Chinese Beauty Single-brand Store MISIFU Withdraws IPO

Nine days after submitting its listing filing, MISIFU said it withdrew its listing filing after considering factors such as the company’s own development and current industry regulatory policies.

According to the official website of the National Equities Exchange and Quotations, Chinese beauty single-brand store MISIFU announced on July 4 that it had withdrawn its application for the public offering of shares to unspecified qualified investors and listing on the Beijing Stock Exchange, saying that it had withdrawn its application for the public offering of shares to unspecified qualified investors and listing on the Beijing Stock Exchange, taking into account factors such as the company’s own development and current industry regulatory policies.

Previously, after completing the counseling process for listing, MISIFU filed the application for public offering and listing of shares to unspecified qualified investors with the Beijing Stock Exchange on June 26. However, nine days after submitting the listing filing, MIS Skin hurriedly ended its IPO journey to the BSE.

According to public information, MISIFU was established in Suzhou in 2011, and its eponymous brand MISIFU is positioned as “precision skin care”, claiming that it is dedicated to creating a product system for Chinese skin characteristics. At present, its products cover more than 300 SKUs including skin care, color cosmetics and facial masks, and more than 10 kinds of series of kits with efficacy. The company was officially listed on the New Third Board in 2016 and was transferred to the New Third Board innovation layer on May 23, 2022.

According to the IPO plan previously announced by MISIFU, if successfully listed, the expected number of shares to be issued will be no more than 25 million initial shares with an issue reserve price of RMB 8.00 per share (inclusive). The total amount of proceeds is expected to be 180 million yuan ($24.8 million), of which 118 million yuan ($16.3 million) will be used for marketing channel expansion projects, 22.15 million yuan will be used for R&D and testing upgrade projects, and 39.93 million yuan ($5.5 million) will be used for brand upgrade projects. It is worth mentioning that according to the previous fundraising plan, 12% of the funds are expected to be used for R&D upgrades, while over 65% of the funds will be used for marketing channel expansion.

CHAILEEDO found that from 2016 to 2022, its performance has maintained a steady upward trend, especially from 2016 to 2018, and its revenue has maintained a high growth trend.

However, since 2019, MISIFU’s revenue growth has slowed down significantly, especially in 2020 when most of its chain stores were delayed in resuming work due to the pandemic, resulting in its revenue recording a low single-digit growth of only 2.99%. 2021 saw a small rebound in MISIFU’s revenue growth, but its 2022 annual report shows that its revenue maintained a low-range growth of 3.74% last year.

In terms of net profit, except for 2021, MISIFU has maintained a high growth, especially in 2016 just after listing, when its net profit recorded a high growth of 213.91% and has maintained a net profit increase of over 30% since then, except for the two years from 2020 to 2021 when it was greatly affected by the epidemic. In addition, its gross profit margin has also been maintained at a more stable level, with 41.32%, 40.76%, 44.90%, 47.78%, 46.59%, 46.52% and 51.25% from 2016 to 2022, respectively.

It is worth mentioning that, compared to the growing sales expenses, the R&D expenses of MISIFU do not account for a large proportion of the total revenue. According to the public financial report, only after 2021 did MISIFU start to focus on R&D and increase its investment by a large amount, with 13 new R&D staff and a total R&D investment of 2,868,800 yuan ($396,035).

According to the official website of MISIFU, it has been developing its brand on the basis of single-brand chain stores since its establishment. The number of its stores will exceed 500 in 2020, with an average annual sales output of 1-8 million per store per year, and plans to break through 2,000 stores by 2025.

In terms of online channels, from the perspective of platform sales, the main online platforms of MISIFU are concentrated in Taobao and Douyin (the Chinese version of TikTok). Among them, MISIFU’s Tmall flagship store has accumulated 677,000 followers. The overall monthly sales are not high. The best-selling product is sunscreen is 100+ pieces. In terms of Douyin channel, the highest-selling moisturizing cleanser has accumulated sales of 15,000 units, but the cumulative sales of other products have not exceeded 7,000 units.




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