海拍客“带病”闯关港交所：假货争议频现 关键运营指标成疑｜港美股看台之IPO观察

Core Viewpoint - The article investigates the challenges faced by Haipaike, a maternal and infant e-commerce platform preparing for an IPO, particularly focusing on allegations of counterfeit products and questionable supplier management practices [1][2][3]. Group 1: Company Overview - Haipaike, founded in 2015, is a B2B platform targeting the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [2][3]. - The company claims to have 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 [2]. Group 2: Counterfeit Product Allegations - Haipaike has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [2][3]. - A test conducted by a journalist revealed that a purchased product, claimed to be genuine, failed authenticity checks, raising concerns about the company's product verification processes [3][5]. Group 3: Supplier Management Issues - The investigation highlighted significant issues in Haipaike's supplier management, including the presence of unauthorized products on the platform and a lack of rigorous supplier vetting [4][6]. - The company’s customer service has struggled to address counterfeit claims effectively, often leading to consumer dissatisfaction and difficulties in obtaining refunds [5][7]. Group 4: Operational Metrics and Claims - Haipaike 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 [10][11]. - The company’s revenue model has shifted from commission-based income to self-operated sales, with a notable decline in commission revenue from 354 million yuan in 2022 to 229 million yuan in 2024 [13][14]. Group 5: Financial Performance and Future Outlook - Haipaike's revenue showed signs of decline, with figures of 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024, alongside a cumulative loss of 1.854 billion yuan by the end of 2024 [15][16]. - The company has undergone multiple rounds of financing, with significant shareholder withdrawals, indicating potential instability as it approaches its IPO [15][16].