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].

Core Viewpoint - IFBH Limited (referred to as "if") is set to list on the Hong Kong Stock Exchange, having recently passed the hearing process, indicating strong growth potential in the coconut water market in China and Hong Kong [2][3]. Group 1: Company Overview - IF was established in 2013 and has evolved from General Beverage, which restructured its international business in 2022 to focus on the if and Innococo brands [3]. - The company has become the second-largest player in the global coconut water market, with a projected market share of approximately 34% in mainland China by 2024, significantly surpassing its nearest competitor [3][4]. - In Hong Kong, if has maintained a market share of about 60% since 2016, again outpacing its closest rival by a factor of seven [4]. Group 2: Product and Marketing Strategy - IF offers a diverse product range under the if and Innococo brands, including natural coconut water, other beverages, and plant-based snacks, with a total of 32 products planned for 2024 [4]. - The company employs high-profile brand ambassadors and collaborates with key opinion leaders (KOLs) to enhance brand visibility, particularly targeting Chinese consumers through platforms like Douyin and Xiaohongshu [4]. Group 3: Market Growth and Financial Performance - The Greater China ready-to-drink soft drink market is projected to grow from $138.4 billion in 2024 to $194.7 billion by 2029, with coconut water being the fastest-growing segment, expected to increase from $1.093 billion to $2.652 billion during the same period [5]. - IF's revenue is forecasted to rise from $8.7 million in 2023 to $15.8 million in 2024, reflecting an 80.3% year-on-year growth [6]. - The company's gross profit is expected to grow from $3 million in 2023 to $5.8 million in 2024, with gross margins improving from 34.7% to 36.7% [6]. Group 4: Future Plans and Use of IPO Proceeds - The net proceeds from the IPO will be primarily allocated to enhancing distribution capabilities, brand building, consolidating market presence in mainland China, and expanding into Australia, the Americas, and Southeast Asia [7].

Core Viewpoint - IFBH Limited (referred to as "if") is set to list on the Hong Kong Stock Exchange, having passed the hearing process, and is recognized as the fastest-growing coconut water company in mainland China and Hong Kong [2][3]. Company Overview - IF was established in 2013 and has evolved from General Beverage, which restructured its international business in December 2022 to focus on the if and Innococo brands [3][4]. - The company has been a market leader in coconut water in mainland China for five consecutive years since 2020, holding a market share of approximately 34% in 2024, significantly surpassing its closest competitor [3][4]. - In Hong Kong, if has maintained its market leadership for nine years, with a projected market share of about 60% in 2024 [4]. Product Portfolio - The product range under the if and Innococo brands includes three main categories: natural coconut water beverages, other drinks, and plant-based snacks [4]. - IF offers 32 products in 2024, focusing on healthy Thai beverages and foods tailored to various consumer tastes [4]. Marketing Strategy - To enhance local market penetration, if has engaged high-profile brand ambassadors and collaborated with top KOLs on social media platforms like Douyin and Xiaohongshu [4]. - The company has also invested in advertising on prominent platforms, such as a giant LED screen in Chengdu, to boost brand visibility [4]. Market Growth - The Greater China ready-to-drink soft drink market is projected to grow from $138.4 billion in 2024 to $194.7 billion by 2029, with a compound annual growth rate (CAGR) of 7.1% [5]. - Coconut water is identified as the fastest-growing segment within this market, expected to increase from $1.093 billion in 2024 to $2.652 billion by 2029, reflecting a CAGR of 19.4% [5]. Financial Performance - IF's revenue is projected to grow from $8.7 million in 2023 to $15.8 million in 2024, representing an 80.3% year-on-year increase [6]. - Gross profit is expected to rise from $3.0 million in 2023 to $5.8 million in 2024, with a gross margin improvement from 34.7% to 36.7% [6]. - Net profit is anticipated to increase from $1.7 million in 2023 to $3.3 million in 2024, with net profit margins rising from 19.2% to 21.1% [7]. IPO Fund Utilization - The net proceeds from the IPO will primarily be used to enhance warehousing and distribution capabilities, brand building, solidifying market position in mainland China, and expanding into Australia, the Americas, and Southeast Asia [7].