Liumei HK IPO Margin Subscriptions Reach HK$215.4 Billion, Oversubscribed 4,310 Times
N.R. Finch
Liumei's Hong Kong IPO drew HK$215.4 billion in margin subscriptions for its public tranche — 4,310× oversubscribed — an extraordinary retail frenzy for a deal raising less than HK$500 million.
How extreme is this oversubscription?
The public tranche attracted HK$215.41 billion in margin subscriptions against a public raise of just HK$49.96 million — an oversubscription ratio of 4,310.6×.
This means → for every HK$1 of shares on offer, more than HK$4,300 lined up to bid. Retail demand massively overwhelmed supply.
The offer price is HK$43.58 per share, with a board lot of 100 shares. That puts the entry cost at roughly HK$4,402 — a low bar that amplified retail participation.
What does Liumei actually sell?
The company focuses on green-plum products — dried plum snacks, prune products, and plum jelly — built around its flagship brand "Liumei" (溜溜梅), launched in 2001.
Per Frost & Sullivan, Liumei ranked No. 1 in China's fruit snack market by 2024 retail sales, with a 4.9% share.
Its plum jelly line, launched in 2019, claimed No. 1 in China's natural-ingredient jelly segment in 2024 with a 45.7% share — a single SKU category driving outsized market position.
What do the financials look like?
Revenue grew three years running: RMB 1.322 billion (2023), RMB 1.616 billion (2024), RMB 1.711 billion (2025) — roughly 14% CAGR.
Net profit over the same period: RMB 99.2 million, RMB 148 million, RMB 182 million — profit growing faster than revenue, signaling improving margins.
As of end-2025, total assets stood at RMB 1.99 billion, total liabilities at RMB 1.1 billion, and net assets at RMB 882 million — a debt ratio of about 55%, moderate for a consumer-goods company.
What are the listing details and next steps?
Liumei plans to issue 11.461 million H-shares, with 10% allocated to the Hong Kong public offering, raising roughly HK$500 million — a classic small-cap IPO.
Joint sponsors are CITIC Securities and Guoyuan International.
The company expects to list on the HKEX on June 15. In plain terms = just five days from subscription close to trading — a fast timeline, making the allotment results and grey-market action worth watching.
Content is for reference only, not financial advice.