From Breakingviews: A Chinese liquor group’s $800 million listing will invigorate Hong Kong's IPO market, says mak_robyn
Compared to the sobering new reality of slower growth and increased government oversight for China tech, alcohol makers, particularly smaller ones like ZJLD, have it easier. Revenue at the company, which will be the first baijiu distiller to list in Hong Kong, was up a healthy 15% last year, while its adjusted net profit margin topped 20%. Over the past three years, an index for mainland liquor stocks has surged 96%, trouncing the broader benchmark CSI 300's 7% gain.
For Hong Kong, consumer stocks will put the focus back onto classic risks. As part of President Xi Jinping's campaign to achieve self-sufficiency in areas like semiconductors and artificial intelligence, authorities want to ban certain food and beverage, home appliances and education companies from equity financing on mainland stock exchanges, the Financial TimesThe track record has been patchy, though.
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