Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Jiangxi Qiyunshan Food / Equity Capital Markets

<ul>
<li>Jiangxi Qiyunshan Food, a fruit snacks company, has launched its HK IPO consisting of 25M H shares. The indicative offer price range has been fixed at HK$9.33–13.06 per share.</li>
<li>The company intends to raise HK$200M mainly for expansion of production and storage capabilities, extension of offline sales and distribution network, enhancement of R&amp;D capabilities, and development of e-commerce infrastructure.</li>
<li>The subscription period will close on July 6, 2026, with the shares expected to make trading debut on July 9, 2026. ZTSC is the sole sponsor to the issue.</li>
</ul>


Jiangxi Qiyunshan Food, a fruit snacks company, has launched its HK IPO consisting of 25M H shares. The indicative offer price range has been fixed at HK$9.33–13.06 per share.
The company intends to raise HK$200M mainly for expansion of production and storage capabilities, extension of offline sales and distribution network, enhancement of R&amp;D capabilities, and development of e-commerce infrastructure.
The subscription period will close on July 6, 2026, with the shares expected to make trading debut on July 9, 2026. ZTSC is the sole sponsor to the issue.


Jiangxi Qiyunshan Food IPO: All-Round Expansion to Augment Growth

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.</li>
<li>The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.</li>
<li>Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin</li>
</ul>


The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.
The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.
Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin


Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jiangxi Qiyunshan Food (JQF HK)

Jiangxi Qiyunshan Food IPO: All-Round Expansion to Augment Growth

Jiangxi Qiyunshan Food launched HK IPO consisting of 25M H shares at HK$9.33–13.06 per share. The company intends to raise HK$200M mainly for...

Tina Banerjee

Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangxi Qiyunshan Food IPO: All-Round Expansion to Augment Growth

Jiangxi Qiyunshan Food launched HK IPO consisting of 25M H shares at HK$9.33–13.06 per share. The company intends to raise HK$200M mainly for...

Tina Banerjee

Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

​Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...

Xinyao (Criss) Wang

Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...