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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
Sou Hu Cai Jing· 2025-08-21 00:28
Core Viewpoint - The company Haipai Ke, a maternal and infant e-commerce platform, is facing significant challenges including allegations of counterfeit products and declining growth, raising questions about its readiness for an upcoming IPO [1][2][15]. Company Overview - Haipai Ke was founded in 2015 and is focused on the lower-tier maternal and infant B2B market, connecting suppliers with local maternal and infant stores while expanding into self-operated and OEM products [2]. - The company reported a projected transaction volume of 8.6 billion yuan in family care and nutrition products for 2024, capturing a market share of 10.1% according to Frost & Sullivan [2]. Product Quality Concerns - The company has been embroiled in counterfeit allegations, with consumers reporting issues such as receiving fake Estee Lauder products [2][6]. - Investigations revealed that products sold on the platform did not meet brand specifications, with one product failing authenticity tests [2][5]. Supplier Management Issues - Haipai Ke's supplier management has been criticized, with reports of unauthorized products being sold on the platform and inadequate supplier vetting processes [4][6]. - The company has been found to allow easy registration for retail stores, raising concerns about the legitimacy of its claimed network of 290,000 retail outlets [9][10]. Financial Performance - The company's revenue has shown signs of decline, with reported figures of 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024 [15]. - Despite a shift towards self-operated business, the company has accumulated losses of 1.854 billion yuan by the end of 2024, although it reported slight profits in 2023 and 2024 after adjustments [15][16]. Investment and Shareholder Dynamics - Haipai Ke has undergone multiple rounds of financing, with significant investments from notable firms, but has also faced shareholder withdrawals and challenges related to performance-based agreements [16]. - The company is under pressure to complete its IPO by the end of 2026, with potential consequences for failing to meet this timeline [16].