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Nongfu Spring Plans $1B Public Stock Offering in Hong Kong Next Month

August 3, 2020: 12:00 AM EST
The Chinese bottled water maker is expected to list its shares in Hong Kong as early as September if the IPO proceeds. Hangzhou-based Nongfu Spring reported a 17.3 percent year-on-year increase in total revenue to ¥24 billion yuan ($3.4 billion) in 2019, up from ¥20 billion yuan a year ago. It also recorded a 2019 profit of ¥4.95 billion yuan, a 20.6 percent increase from 3.61 billion yuan in 2018, according to its prospectus filed in April. The company’s planned development strategies include brand building, expansion of production capacity, investment in infrastructures, and exploration of overseas market opportunities. It is finalizing the purchase of its first overseas water source and production plant, Otakiri Springs, in New Zealand.[Image Credit: © Nongfu Spring]
Isabel Wang, "Chinese Bottled Water Giant Nongfu Spring Prepares for $1 Billion Hong Kong IPO in September", Pandaily, August 03, 2020, © Pandaily
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