Core Viewpoint - Different Group, the parent company of BeBeBus, officially listed on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090," marking it as the "first stock in maternal and infant consumption technology" [3]. Company Overview - Founded in 2018, Different Group focuses on designing and selling parenting products, with its high-end brand BeBeBus covering four key parenting scenarios: travel, sleep, feeding, and hygiene care [3]. - According to Frost & Sullivan data, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on 2024 GMV [3]. Investment Background - Different Group has a healthy cash flow and completed three rounds of financing before its IPO, with investors including Tiantu Investment, Gao Rong Venture Capital, Matrix Partners, and Taikang Life [4]. - Tiantu Investment was the first external investor in Different Group, participating in its A round of financing in 2020 and continuing to support the company through subsequent funding rounds [4]. Market Insights - Tiantu Investment's partner, Li Kanglin, noted that the firm had been researching the maternal and infant sector for over a decade before investing in Different Group, indicating a strategic approach to identifying suitable investment opportunities [5]. - The rapid sales growth of BeBeBus during the 2020 618 shopping festival, where it achieved over 6 million in pre-sales within two hours, highlighted the brand's market potential and led to Tiantu's investment decision [5]. - The increasing attention and investment from new-generation parents in infant care, along with a stable number of newborns each year, present ongoing opportunities in the maternal and infant industry [5]. Future Outlook - The successful listing of Different Group is viewed as a new starting point, with a focus on maintaining core values and innovative product development [6]. - Tiantu Investment plans to continue its deep research and value investment approach, looking for opportunities in the consumer and technology sectors, particularly those driven by quality supply chains and product innovation [6].