On Sunday, the Thai drink maker cleared a major regulatory hurdle with the publication of its Post Hearing Information Pack by the Hong Kong stock exchange.
IFBH had planned to list in Singapore, where it is incorporated, but withdrew its IPO plans in July 2024, citing a desire to “focus its resources on the [Hong Kong] stock exchange” and take advantage of the city’s strong investment connectivity with mainland China.
One key link is the Stock Connect programme, a conduit through which international investors can access China’s onshore stock market, while their counterparts on the mainland trade Hong Kong-listed equities. Hong Kong’s stock market was also much larger, with a market capitalisation of US$6.33 trillion as of June 15, compared with Singapore at US$483 billion, according to Bloomberg’s data.
“We aim to solidify our market penetration and presence in China, while extending our reach into Australia, the Americas and Southeast Asia,” IFBH said.
Last year, the company commanded a 34 per cent share of the coconut-water market in mainland China as well as a 60 per cent share in Hong Kong.
