Qiyun Mountain's second attempt to list on the Hong Kong Stock Exchange; solidifying its leading position in the southern sour jujube food industry

Jiangxi Qiyunshan Food Co., Ltd. (hereinafter referred to as “Qiyunshan”) has recently made another move to enter the capital market. According to the latest disclosure from the Hong Kong Stock Exchange, the company officially submitted its prospectus on March 13, planning to list on the Main Board of Hong Kong. Zhongtai International is the sponsor for this listing. This is not Qiyunshan’s first attempt to list on the Hong Kong Stock Exchange; its previous application in June 2025 expired due to not completing the review within the required timeframe. This marks the company’s restart of the listing process.

As a fruit snack company specializing in southern sour jujube products, Qiyunshan is headquartered in Chongyi County, Ganzhou City, Jiangxi Province. The company focuses on developing food products centered around southern sour jujube, which is mainly distributed in southern China. To distinguish it from the sour jujube of the Rhamnaceae family, it is commonly referred to as southern sour jujube in the industry. Qiyunshan’s product line is primarily centered on sour jujube cake, first launched in 1992, which has become the company’s flagship product after years of development.

According to data from Zhuoshi Consulting, based on retail sales in 2024, Qiyunshan holds a 32.4% market share in China’s southern sour jujube food market, maintaining the industry’s leading position. This market dominance is attributed to the company’s long-term focus on R&D and production of southern sour jujube foods, forming a relatively complete product system and brand influence. Financially, Qiyunshan has achieved relatively stable revenue growth from 2023 to 2025. Specifically, the company’s total revenue was 247 million yuan, 339 million yuan, and 314 million yuan respectively, with sour jujube cake sales accounting for over 90% of total revenue—2.3 billion yuan, 3.24 billion yuan, and 3.02 billion yuan respectively. Net profit during the same period was 23.705 million yuan, 53.199 million yuan, and 48.925 million yuan, demonstrating strong profitability.

Regarding equity structure, Qiyunshan’s pre-listing shareholder structure is relatively concentrated. Chongyi Food Factory, as the controlling shareholder, holds 75% of the shares; Yunzhishang Limited Partnership holds the remaining 25%, with its investors including shareholders of Chongyi Food Factory and company employees. This ownership arrangement ensures control by the major shareholder while also enhancing the stability of the core team through an employee shareholding plan.