Nongfu Spring (农夫山泉) IPO: Bottle Size Matters, Photos on the Ground
We visited a supermarket RT-Mart (大润发) and a convenience store Lianhua (联华) in Shanghai. We believe Nongfu Spring’s advantages are (1) plastic...
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Nongfu Spring Pre-IPO - First Stab at Valuation
Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...
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Nongfu Spring: Double-Digit Growth Rates and Margin Upside Likely With Cash Generation - So Why IPO?
In our earlier report, we covered Nongfu Spring (NON HK)’s background, its business model, and the growth prospects and risks it faces in the...
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Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth
Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...
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Nongfu Spring Pre-IPO: Take a Sip
Following China’s recovery from the coronavirus outbreak, the country’s leading bottled water manufacturer is now expecting to go public with a USD...
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