China's largest fruit retailer Shenzhen Pagoda Industrial has filed for an initial public offering in Hong Kong yesterday. Founded in 2001, the Shenzhen-based firm mainly sells fruits and fruit-based products such as dried fruits and juice. It was ranked first among all retailers that sell fruits in China in terms of fruit retail sales value in 2021, the firm said in a filing, citing data from Frost & Sullivan.
It had a total of 5,351 stores located in over 130 cities across China, among which 5,336 were franchised stores and 15 were self-operated stores, according to the filing. The company reported a net profit of 234.8 million yuan (HK$278.73 million) last year, an increase of 3.79 times, while revenue for the same period rose 16 percent to 10.29 billion yuan.