NIE2025｜沙利文捷利云科技董事长、捷利交易宝首席执行官万勇：中国新消费范式及赴港上市之路

On August 27, 2025, the 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit & 4th New Investment Conference (referred to as '2025 Frost & Sullivan New Investment Conference' or 'Conference') hosted by Frost & Sullivan was grandly inaugurated at the Shangri-La Shanghai Jing'an Hotel.

At the New Consumption Trends Outlook Forum, Mr. Wan Yong, Chairman of SULLIVAN TELE-TREND CLOUD TECHNOLOGY and CEO of TradeGo, delivered a keynote speech on 'Consumer Stocks Going Public: The Road to Hong Kong Listing and New Developments in the Secondary Market', providing us with an in-depth interpretation of the listing situation of consumer enterprises in the Hong Kong market and the performance of the capital market.

Part 1. Difficulties in A-share Issuance —— Hong Kong is an Inevitable Trend

Since the China Securities Regulatory Commission (CSRC) issued the '827 New Policies' in 2023, A-share IPOs have been continuously tightened, making it increasingly difficult for companies to list domestically. This is especially true for consumer goods enterprises related to 'clothing, food, housing, and transportation' (even 'new consumption').

Data shows that since 2023, consumer stocks have almost disappeared from newly listed A-share companies. Consumer enterprises can basically only obtain financing through markets such as Hong Kong and the United States, with most choosing to go to the Hong Kong stock market.

Hong Kong stock market IPO activities have significantly warmed up. In the first seven months of this year, 51 new shares were listed on the Hong Kong stock market (a year-on-year increase of 27.5%), raising a total of HK$1286 billion (a year-on-year increase of 616%). The CEO of the Hong Kong Stock Exchange said that currently, more than 200 listing applications are under processing, and mainland companies' listing in Hong Kong continues to accelerate.

Over 30 consumer companies go public in Hong Kong, with Frost & Sullivan having the largest number of projects involved

Hong Kong listings have advantages in terms of short cycles, fewer restrictions, inclusiveness, globalization, and refinancing, but they also face challenges such as poor liquidity, valuation lows, and compliance issues. Mr. Wan Yong introduced key aspects such as Hong Kong listing application standards, IPO processes and key links, the fast approval mechanism for A-share listings in Hong Kong, and the overseas listing filing process, providing detailed guidance for consumer enterprises seeking to list in Hong Kong.

Part 2. Hong Kong Listing Road —— IPOs of Consumer Stocks

In the first seven months of 2025, a total of 16 companies in the daily consumption/specialty consumer sector went public on the Hong Kong stock market (including 3 A+H shares), raising approximately HK$281 billion, accounting for 31% and 22% of Hong Kong's IPOs during the same period respectively.

In the first seven months of 2025, consumer stocks included in IPOsHaitian Flavor Industry(106 HK$ billion, A+H),Anjing Food(24 HK$ billion, A+H), etc. In contrast, in 2024, it wasMao GPing(2.7 billion Hong Kong dollars),Tea Hundred Ways(2.6 billion Hong Kong dollars).

Data cutoff: July 31, 2025

Among the 16 consumer stocks listed on the Hong Kong stock market for initial public offerings (IPOs), 13 stocks had cornerstone investors participating in subscriptions, with a cornerstone coverage rate exceeding 80%. A total of 71 cornerstone investors had invested in consumer stocks, accounting for 30.5% of the total number of cornerstone investors; the total investment amount reached HK$9.93 billion, accounting for 35.1% of the global offering amount.

Haitian Flavor IndustryEight cornerstone investors subscribed for HK$4.667 billion, accounting for 46%. The investors include leading private equity firms such as Hillhouse/Horizons/Summit Ridge/Bright Edge [headquarters private equity], GIC/Hong Kong Bank of Commerce/Ruiseven [foreign institutional investors], and Foshan Development [local industrial investment];

Data cutoff: July 31, 2025

The Hong Kong IPO of 16 consumer stocks has attracted over 1.6 million public subscriptions, among which 11 stocks received more than 100 times the subscribed amount, and 7 stocks received more than 10 times the state-allocated subscription amount. Both retail investors and institutions are fully competing for shares. This indicates that consumer stocks are still gaining further market recognition in Hong Kong.

Haitian Flavor IndustryNearly 380,000 people participated in new share subscriptions (the highest in the past four years), with an open subscription ratio of 918 times and a state-owned allocation subscription ratio of 23 times;

Brucoli: 127,000 people subscribed, with a public offering subscription ratio of 6,000 times (the highest within the year and third-highest in history), and state-owned allocation subscriptions at 38.6 times.

Data cutoff: July 31, 2025

The Hong Kong IPO performance of 16 consumer stocks was outstanding, with an intraday increase probability of 62.50% and an average increase of 18.16%; the probability of a first-day increase was 56.25%, with an average increase of 13.78%. Among them, star companies such as BRKU saw an average increase of over 40% on their first day of listing, and their performance in the market has been strong, with stock prices doubling compared to the IPO issue price, attracting widespread market demand!

As of the end of July, more than 30 consumer companies have submitted their listing applications to the Hong Kong Stock Exchange. Among them, seven A-share companies are heading to Hong Kong for a dual listing of A+H shares, including Muyuan Co., Ltd., Sailisi Co., Ltd., Dongpeng Beverage Co., Ltd., Stone Technology Co., Ltd., Jinjiang Hotel Group Co., Ltd., and Linglong Tire Co., Ltd. The first three are all enterprises with a market value of over one hundred billion. In addition, there are many other star consumer companies.

Data cutoff: July 31, 2025

Part 3. Hong Kong Consumer Stocks —— Overall Performance in the Secondary Market

As of the end of July, the total market value of the consumer sector in the Hong Kong stock market exceeded HK$1 trillion, accounting for about 23% of the market value of the Hong Kong stock market. Among them, discretionary consumption accounted for about HK$8.7 trillion (19%), and daily consumption accounted for about HK$1.6 trillion (4%). The turnover of the consumer sector accounts for about 30% of the overall Hong Kong stock market volume. It is a long-term active trading sector with a large number of market investors participating. Together with technology, finance, and healthcare sectors, it constitutes a concentrated liquidity area in the Hong Kong stock market.

Data cutoff: July 31, 2025

The average PE of consumer stocks in the Hong Kong market is about 24x, the average PS is about 1.5x, and the average PB is about 2.5x. The overall long-term valuation level is relatively high (about 11.5x higher than the Hang Seng Index PE), reflecting a good market recognition.

And what kind of consumer enterprises meet the 'aesthetics' of the Hong Kong stock market? They mainly include the following categories.

Outstanding business model: Typical cases such asOld Shop Gold—— More than 20 times increase in value in one year since listing! A representative company of new consumption, with an extremely high brand premium;

Globalized Enterprises That Succeed in Going Global: Typical Casespopomart—— A cumulative increase of 28 times over three years! IP value release + remarkable results in going global, a model of globalization;

Stable profit distribution: Typical cases are as follows:Midea GroupSince 2013, the cumulative dividend has reached 1342 billion RMB, with an average dividend rate of nearly 50%;

Industry leading companies: including the aforementioned companies, as well asMao GPing,zero-carLeading consumer companies, which are also present in the Hong Kong stock market, enjoy a high valuation premium.

popomartIt achieved nirvana through going global, and with the 'recreating a Bubble Mart overseas', its overseas expansion brought about a double boost in valuation and performance. Since the low point in 2022, its stock price has risen by more than 30 times.

In the first half of 2025, Popomart's revenue reached 138.76 billion yuan, a year-on-year increase of 204%. The net profit attributable to the parent company was 45.74 billion yuan, a year-on-year increase of 396%. Both revenue and profit exceeded the full year of the previous year. Among them, overseas business revenue reached 56 billion yuan, a more than threefold increase year-on-year, further advancing towards the goal set of 'half of the revenue coming from overseas'.

At the end of the meeting, Mr. Wan Yong summarized that the Chinese-style new consumption paradigm reflects several characteristics different from the past: faster, smarter, more globalized, younger, and more capital-intensive.

Numerous cases show that only those consumer enterprises that excel in business models, product technology, global layout, and are able to capture the consumption preferences of the younger generation, as well as achieve 'leapfrogging' through the support of the capital market, can go further in the future!

NIE2025｜Frost & Sullivan Chairman and TradeGo CEO Wan Yong: China's New Consumption Paradigm and the Path to Hong Kong Listing

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