林清轩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, a high-end domestic skincare brand in China, is set to launch an IPO from December 18 to December 23, 2025, offering 13.9665 million shares at a price of HKD 77.77 per share, with a market debut expected on December 30, 2025 [1][2]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, leveraging camellia oil as a key ingredient, and has established a strong market presence since its inception in 2012 [1][2]. - The company has developed a reputation for its "oil-based skincare" philosophy, with its first camellia oil essence launched in 2014, which has since become a cornerstone of its product line [1][2]. - Lin Qingxuan's camellia oil essence has ranked 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 an estimated RMB 461.9 billion by 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 category, Lin Qingxuan ranked 10th among high-end brands, with a 2.2% market share, and is the leading domestic brand in this segment [2]. Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements totaling approximately USD 62 million from various investors [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 the sales network, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix expansion through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3].