林清轩启动公开招股，国货高端护肤品牌冲刺港股上市

Group 1 - Lin Qingxuan has officially launched its public offering today, aiming to list on the Hong Kong Stock Exchange by the end of this month, marking a significant step towards entering the capital market [1][5] - The company has attracted several well-known cornerstone investors, including Fidelity, indicating strong interest and recognition from the international capital market for high-end domestic skincare brands [2][7] - The funds raised from this offering will primarily be used for brand value creation, multi-channel sales network development, strengthening production supply chain capabilities, and enhancing technology research and product portfolio expansion [2][7] Group 2 - There are concerns regarding the sustainability of Lin Qingxuan's high-end positioning and business model, particularly regarding its significant investment in sales and marketing compared to relatively limited investment in research and development [3][8] - The company's revenue heavily relies on its signature camellia oil product, raising questions about its ability to diversify and create a balanced product portfolio for future growth [3][8] - Lin Qingxuan's past marketing strategies, including unique promotional methods, have sparked discussions about their alignment with the brand's high-end professional image, highlighting the need for compliance in marketing activities to maintain consumer trust [3][8] Group 3 - The listing of Lin Qingxuan is viewed as an important attempt for domestic brands to break through in the increasingly competitive Chinese high-end skincare market [4][9] - The market's ultimate evaluation of the company will depend not only on how it narrates its high-end domestic brand story but also on its ability to build a sustainable product strength and brand value system [4][9]