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Leidi Network, Lei Jianping, March 31
Hangzhou TONGSHIFU Cultural Creative (Group) Co., Ltd. (abbreviated as &#34;TONGSHIFU&#34;, stock code: &#34;00664&#34;) has recently opened its subscription and is preparing to list on the Hong Kong Stock Exchange on March 31, 2026.
TONGSHIFU's issue price is HKD 60, issuing 7.4068 million shares, with a total fundraising amount of HKD 444 million; after deducting the listing expenses of HKD 54.25 million, the net fundraising amount is HKD 390 million.
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TONGSHIFU's cornerstone investor is JianTou International, which 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.
TONGSHIFU's listing has encountered a cold market reception, with an opening price of HKD 35.4, down 41% from the issue price. As of now, the company's stock price has rebounded somewhat but is still down over 30%; currently, the company's market value is approximately HKD 2.65 billion. This has also led JianTou International to incur a floating loss of over HKD 9 million.
9 months revenue of HKD 450 million, profit down 22% year-on-year
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TONGSHIFU was established in 2013, blending 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.
Copper has always been the core material of the TONGSHIFU brand. Through continuous investment in original design and research and development, TONGSHIFU has also extended its material portfolio to gold, silver, and plastic, attracting a broader audience and expanding creative possibilities.
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The prospectus shows that TONGSHIFU's revenues for 2022, 2023, and 2024 are expected to be HKD 500 million, HKD 506 million, and HKD 571 million, respectively; gross profits are expected to be HKD 162 million, HKD 164 million, and HKD 200 million, respectively;
The gross profit margins were 32.2%, 32.4%, and 35.4% respectively; the annual profits were 56.94 million yuan, 44.13 million yuan, and 78.98 million yuan, with annual profit margins of 11.3%, 8.7%, and 13.8% respectively.
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TONGSHIFU's revenue for the first 9 months of 2025 was 448 million yuan, a 12% increase from 400 million yuan in the same period last year; the gross profit was 154 million yuan, with a gross profit margin of 34.3%; the profit during the period was 41.55 million yuan, a decrease of 22% from 53.27 million yuan in the same period last year.
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TONGSHIFU'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 9 months of 2025 was 54.37 million yuan.
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As of September 30, 2025, TONGSHIFU held cash and cash equivalents of 91.94 million yuan.
Yu Guang holds 26% of the voting rights.
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TONGSHIFU's founder, chairman, and CEO Yu Guang.
The executive directors of TONGSHIFU 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 practical date, Yu Guang held approximately 26.27% of the voting rights in the company
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In addition, Shunwei holds 13.39%, Tianjin Jinmi under Xiaomi 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 Qiongqingcheng 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 Guolinfeng 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%, Tianjin Jinmi under Xiaomi 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 Qiongqingcheng 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 Guolinfeng holds 0.97%, and Ruan Zhuoer holds 0.81%;
Yang Ke holds 0.76% of the shares, 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 Yuanzhecheng holds 0.37%, Chen Jingzhi holds 0.34%, Yin Xuelong holds 0.31%, Zhang Jianmei holds 0.28%, Shanghai Ruma holds 0.27%, Jin Zeguang, Jin Lihua, Zhang Weijiang, Lv Hangjun, Shen Tu Jiahui, and Yang Junjie each hold 0.22%;
Qian Jiayang and Yu Hong each hold 0.19%, Dong Shengfang and Huang Dongsheng each hold 0.18%, Ren Bingzhang and Jin Hongwei each hold 0.17%, Zhou Chengfeng holds 0.15%, Shi Ziming, An Hui, and Ren Liang each hold 0.14%, and Wang Yuezhen and Lu Huahua each hold 0.13%. Hu Wenping, Ding Yi, Lv Liang, Zhang Jie, and Wang Qiuxia each hold 0.09%.
Liang Yu and Chen Lisheng each hold 0.06%, Xu Danni holds 0.04%, and Jia Jinfu, Huang Ningning, and Cui Yushu each hold 0.02%.
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00664

TONGSHIFU Cultural Creative (Group) Co., Ltd. was listed on the Hong Kong Stock Exchange on March 31, with an issue price of HKD 60. The opening price fell to HKD 35.4, and the current stock price has dropped over 30%, with a market value of approximately HKD 2.65 billion. Cornerstone investor JianTou International has an unrealized loss of over HKD 9 million. TONGSHIFU's revenue for the first nine months of 2025 was HKD 448 million, with a year-on-year profit decline of 22%

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TONGSHIFU

Copper Master goes public: stock price drops 31%, company market value HKD 2.7 billion, JianTou International incurs a floating loss of over HKD 9 million