Core Insights - The company Saint Bella, dubbed the "Hermès of postpartum care," experienced a dramatic rise and fall in its stock performance following its IPO, with a 193 times oversubscription and a peak stock price of 11 HKD, leading to a market capitalization loss of over 1.3 billion HKD after a 25% drop in share price [1][5][7] Financial Performance - Saint Bella reported a staggering loss of 1.2 billion HKD over three years, revealing significant financial instability behind its high-end consumer facade [1][3] - The company's operational costs are heavily inflated, with luxury hotel rentals accounting for 35% of revenue and a projected rental expense of 194 million HKD in 2024 [3] Service and Customer Experience - The company's premium service model includes a "star package" costing 588,000 HKD for 28 days, yet it incurs a loss of 30,000 HKD per order despite charging 220,000 HKD per month [3][4] - Customer complaints have surged by 300% in 2024, highlighting issues such as substandard accommodations and safety hazards, leading to increased regulatory scrutiny [4][7] Market Expansion and Challenges - Saint Bella's ambitious international expansion plans have faltered, with a 60% vacancy rate in its Los Angeles location and cultural resistance in Singapore, resulting in overseas revenue constituting only 1.3% of total revenue in 2024 [5][7] - Major investors, including Tencent, have begun to divest, with significant sell-offs occurring shortly after the IPO, indicating a loss of confidence in the company's future [5][7]