林清轩(02657)12月18日至12月23日招股 引入富达基金等基石投资者

Core Viewpoint - Lin Qingxuan is set to launch an IPO from December 18 to December 23, 2025, aiming to issue 13.9665 million shares at a price of HKD 77.77 per share, with a significant portion allocated for international investors [1] Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its camellia oil-based solutions [1] - The company pioneered the "oil-based skincare" concept and launched its first camellia oil essence in 2014, which has since become a leading product in the facial essence market [1] - Lin Qingxuan has accumulated expertise in cell-level anti-wrinkle essence oil over more than a decade, with its camellia essence oil ranking first in retail sales among all facial essence products in China for 11 consecutive years since 2014 [1] Industry Insights - The Chinese skincare market has shown steady growth, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [2] - The high-end segment of the skincare market has experienced significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [2] - In 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [2] - In the anti-wrinkle and firming product segment, Lin Qingxuan ranked 10th among high-end skincare brands in China, with a 2.2% market share, and is the leading domestic brand in this category [2] Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements with several funds, totaling approximately USD 62 million [3] - The estimated net proceeds from the global offering are around HKD 997 million, which will be allocated as follows: 20% for brand value creation, 20% for enhancing sales networks, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix development through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3]