Core Viewpoint - LeShuShi successfully listed on the Hong Kong Stock Exchange on November 10, with an initial offering price of HKD 26.20, opening at a 33.51% increase to HKD 34.98, and closing at a 25.95% increase to HKD 33, resulting in a total market capitalization of HKD 199.94 billion [1] Company Overview - Founded by a couple of graduates from Harbin Engineering University, LeShuShi was established in Guangzhou in 2000, initially focusing on export building materials and daily necessities. In 2009, the company entered the hygiene products market by launching "Softcare" diapers in Ghana, targeting the African market [5] - LeShuShi has evolved into a multinational hygiene products company, focusing on emerging markets in Africa, Latin America, and Central Asia, with its headquarters in Dubai Airport Free Zone. The company specializes in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes under brands such as Softcare, Veesper, Maya, Cuettie, and Clincleer [5] - The company's sales network spans over 30 countries in Africa, Latin America, and Central Asia, with projected sales of 4.123 billion baby diapers and 1.634 billion sanitary napkins in 2024 [5] Market Position - According to Frost & Sullivan, LeShuShi ranks first in market share for baby diapers (20.3%) and sanitary napkins (15.6%) in Africa based on 2024 sales volume, and second in revenue market share (17.2% for diapers and 11.9% for sanitary napkins) [5] - The company has experienced significant revenue growth during the reporting period from 2022 to 2024, with revenues of USD 320 million, USD 411 million, USD 454 million, and USD 161 million respectively, alongside increasing gross margins [6] Product Structure - Baby diapers are the core revenue driver for LeShuShi, contributing 78.4%, 78.7%, 75.3%, and 71.8% of total revenue during the reporting period. Sanitary napkins accounted for 13.5%, 15%, 17%, and 18.5% of total revenue in the same timeframe [6] Growth Potential - The African market presents substantial growth opportunities, with a projected compound annual growth rate of 1.8% for newborns from 2020 to 2024, and a demographic structure where over 50% of the population is under 20 years old, providing a strong demand base for baby hygiene products [6] - The penetration rates for baby diapers (approximately 20%) and sanitary napkins (approximately 30%) in Africa are significantly lower than those in Europe, North America, and China (70%-92%), indicating ample room for market expansion [7] IPO and Investor Confidence - The IPO of LeShuShi attracted a strong lineup of cornerstone investors, including BA Capital, Arcane Nexus, Southern Fund, and others, collectively subscribing to USD 139 million (approximately HKD 1.08 billion) of shares, reflecting institutional confidence in the company's future [7] - The founders control 64.42% of the company through CenturyBVI, ensuring continued leadership in the company's strategic direction [8] Fund Utilization - The company has outlined clear plans for the use of funds raised from the IPO, focusing on capacity expansion and production line upgrades, with approximately 34.5% allocated for new production lines in Ghana and Senegal, expected to significantly enhance local production capabilities [8]

Core Viewpoint - The company LeShuShi (02698), a manufacturer of baby diapers, has seen significant interest in its IPO, with a subscription amount reaching HKD 323.1 billion, which is 1356 times oversubscribed compared to the public offering amount of HKD 238 million [1] Group 1: IPO Details - The IPO subscription period is from October 31 to November 5, with an expected listing date of November 10 [1] - LeShuShi plans to issue 90.884 million shares at an offering price between HKD 24.2 and HKD 26.2, aiming to raise up to HKD 2.38 billion [1] - The company will not implement a mandatory clawback mechanism, with 10% of shares allocated for public offering, and the overall coordinators can increase this to a maximum of 15% [1] Group 2: Company Overview - LeShuShi is a multinational hygiene products company focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, sanitary napkins, and wet wipes [1] - The company operates under several brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, with sales covering over 30 countries in West, East, and Central Africa [1] Group 3: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively [2] - In terms of revenue for 2024, the company ranks second in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2] Group 4: Shareholder Information - The founders of LeShuShi, Shen Yanchang and Yang Yanjuan, hold a combined 64.42% stake in the company [2] - The founders have a history of working in Nigeria and later returned to China to establish the company [2] Group 5: Cornerstone Investors - LeShuShi has secured cornerstone investors including BA Capital, Arc Avenue, and several funds, with a total investment amounting to USD 139 million (approximately HKD 1.08 billion) [2] - If priced at HKD 26.2, the cornerstone investors' subscriptions would represent 45.34% of the initial offering size [2] Group 6: Use of Proceeds - The net proceeds from the IPO will be allocated as follows: 71.4% for expanding overall production capacity and upgrading production lines; 11.6% for marketing and promotional activities in Africa, Latin America, and Central Asia; 4.7% for strategic acquisitions in the hygiene products sector; 0.4% for upgrading the CRM system; 2.6% for hiring management consulting firms for market and product analysis; and 9.3% for working capital and general corporate purposes [3]

Group 1 - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with 9.0884 million shares available in Hong Kong and 81.7956 million shares for international sale, along with an over-allotment option of 13.6326 million shares [1] - The subscription period for the shares is from October 31 to November 5, with a maximum offer price of HKD 26.20 per share and an entry fee of approximately HKD 5,292.85 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 2.29 billion, with a net amount of HKD 2.141 billion, which will be used for expanding overall production capacity, upgrading production lines, marketing in Africa, Latin America, and Central Asia, working capital, strategic acquisitions in the hygiene products sector, hiring a renowned management consulting firm from 2026 to 2029, and upgrading the CRM system [1] Group 2 - The company is focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The projected net profits for the company for the years ending December 31 are USD 18.39 million for 2022, USD 64.68 million for 2023, and USD 95.111 million for 2024 [2]

Core Viewpoint - The company, 乐舒适 (02698.HK), is planning a global offering of 90.884 million shares, with a price range of HKD 24.20 to 26.20 per share, targeting to raise approximately HKD 2.141 billion in net proceeds from the offering [1][4]. Group 1: Company Overview - The company is a multinational hygiene products firm focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [2]. - The company holds the leading market share in Africa for baby diapers and sanitary napkins, with respective shares of 20.3% and 15.6% based on 2024 sales volume [2]. - The company has established a strong operational strategy over 15 years, becoming a key player in the hygiene products industry across multiple African countries [2]. Group 2: Offering Details - The company plans to issue 90.884 million shares, with 9.0884 million shares available for sale in Hong Kong and 81.7956 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 139 million (around HKD 1.08 billion), representing about 47.14% of the global offering if the over-allotment option is not exercised [3]. - The estimated net proceeds of approximately HKD 2.141 billion will be allocated as follows: 71.4% for expanding production capacity and upgrading production lines, 11.6% for marketing in Africa, Latin America, and Central Asia, 4.7% for strategic acquisitions, 0.4% for upgrading the CRM system, 2.6% for hiring management consulting firms, and 9.3% for working capital and general corporate purposes [4].

Core Viewpoint - The company, 乐舒适 (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for various strategic initiatives [1][2]. Group 1: IPO Details - The company plans to globally offer 90.884 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, subject to reallocation [1] - The proposed share price ranges from HKD 24.2 to HKD 26.2, with trading expected to commence on November 10, 2025 [1] - The company has secured cornerstone investment agreements totaling approximately USD 139 million from various investors [1] Group 2: Use of Proceeds - Assuming a share price of HKD 25.20 and no exercise of the over-allotment option, about 71.4% of the net proceeds will be used to expand overall capacity and upgrade production lines [2] - Approximately 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2] - About 4.7% will be allocated for strategic acquisitions in the hygiene products sector [2] - A small portion, around 0.4%, is intended for upgrading the CRM system and implementing it across various operations [2] - Approximately 2.6% will be used to hire management consulting firms for market and product analysis [2] - The remaining 9.3% is designated for working capital and general corporate purposes [2] Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3] - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3] - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3] - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3] Group 4: Market Position - The company is a multinational hygiene products firm focusing on emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, pull-ups, sanitary pads, and wet wipes [2] - According to Frost & Sullivan, the company ranks first in market share for baby diapers (20.3%) and sanitary pads (15.6%) in Africa based on 2024 sales volume [2] - The company holds the second position in revenue market share for baby diapers (17.2%) and sanitary pads (11.9%) in Africa for 2024 [2]

Core Viewpoint - The company, LeShuShi (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for expansion and marketing initiatives in emerging markets [1][2]. Group 1: IPO Details - The company plans to issue 90.884 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The expected price range for each share is HKD 24.2 to 26.2, with trading on the Hong Kong Stock Exchange commencing on November 10, 2025 [1]. Group 2: Use of Proceeds - Approximately 71.4% of the net proceeds is intended for expanding overall production capacity and upgrading production lines [2]. - About 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2]. - The company plans to allocate 4.7% for strategic acquisitions in the hygiene products sector and 0.4% for upgrading its CRM system [2]. - Additionally, 2.6% will be used for hiring management consulting firms for market and product analysis, while 9.3% is designated for working capital and general corporate purposes [2]. Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3]. - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3]. - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3]. - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3]. Group 4: Market Position - The company is a multinational hygiene products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, sanitary napkins, and wet wipes [2]. - According to Frost & Sullivan, the company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively, based on 2024 sales [2]. - In terms of revenue for 2024, the company holds the second position in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2].

Group 1 - Softcare is preparing for an IPO on the Hong Kong Stock Exchange, with joint sponsors including China International Capital Corporation Hong Kong Securities, CITIC Securities (Hong Kong), and GF Securities (Hong Kong) [1] - The funds raised from the IPO will be used for expanding production capacity, marketing in Africa, Latin America, and Central Asia, strategic acquisitions, upgrading CRM systems, and general corporate purposes [1][2] - Softcare focuses on emerging markets, producing baby diapers, feminine hygiene products, and wet wipes, with a consumer-centric approach and a global supply chain established since local production began in Ghana in 2018 [2]

Core Viewpoint - Leshushit Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company is the largest local manufacturer of sanitary products in Africa, ranking first in both the baby diaper and sanitary napkin markets in Africa based on 2024 production volume [1][3]. Company Overview - Leshushit is a multinational sanitary products company focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3]. - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage [3]. Market Position - According to Frost & Sullivan, Leshushit ranks first in the African baby diaper and sanitary napkin markets with market shares of 20.3% and 15.6%, respectively, based on 2024 sales volume. In terms of revenue, the company ranks second in both markets with shares of 17.2% and 11.9% [3]. - The company has achieved rapid growth, with baby diaper and sanitary napkin sales reaching 4.122 billion and 1.634 billion units in 2024, respectively, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [3]. Brand Strategy - Leshushit offers various baby and women's hygiene products under different brands, including its core brand Softcare, which targets mid-to-high-end consumers seeking quality products. Softcare has become a well-known brand in many African countries [4]. Financial Performance - The company has demonstrated stable growth and improving profitability, with revenue increasing from $320 million in 2022 to $454 million in 2024, representing a compound annual growth rate of 19.2%. For the four months ending April 30, 2025, revenue rose by 15.5% to $161.31 million compared to the same period in the previous year [6][7]. - The financial data shows a consistent increase in gross profit, with gross profit rising from $73.53 million in 2022 to $160.15 million in 2024 [7].

Core Viewpoint - Leshu Shih, a leading company focused on hygiene products in emerging markets like Africa and Latin America, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on the growing demand for hygiene products in these regions [1][3]. Company Overview - Leshu Shih primarily develops, manufactures, and sells baby and female hygiene products, including diapers, pull-ups, sanitary pads, and wet wipes, with most of its revenue generated from the African market [1][3]. - The company was established as a division of Senda Group in 2009 and became independent in 2022, focusing on emerging markets [3]. Product and Market Positioning - Leshu Shih offers various hygiene products under different brands, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [5]. - According to Frost & Sullivan, Leshu Shih ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary pad market with a share of 15.6% based on sales volume [5][8]. Financial Performance - The company has experienced rapid growth in sales and revenue, with baby diaper and sanitary pad sales projected to reach 4.123 billion and 1.634 billion units, respectively, in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [6]. - Revenue figures for the years 2022, 2023, 2024, and the first four months of 2025 are approximately $320 million, $411 million, $454 million, and $161 million, respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [6]. Market Potential - Emerging markets like Africa and Latin America show significant growth potential for hygiene products due to population growth, economic development, urbanization, and increasing education levels [8]. - The newborn population in Africa is expected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, with a projected 48.2 million births in 2024, representing 36.5% of the global total [8]. Pricing Strategy - Leshu Shih adopts a low pricing strategy to quickly capture market share in Africa, with retail prices for baby diapers ranging from 9 to 20 cents per piece, which is lower than competitors [11][12]. - The company’s pricing for sanitary pads also reflects a similar strategy, with prices between 4.5 and 8.5 cents per piece, positioning it competitively against other market players [14][15]. Profit Margins - The company operates on a "low-margin, high-volume" model, with gross margins of 23.0%, 34.9%, 35.2%, and 33.6% for the years 2022, 2023, 2024, and the first four months of 2025, respectively [11][16]. - Comparatively, major competitors like Procter & Gamble and Hengan International report significantly higher gross margins, indicating potential challenges in profitability for Leshu Shih [17][18].