Anjoy Foods (02648.HK) will conduct its IPO from June 25 to June 30, 2025. The company plans to globally offer 39.9947 million H shares, with a maximum offer price of HKD 66 per share, raising up to HKD 2.64 billion. Each board lot consists of 100 shares, with a minimum investment amount of HKD 6,666.6. The shares are expected to be listed on the Hong Kong Stock Exchange on July 4, 2025.

Anjoy Foods: Mainland China's Leading Frozen Food Company

Offering ratio: A total of 39.9947 million shares will be offered globally, including 3.9995 million shares (10%) for the Hong Kong public offering and 35.9952 million shares (90%) for the international offering. A 15% over-allotment option is also in place.

Offering price: The maximum offering price is HKD 66 per share. The minimum investment per board lot is approximately HKD 6,666 (based on the highest price and standard fees).

Offering period: June 25 to June 30, 2025

Listing date: Expected to be July 4

IPO sponsors: Joint sponsors are Goldman Sachs and CICC.

Company Profile

Founded in 2001 and headquartered in Xiamen, Fujian, Anjoy Foods is one of the largest frozen food manufacturers in China. Its product lines cover frozen hot pot ingredients, noodle and rice products, and ready-to-eat dishes. The company owns multiple brands, including “Anjoy,” “Anjoy Kitchen,” and “Frozen Master.” Anjoy has established 12 integrated production, sales, and R&D bases across the country, maintains deep cooperation with chain restaurant enterprises such as Haidilao and Xiabu Xiabu, and operates a channel network comprising 54 marketing agencies and over 2,000 distributors.

Financial Information

According to the prospectus and annual reports, Anjoy Foods has maintained steady growth over the past three years: in FY2022, the company recorded revenue of RMB 12.183 billion and net profit attributable to shareholders of RMB 1.101 billion; in FY2023, revenue increased to RMB 14.045 billion and net profit to RMB 1.478 billion, with a net profit margin of about 10.5%; in FY2024, revenue further rose to RMB 15.127 billion, with a net profit of RMB 1.485 billion and a net profit margin of approximately 10.0%. The three-year compound annual growth rate (CAGR) of revenue is about 11.3%, and that of profit is approximately 15.9%. During the reporting period, the gross profit margin remained stable at around 23%. Operating cash flow was positive for three consecutive years, with net inflow reaching RMB 2.104 billion in 2024. Strong cash-generating capacity has enabled the company to maintain an aggressive pace in expanding production capacity, cold chain logistics, and overseas market deployment. As of the end of 2024, the company held cash and cash equivalents of approximately RMB 2.228 billion, with an asset-liability ratio of 23.6%. The overall financial structure is sound, providing a solid foundation for post-IPO capacity expansion and global development.

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