Core Viewpoint - The article highlights the successful IPO of Le Shushi, the first Middle Eastern company to list on the Hong Kong Stock Exchange, achieving a subscription rate of 2358 times and a stock price increase of 35.8%, with a market capitalization exceeding HKD 21.5 billion, marking it as a new star in the consumer goods sector [3][4]. Company Overview - Le Shushi, headquartered in Dubai, operates primarily in Africa and was founded by Chinese couple Shen Yanchang and Yang Yanjuan, who have a background in engineering from Harbin Engineering University [5][6]. - The company started as a trading firm in 2000, focusing on sourcing goods for African clients, and evolved into a manufacturer of consumer goods, establishing factories across several African countries [7][8]. Business Model and Growth - Le Shushi's core business focuses on two main sectors: decorative building materials and fast-moving consumer goods (FMCG), including laundry powder and hygiene products [8]. - The company has developed a multi-brand strategy, launching several brands in the hygiene product sector, with a significant contribution from baby diapers, which account for over 70% of its revenue [10][11]. Financial Performance - Le Shushi's revenue projections for 2022 to 2024 are approximately USD 320 million, USD 411 million, and USD 454 million, respectively, with profits increasing from USD 18.39 million to USD 95.11 million during the same period [11][12]. - The company sold 4.12 billion baby diapers and 1.63 billion sanitary pads in 2024, leading the market in Africa with a share of 20.3% and 15.6%, respectively [12][14]. Market Potential - The African market for baby and female hygiene products is identified as having the largest growth potential globally, with a newborn population growth rate of 1.8% from 2020 to 2024 [16][18]. - Current market penetration rates for baby diapers and sanitary pads in Africa are significantly lower than in Europe and North America, indicating a substantial opportunity for growth [18]. Strategic Positioning - Le Shushi's competitive advantage lies in its ability to produce locally, which reduces costs and tariffs, and its focus on high-demand products in emerging markets [15][16]. - The company has established multiple production facilities in Africa, enhancing its supply chain efficiency and product affordability, with local prices being about one-third of those in Western markets [15][16]. IPO Context - The IPO of Le Shushi is seen as a significant step in strengthening financial ties between Hong Kong and the Middle East, with ongoing efforts to facilitate cross-border financial cooperation [19][20].

Core Viewpoint - LeShuShi successfully listed on the Hong Kong Stock Exchange, focusing on emerging markets in Africa, Latin America, and Central Asia, primarily in the hygiene products sector [2][3] Company Overview - LeShuShi is a multinational hygiene products company engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [2][3] - The company ranks first in market share for baby diapers and sanitary napkins in Africa, with shares of 20.3% and 15.6% respectively, based on 2024 sales volume [4] Financial Performance - Revenue increased significantly from $320 million in 2022 to $411 million in 2023, marking a growth of 28.6%, and projected to reach $454 million in 2024, a further increase of 10.5% [8] - Net profit surged from $18.4 million in 2022 to $64.7 million in 2023, a growth of 251.7%, and is expected to rise to $95.1 million in 2024, an increase of 47.0% [8] - Gross profit for the periods was $73.5 million, $144 million, $160 million, and $54.2 million, with corresponding gross margins of 23.0%, 34.9%, 35.2%, and 33.6% [8] Market Position and Strategy - LeShuShi employs a multi-brand strategy, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [4] - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, with 18 sales branches and over 2,800 wholesalers and retailers [5] - The company has a strong manufacturing presence in Africa, with eight factories and 51 production lines, aiming for an annual production capacity of 6.301 billion baby diapers and 2.854 billion sanitary napkins by 2025 [6] Market Growth Potential - The emerging markets targeted by LeShuShi exhibit significant population growth and consumption upgrades, with Africa's newborn population projected to grow at a CAGR of 1.8% from 2020 to 2024 [9] - The market penetration rates for baby diapers and sanitary napkins in Africa are approximately 20% and 30% respectively, indicating substantial growth potential compared to developed markets [9] Use of IPO Proceeds - Approximately 71.4% of the IPO proceeds will be used to expand overall production capacity and upgrade production lines, while 11.6% will be allocated for marketing activities in targeted regions [10]

Group 1 - The Hong Kong stock market opened slightly higher, with the Hang Seng Index at 26,319.40 points, up 77.57 points, a gain of 0.30% [1] - The Hang Seng Tech Index rose to 5,858.41 points, increasing by 21.05 points, a gain of 0.36% [2] - New stock "Leisure Comfort" (02698.HK), known as the "King of African Diapers," opened over 33% higher and reached a maximum increase of 36% during early trading [3] Group 2 - Leisure Comfort reported a trading volume of 16.83 million shares, with a highest price of 35.78 and a lowest price of 34.10, resulting in a total transaction value of 594 million HKD [4] - The company specializes in developing, manufacturing, and selling hygiene products, including baby diapers and sanitary napkins, primarily in emerging markets such as Africa, Latin America, and Central Asia [4] - According to Frost & Sullivan, Leisure Comfort ranks first in market share for baby diapers (20.3%) and sanitary napkins (15.6%) in Africa based on 2024 sales volume [4] Group 3 - New consumption stocks are experiencing a rebound, with "Hushang Auntie" rising over 13% and "Pop Mart" increasing over 4% [5] - Technology stocks are mostly performing well, with Tencent rising over 2% and other companies like Alibaba and Xiaomi increasing over 1% [7] - Lithium battery stocks opened higher, with Tianqi Lithium and Ganfeng Lithium both rising over 5% [7]

Core Viewpoint - LeShuShi (02698) has successfully listed its shares at a price of HKD 26.20, raising approximately HKD 22.29 billion in net proceeds, with shares currently trading at HKD 34.98, reflecting a 33.51% increase [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing 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 [1] - The company operates under several brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, with product sales covering over 30 countries in West, East, and Central Africa [1] Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins by sales volume in 2024, holding market shares of 20.3% and 15.6% respectively [1] - 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 [1]

Core Viewpoint - LeShuShi (2698.HK) debuted on the Hong Kong Stock Exchange with a significant opening increase of 33.51%, trading at HKD 34.98, following an IPO pricing of HKD 26.20 [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa and Latin America, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - The majority of the company's revenue during the track record period was generated from sales to African customers [1] Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively, based on 2024 sales volume [1] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are USD 320 million, USD 411.4 million, and USD 454.4 million, respectively [1] - Net profits for the same period are expected to be USD 18.4 million, USD 64.7 million, and USD 95.1 million, respectively [1]

Core Viewpoint - LeShuShi (02698) has successfully listed its shares at a price of HKD 26.20, raising approximately HKD 2.229 billion, with a notable initial increase of 33.51% to HKD 34.98 per share [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia [1] - The company specializes in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes, with brands including Softcare, Veesper, Maya, Cuettie, and Clincleer [1] - Its products are sold in over 30 countries across West, East, and Central Africa, with a significant portion of revenue derived from sales to African customers [1] Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins by sales volume in 2024, holding market shares of 20.3% and 15.6% respectively [1] - 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 [1]

Group 1 - The core viewpoint of the news is that the multinational hygiene products company, LeShuShi (02698.HK), is set to list on November 10, with its dark market trading showing a price increase of 35.88% compared to the offering price [1] - LeShuShi's public offering received approximately 295,000 retail subscriptions, with an oversubscription rate of 1,816 times, resulting in frozen funds of HKD 436.9 billion [1] - The total issuance volume is 90.884 million shares, with an expected fundraising of HKD 2.38 billion [1] Group 2 - LeShuShi focuses on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [2] - The company ranks first in the African market for baby diapers and sanitary napkins by sales volume, with market shares of 20.3% and 15.6% respectively, according to Frost & Sullivan [2] - LeShuShi employs a multi-brand strategy, including its core brand Softcare, to effectively meet diverse consumer needs and expand its overall consumer base [2] Group 3 - As of April 30, 2025, LeShuShi has established eight production plants and 51 production lines in Africa, with a total designed capacity of 6.301 billion baby diapers, 352 million baby pull-ups, 2.854 billion sanitary napkins, and 9.304 billion wet wipes annually [3] - The company's revenue for the years 2022 to 2024 is projected to be USD 320 million, USD 411 million, and USD 454 million, with net profits of USD 18.4 million, USD 64.7 million, and USD 95.1 million respectively [3]

Core Viewpoint - Luxurious Comfort, a multinational hygiene products company, is set to launch an IPO from October 31 to November 5, aiming to raise up to HKD 2.38 billion, marking a significant milestone as the first company headquartered in the Middle East to list in Hong Kong [1][2]. Company Overview - Founded by a couple from the "post-70s" generation, Shen Yanchang and Yang Yanjuan, Luxurious Comfort is known as the "King of Diapers in Africa" and has established a strong presence in the African market [1][4]. - The company is headquartered in the Dubai Airport Free Zone and has become the leading manufacturer of hygiene products in Africa, with a total of 8 production facilities and 51 production lines [2][3]. Financial Performance - Luxurious Comfort has seen a steady increase in revenue, achieving USD 320 million in 2022, USD 411 million in 2023, and projected revenue of USD 454 million in 2024 [3]. - The company sold approximately 10.8 billion diapers over three years, with sales of 2.995 billion diapers in 2022, 3.714 billion in 2023, and an expected 4.123 billion in 2024 [2][3]. Market Position - In the African market, Luxurious Comfort holds the largest market share for baby diapers at 20.3% and for sanitary napkins at 15.6% based on 2024 sales volume [3]. - The company ranks second in revenue market share for baby diapers at 17.2% and sanitary napkins at 11.9% in Africa [3]. Growth Strategy - The company plans to allocate over 70% of the IPO proceeds for capacity expansion and production line upgrades, with approximately 34.5% earmarked for new production lines in Ghana and Senegal [5][6]. - Luxurious Comfort aims to replicate its successful localized product and self-built channel model in Latin America and Central Asia, with about 11.6% of the funds designated for marketing and promotional activities in these regions [6].

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) experienced a significant decrease in IPO activity in October 2025, with a total of 12 new listings raising a combined total of HKD 277.11 billion, marking a 20% decrease in the number of listings and a 47.9% decrease in fundraising compared to September 2025 [1][2]. IPO Activity - In October 2025, 12 new stocks were listed on the HKEX, raising a total of HKD 277.11 billion, which is a notable decline from the previous month [2]. - From January to October 2025, a total of 80 new stocks were listed, accumulating over HKD 2,150 billion in total fundraising [2]. - The largest fundraising in October was by Sany Heavy Industry, which raised HKD 134.53 billion, followed by Cambridge Technology with HKD 46.16 billion [2][5]. IPO Pipeline - As of November 4, 2025, there are 300 companies in the IPO queue on the HKEX, with 10 having passed the hearing process [6]. - Among the 300 companies, 293 are on the main board and 7 on the Growth Enterprise Market (GEM) [6]. - Companies such as Sairus and others are expected to list in November 2025 [6]. Notable New Listings - Sany Heavy Industry's IPO on October 28, 2025, had an issue price of HKD 21.3 per share, with the stock reaching a peak of HKD 22.3 on its first day of trading [5]. - Jin Ye International Group, which specializes in HVAC systems, saw its stock price increase over 300% on its first trading day, making it the highest first-day gainer among new listings in October [5]. Upcoming IPOs - Companies like Le Shushi, which focuses on baby and women's hygiene products, are planning to go public, with a global offering price not exceeding HKD 26.2 per share, aiming for a listing on November 10, 2025 [9].

Core Viewpoint - The Hong Kong Stock Exchange's "Special Line for Technology Companies" has significantly improved the efficiency of IPOs for tech and biotech firms, with 68 companies listed in the first six months since its launch [1] Group 1: Market Performance - As of November 5, 2023, the total amount raised through IPOs in Hong Kong reached 230.76 billion HKD, representing a year-on-year increase of 223.53% [1] - On November 6, 2023, four new stocks were listed, including two companies that submitted applications through the "Special Line for Technology Companies" [1] Group 2: Diverse Listing Entities - The current pipeline includes companies from various sectors such as robotics, biomedicine, food and beverage, and automotive parts, including unicorns and leading A-share companies [2] - Lush Comfort Ltd., the first company headquartered in the Middle East to list in Hong Kong, plans to raise 2.38 billion HKD to enhance production capacity and brand influence [2] Group 3: Market Structure and Liquidity - The gathering of diverse listing entities is expected to deepen cooperation between mainland and Hong Kong capital markets, enhancing market structure and liquidity [3] - The average daily trading volume in the Hong Kong stock market reached a record high of 286.4 billion HKD in Q3 2023, more than double that of the same period last year [5] Group 4: Policy and Future Outlook - The China Securities Regulatory Commission aims to enhance practical cooperation between mainland and Hong Kong capital markets, which will facilitate the listing process for tech companies [6] - The introduction of more reform measures is anticipated to further promote the listing of technology companies in Hong Kong [6]