-01- On March 17, according to the China Securities Regulatory Commission (CSRC), Nongfu Spring's overseas IPO filing materials were accepted the previous day, marking a significant step in its long-awaited listing journey. It is worth noting that Nongfu Spring's listing has been a long-drawn-out process, spanning more than a year or two. Previously, there were multiple rumors of an IPO, but the company consistently denied them. According to the author's incomplete statistics, since 2000, news of Nongfu Spring's listing has periodically surfaced in the capital market, but the company has always denied such reports. In 2008, Nongfu Spring signed a listing advisory agreement with CITIC Securities, covering aspects such as learning legal compilation materials related to listing, clarifying specific development goals and implementation paths, and adjusting application plans. In March 2017, there were reports that Nongfu Spring was included in the list of companies in the Zhejiang jurisdiction that were in the tutoring period for listing. In response, Zhou Li stated that the company had no intention to list. Three months later, Zhong Shanshan publicly stated: "The capital market emphasizes demand and being demanded, but Nongfu Spring currently has no demand, so there is no need to list." Subsequently, in November 2017, there were rumors that Nongfu Spring would backdoor-list through Zhejiang George White Apparel Co., Ltd., but George White denied this. In August 2018, Nongfu Spring was disclosed to be undergoing A-share listing tutoring. In December of the same year, Nongfu Spring terminated the listing tutoring. The company's head again emphasized that the company had no listing plans and did not need to rely on the capital market, hence the termination. In November last year, according to Bloomberg, Nongfu Spring's Hong Kong IPO was planned to take place as early as the first half of 2020, with a fundraising scale of at least $1 billion. Another insider revealed that Nongfu Spring was in consultation with financial advisors regarding the listing. Now, in this "special" year of 2020, news of Nongfu Spring's listing has emerged again. Will it successfully list as rumored in 2019? -02- According to public data, Nongfu Spring was established in 1996, mainly producing bottled water, fruit and vegetable juices, tea beverages, and soft drinks. Its beverage brands include Nongfu Spring, Nongfu Orchard, and Scream. The "2018 Zhejiang Merchants National 500 List" published by Zhejiang Merchants Magazine showed that in 2017, Nongfu Spring's revenue reached 16.25 billion yuan, a year-on-year increase of 8.3%. From 2013 to 2016, its revenues were 9 billion yuan, 9.09 billion yuan, 12.6 billion yuan, and 15 billion yuan, respectively. According to the All-China Federation of Industry and Commerce and related public information, Nongfu Spring's 2018 revenue exceeded 20.9 billion yuan, a year-on-year increase of approximately 28.6%, with unaudited net profit of 3.62 billion yuan, a year-on-year increase of 7.3%. In the drinking water sector, Nielsen data showed that in 2018, Nongfu Spring ranked first in the industry with a 26.5% market share, followed by China Resources C'estbon and Ganten with 21.3% and 10.1% market shares, respectively. -03- Some industry insiders believe that "Nongfu Spring's listing is an inevitable outcome." The current economic environment has changed. With the adjustment of Nongfu Spring's strategy, a Hong Kong IPO is conducive to aligning its marketing and R&D with international standards, accelerating the layout of channels, products, and new retail. However, others have expressed that "there are also certain uncertainties for Nongfu Spring after listing." For example, after a successful listing, according to listing rules, Nongfu Spring's supervision and finances will be transparent, and its original development intentions and plans may be coerced and changed by the capital market.