Since 2025, a wave of IPOs among beauty-related companies has surged.In March, Chinese skincare brand Guyu was the first to initiate A-share listing counseling; In May, Chinese high-end skincare brand Forest Cabin officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the “first high-end skincare stock in China”; This month, fragrance giant Eternal Group is about to debut on the Hong Kong Stock Exchange, and is expected to claim the title of “first Chinese fragrance stock,” marking a significant acceleration in the industry’s capitalization process.
According to incomplete statistics from CHAILEEDO, in just the first half of 2025, 17 beauty-related companies have been pursuing IPOs, with some already nearing the bell-ringing stage.
So, what industry changes are reflected by these companies rushing to go public?
17 Beauty-Related Companies Rushing for IPOs
Since Mao Geping successfully landed on the Hong Kong Stock Exchange at the end of 2024, the beauty industry has entered a new wave of capitalization.Entering 2025, the IPO fever continues to heat up, with leading beauty companies such as Guyu and Forest Cabin successively joining the IPO queue.
According to CHAILEEDO’s incomplete review, in the first half of this year, 2 beauty-related companies have successfully gone public or been listed.In addition, at least 17 beauty-related companies are currently in the IPO process, covering the entire industry chain, from brands and raw material suppliers to operation service providers.
Among them, brand owners and brand management companies make up the largest group, totaling 6 companies, including Guyu, Forest Cabin, and Eternal Group.Notably, Eternal Group is expected to officially list on the Hong Kong Stock Exchange on June 26, and may become the “first Chinese fragrance stock” in Hong Kong.Raw material suppliers follow, with 4 companies, including Trautec, Yichun Dahaigui Life Science, Wanxiang Technology, and Winkey Technology.
From the perspective of intended listing venues, A-shares are the most popular choice, with 7 companies aiming for the mainland stock market.However, apart from Guyu, which officially began A-share IPO counseling in March this year, most of the other companies had already launched their A-share IPO plans several years ago, and many of them have seen slow progress.
Take Wanxiang Technology as an example: the company submitted its prospectus to the Shenzhen Stock Exchange as early as 2020, but its IPO review was terminated by the ChiNext Listing Committee due to issues such as multiple instances of bribery, tax evasion, and excessive emissions.In November 2023, the company launched its second IPO attempt, but it has yet to make substantial breakthroughs and remains in the counseling stage.
It is worth noting that since last year, the Hong Kong Stock Exchange and the Beijing Stock Exchange have become “hot choices.”In the first half of this year, a total of 9 companies opted to list on the HKEX or the BSE, accounting for 52.94%.Among them, Winkey Technology completed its BSE IPO counseling filing in February, officially listed on the NEEQ in April, and announced this month that it has passed the counseling acceptance by the Shenzhen Securities Regulatory Bureau.
However, the capital market is not without setbacks.For example, in the first half of this year, Miracle Laser and Chicheng Biotech both failed in their IPO attempts.Taking Miracle Laser as a case in point, its IPO journey was fraught with “internal and external troubles”: on one hand, its performance growth remained sluggish, with a marked slowdown in revenue growth; on the other, the company faced repeated governance issues, frequent regulatory penalties in recent years, and instability in its executive team.
This phenomenon serves as a wake-up call for the industry — while chasing capital gains, companies must also focus on strengthening their fundamentals.
Six “First Stocks” Emerge Across Sub-Sectors
For the capital market, choosing the right time to go public is crucial — but so is claiming the title of “first stock.”Clearly, the label of “first stock” highlights a company’s scarcity and competitiveness within its segment.Because of this, securing the “first stock” position has become a key step for companies to attract capital and gain valuation premiums.
According to CHAILEEDO’s incomplete statistics, among beauty-related companies expected to go public in the first half of this year, at least six will become “first stocks” in their respective segments.These successive “firsts” reflect each company’s leading position within its niche market.
For example, Forest Cabin achieved RMB 1.21 billion in revenue and RMB 187 million in net profit in 2024.According to data from China Insights Consultancy, based on retail sales, Forest Cabin ranked first among all Chinese high-end skincare brands in 2024.It is also the only Chinese brand among the top 15 high-end skincare brands in China (including both Chinese and international brands).This means that, if its IPO succeeds, Forest Cabin will become the “first Chinese high-end skincare stock” listed in Hong Kong.
Another standout is Guyu, which is striving to become the “first Chinese whitening skincare stock.”According to public reports, the brand reached a GMV of RMB 5 billion last year.In January this year, Guyu surpassed L’Oréal to rank among the top three in Douyin’s overall beauty brand list, according to its TOP20 rankings.These impressive results give Guyu the confidence and strength to enter the capital market.Besides Forest Cabin and Guyu, other leading brands and brand management companies in their respective niches are also worth noting:Eternal Group is poised to become the “first Chinese fragrance stock”;Dr. Plant may claim the A-share title of “first domestic mono-brand beauty store stock.”
In the raw material supplier segment, Winkey Technology is expected to become the “first peptide raw material stock,” while Yichun Dahaigui Life Science is vying for the title of “first squalane raw material stock.”For example, Winkey Technology, one of the earliest companies in the industry to engage in peptide innovation and industrialization, has completed the registration of 16 new cosmetic raw materials — the highest number in China.Of these, 11 are peptide-based materials, making it the company with the most registered peptide ingredients since the new regulations took effect. It continues to lead the active peptide material market.
All these companies vying for “first stock” titles have established unique advantages in their respective sub-sectors, backed by strong performance data and market share.
Their industry leadership positions have won them the favor of capital markets.
Cracking the A-Share “IPO Bottleneck”: Beauty Companies Flock to Hong Kong
Since 2025, Hong Kong’s IPO market has remained red-hot. On June 18, during the plenary session of the 2025 Lujiazui Forum titled “Promoting Sustainable and Stable Development,” HKEX CEO Bonnie Chan revealed that over 160 companies are currently in the IPO pipeline, with more than 40 filings submitted in May alone.In fact, since August 27, 2023, when the China Securities Regulatory Commission (CSRC) proposed a “phased tightening of IPO pace to promote dynamic balance between investment and financing,” a wave of IPO withdrawals hit the A-share market, making it increasingly difficult for companies to go public.
As a result, many beauty companies have turned to the Hong Kong stock market.So, why has the Hong Kong market become a “hot ticket” for beauty company listings?
On one hand, a series of favorable policies over the past year has created more advantageous conditions for listing.As early as April 2024, the CSRC introduced five cooperation measures with Hong Kong, clearly supporting leading mainland enterprises to list in Hong Kong. In October of the same year, HKEX and the Hong Kong SFC jointly announced the optimization of the listing approval process. Since 2025, HKEX has further introduced listing facilitation measures — such as launching a “Tech Connect” channel to make it easier for specialized tech companies and biotech firms to go public — further fueling the listing enthusiasm. It can be said that with policy support, the development prospects of the HKEX have been strengthened.
On the other hand, the Hong Kong stock market’s strong performance is also a key driver. Since the beginning of the year, Hong Kong’s new consumer sector has led the global markets, with the Hang Seng Index soaring 15.25% in Q1, drawing attention from both capital and enterprises. This favorable climate has provided a strong foundation for listings.Notably, Mao Geping’s successful pivot from the A-share to the H-share market has provided a new playbook for beauty companies pursuing IPOs.
At the close of margin subscription on December 5 last year, Mao Geping raised HKD 173.814 billion, becoming the “frozen capital king” of the 2024 HK IPO market. Since then, its share price has continued to climb, frequently hitting new historical highs and becoming a star stock within its sector.This has undoubtedly offered the industry a replicable path for capital operations.
Bi Shaogang, Partner at Jingcheng United Family Office and a seasoned investor in beauty and personal care, stated:“Mao Geping’s outstanding performance has had a strong demonstration effect on unlisted companies.”He also pointed out that the Hong Kong market is relatively inclusive and tends to favor consumer companies.Sun Tingting, Partner at Mian Capital & Inward Fund, shared a similar view:“In recent years, the Hong Kong market has shown a high level of acceptance for ‘brand-oriented consumer assets,’ especially in sectors such as beauty, apparel, outdoor sports, and health management.” She further explained that beauty companies typically have strong cash flow, light asset models, and high gross margins. Their business models are easy to understand and have clear capital narratives — which aligns well with the current HK market’s preference for companies that can “tell a growth story.”
“Some companies under financing pressure are also facing the burden of performance-based buyback clauses. If they fail to go public on time, these clauses may be triggered — making the IPO more urgent,” Bi added. Against this backdrop, relatively flexible markets like HKEX and the Beijing Stock Exchange have naturally become the top choices.Additionally, Sun told CHAILEEDO that “the high level of internationalization of the Hong Kong market and its stable base of overseas investors not only support financing but also help raise brand visibility in the global market — especially suitable for Chinese beauty brands with plans to expand overseas.” She also revealed that several large funds are repositioning to benefit from the growth of local Chinese brands, with a particular focus on those advancing toward premiumization and internationalization.
It is foreseeable that as more beauty companies accelerate their IPO plans, the Chinese beauty market will undergo a major reshuffle. Support from capital markets will not only help leading brands expand their market share but also drive the industry toward a more premium, global, and professional future.
