Core Insights - The surge of Chinese beauty brands aiming for IPOs on the Hong Kong Stock Exchange reflects a strong desire for growth and market expansion within the industry [1][7] - The listing of Lin Qingxuan marks a significant milestone as it aims to enhance its multi-brand and global strategy [1][7] - The performance of beauty stocks varies significantly, with some brands experiencing substantial declines post-IPO [2][8] Industry Trends - Over 41 beauty-related companies have pursued IPOs since 2025, covering various segments of the supply chain [1][7] - Lin Qingxuan's IPO on December 30, 2025, was well-received, with its stock price rising 9.3% on the first day, achieving a market capitalization of over 11.8 billion HKD [2][8] - Conversely, brands like Pechoin have faced stock price declines, with a notable drop in revenue growth, indicating market concerns about sustainability [2][8] Market Challenges - Several previously popular brands, such as Betaini and Huaxi Biological, have seen stock price declines, suggesting a reevaluation of their growth models and valuations [3][8] - The internationalization strategies of these brands are still in early stages, with limited overseas sales contributing to overall revenue [4][11] - Brands face challenges in establishing a strong presence in international markets, often relying heavily on domestic success factors like online marketing and social media [11][12] Strategic Moves - Companies are increasingly focusing on international expansion, with many viewing the Hong Kong listing as a critical step towards building global brand recognition [4][10] - Pechoin has made strategic investments to enhance its capabilities, including acquiring stakes in medical companies to bolster its credibility [12] - Lin Qingxuan and other brands are exploring overseas markets, but their current international sales remain minimal, highlighting the need for stronger brand positioning abroad [11][12]
毛戈平林清轩们资本市场交锋 但上市仅是开始