Tongshifu Cultural and Creative Group Co., Ltd. (HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD., 0664.HK) has officially launched its Hong Kong IPO. The subscription period runs from March 23 to March 26, 2026, with an expected global offering of approximately 7,406,800 H shares and a 15% over-allotment option.The indicative price range is HKD60.00–68.00 per share, with a lot size of 100 shares and an estimated minimum subscription amount of approximately HKD 6,868.57.The shares are expected to commence trading on the Main Board of the Hong Kong Stock Exchange on March 31, 2026. CMB International Capital Limited (CMBI) acts as the sole sponsor for the IPO.

Tongshifu: Leader in China’s Copper Cultural and Creative Craft Market

Allocation: Approximately 10% for Hong Kong public subscription (740,700 shares) and 90% for international placement (6,666,100 shares).

Price range: HKD 60.00–68.00 per share; lot size: 100 shares; minimum subscription amount: ~HKD 6,868.57.

Expected Listing Date: March 23–26, 2026 (expected pricing on March 27).

Listing date: March 31, 2026.

IPO Sponsor: CMB International Capital Limited (CMBI).

Company Overview

Tongshifu specializes in integrating traditional craftsmanship with modern design to develop copper cultural and creative products, gradually expanding into plastic figurines, silver, and gold cultural products. According to Frost & Sullivan, for the fiscal year ending December 31, 2024, Tongshifu ranked first in China’s copper cultural and creative craft market in terms of total revenue, with a market share of 35.0%. The company employs an online-first strategy complemented by a network of physical retail stores, reaching a broad consumer base. Its diversified product portfolio includes sub-brands such as "Tongshifu," "TaiTong," and "Xi Jiang Gold Shop."

Financial Information

The prospectus discloses that Tongshifu’s revenue for 2022–2024 was approximately RMB 503 million, RMB 506 million, and RMB 571 million, respectively, with net profits of RMB 57 million, RMB 44 million, and RMB 79 million over the same period. For the nine months ending September 30, 2025, revenue was approximately RMB 448 million, with net profit of RMB 42 million.

Based on a mid-price of HKD 64.00 per share and assuming no exercise of the over-allotment option, the company is expected to raise net proceeds of approximately HKD 418 million. The funds are intended to be used for: product development and design capabilities (~38%), increasing production capacity and operational flexibility (~24%), strengthening sales channels and marketing capabilities (~24%), upgrading digital and IT infrastructure (~4%), and general corporate purposes including working capital (~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 Tongshifu 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 Tongshifu, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)