来源：瑞恩资本RyanbenCapital 2025年9月23日，来自上海普陀区的不同集团BUTONG GROUP(简称"不同集团")(06090.HK)，成功在香 港联合交易所主板挂牌上市。 不同集团是次IPO全球发售1,098.09万股(占发行完成后总股份的12.10%，每股发售价71.20港元，募集资 金总额约7.82亿港元，募资净额约7.18亿港元。 不同集团是次招股，公开发售部分获3,317.47倍认购，国际发售部分获7.37倍认购。 不同集团是次IPO招股引入3名基石投资者，合共认购1500万美元(约1.17亿港元)的发售股份，其中信庭 基金认购500万美元、上海通怡(华泰掉期)认购500万美元，Great Praise认购500万美元。基石投资者认 购股份占全球发售完成后总股份的1.81%。 招股书显示，不同集团在上市后的股东架构中，汪蔚先生通过WANGBOYAN持股46.55%；沈凌女士通 过SLING持股5.95%；SLING授予WANGBOYAN其所持全部股份的投票权，合计持股52.50%。其他股东 包括WEILING(BUTONG ESOP)持股5.74%；天图投资(01973.HK)通 ...

Group 1 - The core viewpoint of the article is that Different Group (06090) has successfully listed its shares, with an initial pricing of HKD 71.2 per share and a total issuance of 10.98 million shares, raising approximately HKD 718 million in net proceeds [1] - As of the report, the stock has surged by 41.01%, trading at HKD 100.4 with a transaction volume of HKD 159 million [1] - Different Group specializes in designing and selling parenting products, with its first brand BeBeBus established in 2019, focusing on the high-end parenting product market [1] Group 2 - BeBeBus has quickly become a leader in its niche, ranking first among durable parenting product brands targeting mid-to-high-end consumers in China, according to Frost & Sullivan data based on 2024 GMV [1] - The company has demonstrated strong financial performance, with revenues increasing from RMB 507 million in 2022 to RMB 1.249 billion in 2024, reflecting a compound annual growth rate (CAGR) of 56.9% [1] - The adjusted net profit has shown an even more impressive CAGR of 236.8% during the same period, indicating significant profitability growth [1] - The unique brand positioning and forward-looking business strategy have contributed to high customer loyalty and elevated average transaction values for BeBeBus [1]

Core Viewpoint - The company plans to conduct an initial public offering (IPO) from September 15 to 18, 2025, aiming to globally offer 10.9809 million shares at a price range of HKD 62.01 to HKD 71.20, with an expected listing date of September 23, 2025 [1] Company Overview - The company focuses on designing and selling parenting products, with its BeBeBus brand established in 2019, becoming a well-known brand in China's mid-to-high-end parenting product market [1] - In 2024, the company is projected to hold a market share of 4.2%, ranking second in the industry [1] Growth Strategy - The company adopts a growth model that targets the complex, high-demand, and high-ticket parenting product market, such as baby strollers and child safety seats, to build brand image and expand its product line [1] Investment and Funding - The company has signed agreements with cornerstone investors, with a total subscription amount of USD 15 million [1] - It is expected that the net fundraising amount after expenses will be approximately HKD 662 million [1] Use of Proceeds - The raised funds will primarily be allocated as follows: - 25.7% for enhancing production capacity - 16.6% for expanding overseas markets - 34.1% for brand activities and sales network expansion - 13.6% for new product research and development - 10% for working capital and general corporate purposes [1]

Core Viewpoint - The company is set to launch an initial public offering (IPO) with a global offering of 10.98 million shares, targeting both local and international investors, with a share price range of HKD 62.01 to 71.20, indicating strong market interest in its high-end parenting products [1] Group 1: Company Overview - The company specializes in designing and selling parenting products, with its first brand, BeBeBus, established in 2019, focusing on the mid-to-high-end consumer segment [1] - BeBeBus has quickly gained a strong market position in China's mid-to-high-end parenting product market, achieving a market share of 4.2% and ranking second among brands in this segment as of 2024 [1][2] Group 2: Growth Strategy - The company has developed an effective growth model by entering high-demand, high-ticket parenting product categories such as strollers, car seats, cribs, and high chairs, which has helped establish its premium brand image [2] - By diversifying its product offerings to meet various parenting needs, the company has not only increased its revenue streams but also strengthened its brand [2] Group 3: Investment and Financials - The company has secured cornerstone investors who have agreed to subscribe for shares worth USD 15 million under certain conditions, indicating strong backing for the IPO [3] - Assuming a midpoint share price of HKD 66.60, the company estimates a net proceeds of approximately HKD 662 million from the global offering, with allocations for production capacity enhancement, market expansion, brand activities, R&D, and working capital [4]

Core Viewpoint - BUTONG GROUP (referred to as "BeBeBus") has submitted an updated prospectus for its IPO on the Hong Kong Stock Exchange after a previous application became invalid. The company aims to raise funds to enhance production capacity, expand its overseas market presence, and invest in research and development of new products [1][3]. Group 1: Company Overview - BUTONG GROUP is a Chinese company focused on designing and selling parenting products, established in November 2018. The main operating company is "创造不同（宁波）有限公司" [4]. - The company has undergone multiple rounds of financing, including A round (approximately 30 million RMB), A+ round (approximately 36 million RMB), and B round (approximately 140 million RMB) [4][5]. Group 2: Financial Performance - The revenue for BUTONG GROUP in 2022, 2023, and 2024 was approximately 507 million RMB, 852 million RMB, and 1.25 billion RMB, respectively. The gross profit for the same years was approximately 241 million RMB, 427 million RMB, and 629 million RMB, with net profits of -21 million RMB, 27 million RMB, and 58 million RMB [7][8]. - For the first half of 2025, the revenue was approximately 726 million RMB, compared to 582 million RMB in the same period of 2024, indicating growth [7][8]. Group 3: Revenue Sources - The company's revenue comes from various product sales, including travel, sleep, feeding, and infant care scenarios. The travel segment was the largest revenue source until 2024, contributing approximately 5.71 billion RMB, but its share decreased to 45.7% [10][12]. - The infant care segment has emerged as a new growth point, with revenue increasing from approximately 42 million RMB in 2022 to 3.88 billion RMB in 2024, accounting for 31.1% of total revenue [12]. Group 4: Shareholder Structure - The major shareholders include Wang Wei holding 52.95%, Shen Ling holding 6.77%, and various venture capital firms such as Tiantu Capital and Gaorong Capital [6][4]. - The executive team includes Wang Wei as the Chairman and CEO, Shen Ling as the Executive Director, and Lin Junjie as the CFO [6]. Group 5: Product and Market Strategy - The company has expanded its product offerings significantly, increasing the number of SKUs in infant care products from 142 in 2022 to 290 in the first half of 2025 [12]. - The company operates its own stores on platforms like Tmall, JD.com, and Pinduoduo, directly selling products to consumers [13].