// Company Overview //
| Stock Name | 林清軒 |
|---|---|
| Stock Code | 02657 |
| Company Full Name | 林清軒 |
| Industry | 消費零售 |
| Principal Activities | 我們為中國高端國貨護膚品牌，聚焦抗皺緊緻類護膚品市場，並以長期致力於以我們的旗艦品牌林清軒提供基於山茶花成分的高端護膚改善方案而著稱。 |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | No data |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市 松江區 新橋鎮 新廟三路1177號 1棟2層A區201室 |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | No data |
| Listing Method | No data |
| Listing Board | Main Board |
| Website | www.forest-cabin.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
// Offering Information //
| Offering Mechanism | 机制B |
|---|---|
| Clawback Tiers | 机制B不设回拨，公开发售占比维持10.0% |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Offer Price | HK$ 77.77 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 3,888 |
| Par Value | RMB 0.2 / shares |
| Global Offering Shares | 13,966,450 |
| HK Public Offering Shares | 1,396,650 (10.0%) |
| International Placing Shares | — (0.0%) |
| Offer Ratio | No data |
| Total Shares Post-IPO | 139,664,285 shares |
| Total Global Offering Size | HK$ 1,086,170,816 |
| Public Offering Size | HK$ 108,617,470 (10.0%) |
| Oversubscription Multiple | 1,235.8x |
| Valid Applications | 169,712 |
| Accepted Applications | 24,037 |
| Reallocation | No |
| Total Funds Raised | HK$ 108,617,470 |
| Greenshoe (Over-allotment Option) | No |
| Final Public Offering Share | 10.0% |
// Valuation & Financials //
| Market Cap (at Offer Price) | HK$ 10,860,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | No data |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 盈利約人民幣186.8百萬元 |
| Period-End Cash Balance | 人民币40,100,000元 |
| Listing Expenses | ~HK$ 89,100,000 |
| Listing Expenses / Funds Raised | No data |
| Total Pre-IPO Investment | No data |
// First Day Performance
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ 85.0 |
| First Day Change | 9.30% |
| First Day Volume | 5242560.0 |
| First Day Turnover | 480253000.0 |
// Price Chart //
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// Use of Proceeds
| Use of Proceeds | 1、約20.0%或199.4百萬港元將用于公司的品牌價值塑造與傳播； 2、約20.0%或199.4百萬港元將用于提升公司的全渠道銷售網絡的深化構建及建立海外銷售渠道以推動市場滲透； 3、約15.0%或149.6百萬港元將用于加強公司的生產及供應鏈能力； 4、約15.0%或149.6百萬港元將用于技術研發及產品組合開拓； 5、約15.0%或149.6百萬港元將用于內生孵化與外延并購雙輪驅動，打造品牌矩陣； 6、約5.0%或49.8百萬港元將用于運營及信息基礎設施數字化、智能化建設； 7、約10.0%或99.7百萬港元將用于營運資金及一般公司用途。 |
|---|
// Underwriting Syndicate //
联席保荐人 (2)
中信证券（香港）有限公司
华泰金融控股（香港）有限公司
整体协调人 (2)
中信里昂证券有限公司
华泰金融控股（香港）有限公司
联席账簿管理人 (4)
中信里昂证券有限公司
华泰金融控股（香港）有限公司
富途证券国际（香港）有限公司
老虎证券（香港）环球有限公司
联席牵头经办人 (4)
中信里昂证券有限公司
华泰金融控股（香港）有限公司
富途证券国际（香港）有限公司
老虎证券（香港）环球有限公司
// Cornerstone Investors //
Allotment Results Announcement
| # | Investor Name | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|
| 1 | 雅戈爾時尚– | 5,645,030 | 5.32% | 4.04% | 2026-12-29 | 2026-12-29 |
| 2 | 頭頭是道– | 4,516,020 | 4.26% | 3.23% | 2026-12-29 | 2026-12-29 |
| 3 | 上海凱輝創美– | 3,458,100 | 3.26% | 2.48% | 2026-12-29 | 2026-12-29 |
| 4 | 佛山海禹嘉– | 3,387,015 | 3.19% | 2.43% | 2026-12-29 | 2026-12-29 |
| 5 | 星翰妍創– | 3,308,310 | 3.12% | 2.37% | 2026-12-29 | 2026-12-29 |
| 6 | 佛山匯碧二號– | 1,580,610 | 1.49% | 1.13% | 2026-12-29 | 2026-12-29 |
| 7 | 富達基金（香港）有限公司 | 1,501,150 | 10.75% | 1.41% | — | — |
| 8 | 富達基金 | 1,501,150 | 1.41% | 1.07% | 2026-06-29 | 2026-06-29 |
| 9 | 孫福春先生– | 1,250,000 | 1.18% | 0.90% | 2026-12-29 | 2026-12-29 |
| 10 | MegaPrime | 1,200,950 | 1.13% | 0.86% | 2026-06-29 | 2026-06-29 |
| 11 | 達隆發展– | 1,129,005 | 1.06% | 0.81% | 2026-12-29 | 2026-12-29 |
| 12 | 混沌創新– | 1,129,005 | 1.06% | 0.81% | 2026-12-29 | 2026-12-29 |
| 13 | 正心谷資本（「LVC」）(3) | 1,000,750 | 7.17% | 0.94% | — | — |
| 14 | Duckling Fund, L.P. | 1,000,750 | 7.17% | 0.94% | — | — |
| 15 | LVC | 1,000,750 | 0.94% | 0.72% | 2026-06-29 | 2026-06-29 |
| 16 | DucklingFund | 1,000,750 | 0.94% | 0.72% | 2026-06-29 | 2026-06-29 |
| 17 | SynerSuccess Capital Ltd. | 800,600 | 5.73% | 0.75% | — | — |
| 18 | SSCapital | 800,600 | 0.75% | 0.57% | 2026-06-29 | 2026-06-29 |
| 19 | 廈門沃美達– | 657,595 | 0.62% | 0.47% | 2026-12-29 | 2026-12-29 |
| 20 | 大家人壽保險股份有限公司 | 500,350 | 3.58% | 0.47% | — | — |
| 21 | 大家人壽 | 500,350 | 0.47% | 0.36% | 2026-06-29 | 2026-06-29 |
| 22 | Gemsolar Capital Series SPC – Gemsolar | 390,300 | 2.79% | 0.37% | — | — |
| 23 | 正心谷資本 | 334,150 | 2.39% | 0.31% | — | — |
| 24 | Tulip Fund, L.P. | 334,150 | 2.39% | 0.31% | — | — |
| 25 | Yield Royal Investment Holding | 200,150 | 1.43% | 0.19% | — | — |
| 26 | YieldRoyalInvestment | 200,150 | 0.19% | 0.14% | 2026-06-29 | 2026-06-29 |
| 27 | Brightness Ocean Investment Ltd. | 100,100 | 0.72% | 0.09% | — | — |
// Directors & Management //
| Chairman | 孫來春 |
|---|---|
| Company Secretary | 曾璐女士 |
No director data available.
// Major Shareholders //
| Major Shareholders & Holdings | 孫先生（實益擁有人、受控法團權益）持有33,570,658股境內未上市股份及66,066,487股H股，佔緊隨全球發售完成後已發行股本總額約24.04%及47.30%（相關類別股份62.27%）。上海房角石持有14,360,000股境內未上市股份及21,540,000股H股，佔10.28%及15.42%（相關類別股份20.30%）。上海元洄持有10,155,000股H股，佔7.27%（相關類別股份9.57%）。上海元淦持有5,555,500股H股，佔3.98%（相關類別股份5.24%）。雅戈爾時尚持有5,645,030股H股，佔4.04%（相關類別股份5.32%）。 |
|---|
// Allotment Benchmarks //
Pool A (Small Subscriptions)
| Shares Applied | Applicants | Allottees | Expected Lots |
|---|---|---|---|
| 50 | 58,014 | 1,161 | 0.02 |
| 100 | 27,715 | 781 | 0.03 |
| 150 | 4,030 | 139 | 0.03 |
| 200 | 3,482 | 138 | 0.04 |
| 250 | 2,412 | 107 | 0.04 |
| 300 | 1,993 | 97 | 0.05 |
| 350 | 998 | 53 | 0.05 |
| 400 | 1,331 | 75 | 0.06 |
| 450 | 864 | 52 | 0.06 |
| 500 | 4,662 | 291 | 0.06 |
| 600 | 10,714 | 730 | 0.07 |
| 700 | 1,543 | 114 | 0.07 |
| 800 | 1,325 | 104 | 0.08 |
| 900 | 1,099 | 92 | 0.08 |
| 1,000 | 5,656 | 496 | 0.09 |
| 1,500 | 2,917 | 312 | 0.11 |
| 2,000 | 2,292 | 283 | 0.12 |
| 2,500 | 1,862 | 257 | 0.14 |
| 3,000 | 1,466 | 221 | 0.15 |
| 3,500 | 959 | 156 | 0.16 |
| 4,000 | 1,055 | 183 | 0.18 |
| 4,500 | 741 | 137 | 0.19 |
| 5,000 | 1,946 | 377 | 0.19 |
| 6,000 | 1,305 | 277 | 0.22 |
| 7,000 | 1,196 | 274 | 0.22 |
| 8,000 | 1,057 | 259 | 0.24 |
| 9,000 | 955 | 248 | 0.25 |
| 10,000 | 5,825 | 1,588 | 0.28 |
| 20,000 | 4,246 | 1,629 | 0.40 |
| 30,000 | 2,059 | 965 | 0.48 |
| 40,000 | 1,304 | 704 | 0.56 |
| 50,000 | 1,069 | 645 | 0.60 |
| 60,000 | 1,550 | 1,022 | 0.60 |
Pool B (Large Subscriptions)
| Shares Applied | Applicants | Allottees | Expected Lots |
|---|---|---|---|
| 70,000 | 4,934 | 1,283 | 1.26 |
| 80,000 | 965 | 293 | 1.28 |
| 90,000 | 584 | 201 | 1.26 |
| 100,000 | 1,879 | 713 | 1.40 |
| 200,000 | 883 | 569 | 1.60 |
| 300,000 | 332 | 274 | 1.80 |
| 400,000 | 140 | 135 | 1.60 |
| 500,000 | 63 | 63 | 2.00 |
| 600,000 | 58 | 10 | 2.40 |
| 698,300 | 232 | 65 | 2.79 |
Allotment Benchmarks
