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].
非洲纸尿裤之王上市，广州学霸夫妇身家超100亿港元