Lam Ching Hin (02657) opened its IPO from December 18th to December 23rd, attracting cornerstone investors such as Fidelity Fund.

Lin Qingxuan (02657) launched its IPO from December 18th to December 23rd, 2025. The company plans to globally offer 13.9665 million shares, with 10% allocated for sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option. The offering price is set at HK$77.77 per share, with 50 shares per lot. The shares are expected to start trading on the Stock Exchange of Hong Kong on December 30th, 2025. The company is a high-end Chinese skincare brand that focuses on the anti-aging and firming skincare market, known for its long-term dedication to providing high-end skincare solutions based on camellia oil through its flagship brand, Lin Qingxuan. Since starting camellia oil skincare research in 2012, the company has pioneered the concept of "nourishing the skin with oil" and introduced the camellia facial oil essence. The company is committed to providing safe and effective skincare products, with the first camellia oil essence launched in 2014 becoming the foundation of the company's core oil-based skincare product line. With over a decade of effort, the company has accumulated professional knowledge in anti-aging essence oil products at the cellular level, with the camellia oil essence maintaining the top spot in national facial oil products for 11 consecutive years since 2014 based on total retail sales. In recent years, the Chinese skincare market has steadily grown, with the industry market size increasing from RMB 3.329 billion in 2019 to RMB 4.619 billion in 2024, with a compound annual growth rate of 6.8%. Particularly, the high-end segment has seen significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024. According to data from Zhoushi Consulting, Lin Qingxuan ranked 13th among all high-end skincare brands in China (including Chinese and international brands) in terms of retail sales in 2024, holding a 1.4% market share and being the only Chinese brand in the top 15 high-end skincare brands. In 2024, Lin Qingxuan was the top high-end Chinese skincare brand in terms of retail sales. Anti-aging and firming products have become a major segment and growth driver in the overall skincare market, accounting for 25.9% of the Chinese skincare market in 2024, with a compound annual growth rate of 15.0% from 2019 to 2024. In terms of retail sales of anti-aging and firming skincare products in 2024, Lin Qingxuan ranked 10th among all high-end skincare brands (including Chinese and international brands), holding a 2.2% market share and being the only Chinese brand in the top 10. The same data source also placed Lin Qingxuan as the top Chinese brand in the same segment market in 2024. The company has entered cornerstone investment agreements with Fidelity Funds, Mega Prime, LVC, Duckling Fund, SS Capital, Dajia Life, and Yield Royal Investment. Under these agreements, the cornerstone investors have agreed to subscribe at the offering price or induce designated entities to subscribe for a certain amount of shares, with a total amount of approximately USD 62 million. Based on the offering price of HK$77.77 per share and assuming the over-allotment option is not exercised, the company estimates to receive a net proceeds of approximately HK$997 million after deducting underwriting commissions and other estimated expenses for the global offering. Following the company's strategy, it plans to allocate the net proceeds as follows: approximately 20.0% for brand value shaping and promotion, 20.0% for enhancing the deepening construction of the company's omnichannel sales network, 15.0% for strengthening production and supply chain capabilities, 15.0% for technology research and product portfolio expansion, 15.0% for driving organic incubation and external mergers and acquisitions to create a brand matrix, 5.0% for digitizing and intelligentizing operational and information infrastructure, and 10.0% for working capital and general corporate purposes.