Core Viewpoint - Jiangsu Hongxin Supermarket Chain Co., Ltd. (Jiangsu Hongxin) has listed on the Hong Kong Stock Exchange, with an opening price of HKD 3.44 and a closing price of HKD 2.50, indicating a challenging market debut [1]. Group 1: IPO Details - The total number of shares offered globally was 53,562,000 H-shares, with 8,892,000 shares available in Hong Kong and 44,670,000 shares for international sale [1]. - The final offer price was set at HKD 2.50, raising a total of HKD 133.91 million, with net proceeds amounting to HKD 92.55 million after deducting estimated listing expenses of HKD 41.36 million [4][5]. Group 2: Company Overview - Jiangsu Hongxin is a wholesale grain and oil merchant headquartered in Yangzhou, primarily operating supermarkets and convenience stores under the "Hongxin Long" brand in the Jiangsu region [5]. - The company plans to use the raised funds to open new retail stores, establish new distribution centers, create a central kitchen, and enhance its ERP and infrastructure systems to improve operational efficiency [5]. Group 3: Market Position and Financial Performance - Jiangsu Hongxin ranks approximately 20th among supermarket operators in Jiangsu province, with a market share of about 0.4% based on 2023 sales [6]. - The company's revenue for recent periods was reported as follows: RMB 1.432 billion, RMB 1.329 billion, RMB 1.402 billion, and RMB 1.006 billion, with year-on-year growth rates of -7.23%, 5.52%, 1.82%, indicating weak revenue growth for 2024 [6]. - Profit figures for the same periods were RMB 35.08 million, RMB 51.07 million, RMB 51.60 million, and RMB 24.08 million, showing a decline in profitability, with profits for the first nine months of 2024 being less than half of those in 2023, down 21.13% year-on-year [6].