---
title: "Stock Price Hits New Low: Has if-Led Coconut Water 'Fallen from Grace'?"
description: "When a coconut costs 10 yuan but 1L of coconut water is only 9.9 yuan, the category is bound to undergo a reshuffle. On November 17, IFBH Limited (IFBH), the world's second-largest coconut water company, saw its stock price drop 7.59% to close at HK$19.37, hitting a new low since its listing, down over 30% from the offer price of HK$27.8 and more than halved from its intraday high of HK$48.8 on July 3."
author: "让消费更纯粹的"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2025-11-21"
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citation: "让消费更纯粹的. “Stock Price Hits New Low: Has if-Led Coconut Water 'Fallen from Grace'?.” New Distribution, 2025-11-21. https://xinjignxiao.com/en/articles/stock-price-hits-new-low-has-if-led-coconut-water-fallen-from-grace-7e1bac01/"
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---

# Stock Price Hits New Low: Has if-Led Coconut Water 'Fallen from Grace'?

> When a coconut costs 10 yuan but 1L of coconut water is only 9.9 yuan, the category is bound to undergo a reshuffle. On November 17, IFBH Limited (IFBH), the world's second-largest coconut water company, saw its stock price drop 7.59% to close at HK$19.37, hitting a new low since its listing, down over 30% from the offer price of HK$27.8 and more than halved from its intraday high of HK$48.8 on July 3.

### **Source** | 整点消费 **ID** | ZDXFBA Author | 整点消费
When "a coconut costs 10 yuan, but 1L of coconut water is only 9.9 yuan," it is destined that this category needs to be reshuffled.
On November 17 at market close, IFBH Limited (hereinafter "IFBH"), the world's second-largest coconut water company, saw its stock price fall 7.59% to close at HK$19.37 per share, hitting a new low since its listing, down over 30% from the offer price of HK$27.8, and even more than halved from the intraday high of HK$48.8 per share on July 3.
Behind IFBH's falling stock price is the "growing pains" of the entire domestic coconut water market undergoing a process of survival of the fittest.
**The Leader "Races Ahead"**
Four and a half months ago, on June 30, as IFBH founder and CEO Pongsakorn Pongsak stepped onto the stage to ring the bell, IFBH officially became a listed company on the Hong Kong Stock Exchange. Its opening stock price surged 58%, and its market value briefly exceeded HK$12 billion. IFBH also became a "light-asset miracle" with only 46 employees (including 20 full-time sales staff) creating a market value of over ten billion Hong Kong dollars.
Behind IFBH's move into the spotlight is the rapid expansion of the domestic coconut water market.
According to a report from Qince Consumer Research Institute, in 2019, coconut water accounted for only 0.6% of the domestic juice market, but by 2024, it had risen to 5.7%, with corresponding market sizes of 690 million yuan and 7.91 billion yuan (by retail sales), a compound growth rate as high as 63%, making it a veritable dark horse in the beverage industry.
IFBH has also become the biggest winner in the domestic coconut water market. In its prospectus, IFBH stated that it was the second-largest company in the global coconut water beverage market in 2024, ranked first in the mainland China coconut water beverage market for five consecutive years, and ranked first in the Hong Kong coconut water-related market for nine consecutive years (with a market share of about 60%).
According to a report from CIC Consulting, in the domestic coconut water market, IFBH's if brand leads the mainland industry with a 34% market share, followed by Vita Coco (12%-15%) and Jiaguoyuan (8%-10%), while traditional giant Yeshu holds less than 5%.
Image source: @溢福if
In the first half of 2025, IFBH achieved revenue of $94.464 million (approximately RMB 670 million), a year-on-year increase of 31.5%, of which coconut water revenue was $91.51 million, up 33.3% year-on-year, and other beverage revenue also increased by approximately 57% year-on-year.
Coconut water revenue as a proportion of total revenue rose from 95.6% in the same period last year to 96.9% in the first half of this year, and if brand revenue as a proportion of total revenue rose from 82.4% in the same period last year to 89%. By region, the mainland China market remains IFBH's main source of revenue, accounting for over 92% of total revenue, with a year-on-year increase of approximately 30%.
Moreover, IFBH stated in its financial report: "With enhanced marketing efforts, we expect sales in the mainland China market to continue to increase."
Perhaps due to its reliance on and optimism about the Chinese market, according to multiple media reports, IFBH Group signed a cooperation agreement with Shanghai West Hongqiao Science and Technology Innovation Development Co., Ltd. IFBH Group will officially settle in the Hongqiao International Central Business District and establish the if brand China headquarters.
**A "Free-for-All" Among Competitors**
As the world's largest consumer market, any category in China, as long as there is a market, is bound to face fierce market competition, and coconut water is no exception.
Image source: Huabin Coconut Water
Public data shows that between 2023 and 2025 alone, the number of coconut water brands surged from 32 to over 50. In addition to brands like if, Vita Coco, and Jiaguoyuan, traditional beverage companies such as Huanlejia, Wahaha, Uni-President China, and Sussa have launched coconut water products. In recent years, many emerging brands such as Kekemanfen, Kookai Coconut, and Coconut Know have accelerated their layout, resulting in a lively scene of "old, middle-aged, and young" competitors on the same stage.
However, in this melee, there are not a few companies that "make up the numbers," leading to a continuous decline in coconut water prices. For 9.9 yuan or even less, one can buy 1L of coconut water claimed to be 100% pure. In reality, a coconut may cost 10 yuan or more, and a coconut contains only about 300ml of coconut water.
Behind the low prices, there are undoubtedly new tricks such as "blending," "passing off old as new," and "concentration and reduction." In simple terms, blending is "water + sugar + flavoring," passing off old as new is selling old coconut water as fresh coconut water, and concentration and reduction is diluting concentrated coconut water with water... In any case, to create more affordable products, companies are finding ways to reduce costs.
These are still under conditions where the price of green coconut raw materials does not fluctuate. But in recent years, with the booming market for coconut beverages, coupled with climate factors, the price of coconut water raw materials has also risen. Data shows that over the past 12 months, the procurement price of Thai old coconuts has risen from 2,800 yuan per ton to 4,500 yuan, an increase of 60.7%, and the price of fresh green coconuts has soared to 22,000 yuan per ton.
This is also the key reason why brands such as IFBH, Huanlejia, and Jiaguoyuan are establishing raw material supply bases overseas.
**Seeking a "Breakthrough"**
Although coconut water has become a frequent promotional item on shelves, and many terminal companies have launched their own private-label coconut water brands, the future growth potential of the entire track is still obvious to all.
Data from Qince also shows that the domestic coconut water market is expected to exceed 10.06 billion yuan in 2025, and continue to expand at an average annual rate of 20%, reaching 19.41 billion yuan by 2029, with a compound growth rate of 40% from 2019 to 2029.
Zhu Danpeng, a Chinese food industry analyst, told 整点消费: "At present, the entire domestic coconut water market has entered a new stage of flourishing, but overall, as the consumer market declines, many low-priced coconut waters have room to survive. However, like other categories, coconut water faces different consumption levels from high to low. Although the entire industry is at a chaotic point of 'selling dog meat under a sheep's head,' the Matthew effect in the future will be very obvious."
Indeed, in the coconut water category, leading companies such as IFBH and Jiaguoyuan are making simultaneous efforts to strengthen their brands and supply chains, striving to drive out bad money with good money and accumulate strength for the healthy and sustainable development of the coconut water market.
For example, IFBH's financial report shows that its top five suppliers account for 96.9% of procurement, and Thai OEM General Beverage, as a major shareholder, supplies over 70% of its coconut water raw materials.
Image source: @佳果源
Jiaguoyuan, on the other hand, revealed to the author that the brand is currently focusing on three aspects to create differentiation. "First, launching organic coconut water, low GI, and other products to continuously promote the iterative upgrade of the coconut water category; second, completing the construction and operation of its own factory in Thailand to strengthen the stability of its supply chain and suppress the impact of cost fluctuations; third, improving product testing standards, such as through isotope determination, to dispel consumer concerns about exogenous sugar and additive use in coconut water."
It is understood that most coconut water products currently use GB/T 31121-2014 "Fruit and Vegetable Juices and Their Beverages" as a reference standard, but this standard mainly targets juice products. Its indicators have clear requirements for physicochemical indicators such as soluble solids, acidity, and sugar content of fruit and vegetable juices, but its applicability to the physicochemical indicators (such as potassium and sodium content) and processing technology of coconut water is limited.
Although Hainan Province has issued the "Coconut Water and Its Beverages" group standard, which puts forward requirements for raw materials and processes of coconut water, this standard is not mandatory...
Therefore, in the face of constant industry changes, for the coconut water category to develop better in the future, efforts need to be made from multiple dimensions, including raw materials, enterprises, and national standards.


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## Citation metadata

- Publisher: New Distribution
- Author: 让消费更纯粹的
- Published: 2025-11-21
- Canonical: https://xinjignxiao.com/en/articles/stock-price-hits-new-low-has-if-led-coconut-water-fallen-from-grace-7e1bac01/
- Original source: https://mp.weixin.qq.com/s/ZL-vWC8MuyWMa7ztDK5vrQ

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