刚刚，中国人又喝出一个IPO

Core Viewpoint - IFBH Limited, known for its coconut water brand "if," successfully listed on the Hong Kong Stock Exchange with a significant opening increase of nearly 58%, reaching a market capitalization close to 12 billion HKD [1][2]. Company Overview - The founder of IFBH, Pongsak Pongsak, is from a prominent Thai business family and has a strong educational background in business management from the United States [4][5]. - Pongsak established General Beverage in 2011, focusing on beverage manufacturing and distribution, which later led to the creation of the "if" brand in 2013 [5][7]. - The company invested 160 million USD in advanced technology to address the oxidation issue of coconut water, establishing a production line in Thailand [7]. Market Performance - IF has dominated the coconut water market in Hong Kong and mainland China, achieving a market share of approximately 60% in Hong Kong and 34% in mainland China by 2024 [8][13]. - The company reported revenues of 87.44 million USD in 2022, projected to grow to 157.65 million USD in 2024, reflecting an 80.3% year-on-year growth [10][15]. Revenue Breakdown - The majority of IF's revenue comes from mainland China, accounting for 145.66 million USD (92.4%) in 2024, up from 91.4% in 2023 [13][15]. - The product portfolio includes natural coconut water, other beverages, and plant-based snacks [11]. Competitive Landscape - The rise of coconut water in China was significantly influenced by the popularity of products like Luckin Coffee's "Coconut Latte," which helped elevate coconut water's market status [16]. - IF faces increasing competition from local brands that are launching new coconut water products, intensifying market rivalry [18]. IPO Context - The IPO of IFBH is part of a broader trend of active listings on the Hong Kong Stock Exchange, with multiple companies, including Yunzhisheng and Taide Pharmaceutical, also going public [20][22]. - The Hong Kong market is experiencing a resurgence in IPO activity, with over 40 companies expected to list in the first half of the year, indicating a favorable environment for new listings [22][24].