CR Enterprises has obtained approval from the Hong Kong Stock Exchange to go public and may list as early as the end of this month.
1min read According to IFR, China Resources Drinks has been approved by the Hong Kong Stock Exchange to go public, with a maximum fundraising of $1 billion, and is expected to be listed as early as the end of this month, with the exact date yet to be determined.
According to the Hong Kong Stock Exchange's announcement on April 22, China Resources Drinks (Holdings) Co., Ltd. submitted an IPO application to the Hong Kong Stock Exchange's main board, with bofa securities, BOC International, CITIC Securities and UBS Group as its joint sponsors.
According to a report from CIC Consulting, China Resources Drinks is one of the earliest specialized producers of packaged drinking water in China. It has grown to be the second largest packaged drinking water company in China and the largest packaged mineral water company in China (by 2023 retail sales). Its "Yibao" brand mineral water products achieved retail sales of Rmb3.95bn in 2023, making it the leading brand in the Chinese packaged mineral water market.
The Company has a product portfolio of 13 brands, including "Yibao", "Zhiben Qingrun", "Mishui Series", "Holiday Series" and "Zao Weicha" Series, with a total of 56 SKUs. According to CIC Consulting's report, in 2023, from a regional distribution perspective, the Company's packaged drinking water products had the highest market share in the packaged drinking water market of six provinces (i.e. Guangdong, Hunan, Sichuan, Hainan, Guangxi and Hubei) in China. In 2023, the packaged drinking water market in these six provinces accounted for about 30% of the total packaged drinking water market in China.
Financially, in 2021, 2022 and 2023, China Resources Drinks achieved revenues of approximately Rmb11.34bn, Rmb12.62bn and Rmb13.51bn respectively; and its net profits were Rmb858m, Rmb989m and Rmb1.33bn respectively.