According to reports in Hong Kong media, Chinese supermarket brand Freshippo, which was launched in 2015 by e-commerce giant Alibaba and also known as Hema Fresh, plans to list on the Hong Kong Stock Exchange as early as November. The company is reportedly accelerating preparations for its IPO, with the actual listing timeline and valuation dependent on market conditions. However, Freshippo has stated that it has no comments to make on the rumors of the listing.
In March this year, Alibaba unveiled its “1+6+N” reform plan, marking a significant milestone for the e-commerce giant. As part of this initiative, Alibaba’s six major business groups have set up their respective boards, and both Freshippo and logistics company Cainiao have launched their plans to list on the stock exchange. On the evening of May 18, Alibaba announced its financial results for the fiscal year ended March 31, 2023. The report revealed that Alibaba’s board of directors had granted approval for Freshippo to begin its public listing process, which is expected to be completed within the following 6-12 months. If all goes as planned, Freshippo will become Alibaba’s first independently listed subsidiary since the inception of the 1+6+N plan.
The data shows that Freshippo achieved significant revenue growth of over 25% YoY in 2022, accompanied by an impressive growth of more than 247% for Freshippo X member stores. On June 21, the China Chain Store & The Franchise Association released its annual ranking of China’s top 100 chain stores for 2022. In a remarkable feat, Freshippo made its debut in the top 10, earning the top spot with total sales of 61.00 billion Chinese yuan ($8.51 billion). sixth place. In other words, each of the 300 Freshippo stores included in the analysis achieved an average sales of 203 million yuan (US$28.3 million), underscoring the chain’s outstanding performance.
Image: Alibaba
This article has been translated from Chinese. Read the original article.
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