2024 [1]. Counterfeit Allegations - The company has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [1][6]. - A specific case involved a purchase of Estee Lauder's product, which was later confirmed as counterfeit by a professional testing agency [2][4]. Supplier Management Issues - The investigation revealed significant issues in supplier management, with unauthorized products being listed on the platform [4][6]. - The company’s customer service has offered refunds and compensation for counterfeit claims, but enforcement against suppliers remains weak [4][6]. Retail Network Authenticity - Haipai Ke claims to connect approximately 290,000 retail stores, but the authenticity of this figure is questioned, as the registration process for stores appears to be lax [7][8]. - Reports indicate that individuals can easily register as retail stores without stringent verification, undermining the claimed network size [8]. Financial Performance - The company has experienced revenue fluctuations, with reported revenues of 895 million yuan in 2022, 1.067 billion yuan in 2023, and a decline to 1.032 billion yuan in 2024 [11]. - Despite a shift towards profitability, the company has accumulated losses of 1.854 billion yuan by the end of 2024 [11][12]. Investment and Shareholder Dynamics - Haipai Ke has undergone multiple rounds of financing, with significant investments from various firms, but has also seen several shareholders withdraw their investments [11][12]. - The company is under pressure to complete its IPO by the end of 2026, with potential consequences for failing to do so, including issuing new convertible notes [12].