New stock news | Jin Xing Beer submitted an application to the Hong Kong Stock Exchange to become the largest craft beer company in China.

According to the disclosure by the Hong Kong Stock Exchange on January 13th, Henan Jinxing Beer Co., Ltd. ("Jinxing Beer") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Bank of China International as its joint sponsors. Company Introduction The prospectus shows that Jinxing Beer is a leading craft beer company dedicated to brewing beer with unique Chinese flavors. According to Zhuoshi Consulting, based on retail sales in 2024 and the nine months ended September 30, 2025, the company ranks as the eighth largest enterprise in the Chinese beer industry and the fifth largest domestic beer enterprise. In the craft beer race, the company is the third largest craft beer enterprise in China and the largest flavored craft beer enterprise, with a market share of 14.6%. The company's product portfolio includes easy-to-drink lager and wheat beers, including series such as pure, raw, and white beer; as well as Chinese craft beers such as jasmine tea, Jinxing Maofeng, and other tea-flavored innovative products. In August 2024, the company launched its first Chinese craft beer, Jinxing Maofeng, and subsequently expanded to include more varieties such as jasmine tea, crystal sugar hawthorn, and sand orange. As of September 30, 2025, the company's Chinese craft beer included 50 SKUs, contributing 78.1% of the revenue for the nine months ended September 30, 2025. In 2023, 2024, and the nine months ended September 30, 2025, the company had 229, 241, and 166 SKUs respectively. By adopting different sizes and designs of packaging, the company optimizes the number of SKUs to meet different usage scenarios and consumer preferences. After introducing Chinese craft beer, the company utilized its unique product positioning and consumption scenarios to add more than 1,000 specialized distributors, building a distribution network that runs parallel and complements the traditional beer distribution system. As of September 30, 2025, the company's distributor network covers 29 provinces nationwide. Financial Information Revenue For the nine months ended September 30 in 2023, 2024, and 2025, the company's revenue was approximately RMB 3.56 billion, RMB 7.3 billion, and RMB 11.1 billion respectively. Profit For the nine months ended September 30 in 2023, 2024, and 2025, the net profit for the year/period was approximately RMB 12.196 million, RMB 1.25 billion, and RMB 3.05 billion respectively. Gross Profit Margin For the nine months ended September 30 in 2023, 2024, and 2025, the gross profit margin was 27.3%, 37.8%, and 47% respectively. Industry Overview Overview of the Chinese Beer Industry In terms of retail sales, the size of the Chinese beer market has grown from RMB 604.3 billion in 2019 to RMB 734.7 billion in 2024, with a compound annual growth rate of 4.0%. It is expected to continue to grow steadily in the next five years, reaching RMB 929.3 billion by 2029, with a further increase in the compound annual growth rate to 4.8% from 2024 to 2029. The Chinese beer market can be categorized into industrial beer and craft beer, with the trend of quality consumption driving rapid growth in the craft beer market in China over the past five years. In terms of retail sales, the size of the craft beer market in China has grown from RMB 12.5 billion in 2019 to RMB 63.2 billion in 2024, with a compound annual growth rate of 38.4%. It is expected to continue to expand rapidly from 2024 to 2029, with an average compound growth rate of 23.6% per year, and the market size is expected to reach RMB 182.1 billion by 2029. Benefiting from the expansion of consumer groups and the increasing demand from consumers for flavor diversity and taste innovation, the Chinese flavored craft beer market has seen rapid growth. In terms of retail sales, the size of the Chinese flavored craft beer market has rapidly grown from RMB 1.5 billion in 2019 to RMB 11.1 billion in 2024, with a compound annual growth rate of 49.3% from 2019 to 2024. It is expected to further expand to RMB 66 billion by 2029, with an expected compound annual growth rate of 42.8% from 2024 to 2029. The proportion of retail sales of Chinese flavored craft beer to total Chinese craft beer retail sales increased from 12% in 2019 to 17.6% in 2024, and it is expected to increase to 36.3% by 2029. Based on the retail sales of beer in 2024, the top five companies in the Chinese beer industry accounted for approximately 64.7%, and the top ten companies accounted for approximately 69.4%. The company ranks as the eighth largest enterprise in the Chinese beer industry in 2024, and also the fifth largest domestic beer enterprise in China (based on whether the business headquarters are in mainland China). As of the nine months ended September 30, 2025, the company is the eighth largest enterprise in the Chinese beer industry and the fifth largest domestic beer enterprise in China. In terms of growth performance, based on the compound annual growth rate of retail sales from 2022 to 2024, the company is the fastest growing among the top ten enterprises in the Chinese beer industry, with a compound annual growth rate of 23.7%. Board of Directors Information The company's board of directors consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors. The directors' term is 3 years and they may be re-elected after the end of their term. Equity Structure As of January 6, 2026, Jinxing Holdings (owned by Mr. Zhang Tieshan and Mr. Zhang Feng with 90.00% and 10.00% equity respectively) holds 74.56% of the company's equity; Mr. Zhang Tieshan directly holds 9.94% of the equity; Mr. Zhang Feng directly holds 8.95% of the equity; and Mr. Zhang Feng, as a general partner of Wancaiheyi, Wancaiheguanli, Wancaihei'er, Wancaihe'sannumber, and Wancaihe'wunumber, collectively holds 6.55% of the equity. Mr. Zhang Tieshan is the father of Mr. Zhang Feng. Mr. Zhang Tieshan, Mr. Zhang Feng, Jinxing Holdings, Wancaiheyi, Wancaiheguanli, Wancaihei'er, Wancaihe'sannumber, and Wancaihe'wunumber collectively hold 100.00% of the company's equity. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Co., Ltd., Bank of China International Asia Ltd. Company Legal Counsel: For Hong Kong and U.S. law: Gallant LLP; For Chinese law: King & Wood Mallesons Beijing Office; For Chinese Data Compliance: King & Wood Mallesons Shanghai Office Joint Sponsors' Legal Counsel: For Hong Kong and U.S. law: Norton Rose Fulbright Hong Kong; For Chinese law: Shanghai Chengmingzhezheng Law Firm Auditors and Reporting Accountants: Ernst & Young Certified Public Accountants Industry Consultant: Zhuoshi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: Maisi Capital Co., Ltd.