Copper Master (00664) will be listed for public offering from March 23 to March 26, intending to globally issue 7.4068 million H shares.

Master Copper (00664) will be listed from March 23 to March 26, 2026. The company plans to globally sell 7.4068 million H shares, with Hong Kong accounting for 10% of sales and international sales accounting for 90%, with an additional 15% oversubscription option. The selling price per share is 60-68 Hong Kong dollars, with each lot consisting of 100 shares. It is expected that trading of H shares will commence on March 31, 2026 at 9:00 a.m. on the Hong Kong Stock Exchange. Since its establishment, the company has been focusing on combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products. According to the Frost & Sullivan report, as of December 31, 2024, the company ranked first in the Chinese copper cultural and creative craft products market with a market share of 35.0%. The Chinese copper cultural and creative craft products market accounted for approximately 6.3% of the Chinese metal cultural and creative craft products market in 2024, and it is now a more specific area within the broader cultural and creative craft products market, with the company holding approximately 0.2% market share in this segment in 2024. Copper cultural and creative products remain the core category in the company's product matrix. The copper cultural and creative craft products market is relatively concentrated, with the top three market participants accounting for over 71.9% of the market total revenue as of December 31, 2024. The company's revenue from copper cultural and creative products were RMB 480 million, RMB 488 million, RMB 551 million, RMB 389 million, and RMB 425 million for the years ending 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively, accounting for 95.4%, 96.3%, 96.6%, 96.7%, and 94.8% of total revenue for the corresponding periods. Based on this foundation, the company has gradually expanded into diverse material categories including plastic figurines and toys, silver cultural and creative products, and gold cultural and creative products. For the years ending 2022, 2023, 2024, and the nine months ending September 30, 2025, the company had revenue of RMB 503 million, RMB 506 million, RMB 571 million, RMB 402 million, and RMB 448 million, respectively. The gross profit margin for the corresponding periods was 32.2%, 32.4%, 35.4%, 35.6%, and 34.3%, demonstrating stable performance in business expansion and operational efficiency. The company entered into cornerstone investment agreements with cornerstone investors at HSBC International. The cornerstone investors have agreed, subject to certain conditions and restrictions, to subscribe for or cause designated entities to subscribe for the total amount of shares worth HKD 30 million at the offering price. The company believes that the cornerstone allocation demonstrates the confidence of the cornerstone investors in the company and its business prospects, and the cornerstone allocation will help enhance the company's image. The company has known the cornerstone investors in the course of its daily operations. Assuming a offering price of HKD 64.0 per share (the mid-point of the indicative pricing range) and assuming no exercise of oversubscription rights, the company estimates that it will receive net proceeds of approximately HKD 418 million from the global offering. Approximately 38.0% of the proceeds will be allocated to enhancing the company's product development and design capabilities, which are the basis of the company's growth strategy; approximately 24.0% will be allocated to enhancing the company's internal capacity and strengthening demand forecasting and manufacturing output consistency to improve delivery flexibility and support long-term product supply; approximately 24.0% will be allocated to expanding and strengthening the company's retail and marketing infrastructure, focusing on consolidating the company's direct store network in China, accelerating international deployment, and enhancing the company's digital marketing and content development capabilities; approximately 4.0% will be allocated to enhancing the company's digital and information infrastructure; and approximately 10.0% will be retained for general operating funds and operational flexibility.