According to Futu News on March 28,$FUJING HOLDINGS (02497.HK)$It opened sharply higher on the first day and is now up 109.26%. As of press release, it reported HK$2.26, with a turnover of over HK$38 million and a total market value of HK$1.13 billion.
Market source: Futu Securities
According to previously public information, in the Futu dark market transaction on the previous trading day, Fujing China Holdings closed high, closing up 108.33% to HK$2.25, with a turnover of HK$3.166,400, with a total market value of HK$1,125 billion; 2,000 shares per lot, without handling fees, earned HK$2,340 per lot.
Furthermore, according to previous public information, during the public sale phase, Fujing China Holdings was subscribed about 294.13 times, and the final number of shares distributed to the public sale was 14.62 million shares, accounting for about 14.62% of the total number of shares offered (before any over-allotment rights were exercised). A total of 12,820 valid applications were received, and the number of applications processed was 3,833. The approximate percentage of H shares allocated in first-hand lots was 10.02% of the total number of applications.
Company Overview
Fujing China is the largest producer of potted vegetable agricultural products in Shandong Province. Since 2012, it has mainly sold its potted vegetable agricultural products in Shandong Province, and extended its sales network to Xi'an City in Shaanxi Province and Dalian City in Liaoning Province in 2019. As of the latest effective date, Fujing China has three large-scale planting sites in Laixi, Xi'an and Dalian, with a total area of about 431,605 square meters, including 140 high-standard greenhouses, with a total construction area of 155,401 square meters. In order to ensure quality and meet relevant food safety regulations, all potted vegetables are carefully grown in strictly temperature-controlled greenhouses within its own base. Among them, potted vegetables produced at the Laixi base have passed the certification of pollution-free agricultural products by the Qingdao Municipal Bureau of Agriculture and Rural Affairs. During the past record period, Fujing China's products were promoted and sold under the brand “Fujing Agriculture”, covering 29 varieties of potted vegetable agricultural products. The distributors sold potted vegetable agricultural products through a network of distributors in China, and the distributors then resold their products to more than 1,000 end customers distributed in Shandong, Liaoning, and Shaanxi provinces in China.
China's vegetable agricultural products market and the potted vegetable agricultural products market are extremely fragmented, each with about 1 million to 2 million vegetable producers and thousands of potted vegetable producers. In 2022, Shandong Province was the largest producer of potted vegetables in China, and its potted vegetable agricultural products accounted for about 20.3% and 19.0% of total sales in the country, respectively. Fujing China's market share in Shandong Province in 2022 was 14.8%. 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.
Financial Overview
In terms of financial conditions, Fujing China's total revenue for the 2020, 2021, and 2022 fiscal years was RMB 121.4 million, RMB 154.9 million, and RMB 126.7 million, respectively. The compound growth rate for the 2020-2022 fiscal year reached 2.16%. In the same period, Fortune China's net profit was RMB 43.777 million, RMB 473.04 million, and RMB 31.809 million, respectively. For the nine months ended September 30, 2023, Fujing China's total revenue was approximately RMB 121 million and net profit was approximately RMB 41.11,000.
Editor/Jaryn