Initial public offering subscriptions for fruit snack company Qi Yun Shan Food (02797) concluded, having run from June 30, 2026, to July 6, 2026. Market information indicates the offering was heavily oversubscribed, with brokerages extending margin financing of HK$14.305 billion against a public offering size of HK$20 million, representing an oversubscription level of 714.26 times.

The company's listing plan outlines a global offering of 25 million H shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering. The price range for the shares is set between HK$5 and HK$8 per share. Each board lot will consist of 500 H shares. Trading of the H shares on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Thursday, July 9, 2026.

Company Overview and Market Position

According to its prospectus, Qi Yun Shan Food is a Chinese fruit snack company primarily engaged in selling food products made from Choerospondias axillaris, also known as southern sour jujube. The company's "Qi Yun Shan" brand is a widely recognized name in China for such products. The group positions itself in the green food sector, leveraging the natural health benefits of southern sour jujube. It focuses on research and development to cater to diverse consumer taste preferences and is dedicated to promoting the value of southern sour jujube as a nutritious snack.

Data from CIC shows that in 2025, based on retail sales value, the group held a 29.0% share of the Chinese southern sour jujube food market, ranking first in the industry. Since 1997, the group's flagship product, southern sour jujube cake, has been certified as a "Green Food" by the China Green Food Development Center for 30 consecutive years and received "National Geographical Indication Protection Product" certification in 2018.

The company established the Jiangxi Southern Sour Jujube Engineering Technology Research Center in 2014. Its operations span the entire industrial chain for southern sour jujube food products, from resource protection and cultivation to food R&D, manufacturing, and sales. The group is recognized as a High-Tech Enterprise and a National Key Leading Enterprise in Agricultural Industrialization.

Financial Performance Snapshot

Financially, during the track record period, Qi Yun Shan Food reported gross profit of RMB 120 million, RMB 165 million, and RMB 161 million for the fiscal years 2023, 2024, and 2025, respectively. The corresponding gross profit margins for those years were 48.8%, 48.6%, and 51.3%. Net profit for the same fiscal years was RMB 23.7 million, RMB 53.2 million, and RMB 48.9 million, respectively.