XIAOMI(HK:01810) Xin Lang Zheng Quan·2025-06-11 15:00Group 1 - The company, Tong Shifu, has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] - Previously, Tong Shifu had engaged CICC for listing guidance in June 2022, aiming for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, but terminated the cooperation in September 2024 [1] Group 2 - The founding team of Tong Shifu, led by brothers Yu Guang and Yu Qing, transitioned from a bathroom products company to establish Tong Shifu in 2013 due to market imbalances in the copper crafts sector [2] - The initial shareholder structure was heavily tied to talent retention, with 14 out of 16 natural person shareholders being core members of the previous company, Xiangjiang Technology, funded by Yu Guang [2] - As the company evolved, many initial shareholders exited, leaving only 5 before the IPO, with significant cash-outs by the founders, reflecting a strategic retreat of family capital [2] Group 3 - Tong Shifu's capital story is closely linked to Xiaomi's ecosystem, with a pivotal investment of 56.22 million yuan from Xiaomi's funds in 2017, leading to a nearly threefold increase in valuation over three years [3] - The long-term investment strategy by Xiaomi's capital, particularly through a six-year share transfer agreement, highlights the deep integration of strategic investors with the company's growth [3] - Currently, Xiaomi's capital holds a combined 23.46% stake in Tong Shifu, approaching the founder's 26.27% share, indicating a balanced structure that supports decision-making efficiency and resource integration post-IPO [3]