Core Viewpoint - Leshu Health Limited, a multinational health products company focusing on emerging markets like Africa, has successfully listed on the Hong Kong Stock Exchange on November 10, raising a net amount of HKD 22.29 billion through its IPO [1][4]. Group 1: IPO Details - The IPO price was set at HKD 26.2, with a total of 90.88 million shares issued, resulting in a total fundraising amount of HKD 23.81 billion [1]. - The cornerstone investors include BA Capital, Arc Avenue, Arcane Nexus, and several others, collectively subscribing to USD 139 million [2][3]. Group 2: Financial Performance - For the first four months of 2025, the company reported revenue of USD 161.31 million and a profit of USD 31.1 million [10][11]. - Revenue projections for 2022, 2023, and 2024 are USD 319.9 million, USD 411.4 million, and USD 454.4 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, and USD 95.11 million [11][12]. Group 3: Business Strategy - The net proceeds from the IPO will primarily be used to expand overall production capacity and upgrade production lines, with additional funds allocated for global business expansion and operational enhancements [4]. - Leshu Health aims to replicate its "localized products + self-built channels" model in emerging markets to compete for leadership in the global health products sector [4][9]. Group 4: Shareholding Structure - Prior to the IPO, the controlling shareholders, Shen Yanchang and Yang Yanjuan, held 66.42% of the company through Century BVI [15][22]. - Post-IPO, their stake decreased to 54.75%, while other shareholders like Luo Jichao and Wang Dajiang hold 5.69% and 1.48% respectively [24].

Core Viewpoint - The company Leshu Comfort (02698.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first African consumer goods manufacturer to do so and the first Middle Eastern headquartered company on the exchange [1]. Company Overview - Leshu Comfort was founded by a couple in their 70s, Shen Yanchang and Yang Yanjuan, and has been operating in the African hygiene products market for 15 years since its inception from the Sen Da Group [7]. - The company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6% respectively, according to a report by Frost & Sullivan [7]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from $320 million to $454 million, while net profit is expected to increase from $18.4 million to $95.1 million, representing a profit growth of over four times [7]. - The company has demonstrated strong operating cash flow, indicating robust financial health [7]. Market Potential - The African market presents significant growth potential, with over 50% of the population under 20 years old and the highest global growth rate for newborns. However, the penetration rate for baby diapers is only 20%, compared to 70%-86% in Europe and China [7]. - The company has established eight factories and 51 production lines in Africa, covering over 80% of the local population through a localized production and deep distribution channel strategy [7]. IPO Details - The IPO was highly sought after, with a global offering of 90.884 million shares, and the public offering was oversubscribed by 1,813.77 times, marking the highest subscription rate for Hong Kong consumer stocks in the past five years [5]. - The company secured 15 well-known institutional investors, raising approximately $139 million (about HKD 1.08 billion) in the offering, reflecting strong institutional confidence in its investment value [5]. Use of Proceeds - The net proceeds from the IPO are approximately HKD 22.29 billion, with over 70% allocated for capacity expansion and production line upgrades, including new production lines in Ghana and Senegal [7]. - The company plans to add an annual production capacity of 6.278 billion baby diapers and 3.407 billion sanitary napkins [7].

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [2][4]. Company Overview - LeShuShi is controlled by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market, having established a presence in various African countries since 2000 [4][6]. - The company has become a major player in the African hygiene products market, with a focus on local production and competitive pricing [5][7]. Market Position - As of 2024, LeShuShi holds a 20.3% market share in the African baby diaper market and a 15.6% share in the sanitary napkin market, ranking first in several African countries [2][6]. - The company operates 51 production lines across eight African countries, with a total designed capacity to produce billions of hygiene products annually [5][6]. Financial Performance - LeShuShi's revenue for 2022, 2023, 2024, and the first four months of 2025 were $320 million, $411 million, $454 million, and $161 million, respectively, with net profits showing significant growth [6]. - The baby diaper segment contributes over 70% of the company's revenue, while the sanitary napkin segment has a compound annual growth rate of 40.5% [6]. IPO Details - The IPO involved the global issuance of 90.884 million shares, raising approximately HKD 2.382 billion, with a closing price of HKD 33 per share on the first day of trading, reflecting a 25.95% increase [2][9]. - The IPO attracted significant interest, with the public offering being oversubscribed by 1,813.77 times [9]. Future Plans - Post-IPO, LeShuShi plans to replicate its successful African model in other emerging markets with similar demographic and consumption characteristics, including Latin America [10].

Core Viewpoint - Softcare Limited has officially listed on the Hong Kong Stock Exchange, marking the first IPO focused on emerging markets like Africa and Latin America in the Hong Kong market [2] Group 1: Company Overview - Softcare Limited specializes in the development, manufacturing, and sales of hygiene products, including baby diapers, training pants, sanitary napkins, and wet wipes, targeting rapidly developing emerging markets [5] - According to Frost & Sullivan data, Softcare ranks first in the African baby diaper and sanitary napkin markets by sales volume projected for 2024 [5] Group 2: IPO Details - The IPO raised $310 million initially, with a potential total of $350 million if the greenshoe option is fully exercised [2] - 71% of the funds raised will be used to expand Softcare's production capacity and upgrade production lines in emerging markets, which is crucial for solidifying its market position and increasing market penetration [2] Group 3: Role of CICC - CICC served as the lead sponsor and coordinator for the IPO, leveraging its deep understanding of Softcare's business and extensive experience in the consumer sector to attract high-quality cornerstone investors [3] - The company successfully converted orders from top sovereign wealth funds and global long-term funds during the issuance process, ensuring the smooth completion of the IPO [3] Group 4: Strategic Importance - The project exemplifies CICC's commitment to supporting national strategies and facilitating high-quality development for Chinese enterprises abroad, particularly in the context of the Belt and Road Initiative [5] - CICC aims to continue leveraging its professional capabilities and international advantages to inject sustainable financial momentum into Chinese enterprises' global development [5]

Group 1 - The core viewpoint of the article is that LeShuShi has successfully listed on the Hong Kong Stock Exchange, experiencing a significant price increase on its debut [1][2] - The stock opened at HKD 34.98, reached a high of HKD 36.80, and was trading at HKD 34.46 with a 31.53% increase by 10:13 AM [1][2] - The total trading volume was 25.6264 million shares, with a total transaction value of HKD 907 million [2] Group 2 - LeShuShi is a multinational hygiene products company focusing on 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 generates most of its revenue from sales to African customers [3] - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by sales volume for 2024, with market shares of 20.3% and 15.6% respectively [3] - 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% respectively [3]

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]

Group 1 - Softcare Limited is set to be listed on the Hong Kong Stock Exchange on November 10, 2025, under the stock code HK:02698 [1] - The company focuses on emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of hygiene products such as baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - A significant portion of Softcare's revenue is generated from sales to African customers, establishing it as a leading player in the hygiene products industry across multiple African countries [1]

Core Viewpoint - Leshu Comfort Limited successfully listed on the Hong Kong Stock Exchange with a base issuance scale of $307 million, potentially increasing to $353 million with full exercise of the greenshoe option [1][3]. Group 1: Company Overview - Leshu Comfort is a multinational hygiene 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 [6]. - The company has been operating in the African market for over 15 years and has established a significant sales network across more than 30 countries, becoming a leading brand in the baby and women's hygiene products sector [3][6]. - According to Frost & Sullivan, Leshu Comfort ranks first in the African market for baby diapers and sanitary napkins based on 2024 sales volume [6]. Group 2: Market Performance - The public offering portion of the listing achieved an oversubscription rate of over 1,800 times, while the international placement portion saw an oversubscription rate of over 34 times [3]. - The successful listing is seen as a milestone for Leshu Comfort, allowing the company to leverage international capital markets to build an international marketing network and create a global capital platform [3]. Group 3: Role of Citic Securities - Citic Securities acted as the joint sponsor, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager for the listing, showcasing its comprehensive service capabilities [4][5]. - The firm facilitated the rapid execution of the project, assisting Leshu Comfort in completing the hearing and listing process in a short timeframe [5]. - Citic Securities' global sales network helped Leshu Comfort conduct multiple investor communication meetings, attracting significant participation from top foreign and domestic long-term funds, as well as global top multi-strategy funds [5].

Core Viewpoint - LeShuShi Limited (02698.HK) was listed on the Hong Kong Stock Exchange, opening at HKD 34.98 and closing at HKD 33, marking a 25.95% increase from its final offering price of HKD 26.20 [1][3]. Group 1: IPO Details - The total number of shares offered by LeShuShi was 90,884,000, with 9,088,400 shares available for public offering in Hong Kong and 81,795,600 shares for international offering [2]. - The total amount raised from the IPO was HKD 2,381.16 million, with net proceeds amounting to HKD 2,228.72 million after deducting estimated listing expenses of HKD 152.44 million [3][4]. Group 2: Use of Proceeds - The funds raised will be used to expand overall production capacity and upgrade production lines, as well as for marketing and promotional activities in Africa, Latin America, and Central Asia from 2026 to 2029 [4]. - Additional allocations include strategic acquisitions in the hygiene products sector, upgrading the company's CRM system, and hiring management consulting firms for market analysis and strategy execution in new markets such as Peru, Mexico, El Salvador, and Kazakhstan [4]. Group 3: Financial Performance - LeShuShi reported revenues of USD 320 million, USD 411 million, USD 454 million, and USD 161 million for the years 2022, 2023, 2024, and the first four months of 2025, respectively [9]. - The corresponding profits for the same periods were USD 18.39 million, USD 64.68 million, USD 95.11 million, and USD 31.10 million [9][10].

Core Points - The Hong Kong stock market opened with the Hang Seng Index rising by 0.3% and the Hang Seng Tech Index increasing by 0.36% [1] - New stock LeShuShi opened high at 33.51%, trading at 34.98 HKD, focusing on the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - Delin Holdings opened with an increase of 8.4%, expecting a mid-term net profit of approximately 180 to 220 million HKD, representing a year-on-year increase of over 2000% [1]