New Stock News | Qiyunshan once again submits documents to the Hong Kong Stock Exchange for a fruit snack company that specializes in selling Nanjujube food products.

According to the disclosure by the Hong Kong Stock Exchange on March 13th, Jiangxi Qiyunshan Food Co., Ltd. (hereinafter referred to as Qiyunshan) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited as its exclusive sponsor. The company had previously submitted an IPO application to the Hong Kong Stock Exchange on June 27, 2025. Company Overview According to the prospectus, Qiyunshan is a Chinese company that primarily sells fruit snacks made from southern jujube products. Based on data from Zhuoshi Consulting, Qiyunshan accounted for 32.4% of the Chinese southern jujube food market in terms of retail sales in 2024, ranking first in the industry. Since 1997, Qiyunshan's flagship product, Southern Jujube Cake, has been certified as "green food" by the China Green Food Development Center for 29 consecutive years, and was recognized as a nationally protected geographical indication product in 2018. Qiyunshan launched its first Southern Jujube Cake in 1992. Over the years, Qiyunshan's product portfolio has expanded to include four other varieties of Southern Jujube snacks and other fruit and vegetable cakes. According to Zhuoshi Consulting data, the Chinese snack market is highly fragmented. In the 2024 fiscal year, the top five and top ten companies collectively held only 5.9% and 10.4% of the total market share, respectively. The market size of the Chinese fruit snack market is RMB 99.5 billion, accounting for 7.4% of the entire snack market in China. Based on retail sales in the 2024 fiscal year, Qiyunshan ranked ninth in the Chinese fruit snack industry with a market share of 0.6%. As of the latest practicable date, Qiyunshan has two main Southern Jujube products, namely Southern Jujube Cake and Southern Jujube Granules. Other products include Southern Jujube Jelly, Southern Jujube Gummy, Southern Jujube Frozen, and other fruit and vegetable cakes (including navel oranges, green plums, loquats, and water chestnuts). In addition to selling Southern Jujube products, the company also provides brand planning and marketing services related to its Camellia oil products to Qiyunshan's Camellia oil tea. Qiyunshan has a comprehensive offline distribution network that has penetrated markets in southern China. During the reporting period, the company cooperated with 162, 199, and 230 offline distributors, respectively. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, Qiyunshan realized revenues of approximately RMB 247 million, RMB 339 million, and RMB 314 million, respectively. Net Profit In the fiscal years 2023, 2024, and 2025, Qiyunshan's net profits were RMB 23.705 million, RMB 53.199 million, and RMB 48.925 million, respectively. Industry Overview The market size of the Chinese fruit snack market increased from RMB 66.3 billion in 2019 to RMB 99.5 billion in 2024, with a compound annual growth rate of 8.5% during the period. Driven by factors such as increased health awareness, technological advancements, diversification of sales channels, and product innovation, the Chinese fruit snack market is expected to further grow to RMB 151 billion by 2029, with a compound annual growth rate of 8.7% from 2024 to 2029. Southern jujube is a subtropical fruit that is native to parts of southern and southeastern Asia. The fruit is small, oval-shaped, and turns yellow-green when ripe, with a sweet and sour taste and a rich, refreshing texture. Southern jujube food products refer to products made primarily from Southern jujube pulp, processed into various forms such as jujube cake, jujube granules, jujube jelly, jujube beverages, jujube jam, etc. Jujube cake is a type of fruit cake and a main category of Southern jujube food. In 2019, the market size of Chinese Southern jujube food was RMB 991.4 million, growing to RMB 1.88 billion in 2024, with a compound annual growth rate of 13.7%. It is expected to further grow to RMB 3.9292 billion by 2029, with a compound annual growth rate of 15.9%. Board of Directors Information The board of directors consists of nine directors, including one employee representative director and three independent directors. The board of directors appoints one chairman and two vice-chairmen. The chairman and vice-chairmen are elected by a majority vote of all directors. Distribution of Equity The core management shareholders (holding 68.79% of Chongyi Food Factory's registered capital and 68.32% of Yunzhi Above Limited's partnership equity) have entered into a joint action agreement, thereby constituting Qiyunshan's controlling shareholders along with Chongyi Food Factory and Yunzhi Above Limited. As of the latest practicable date, Chongyi Food Factory holds 75% of the company's equity, with the core management shareholders collectively owning 68.79% of the shares. The core management shareholders consist of 6 individuals, including all executive directors, namely Mr. Liu Zhigao (also Chairman and General Manager of the company), Mr. Zhu Fangyong, Mr. Liu Jiyand, Ms. Yang Yulan, Mr. Huang Zhongming, and Mr. Ling Huashan, who respectively hold 24.25%, 22.03%, 14.69%, 3.13%, 2.04%, and 2.65% of Chongyi Food Factory's equity. On the same day, Yunzhi Above Limited holds 25% of the company's equity, with the core management shareholders collectively owning 68.32% of the shares. This includes Mr. Liu Zhigao, Mr. Zhu Fangyong, Mr. Liu Jiyand, Ms. Yang Yulan, Mr. Huang Zhongming, and Mr. Ling Huashan holding 16.46%, 12.80%, 11.89%, 7.93%, 10.73%, and 8.51% of Yunzhi Above Limited's equity, respectively. Intermediary Team Exclusive Sponsor: China International Capital Corporation Limited Company Legal Advisors: King & Wood Mallesons, King & Wood Beijing (Guangzhou) Law Firms Exclusive Sponsor Legal Advisors: He Wei Law Firm, Jun He Law Firms Beijing Accountants and Reporting Accountants: Ernst & Young Industry Consultants: Zhuoshi Industry Consulting Co., Ltd. Compliance Advisors: China International Capital Corporation Limited