Fujing China Holdings (02497) fell more than 21% on the second trading day after listing. As of press release, it was down 21.62% to HK$1.16, with a turnover of HK$13.6076 million.
The Zhitong Finance App learned that Fujing China Holdings (02497) fell more than 21% on the second trading day after listing. As of press release, it fell 21.62% to HK$1.16, with a turnover of HK$13.6076 million.
According to reports, Fujing China is the largest producer of potted vegetables and agricultural products in Shandong Province. The company's market share in Shandong Province was 14.8% in 2022. In that year, the group achieved sales revenue of RMB 126.7 million, accounting for about 3.1% of the total sales revenue of the Chinese potted vegetable market. However, the company confessed in its prospectus that the company mainly operates in Shandong, and it is expected that Shandong Province will still account for most of its operations in the near future. Due to the concentration of profits, the economic situation and local government policies of Shandong Province will all have an impact on its business, financial situation, and operating performance.
In terms of performance, from 2020 to 2022 and January to September 2023, Fujing China achieved revenue of about 121 million yuan, 155 million yuan, 127 million yuan and 121 million yuan respectively; in the same period, it achieved annual profit of 43.778 million yuan, 47303 million yuan, 31.112 million yuan and 41.17 million yuan, respectively. In addition, the raw material costs of the company's products accounted for a high sales cost. They were 49.1%, 47.9%, 47.2% and 47.7% respectively during the same period. Among them, organic base components were the most important raw material costs.