Core Viewpoint - IFBH Limited (referred to as "if") is the fastest-growing coconut water company among the five major market participants in mainland China and Hong Kong, planning to raise up to HKD 1.158 billion through its IPO [2][3]. Company Overview - IF was established in 2013 and has been operating under the General Beverage brand. In 2022, it launched the Innococo brand and restructured its international business to focus on these brands outside Thailand [4]. - The company has become the second-largest player in the global coconut water beverage market by retail revenue as of 2024, with a market share of approximately 34% in mainland China and 60% in Hong Kong [5]. Financial Performance - IF's revenue for 2023 and 2024 is projected to be USD 87 million and USD 158 million, respectively, representing a year-on-year growth of 80.3% [7]. - Gross profit for the same years is expected to be USD 30 million and USD 58 million, with gross margins of 34.7% and 36.7% [7]. - Net profit is forecasted to be USD 17 million and USD 33 million for 2023 and 2024, showing a year-on-year increase of 98.9% [8]. Market Trends - The Greater China ready-to-drink soft drink market is projected to grow from USD 138.4 billion in 2024 to USD 194.7 billion by 2029, with a compound annual growth rate (CAGR) of 7.1% [8]. - Coconut water beverages are expected to be the fastest-growing segment, increasing from USD 109.3 million in 2024 to USD 265.2 million by 2029, with a CAGR of 19.4% [8]. Marketing Strategy - To enhance brand awareness, if has engaged high-profile brand ambassadors and collaborated with top KOLs on social media platforms like Douyin and Xiaohongshu [6]. - The company has also invested in advertising on large LED screens in prominent locations to further extend its brand influence [6].