Reported 7 months ago
With recent oversupply causing egg prices to plummet to a near three-year low, major egg producer Big Wushan's stock market debut today saw a disappointing start with a 13% drop to 49.5 yuan per share. This significant decrease from the underwriting price of 57.13 yuan could result in allotment winners losing over 7,000 yuan each. As egg prices have fallen for four consecutive weeks, the market prices for eggs have hit new lows, affecting Big Wushan whose main products include fresh eggs, liquid eggs, soft-boiled eggs, and egg rolls, with a daily production of over 800,000 eggs. The company, with 79% of 2023 revenue coming from fresh eggs, is set to expand with a collaboration with a major Japanese egg-chicken farm and plans to launch 'happiness fresh eggs' in June, with new facilities expected to be completed by the end of 2024.
Source: YAHOO