# Yang Fan

The Billion-Dollar Plum: How a 13-Year-Old Meme Fueled a Chinese IPO Frenzy

Anhui-based snack giant Liu Liu Mei surged 193% in its Hong Kong IPO, driven by a legendary 13-year-old internet meme and an accidental acronym association with AI. Despite its multi-billion dollar valuation, the company faces structural challenges including a massive imbalance between marketing spend and R&D investment.