According to Tencent first line, laundry detergent manufacturer Blue Moon passed the listing hearing of the Hong Kong Stock Exchange today.Blue Moon plans to raise $1 billion, the exact amount of which will be determined after the roadshow in the next week or so.

It has been nearly five months since Blue Moon first submitted its listing application on the Hong Kong Stock Exchange. During this period, Blue Moon postponed its listing plan again and again in view of the market reaction and avoiding the listing of Ant Group. Bank of America Corporation, China International Capital Corporation and Citibank are the co-sponsors of Blue Moon's listing.

It is reported that Blue Moon management has already started a large number of non-trading roadshows before the National Day and met a lot of institutional investors.

According to public information, Blue Moon was founded in 1992.The main products cover three categories: clothing cleaning care, personal cleaning care and household cleaning care.The three categories accounted for 87.6%, 5.9% and 6.5% of revenue in 2019, respectively.

According to the Frost Sullivan report, company detergent, hand sanitizer and concentrated detergent products accounted for the largest market share in their respective markets in 2017, 2018 and 2019, respectively.

From 2017 to 2019, its operating income was HK $5.632 billion, HK $6.768 billion and HK $7.05 billion, respectively, representing a compound annual growth rate of 11.9 per cent. Over the same period, homed net profit rose from HK $86 million to HK $1.08 billion, with an average annual compound growth rate of 254.37 per cent. The increase of gross profit margin and the decline of sales expense rate and management expense rate are all important reasons for the rapid growth of Blue Moon net profit.

Hillhouse Capital is the early investor of Blue Moon.In 2010, it invested $45 million, and before going public, it held a 10% stake in blue moon through HCM. If Blue Moon goes public successfully, Hillhouse Capital will usher in the harvest season after holding on for a decade and become the biggest winner behind IPO.