Just before the annual Consumer Rights Day (315), several popular coconut water products have drawn market attention due to concerns over their ingredients. The beloved beverage among young consumers is suspected of facing a credibility crisis.
After three consecutive trading days of sharp declines, IFBH (06603.HK), often referred to as the "first coconut water stock," has publicly addressed the recent controversy surrounding its products. The capital market responded swiftly, with its share price staging a significant rebound.
On the afternoon of March 4, Yifu IF issued a formal statement via its official Weibo account, clarifying that recent online claims about its 100% coconut water containing "added external sugars or external water" are untrue. The company stated that some media outlets and individuals had disseminated related information without verification. Furthermore, certain remarks were maliciously amplified, which has misled consumer perception and significantly damaged the brand's reputation.
In the statement, Yifu IF reiterated that since its launch, the IF brand's 100% coconut water has consistently adhered to a product philosophy of "natural and pure," strictly following production standards. The company emphasized that no external sugars, external water, or artificial flavors are added during the production process. All sugars in the product are derived naturally from the coconuts themselves.
The controversy originated from a media investigation into commercially available coconut water products. On February 27, the Beijing News reported that its consumer research institute had selected four common products marketed as 100% coconut water for testing. The report indicated that while the ingredient lists of these products only stated "coconut water," isotope testing suggested the presence of added external water and sugars. Although the brands of the tested products were pixelated in the report, based on packaging shape and size, the four products were identified as the popular Thai import IF, Hema's own-brand coconut water, Qingshang (which has high sales via live-streaming e-commerce), and Jiaguoyuan, which promotes an "NFC not-from-concentrate" concept.
Subsequently, customer service representatives from the related brands issued responses. According to a March 2 report by Zhongshan Wang Midu News, Jiaguoyuan's customer service stated that its coconut water uses 100% NFC coconut water as the raw material, with ingredients solely being coconut water, and no added water or sugar, and that each batch has complete testing reports. Hema's customer service said their product contains 100% coconut fruit juice. IF's customer service also responded, stating that Yifu IF coconut water contains only 100% coconut water, with no additional sugar, water, or any additives. The sugar content listed on the product detail page comes from the natural sugars present in the coconut, not from later additions. Qingshang stated that their product contains 100% coconut fruit juice with no other ingredients, and the production process strictly adheres to national standards.
Despite these responses, the related舆论 still had an impact. As the most prominent listed company in the coconut water sector, IFBH's stock price came under sustained pressure. From March 2 to March 4, IFBH's share price fell for three consecutive days, with declines of 7.52%, 8.78%, and 6.51% respectively. The significant drop in market capitalization over just three trading days made market sentiment cautious.
However, following the company's official statement and clear response to the controversy, investor sentiment quickly reversed. On the morning of March 5, IFBH's stock price opened 14.97% higher, with its share price reaching a high of HK$15.77 during the session, indicating a clear return of capital. By the midday break, IFBH was trading at HK$13.04, with the gain expanding to 24.31%, fully recovering the losses from the previous three days of decline.