On September 29, CHANDO Global Holdings Limited (“CHANDO”) submitted its listing application to the Hong Kong Stock Exchange, with Huatai International and UBS Group as joint sponsors.
With a history of more than 20 years, CHANDO leverages its core strengths of “strategic leadership, digital empowerment, and technological innovation” to provide consumers with comprehensive solutions for hydration, whitening, repair, and anti-aging, as well as personal care and makeup products. Its portfolio includes its flagship brand CHANDO, along with Purevivi, Marubi, Spring Summer, and Jichu.
According to the application, CHANDO’s revenue grew steadily from RMB 4.292 billion in 2022 to RMB 4.601 billion in 2024. In the first half of 2025, revenue reached RMB 2.448 billion, continuing its upward trend. Profit rose from RMB 139 million in 2022 to RMB 190 million in 2024, with RMB 191 million already recorded in the first half of 2025.
In terms of channels, CHANDO has established an integrated online and offline sales network. Online channels include self-operated stores on third-party e-commerce platforms and sales to online retailers, with revenue contribution rising from 59.7% in 2022 to 68.8% in the first half of 2025. Offline, the brand distributes through dealers and retailers across cosmetics stores, department stores, and shopping malls.
Notably, starting in 2025 CHANDO has strengthened its offline presence by opening self-operated flagship stores in leading shopping malls. The first store launched in Shenzhen in July 2025, with three more scheduled to open in Shanghai, Wuhan, and Chongqing in the second half of the year.
To reinforce its innovation edge, CHANDO has consistently increased its R&D investment for over a decade, achieving breakthroughs from “formula enhancement” to “independent ingredient development.” From 2022 to 2024 and the first half of 2025, its cumulative R&D spending amounted to RMB 392.5 million.
As of now, CHANDO holds 229 global patents and has 142 pending patent applications. The company has published over 210 academic papers and participated in formulating 154 national, industry, association, and corporate standards.
Public reports show that earlier this year CHANDO completed its only round of pre-IPO financing — L’Oréal invested a total of RMB 442 million (in two tranches), while Citic Capital Partners invested RMB 300 million. Currently, L’Oréal holds a 6.67% stake in CHANDO, and Citic Capital Partners holds 4.20%.
CHANDO stated that the funds raised from the IPO will be used to strengthen its DTC (direct-to-consumer) capabilities in sales channels and enhance synergies between its online and offline networks; increase investment in R&D and product development to expand its multi-brand portfolio and boost brand visibility; upgrade its manufacturing facilities; and expand its business in overseas markets to build international brand recognition.
