On July 1, according to HKEx documents, Tiantu Investment submitted its application for listing in Hong Kong on June 30, with JPMorgan Chase & Co and Huatai International as co-sponsors.

Tiantu Capital mainly invests in consumer industries. As of December 31, 2021, Tiantu Capital has a total asset management scale of RMB 24.9 billion. The company's investments include consumer brands such as Zhou's Black Duck (01458.HK), China Feihe Limited (06186.HK), Nai Xue's tea (02150.HK), Little Red Book, and pleasant tea faces, as well as early and late investments of the company.

As of December 31, 2021, the company had achieved an average internal rate of return of 28.2% in managed funds, analysts said. However, the company's profits fluctuated greatly from 2019 to 2021, and its net profit fell by nearly 40% in 2021. Market fluctuations and operating conditions in the consumer sector are easy to fluctuate the company's performance.

Zhou's Black Duck rose 4.25% to HK $5.400 as of July 1. Naxue's tea fell 1.04% to HK $6.650.