Liumei (06658) Surges 117.99% to HK$95 on Hong Kong IPO Debut
Alina Collins
Liumei opened at HK$95 on its Hong Kong debut, more than doubling from its HK$43.58 IPO price, with turnover quickly topping HK$254 million — the market is paying up for this green-plum snack leader's two-track growth story.
How big was the pop, and what did the IPO raise?
The stock opened at HK$95, a 117.99% premium to the HK$43.58 offer price — the price more than doubled in the first tick.
The IPO placed 11.46 million shares at 100 shares per lot, netting the company roughly HK$440 million.
This means → the market's day-one pricing already far exceeds the company's own fundraising expectations, signalling aggressive demand.
How does a single plum fruit justify this valuation?
Liumei has focused on green-plum snacks since 2001. Per Frost & Sullivan, it ranked No. 1 by retail sales in China's fruit-snack category in 2024, holding a 4.9% market share.
In plain terms = for every 100 yuan Chinese consumers spend on fruit snacks, nearly 5 yuan goes to Liumei — modest-sounding, but in a highly fragmented category that is already the top spot.
This reflects a "brand equals category" mental lock: when Chinese consumers think green plum, they think Liumei.
Why is "Mei Dong" called out separately?
Mei Dong — a plum-based jelly launched in 2019 — has become the company's second growth engine, capturing 45.7% of China's natural-ingredient jelly market by retail sales in 2024, also No. 1.
This means → the company is no longer a one-product story; the "green plum + plum jelly" dual track shifts the valuation logic from single brand to platform.
Whether the share price holds above its opening surge is the first real test of market confidence in that dual-track thesis.
Content is for reference only, not financial advice.