If there are only 46 employees in the global coconut water company.

IFBH Limited, which took the Chinese market by storm with its "if coconut water", encountered a "cold wave" in the capital market less than five months after its listing on the Hong Kong Stock Exchange. On November 21, the stock price of IFBH Limited's parent company, if coconut water, opened low and continued to fall, hitting a new low since its listing: 17.8 Hong Kong dollars per share. This price has dropped more than 30% compared to the offering price of 27.8 Hong Kong dollars per share; and has fallen over 60% from the high point of 48.8 Hong Kong dollars per share in July. At the time of writing, IFBH was trading at 18.09 Hong Kong dollars per share, down 3.93%, with a total market value of 4.824 billion Hong Kong dollars, which is close to half of the IPO valuation. The continuous decline in the stock price may reflect concerns in the market about the sustainability of its over-reliance on a single product and its light asset operating model, as well as the high concentration of risks in raw materials and production. Previously, IFBH's prospectus disclosed a set of data: by the end of 2024, the company had only 46 full-time employees worldwide, yet it achieved a revenue scale of over 1.1 billion dollars. This "extremely light asset" model, while bringing efficiency, also carries many hidden risks.