Company Overview - Qingdao Haishen Hair Products Group Co., Ltd. (referred to as "Haishen") has filed for listing on the main board with the Qingdao Securities Regulatory Bureau on September 18, 2025 [1] - The company was established on June 19, 2020, with a registered capital of 120 million yuan, and is controlled by Qingdao Haishen Holding Group Co., Ltd., which holds 65.36% of its shares [1][2] - As of May 2025, Haishen Group has 16 subsidiaries and 1,400 employees, with 7 factories in China and 2 overseas production bases, exporting to 26 countries and regions [2] Business Development - Haishen started as an exporter of hair products and gained significant recognition in international markets [2] - The company became a supplier for L'Oréal in 2012 and ranked third in export volume among Chinese hair product companies in 2017 [3] - In 2021, Haishen's export volume exceeded 100 million USD for the first time, and in 2022, it completed a Series A financing round [3] Market Position - The hairpiece market is primarily concentrated in Europe, North America, and Africa, with the domestic market gradually emerging [5] - Haishen is recognized as a leading player in the high-end hairpiece export sector, holding the top position in the industry [5] - Competitors in the Chinese market include Rebeccah and Baositang, with Rebeccah facing significant financial challenges recently [5]