In March 2026, Lenovo Holdings announced that, through its subsidiary Joyvio Group, it would jointly acquire shares in Joy Wing Mau, facilitating the exit of certain shareholders and clearing obstacles for the fruit supply chain company to pursue a Hong Kong IPO. Joy Wing Mau has been deeply engaged in the industry for nearly 30 years. Its previous A-share listing plan failed, but this renewed effort, with the full support of Lenovo Holdings, represents a crucial step in advancing its capitalization strategy led by its largest shareholder.
Founded in 1998, Joy Wing Mau began in the fruit supply chain and has since built a fully integrated industry chain covering variety introduction, authorized cultivation, cold chain logistics, omnichannel distribution, and brand marketing. After Joyvio Group, a subsidiary of Lenovo Holdings, invested in the company in 2015, the two parties became closely integrated. In 2019, Joy Wing Mau began preparations for an A-share IPO, but the process was terminated in 2023 due to multiple factors. Subsequently, its Hong Kong IPO plan also stalled due to shareholder disagreements and the strong desire of some investors to exit, bringing the capitalization process to a standstill.
To break the deadlock, Lenovo Holdings initiated an equity restructuring. Joy Wing Mau repurchased 14.13% of its shares from shareholders, including Junlian Shengyuan and Xiamen C&D, for RMB 1.086 billion, and plans to repurchase an additional 2.49% from Suying Shengfeng. Meanwhile, Joyvio Agricultural Investment acquired shares in a rural industry fund for RMB 420 million, increasing Joyvio's stake to 44.32%. Joyvio Industrial Development further acquired a 10.64% stake in Bountifresh for RMB 121 million, raising its total holding to 76.01%. The total transaction value exceeded RMB 1.6 billion.
At the same time, Joy Wing Mau plans to use the 26.88 million shares repurchased in the first round for management incentives, covering Chairman Zhang Jian, founder Liao Maohua, and other core team members. The incentive price will be based on 2022 benchmarks and net asset value. With the company currently valued at approximately RMB 5 billion, this move not only aligns management interests but also signals confidence in the listing to the market.
Operationally, Joy Wing Mau has demonstrated stable performance. From 2023 to the first nine months of 2025, the company recorded a cumulative net profit of nearly RMB 820 million (RMB 266 million in 2023, RMB 309 million in 2024, and RMB 245 million in the first nine months of 2025). In 2024, its revenue exceeded RMB 20 billion (approximately USD 2.8 billion), far surpassing Pagoda's RMB 10.27 billion and Hongjiu Fruit's RMB 15 billion in 2022, making it a benchmark player in the industry.
Its supply chain capabilities are particularly strong: the company operates more than 30 cold chain logistics centers, with a network covering over 300 cities, serving more than 10,000 supermarkets and 25,000 fruit specialty stores. It is a core supplier to Walmart, Sam's Club, Yonghui, and Hema, and is also an exclusive supplier of Zespri kiwifruit, while maintaining a close partnership with Nongfu Spring's "17.5 Orange" brand. Although its brand recognition remains relatively limited, its supply chain penetration extends across the entire fruit consumption chain.
Lenovo Holdings has set a strict timetable: Joy Wing Mau must complete a qualified listing application by September 30, 2027, and achieve a Hong Kong listing by December 31, 2027. If these targets are not met, Lenovo Holdings may require management to repurchase 180 million shares at HKD 12.32 per share (totaling approximately HKD 2.22 billion), while Joyvio's average acquisition cost is only about HKD 8 per share. Conversely, management may also require Lenovo to repurchase shares at the same price, forming a two-way exit mechanism.
The fruit industry faces both opportunities and challenges. China is the world's largest producer and consumer of fruit, second only to grain and vegetables in overall industry size, but competition remains intense. Community group buying and e-commerce platforms continue to exert downward pressure on prices and margins, while upstream supply is highly affected by climate conditions, and imports face exchange rate and logistics fluctuations. Leading companies are also under pressure: Hongjiu Fruit has been delisted, and Pagoda reported a loss of RMB 342 million in the first half of 2025, accompanied by store closures. All of these factors add uncertainty to Joy Wing Mau's listing prospects.
For Lenovo Holdings, the listing of Joy Wing Mau is key to unlocking the value of its agricultural segment. Since the establishment of Joyvio Group in 2012, the agricultural business has remained under pressure (recording a net loss of RMB 144 million in the first half of 2025), while the fruit business has become its core pillar. This IPO effort is not only about capitalization, but also about resource integration and strengthening its position within the industry.
At present, preparations for the Hong Kong IPO are underway, although neither party has disclosed specific progress. Whether this leading fruit supply chain company, with annual revenue exceeding RMB 20 billion and cumulative net profit of over RMB 800 million in three years, can overcome industry challenges with Lenovo's backing remains to be seen.
Source: New Knowledge Institute
