辞去铁饭碗30年，前辽阳首富挑战人生第一个IPO

Core Insights - The beauty brand Chando, founded by former Liao Yang billionaire Zheng Chunying, has submitted its listing application to the Hong Kong Stock Exchange, aiming to join other domestic beauty brands in the international capital market [1][2] - Chando's rise in the beauty industry has been significant, with the brand becoming the third-largest domestic cosmetics group in China, achieving a revenue of 4.601 billion yuan in 2024 [1][3] Group 1: Company Background - Zheng Chunying left his stable government job in 1996 to start a beauty brand, recognizing the potential in the largely foreign-dominated market [1] - Chando was established in 2001 and quickly gained popularity with effective marketing strategies, including the famous slogan "You are already beautiful" [1] Group 2: Financial Performance - Chando's revenue has become heavily reliant on its main brand, contributing approximately 95% to the group's income from 2022 to 2024 [3] - The company's revenue growth is nearing a ceiling, with a projected year-on-year growth rate of only 3.58% for 2024 and 3.48% for 2023 [3] - Despite revenue growth, Chando faces a "dilemma" of increasing revenue without corresponding profit, with a net profit of only 203 million yuan and a net profit margin of 4.4% in 2024 [4] Group 3: Listing Strategy - The company plans to raise up to $500 million through its Hong Kong listing to enhance its brand matrix and invest in research and development [2][5] - As of mid-2023, Chando's cash reserves were only 931 million yuan, while its current liabilities exceeded 1.7 billion yuan, indicating a need for additional funding [5] Group 4: Market Sentiment - There are concerns regarding Chando's ability to attract investors, given the sluggish performance of the Hong Kong consumer sector and a more rational investor sentiment towards domestic brands [6][7]