Multinational health supplies company Happy Comfort (02698) launched a Hong Kong stock IPO with a luxury lineup of cornerstone investors including Southern Fund, Rich Fund, and E Fund, among others, subscribing to $139 million.

Luxury Comfort (02698) will be listed from October 31, 2025 to November 5, 2025, with a global offering of 90.884 million shares, of which 10% will be publicly offered in Hong Kong and 90% will be offered internationally (subject to reallocation), with an additional 15% share over-allotment option. The offering price per share is HK$24.2-26.2, with a board lot of 200 shares. The shares will be listed for trading on the Stock Exchange of Hong Kong starting at 9:00 am on November 10, 2025 (Monday). In addition, the company has entered cornerstone investment agreements with BA Sprout Limited and BA HM Limited, Arc Avenue, Arcane Nexus, Beijing Shunao, CDH Emerging Markets, HCEP, NewTrails Capital and NewTrails Forest, Southern Fund, Rich Fund and Rich Hong Kong, Yifangda Fund Management and Yifangda Hong Kong, Charisma Mega, TruMed Healthcare Master Fund and TruMed Health Innovation Fund LP, Qihuirunjin, Huaxia Fund (Hong Kong), and Jane Street. The cornerstone investors have agreed to subscribe for a total amount of approximately US$139 million at the offering price, subject to certain restrictions. Assuming an offering price of HK$25.20 per share and the non-exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HK$2.141 billion, with approximately 71.4% intended for expanding overall capacity and upgrading production lines; approximately 11.6% for marketing and promotional activities in Africa, Latin America, and Central Asia; approximately 4.7% for strategic acquisitions in the hygiene products industry; approximately 0.4% for upgrading the CRM system and gradually implementing it in business operations across multiple countries; approximately 2.6% for hiring management consulting companies for analysis of new markets and products, and providing advice on strategy execution and corporate management; and approximately 9.3% for operating funds and general corporate purposes. The company is a multinational hygiene products company focusing on rapidly growing emerging markets in Africa, Latin America, Central Asia, etc., mainly engaged in the development, manufacturing, and sales of baby diapers, baby pull-up pants, sanitary napkins, wet wipes, and other baby and feminine hygiene products. During the past performance period, the majority of the company's revenue came from sales to African customers. According to Frost & Sullivan data, based on sales volumes in 2024, the company ranked first in the African baby diaper and sanitary napkin markets with market shares of 20.3% and 15.6%, respectively; and based on revenue in 2024, the company ranked second in the African baby diaper and sanitary napkin markets with market shares of 17.2% and 11.9%, respectively. During the past performance period, the company's revenue and net profit experienced significant growth. Revenue increased by 28.6% from US$320 million in 2022 to US$411.4 million in 2023, and by 10.5% from US$411.4 million in 2023 to US$454.4 million in 2024, as well as by 15.5% from US$139.6 million in the four months ended April 30, 2024, to US$161.3 million in the four months ended April 30, 2025. Net profit increased by 251.7% from US$18.4 million in 2022 to US$64.7 million in 2023, and by 47.0% from US$64.7 million in 2023 to US$95.1 million in 2024, as well as by 12.5% from US$27.7 million in the four months ended April 30, 2024, to US$31.1 million in the four months ended April 30, 2025.