To obtain an ultrafine heat-shrinkable conjugate fiber at high productivity, in which a flow-drawing state of a polyester undrawn yarn is realized easily and stably.By drawing undrawn yarn comprising a conjugated polyester polymer and olefin polymer, a flow-drawing process can be easily and stably realized using conventional production facilities; and the heat-shrinkable fiber, a drawn intermediate, and an ultrafine hot-melt adhesive conjugate fiber produced by redrawing the drawn intermediate of the present invention can be obtained with high productivity and excellent runnability. More specifically, the ultrafine hot-melt adhesive conjugate fiber obtained by redrawing can be drawn at a heretofore unseen high drawing magnification, and the fiber structure of the olefin polymer constituting part of the conjugate fiber is markedly developed. The heat-shrinkable fiber and ultrafine hot-melt adhesive conjugate fiber thus obtained can be suitably used in hygiene products and industrial materials by utilizing these features.