IPO Timeline Raw facts
Company Overview
| Stock Name | Forest Cabin |
|---|---|
| Stock Code | 02657 |
| Company Full Name | Shanghai Forest Cabin Cosmetics Group Co., Ltd. |
| Industry | New Energy |
| Principal Activities | We are a high-end domestic skincare brand in China, focusing on the anti-wrinkle and firming skincare product market, and are known for our long-term commitment to providing high-end skincare improvement solutions based on camellia ingredients under our flagship brand 林清軒. |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place 9th Floor, Building 3, No. 339 Tongpu Road of Business in the PRC Putuo District Shanghai, PRC Principal Place of Business in 40th Floor, Dah Sing Financial Centre Hon |
| Business Address (Hong Kong) | No. 248 Queen’s Road East Wanchai Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.forest-cabin.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 77.77 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,888 |
| Par Value | RMB 0.2 / shares |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 13,966,450 shares |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | 139,664,285 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 44.4% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,086,170,816 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 3,888 |
| 2 lots | 100 | HK$ 7,777 |
| 3 lots | 150 | HK$ 11,666 |
| 4 lots | 200 | HK$ 15,554 |
| 5 lots | 250 | HK$ 19,442 |
| 6 lots | 300 | HK$ 23,331 |
| 7 lots | 350 | HK$ 27,220 |
| 8 lots | 400 | HK$ 31,108 |
| 9 lots | 450 | HK$ 34,996 |
| 10 lots | 500 | HK$ 38,885 |
| 12 lots | 600 | HK$ 46,662 |
| 14 lots | 700 | HK$ 54,439 |
| 16 lots | 800 | HK$ 62,216 |
| 18 lots | 900 | HK$ 69,993 |
| 20 lots | 1,000 | HK$ 77,770 |
| 30 lots | 1,500 | HK$ 116,655 |
| 40 lots | 2,000 | HK$ 155,540 |
| 50 lots | 2,500 | HK$ 194,425 |
| 60 lots | 3,000 | HK$ 233,310 |
| 70 lots | 3,500 | HK$ 272,195 |
| 80 lots | 4,000 | HK$ 311,080 |
| 90 lots | 4,500 | HK$ 349,965 |
| 100 lots | 5,000 | HK$ 388,850 |
| 120 lots | 6,000 | HK$ 466,620 |
| 140 lots | 7,000 | HK$ 544,390 |
| 160 lots | 8,000 | HK$ 622,160 |
| 180 lots | 9,000 | HK$ 699,930 |
| 200 lots | 10,000 | HK$ 777,700 |
| 400 lots | 20,000 | HK$ 1,555,400 |
| 600 lots | 30,000 | HK$ 2,333,100 |
| 800 lots | 40,000 | HK$ 3,110,800 |
| 1,000 lots | 50,000 | HK$ 3,888,500 |
| 1,200 lots | 60,000 | HK$ 4,666,200 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 70,000 | HK$ 5,443,900 |
| 1,600 lots | 80,000 | HK$ 6,221,600 |
| 1,800 lots | 90,000 | HK$ 6,999,300 |
| 2,000 lots | 100,000 | HK$ 7,777,000 |
| 4,000 lots | 200,000 | HK$ 15,554,000 |
| 6,000 lots | 300,000 | HK$ 23,331,000 |
| 8,000 lots | 400,000 | HK$ 31,108,000 |
| 10,000 lots | 500,000 | HK$ 38,885,000 |
| 12,000 lots | 600,000 | HK$ 46,662,000 |
| 13,966 lots | 698,300 | HK$ 54,306,791 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 6.08B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +55% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,860,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 8,250,901,371 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 186.8 million |
| Period-End Cash Balance | RMB 229.08 million |
| Listing Expenses | ~HK$ 89,100,000 |
| Listing Expenses / Funds Raised | ~8.2% |
| Total Pre-IPO Investment | RMB 331 million |
| First Day Close | HK$ 85.0 |
|---|---|
| First Day Open | HK$ 85.0 |
| First Day Change | 9.30% |
| First Day Volume | 5242560.0 |
| First Day Turnover | 480253000.0 |
| Use of Proceeds | 1、約20.0%或199.4百萬港元將用于公司的品牌價值塑造與傳播；
2、約20.0%或199.4百萬港元將用于提升公司的全渠道銷售網絡的深化構建及建立海外銷售渠道以推動市場滲透；
3、約15.0%或149.6百萬港元將用于加強公司的生產及供應鏈能力；
4、約15.0%或149.6百萬港元將用于技術研發及產品組合開拓；
5、約15.0%或149.6百萬港元將用于內生孵化與外延并購雙輪驅動，打造品牌矩陣；
6、約5.0%或49.8百萬港元將用于運營及信息基礎設施數字化、智能化建設；
7、約10.0%或99.7百萬港元將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Duckling Fund, L.P. | 77,828,328 HKD | — | 7.17% | — | 6 months | 2026-06-30 |
| 2 | Fidelity International | 116,744,436 HKD | — | 10.75% | — | 6 months | 2026-06-30 |
| 3 | Mega Prime Development Limited | 93,397,882 HKD | — | 8.60% | — | 6 months | 2026-06-30 |
| 4 | SynerSuccess Capital Ltd. | 62,262,662 HKD | — | 5.73% | — | 6 months | 2026-06-30 |
| 5 | Yield Royal Investment Holding (Singapore) PTE. LTD. | 15,565,666 HKD | — | 1.43% | — | 6 months | 2026-06-30 |
| 6 | 大家人寿保险股份有限公司 | 38,912,220 HKD | — | 3.58% | — | 6 months | 2026-06-30 |
| 7 | 正心谷资本 | 77,828,328 HKD | — | 7.17% | — | 6 months | 2026-06-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 孫來春 | — |
| Company Secretary | Ms. Zeng Lu | Ms. Zeng Lu |
Major Shareholders
| Major Shareholders & Holdings | Mr. Sun (beneficial owner, controlled corporation interests) holds 33,570,658 domestic unlisted shares and 66,066,487 H shares, representing approximately 24.04% and 47.30% of the total issued share capital immediately after completion of the Global Offering (62.27% of the relevant class of shares). 上海房角石 holds 14,360,000 domestic unlisted shares and 21,540,000 H shares, representing 10.28% and 15.42% (20.30% of the relevant class of shares). 上海元洄 holds 10,155,000 H shares, representing 7.27% (9.57% of the relevant class of shares). 上海元淦 holds 5,555,500 H shares, representing 3.98% (5.24% of the relevant class of shares). Youngor Fashion holds 5,645,030 H shares, representing 4.04% (5.32% of the relevant class of shares). |
|---|
Market Sentiment
The IPO saw extreme retail enthusiasm with an oversubscription ratio of 1235.81x, indicating fierce demand for this consumer retail stock. Despite this, the hit rate of 14.16% is relatively high, suggesting a broad distribution of lots among smaller applicants. The offer price was fixed at HK$77.77, with no range disclosed, and the overall subscription magnitude signals a highly bullish retail sentiment. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier anomaly exists: applicants in the last A-tier (60,000 lots) had an expected allocation of 0.6594 lots, while those in the first B-tier (70,000 lots) received only 0.26 lots expected—less than half despite a larger application. This sharp drop creates an inefficiency where applying for 60,000 lots yields better odds than 70,000, likely due to balloting mechanics designed to favor smaller bids. Investors should note that broker fees may vary, making this tier structure potentially costly for marginal B-head applicants. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable, as reported mainland and Hong Kong participation percentages are zero. Without holder breakdowns, no trends in regional or gender participation can be inferred. Investors should refer to official sources for any updates or corrections to these figures. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
