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Liuliumei, or Liuliumei Orchard Group, is China's category leader in green-plum and plum-based snacks, ranking first in 2024 China retail sales of plum products, fruit snacks, and natural-ingredient jelly with market shares of 7.0%, 4.9%, and 45.7%. The company is listing in Hong Kong at a fixed offer price of HK$43.58 on 2026-06-15, offering about 11.46 million H shares globally, raising net proceeds of about HK$440 million, and at one point drawing margin oversubscription of more than 240x on the first day. Research rating Watch: a real profitable niche leader, but slowing growth, weakening gross margin, deteriorating cash flow, and governance issues leave valuation as the only meaningful support.