Core Viewpoint - Haitan Weiye's listing on the Hong Kong Stock Exchange marks its second strategic move in the capital market after over a decade in A-shares, but the company faces challenges in a changing market landscape and competition from emerging brands [2][3][4]. Group 1: IPO and Market Performance - Haitan Weiye's H-share IPO on June 19, 2025, saw a high opening but later fluctuated, with the stock price dropping below the issue price [2]. - The IPO raised approximately HKD 10.01 billion by issuing around 279 million shares at HKD 36.30 each, with a subscription rate of 698.57 times [3][4]. - The company's A-share price has fallen over 60% from its peak in January 2021, reflecting a significant decline in market confidence [4]. Group 2: Financial Performance and Challenges - After a period of steady growth, Haitan Weiye's revenue growth slowed significantly post-2021, with a revenue increase of only 2.42% in 2022 and a decline in both revenue and net profit in 2023 [5][6]. - The company’s offline channel, which contributes over 80% of its revenue, experienced a decline in revenue from 2021 to 2023, with a notable drop of 3.86% in 2023 [6]. - The overall retail sales in the seasoning market decreased by 2.99% in 2024, indicating a broader industry slowdown that affects Haitan Weiye [5][6]. Group 3: Strategic Initiatives and Future Outlook - Haitan Weiye aims to diversify its product offerings beyond soy sauce and oyster sauce to include vinegar and cooking wine, which could help drive revenue growth [8]. - The company plans to enhance its global brand image and expand its overseas supply chain capabilities, indicating a focus on international markets [9][10]. - The challenges of entering international markets include significant cultural differences in culinary preferences and the need to build brand recognition from scratch [9][10].