Information on the target
Hangzhou Tongshifu Cultural Creative Group Co., Ltd. (hereinafter referred to as "Tongshifu" or "the Company", stock code: 0664.HK) successfully listed on the main board of the Hong Kong Stock Exchange on March 31, 2026. CMB International acted as the exclusive sponsor, overall coordinator, and global coordinator for Tongshifu's initial public offering (IPO), facilitating the successful issuance and listing of the Company.
The global offering consisted of 7,406,800 shares, representing 11.5% of the total share capital post-offering, with an issue price set at HKD 60.0 per share, raising approximately HKD 444 million. The cornerstone investor for this offering was Cinda International (Hong Kong) Limited, which subscribed for HKD 30 million, accounting for about 6.8% of the base offering size.
Industry overview in the target’s specific country
The market for copper cultural creative products in China has been experiencing significant growth, driven by a rising demand for unique and culturally rich items. According to a report by Frost & Sullivan, Tongshifu ranks first in the Chinese copper cultural creative product market by total revenue, holding a market share of 35.0% as of the fiscal year ending December 31, 2024. This growth is attributed to the increasing popularity of products that blend traditional craftsmanship with modern design.
The competitive landscape of the copper cultural creative product market is relatively concentrated, with the top three market participants accounting for over 71.9% of the total market revenue as of the same fiscal year. Tongshifu's revenue from copper cultural creative products has shown consistent growth, with figures reaching RMB 4.8 billion, RMB 4.9 billion, RMB 5.5 billion, RMB 3.9 billion, and RMB 4.2 billion for the fiscal years ending December 31, 2022, 2023, and 2024, as well as for the nine months ending September 30, 2024, and 2025, respectively.
In addition to its core copper products, Tongshifu is expanding its material offerings to include gold, silver, and plastic, aiming to reach a broader audience and explore new creative avenues. The Company's products are designed to meet diverse customer needs, serving not only decorative purposes but also as ideal gifts for various occasions, including holidays, personal celebrations, and corporate events. Limited edition items, particularly those inspired by the Company's proprietary intellectual property (IP), have also gained popularity among collectors.
The rationale behind the deal This IPO represents a significant milestone for Tongshifu as it seeks to enhance its market presence and capitalize on the growing demand for culturally inspired products. By listing…