Three Squirrels Approved for Hong Kong IPO Despite Profit Drop
Three Squirrels Inc., a Chinese snack food company, has received approval from the China Securities Regulatory Commission (CSRC) for an Initial Public Offering (IPO) in Hong Kong. The company aims to sell 81.5 million shares in this listing, although the primary bank involved remains unspecified.
Three Squirrels' IPO plan was formally registered by the CSRC on September 30. Despite a 52% drop in profit to 138 million yuan in the first half of 2023, the company's revenue increased by approximately 8% to 5.48 billion yuan ($770 million) during the same period. The company's shares listed on the Shenzhen Stock Exchange have decreased by 35% so far this year.
This move is part of a trend seen among Chinese companies listed on domestic A-share markets, with many seeking second IPOs in Hong Kong.
Three Squirrels Inc. has been given the green light for its Hong Kong IPO, despite facing a significant profit decline and a challenging year for its stock performance. The company's revenue growth and the broader trend of Chinese companies seeking Hong Kong listings may indicate a positive outlook for its future prospects.
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