Shanghai Forest Cabin Cosmetics Group Co., Ltd. (2657.HK) has launched its Hong Kong IPO, with the offering period from December 18 to December 23, 2025. The company plans to offer 13,966,450 H-shares globally, with an over-allotment option of 15%. The offer price per share is HK$77.77, with a minimum board lot of 50 shares and an entry fee of approximately HK$3,927.72. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on December 30, 2025. CITIC Securities and Huatai International are the joint sponsors.

Forest Cabin: A Leading Chinese Premium Skincare Brand

Offering Breakdown: Approximately 10% (1,396,650 shares) will be available for Hong Kong public offering, while around 90% (12,569,800 shares) will be allocated for international offering.

Offer Price: HK$77.77; each board lot consists of 50 shares; entry fee of approximately HK$3,927.72.

Offering Period: December 18-23, 2025 (with the subscription deadline at 11:30 AM on December 23).

Listing Date: December 30, 2025.

IPO Sponsors: CITIC Securities, Huatai International.

Company Overview

Forest Cabin focuses on anti-wrinkle and firming skincare products, pioneering the "oil-based skincare" concept and introducing the Camellia Oil Facial Essence. Its core brand "Forest Cabin" offers a full range of premium skincare solutions, including essence oils, face creams, toners, serums, masks, and sunscreens. According to Zhuangshi Consulting data, Forest Cabin ranked 13th in retail revenue among all premium skincare brands (including both domestic and international brands) in China in 2024, with a market share of about 1.4%. It is also the only domestic brand in the top 15. In the anti-wrinkle and firming skincare segment, Forest Cabin ranked 10th in retail revenue in 2024, again being the only domestic brand in the top 10.

Financial Information

According to the prospectus, Forest Cabin’s revenue for the years 2022-2024 was approximately RMB 691.15 million, RMB 805 million, and RMB 1.20964 billion (equivalent to approximately HK$691 million, HK$805 million, and HK$1.21 billion). During the same period, the company reported net losses of approximately RMB 5.91 million, net profit of RMB 84.52 million, and net profit of RMB 186.83 million (equivalent to net losses of approximately HK$0.06 million, net profit of HK$8.45 million, and net profit of HK$18.68 million). In the first half of 2025, the company achieved a revenue of approximately RMB 1.05177 billion (equivalent to HK$1.05 billion) and net profit of approximately RMB 181.85 million (equivalent to HK$1.82 billion). Assuming the offer price of HK$77.77 per share and no exercise of the over-allotment option, the company expects to raise approximately HK$997 million in net proceeds. The funds will be used for brand building and communication (approximately 20%), expansion of multi-channel sales networks (approximately 20%), strengthening production and supply chain (approximately 15%), technology R&D and product innovation (approximately 15%), incubation of new brands and strategic acquisitions (approximately 15%), digitalization upgrades for operations (approximately 5%), and general working capital (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Forest Cabin via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Forest Cabin , tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)