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Leidi Network, Lei Jianping, March 23
Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd. (abbreviated as &#34;Tongshifu&#34;, stock code: &#34;00664&#34;) has recently launched its IPO, preparing to list on the Hong Kong Stock Exchange on March 31, 2026.
Tongshifu plans to globally offer 7.4068 million shares, with an issuance range of HKD 60 to HKD 68, aiming to raise up to HKD 500 million.
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The cornerstone investor for Tongshifu is JianTou International, which has subscribed for HKD 30 million.
Important shareholders of Tongshifu include Shunwei and Xiaomi, with Li Wanqiang also being a shareholder; Li Wanqiang was previously a co-founder of Xiaomi.
9-month revenue of 450 million, profit down 22% year-on-year
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Tongshifu was established in 2013, merging traditional craftsmanship with contemporary life, inheriting and innovating Chinese artistic wisdom. With a vertically integrated model covering research, design, development, production, and sales, Tongshifu creates exquisite products rich in cultural resonance, emotional appeal, and artistic purity.
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Copper has always been the core material of the Tongshifu brand. By continuously investing in original design and research and development, Tongshifu has also extended its material range to gold, silver, and plastic, attracting a broader audience and expanding creative possibilities.
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The prospectus shows that Tongshifu's revenue for 2022, 2023, and 2024 is projected to be HKD 500 million, HKD 506 million, and HKD 571 million, respectively; gross profit is projected to be HKD 162 million, HKD 164 million, and HKD 200 million, respectively; and gross profit margins are projected to be 32.2%, 32.4%, and 35.4%, respectively
The profits for the year were 56.94 million yuan, 44.13 million yuan, and 78.98 million yuan, with profit margins of 11.3%, 8.7%, and 13.8% respectively.
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Copper Master's revenue for the first nine months of 2025 was 448 million yuan, an increase of 12% compared to 400 million yuan in the same period last year; gross profit was 154 million yuan, with a gross margin of 34.3%; profit for the period was 41.55 million yuan, a decrease of 22% compared to 53.27 million yuan in the same period last year.
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Copper Master's adjusted net profits for 2022, 2023, and 2024 were 56.94 million yuan, 44.13 million yuan, and 78.98 million yuan respectively; the adjusted net profit for the first nine months of 2025 was 54.37 million yuan.
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As of September 30, 2025, Copper Master held cash and cash equivalents of 91.94 million yuan.
Yu Guang holds 26% of the voting rights.
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Copper Master founder, chairman, and CEO Yu Guang.
The executive directors of Copper Master are Yu Guang, Luo Renxiang, He Yun, Ms. Wang Xiaoxia, and Chen Ruiguang; the non-executive director is Xiao Feng, and the independent non-executive directors are Tu Bisheng, Dr. Huang Wenli, and Fang Junhui.
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As of the last practicable date, Yu Guang held approximately 26.27% of the voting rights in the company.
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In addition, Shunwei holds 13.39%, Xiaomi's Tianjin Jinmi holds 9.56%, Beijing Guangxin holds 6.06%, Ouzhifu holds 4.7%, Guozhong Fund holds 3.79%, Beijing Hezhong holds 3.52%, CCTV Fund holds 3.13%, and Gongqingcheng Jinda holds 3.06%;
Luo Wenjuan holds 2.84%, Jinyuan Hanfei holds 2.48%, Qiu Dekang holds 2.03%, Qingdao Yunzhi Investment Management Partnership (Limited Partnership) holds 1.92%, Xiao Feng holds 1.87%, Bay Area No. 1 holds 1.25%, Shenzhen Guolin Feng holds 1.09%, and Ruan Zhuoer holds 0.91%;
Yang Ke holds 0.86%, Zhao Lei holds 0.85%, Lv Lihan holds 0.78%, Zhang Lei holds 0.76%, He Yun holds 0.63%, Fosun Weiying holds 0.52%, Luo Renxiang holds 0.51%, Li Wanqiang holds 0.51%, and Ding Pengfei holds 0.51%;
Jinyuan Zhecheng holds 0.42%, Chen Jingzhi holds 0.38%, Yin Xuelong holds 0.35%, Zhang Jianmei holds 0.31%, Shanghai Ruma holds 0.3%, and Jin Zeguang, Jin Lihua, Zhang Weijiang, Lv Hangjun, Shen Tu Jiahui, and Yang Junjie each hold 0.25%;
Qian Jiayang and Yu Hong each hold 0.22%, Dong Shengfang and Huang Dongsheng each hold 0.2%, Ren Bingzhang and Jin Hongwei each hold 0.19%, Zhou Chengfeng holds 0.17%, Shi Ziming, An Hui, and Ren Liang each hold 0.16%, and Wang Yuezhen and Lu Huahua each hold 0.15%. Hu Wenping, Ding Yi, Lv Liang, Zhang Jie, and Wang Qiuxia each hold 0.1%.
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After the IPO, Yu Guang holds approximately 23.24% of the voting rights in the company.
In addition, Shunwei holds 11.85%, Xiaomi's Tianjin Jinmi holds 8.46%, Beijing Guangxin holds 5.36%, Ouzhifu holds 4.16%, Guozhong Fund holds 3.35%, Beijing Hezhong holds 3.12%, CCTV Fund holds 2.77%, and Gongqingcheng Jinda holds 2.71%;
Luo Wenjuan holds 2.51%, Jinyuan Hanfei holds 2.2%, Qiu Dekang holds 1.79%, Qingdao Yunzhi Investment Management Partnership (Limited Partnership) holds 1.7%, Xiao Feng holds 1.66%, Bay Area No. 1 holds 1.11%, Shenzhen Guolin Feng holds 0.97%, and Ruan Zhuoer holds 0.81%;
Yang Ke holds 0.76%, Zhao Lei holds 0.75%, Lv Lihan holds 0.69%, Zhang Lei holds 0.67%, He Yun holds 0.56%, Fosun Weiying holds 0.46%, Luo Renxiang holds 0.45%, Li Wanqiang holds 0.45%, and Ding Pengfei holds 0.45%;
Jin Yuan Zhe Cheng holds 0.37%, Chen Jing Zhi holds 0.34%, Yin Xue Long holds 0.31%, Zhang Jian Mei holds 0.28%, Shanghai Ru Ma holds 0.27%, Jin Ze Guang, Jin Li Hua, Zhang Wei Jiang, Lü Hang Jun, Shen Tu Jia Hui, and Yang Jun Jie each hold 0.22%;
Qian Jia Yang and Yu Hong each hold 0.19%, Dong Sheng Fang and Huang Dong Sheng each hold 0.18%, Ren Bing Zhang and Jin Hong Wei each hold 0.17%, Zhou Cheng Feng holds 0.15%, Shi Zi Ming, An Hui, and Ren Liang each hold 0.14%, Wang Yue Zhen and Lu Hua Hua each hold 0.13%. Hu Wen Ping, Ding Yi, Lü Liang, Zhang Jie, and Wang Qiu Xia each hold 0.09%.
Liang Yu and Chen Li Sheng each hold 0.06%, Xu Dan Ni holds 0.04%, Jia Jin Fu, Huang Ning Ning, and Cui Yu Shu each hold 0.02%.
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北京乐自天成文化发展股份有限公司

Tong Shifu Cultural Creative (Group) Co., Ltd. (stock code: 00664) has opened its initial public offering and plans to list on the Hong Kong Stock Exchange on March 31, 2026, aiming to raise HKD 500 million. The company will globally offer 7.4068 million shares, with an issuance range of HKD 60 to 68. In the first nine months of 2025, Tong Shifu reported revenue of HKD 448 million, with profits declining by 22% year-on-year. Major shareholders include Shunwei and Xiaomi, with founder Yu Guang holding 26% of the voting rights

Copper Master opens for IPO: plans to raise HKD 500 million, listing on March 31, 9-month profit down 22%