Core Viewpoint - The article highlights the strong performance of three newly listed stocks in the Hong Kong market, particularly IFBH, which has seen significant demand and price appreciation in the dark market trading phase, indicating a bullish sentiment in the consumer sector [1][2]. Company Overview - IFBH is a Thailand-based company specializing in ready-to-drink beverages and ready-to-eat foods, known for its if brand, which is a leader in the coconut water market in mainland China [3]. - The company was founded in 2013 and has undergone a business restructuring to focus on its international operations, particularly the if and Innococo brands, to meet growing global demand [3][4]. Business Model and Operations - IFBH operates on a light-asset model, employing only 46 staff members, with a focus on marketing, logistics, and minimal administrative roles [4]. - The company relies entirely on third-party manufacturers for product production, allowing it to concentrate on brand development and market expansion [3][4]. Market Position and Performance - IFBH holds the top position in the coconut water beverage market in mainland China with a market share of approximately 34% as of 2024, significantly outpacing its nearest competitor [5]. - In Hong Kong, IFBH also leads the coconut water market with a market share of about 60% [5]. - Globally, IFBH ranks as the second-largest coconut water beverage company, demonstrating impressive growth rates and a gross margin increase from 34.7% in 2023 to 36.7% in 2024 [6]. Financial Metrics - The net profit margin for IFBH improved from 19.2% in 2023 to 21.1% in 2024, reflecting strong financial health and operational efficiency [7]. - The company attracted significant interest from cornerstone investors, including major financial institutions, indicating confidence in its growth potential [7]. Industry Context - The article notes a broader bull market for consumer stocks in Hong Kong, with notable price increases in various food and beverage companies, suggesting a favorable environment for new listings [7]. - Other companies listed alongside IFBH, such as 泰德医药 and 云知声, showed mixed performance in the dark market, with 泰德医药 focusing on peptide CRDMO services and 云知声 providing AI solutions [8][9].

Core Viewpoint - The article highlights the strong performance of IFBH, a well-known consumer company, in the recent IPO market, with a significant increase in its stock price, while the other two companies, Taide Pharmaceutical and Yunzhisheng, showed modest performance [1][21]. Group 1: IFBH Performance - IFBH's stock price surged over 60% in the dark market, making it the biggest winner among the three newly listed companies [1]. - The company achieved a subscription multiple of 2240 times, with a financing subscription amount reaching 2594.8 billion HKD [3][11]. - IFBH has a market share of approximately 34% in the coconut water beverage market in mainland China, leading the market for five consecutive years [12][16]. Group 2: Company Overview - IFBH, founded in 2013, specializes in ready-to-drink beverages and ready-to-eat foods, particularly coconut water, and is a leader in the Chinese market [11]. - The company operates on a light asset model, relying on third-party manufacturers for production, with only 46 employees as of the end of 2024 [12][13]. - IFBH's gross profit margin improved from 34.7% in 2023 to 36.7% in 2024, and its net profit margin increased from 19.2% to 21.1% during the same period [16][17]. Group 3: Competitors' Performance - Taide Pharmaceutical, a global leader in peptide-focused CRDMO, holds a market share of 1.5% and provides comprehensive services from early discovery to commercial production [21]. - Yunzhisheng, an AI solutions provider, ranks as the fourth largest AI solution provider in China with a market share of 0.6%, focusing on conversational AI products for daily life and medical applications [22][23]. - Both Taide Pharmaceutical and Yunzhisheng exhibited lackluster performance in the dark market, contrasting sharply with IFBH's success [1][21].