溜溜梅上市终极冲刺：距离对赌死线仅剩一月，港交所二次递表

Core Viewpoint - Liuliu Fruit Garden is urgently pursuing an IPO due to a countdown on a betting agreement with investors, which requires the company to go public by the end of 2025 or face buyback obligations [1][22]. Group 1: IPO Urgency - Liuliu Fruit Garden submitted a new IPO application to the Hong Kong Stock Exchange on October 28, just 12 days after its previous application lapsed due to inactivity [1]. - The average listing cycle for Hong Kong stocks in 2024 is approximately 393 days, indicating a tight timeline for Liuliu Fruit Garden to complete its IPO before the end of 2025 [1]. Group 2: Historical Context - The company first attempted to go public in 2019 by applying for an A-share listing but withdrew the application six months later, citing unfavorable market conditions [2]. - In the same month of the A-share withdrawal, a significant shareholder, Li Qing, sold his shares for 118.5 million RMB, indicating a lack of confidence in the company's immediate prospects [2]. Group 3: Financial Obligations - Liuliu Fruit Garden has faced significant financial pressure due to a buyback agreement with Beijing Sequoia, which required the company to redeem shares for 135 million RMB by November 2024, along with interest payments [4][5]. - The company has entered into new betting agreements with investors, requiring it to complete a qualified IPO by the end of 2025, or face buyback demands at a 6% annual interest rate [6]. Group 4: Ownership Structure - The founder, Yang Fan, and his wife control 87.77% of the company's shares, with Yang holding 37.97% directly [9][10]. - If the IPO fails, Yang and his wife would bear the primary financial losses, highlighting the personal stakes involved in the company's public offering [9]. Group 5: Market Position and Strategy - Liuliu Fruit Garden has shifted its focus to a new strategic direction, emphasizing the health benefits of its products, particularly the sour plum snacks, which are aimed at becoming mainstream [12][14]. - The company has seen growth in sales through supermarkets and specialty snack stores, with these channels accounting for 25% and 35.3% of sales, respectively, in the first half of the year [20]. Group 6: Financial Performance - The company's total revenue has shown a steady increase, with figures of 1.174 billion RMB in 2022, 1.322 billion RMB in 2023, and projected revenues of 1.616 billion RMB for 2024 [20][21]. - Despite growth, the company has not yet reached its goal of becoming a billion-dollar brand, indicating ongoing challenges in scaling its operations [22].