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

Ask AI · How does Zheng Chunying’s family business structure affect the listing process?

Le Di Net Le Jianping April 7th

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

In 2025, Chando will introduce a round of financing with a total amount of 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, totaling 409 million yuan, which was fully paid and 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 about 63 yuan per share, totaling 300 million yuan, which was fully paid and settled irrevocably on September 25, 2025.

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, profit of 350 million yuan

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

The brand’s inspiration comes from 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 word “堂” (tang) means gathering, so “自然堂” (Natural Hall) signifies “Gathering of Nature.”

In January 2018, shareholders of Chando resolved to split Chando Limited 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%.

Chando’s skincare revenue in 2025 was 4.57B yuan, accounting for 86%; makeup revenue was 209 million yuan, accounting for 3.9%; personal care revenue was 340 million yuan, accounting for 6.4%; other product categories contributed 180 million yuan, accounting for 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.

For Zheng Chunying’s family business

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

Zheng Chunying, Zheng Chunbin, Zheng Chunwei, and Zheng Xiaodan are siblings, with Zheng Chunying being the eldest brother and Zheng Xiaodan 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; Zheng Chunbin, Zheng Chunwei, and Zheng Xiaodan held 4.41%, 4.41%, and 4.41% respectively through Bin BVI II, Wei BVI II, and Dan BVI II.

Meicheng held 6.67%; Himalaya International under CCB International held 4.2%; Chando Growing I (BVI) Limited held 0.05%; Chando Growing II (BVI) Limited held 1.26%.

Jiaxin BVI II’s largest shareholder is Zheng Chunying, holding 51.25% of the shares; Zheng Chunbin, Zheng Chunwei, and Zheng Xiaodan hold the remaining 16.25% each.

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Le Di, founded by media person Lei Jianping, credits the source for reprints.