Innisfree targets Hong Kong stocks: annual revenue of 5.3 billion, profit of 350 million, valuation of 7.1 billion

Source: Lei Di

Lei Di Network Lei Jianping April 7

Actor Yu Shuxin endorses Chando Global Holdings Limited (referred to as “Chando”), which recently updated its prospectus and plans to list on the Hong Kong Stock Exchange.

In 2025, Chando will introduce a round of financing totaling 742 million yuan.

Meicheng and Chando entered into a share subscription agreement on October 23, 2024, and supplemented it on September 8, 2025. Under this, Meicheng subscribed for 7,026,459 shares at approximately 58 yuan per share, with a total consideration of 409 million yuan, which was fully settled irrevocably on September 26, 2025.

On September 16, 2025, Himalaya International, a subsidiary of CCB International, entered into an investment agreement with the company. Under this, Himalaya International subscribed for 4,761,905 shares at approximately 63 yuan per share, with a consideration of 300 million yuan, which was fully settled irrevocably on September 25, 2025.

Also on September 16, 2025, to further invest in Chando, Meicheng entered into a share purchase agreement with Ying BVI II. Under this, Meicheng purchased 531,023 shares from Ying BVI II at 63 yuan per share, with a total consideration of 33.45 million yuan, settled irrevocably on September 26, 2025.

The post-investment valuation of Chando in this round is 7.14 billion yuan.

Annual revenue of 5.3 billion yuan with a profit of 350 million yuan

According to reports, Chando, established in 2001 in Shanghai, offers skincare, makeup, masks, men’s products, and personal care items.

The brand’s creation was inspired by China’s classical “Zen” philosophy. It emphasizes that humans originate from nature, possess natural qualities, and should follow natural laws, emulating the way of nature. The English name CHANDO is derived from the transliteration of “Zen.” The character “堂” (tang) means gathering, so “Chando” signifies “Gathering of Nature.”

In January 2018, shareholders of Chando resolved to split the company into Chando Limited and Shanghai Gaxin Holdings Limited (“Gaxin Holdings”) through a spin-off.

The prospectus shows that Chando’s revenue for 2023, 2024, and 2025 was 4.44B yuan, 4.6 billion yuan, and 5.32B yuan, respectively; gross profit was 3.01B yuan, 3.2B yuan, and 3.76B yuan; gross profit margins were 67.8%, 69.4%, and 70.6%.

In 2025, skincare revenue accounted for 4.57B yuan, or 86%; makeup revenue was 209 million yuan, or 3.9%; personal care revenue was 340 million yuan, or 6.4%; other product categories contributed 180 million yuan, or 3.4%.

Operating profit for 2023, 2024, and 2025 was 363 million yuan, 205 million yuan, and 397 million yuan; operating profit margins were 8.2%, 4.5%, and 7.5%; net profit during the period was 302 million yuan, 190 million yuan, and 351 million yuan; net profit margins were 6.8%, 4.1%, and 6.6%.

Adjusted net profit for 2023, 2024, and 2025 was 313 million yuan, 203 million yuan, and 413 million yuan; adjusted net profit margins were 7%, 4.4%, and 7.8%.

As of June 30, 2025, Chando held cash and cash equivalents of 931 million yuan.

Family business of Zheng Chunying

Chando’s executive directors are Zheng Chunying, Zheng Chunbin, Zheng Chunwei, and Du Shenglin; non-executive directors are Ms. Zhu Xiaojing and Ms. Zheng Xiaodan; independent non-executive directors are Dr. Mao Jiye, Li Chongguang, and Ms. Hu Leli.

Zheng Chunying, Zheng Chunbin, Zheng Chunwei, and Ms. Zheng Xiaodan are siblings, with Zheng Chunying as the eldest brother and Zheng Xiaodan as the youngest sister. Zheng Chunying serves as the company’s chairman and CEO.

Before the IPO, Jiaxin BVI II held 70.63% of shares, Zheng Chunying held 3.95% through Ying BVI II, and Zheng Chunbin, Zheng Chunwei, and Ms. Zheng Xiaodan held 4.41%, 4.41%, and 4.41%, respectively, through Bin BVI II, Wei BVI II, and Dan BVI II.

Meicheng owns 6.67%, Himalaya International under CCB International owns 4.2%, Chando Growing I (BVI) Limited owns 0.05%, and Chando Growing II (BVI) Limited owns 1.26%.

Jiaxin BVI II is the major shareholder, holding 51.25% of the shares, while Zheng Chunying holds the remaining 16.25%.