--- title: "[HK IPO] China Resources Beverage, the second largest packaged drinking water company in China" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/24481662.md" description: "The company is a well-known enterprise in China's packaged drinking water and ready-to-drink soft beverage industry. According to a CIC report, the company began production in 1990 and was one of the earliest specialized producers of packaged drinking water in China. After 40 years of development, we have grown into China's second-largest packaged drinking water enterprise and the largest purified drinking water enterprise (with market shares of 18.4% and 32.7% respectively based on 2023 retail sales). The company will start its IPO on October 15, with an offering price range of HKD 13.5~14.5 per share and a board lot size of 200 shares..." datetime: "2024-10-15T14:16:30.000Z" locales: - [en](https://longbridge.com/en/topics/24481662.md) - [zh-CN](https://longbridge.com/zh-CN/topics/24481662.md) - [zh-HK](https://longbridge.com/zh-HK/topics/24481662.md) author: "[小散老俞](https://longbridge.com/zh-HK/profiles/3011188.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/24481662.md) | [简体中文](https://longbridge.com/zh-CN/topics/24481662.md) # [HK IPO] China Resources Beverage, the second largest packaged drinking water company in China The company is a well-known enterprise in China's packaged drinking water industry and ready-to-drink soft beverage industry. According to the CIC report, the company began production in 1990 and was one of the earliest enterprises in China to specialize in the production of packaged drinking water. After 40 years of development, we have grown into the second-largest packaged drinking water enterprise in China and the largest purified drinking water enterprise in China (with market shares of 18.4% and 32.7% respectively based on 2023 retail sales).   The company started its IPO on October 15, with an offer price of HKD 13.5~14.5, 200 shares per lot, a minimum subscription of HKD 2,929.24, a market capitalization of HKD 31.696~34.043 billion, and an issuance of 348 million shares. It belongs to the non-alcoholic beverage industry and has a greenshoe option.     The sponsors are BOCI, CITIC Securities, BofA Securities, and UBS Group. Among them, CITIC Securities has sponsored the most projects in the past two years, with a first-day rise rate of 72.72%, and its overall performance is decent.     There are a total of 9 cornerstone investors, namely UBS AM Singapore, China Travel, Wildlife Willow Limited, China Post Insurance, Oaktree Capital, PT Indadi, Athos, Ghisallo, accounting for 49.43% of the shares at the median offer price, which is a decent proportion.     The retail market size of China's packaged drinking water industry in 2023 was RMB 215 billion, with a compound annual growth rate (CAGR) of 7.1% from 2018 to 2023. It is expected to reach RMB 314.3 billion by 2028, with a CAGR of 7.9% from 2023 to 2028.     The concentration of China's packaged drinking water market continues to increase. Based on retail sales, the combined market share of the top five enterprises increased from 56.2% in 2021 to 58.6% in 2023. According to the CIC report, the company ranked second in China's packaged drinking water market and first in the purified drinking water market in 2023 based on retail sales.     The company's revenues from 2021 to 2023 were RMB 11.34 billion, RMB 12.623 billion, and RMB 13.515 billion, respectively, with a year-on-year growth of 7.07% in 2023. Net profits from 2021 to 2023 were RMB 858 million, RMB 989 million, and RMB 1.331 billion, respectively, with a year-on-year growth of 34.66% in 2023.     Revenue for the first four months of 2024 was RMB 4.15 billion, up 5.34% year-on-year; net profit for the first four months of 2024 was RMB 461 million, up 29.48% year-on-year. The company's performance is solid.     Based on the median offer price, the market capitalization is HKD 32.87 billion, with an issuance of HKD 4.872 billion, accounting for 14.82% of the total. With cornerstone investors locking in 49.43%, the remaining float is HKD 2.464 billion, which is quite large.     The current subscription multiple is 26.86x, and such a high multiple on the first day of the IPO period indicates strong demand. There are still three days left in the IPO period, and the final multiple may exceed 100x. **Subscription Strategy:**      China Resources Beverage ranked second in China's packaged drinking water market and first in the purified drinking water market in 2023. The sponsors' overall performance is decent, with 9 cornerstone investors accounting for 49.43%, which is a decent proportion. The company's performance is also strong, with a 34.66% year-on-year growth in net profit in 2023. Based on the median offer price, the market capitalization is HKD 32.87 billion, with an issuance of HKD 4.872 billion and cornerstone investors locking in 49.43%, leaving a float of HKD 2.464 billion, which is quite large. The company is a good one, but the recent market has been weak, and the performance of recent IPOs has been poor. However, quality companies are still worth participating in. I plan to subscribe with margin! My comments represent personal views only and do not constitute any investment advice. The stock market is risky; invest with caution! Follow me: Small Investor Lao Yu $CR BEVERAGE(02460.HK) ### 相關股票 - [CR BEVERAGE (02460.HK)](https://longbridge.com/zh-HK/quote/02460.HK.md) ## 評論 (2) - **再见理想316 · 2024-10-16T10:48:29.000Z**: 谁能教教小白怎么申购？ - **RichardQ** (2024-10-22T18:32:33.000Z): 同问