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To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name
/
Code
Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
B&K Corp-B
02396.HK
Grey Market Today
Biotechnology - Pharmaceuticals Pending 200 10,302.88
-
-
Detail Quote
BenQ BM Holding
02581.HK
Grey Market Today
Health Care Services Pending 500 5,898.90
-
-
Detail Quote
Nanhua Futures
02691.HK
Grey Market Today
Investment Banking & Brokerage Pending 500 8,080.68
-
-
Detail Quote
Impression Dahongpao
02695.HK
Grey Market Today
Movies & Entertainment Pending 1,000 4,141.35
-
-
Detail Quote
Last update: 2025-12-18 12:30:06
Name
/
Code
Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date
Listing Date
Nuobikan
02635.HK
Advanced hardware and software 80-106 50 5,353.45 2025/12/18 2025/12/22 2025/12/23
QingSong Health
02661.HK
Health Care Services 22.68 200 4,581.75 2025/12/18 2025/12/22 2025/12/23
Hanx Bio-B
03378.HK
Biotechnology - Pharmaceuticals 28-32 100 3,232.27 2025/12/18 2025/12/22 2025/12/23
Forest Cabin
02657.HK
Beauty & Toiletries Products and Services 77.77 50 3,927.72 2025/12/23 2025/12/29 2025/12/30
USAS Building
02671.HK
Building Construction 7.1-9.16 300 2,775.71 2025/12/23 2025/12/29 2025/12/30
Xunce Technology
03317.HK
e-Commerce & Internet Services 48-55 100 5,555.47 2025/12/23 2025/12/29 2025/12/30
InSilico Medicine
03696.HK
Biotechnology - Pharmaceuticals 24.05 500 12,146.27 2025/12/23 2025/12/29 2025/12/30
OneRobotics
06600.HK
Advanced hardware and software 63-81 100 8,181.69 2025/12/23 2025/12/29 2025/12/30
51World
06651.HK
Next-generation information technology 30.5 200 6,161.51 2025/12/23 2025/12/29 2025/12/30
Summary
We are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, distinguished by our longstanding commitment to premium skincare solutions rooted in camellia-based ingredients under our flagship brand Forest Cabin. Since embarking on our camellia-based skincare research journey in 2012, we have pioneered the “oil-based skincare” philosophy and the camellia facial essence oil, according to CIC. Our commitment to creating safe and effective skincare products culminated in the 2014 launch of our inaugural Camellia Essence Oil — the foundational product that established our signature oil-based skincare product line. Over the decade, we have built expertise in cellular-level anti-wrinkle essence oil. Our Camellia Essence Oil had ranked first in China by total retail sales across all sales channels among all facial essence oil products for 11 consecutive years since 2014.

The skincare market in China has shown consistent growth in recent years, with the industry’s market size expanding from RMB332.9 billion in 2019 to RMB461.9 billion in 2024, representing a CAGR of 6.8%. Notably, the premium segment has grown significantly, rising from RMB74.9 billion in 2019 to RMB114.4 billion in 2024. According to CIC, in 2024, Forest Cabin ranked 13th among all premium skincare brands in China (including both domestic and international brands) by retail sales with a market share of 1.4%, and was the only domestic brand among the top 15 premium skincare brands in China. In 2024, Forest Cabin ranked first among all premium domestic skincare brands in China by retail sales.

Among the overall skincare market, anti-wrinkle and firming products have become a key segment and growth driver, accounting for 25.9% of China’s total skincare market in 2024, with a CAGR of 15.0% during 2019 and 2024. By retail sales of anti-wrinkle and firming skincare products in 2024, Forest Cabin ranked tenth among all premium skincare brands in China (including both domestic and international brands) with a market share of 2.2%, and was the only domestic brand among the top ten premium skincare brands. According to the same source, Forest Cabin also ranked first among domestic brands in the same market segment in China by retail sales of anti-wrinkle and firming skincare products in 2024.

OUR BRAND AND PRODUCTS

Our brand draws inspiration from China’s deep botanical heritage, with camellia-based ingredients at its core. Known for its nourishing and regenerative properties, camellia has been documented in classical Chinese texts such as The Classic of Mountains and Seas 《( 山海 經》), Compendium of Materia Medica 《( 本草綱目》) and Lingnan Herbal Medicine Records (《嶺南草藥誌》). These origins not only ensure the exceptional quality of our core ingredient but also reinforce our commitment to authenticity and cultural resonance.

We offer a comprehensive selection of premium skincare solutions under Forest Cabin, encompassing essence oils, face creams, toners and lotions, serums, facial masks and sunscreens, designed to support the full skincare routine from cleansing and toning to moisturizing and targeted treatments. As of June 30, 2025, Forest Cabin offered 230 SKUs.

During the Track Record Period, Forest Cabin contributed substantially all of our revenue, amounting to RMB685.0 million, RMB797.1 million, RMB1,197.8 million, RMB525.2 million and RMB1,041.9 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively, accounting for 99.1%, 99.0%, 99.0%, 99.0% and 99.1% of our total revenue in each respective period.

Central to our product portfolio is our signature Camellia Essence Oil, which had recorded cumulative sales of over 45 million bottles since its launch as of June 30, 2025. The product also remains as the only product in the facial essence oil category in China to achieve over RMB100 million in retail sales for eight consecutive years, according to same source.



Source: Forest Cabin (02657) Prospectus (IPO Date : 2025/12/18)
Listing Market MAIN
Industry Beauty & Toiletries Products and Services
Background H Shares
Major Business Area China
Corporate Information
Substantial Shareholders Sun Laichun (Total share: 71.34%); (H share: 62.27%)
Youngor Fashion Co., Ltd. (Total share: 4.04%); (H share: 5.32%)
Directors Sun Laichun (Founder and Chairperson and President and Executive Director)
Gao Hongqi (Deputy General Manager and Executive Director)
Jing Aimei (Non-Executive Director)
Liu Yuliang (Independent Non-Executive Director)
Qiang Yilan (Independent Non-Executive Director)
Zhu Qian (Independent Non-Executive Director)
Company Secretary Tam Pak Yu, Vivien
Zeng Lu
Principal Bankers China Merchants Bank Co., Ltd.
Solicitors Clifford Chance
Jingtian & Gongcheng
Auditors Ernst & Young
Registered Office 40th Floor, Dah Sing Financial Centre No. 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No (852) 2980-1333
Internet Address https://www.forest-cabin.com
Email Address ir@lqxgroup.com
Tel No (86 21) 5100-1979
Fax No
 
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