IFBH (06603) tumbled more than 12% to hit HK$4.26, marking a new all-time low since its market debut. At the time of writing, the stock was down 12.14% at HK$4.305, with turnover reaching HK$4.08 million.

According to announcements from the Shanghai and Shenzhen stock exchanges, IFBH has been removed from the eligible securities list for the Stock Connect scheme, effective today (September 7). Under the current rules, once a company is excluded from the Hang Seng Connect program, mainland investors are no longer able to purchase its shares and can only sell their existing holdings.

The company's flagship product, if coconut water, was once the hottest-selling coconut water brand in the Chinese market, holding the top market share position, which made its stock a rising star in the new consumer sector on the Hong Kong bourse. However, that momentum has gradually faded. In the first half of this year, IFBH posted revenue of US$50.395 million, a year-on-year decline of 46.65%, while profit attributable to shareholders of the parent company fell 69.4% to US$4.582 million. The drop in revenue was primarily driven by lower coconut water sales, particularly in mainland China and Hong Kong, where revenue decreased by 50.7% and 23.5%, respectively.