Recently, Butong Group, the parent company of new consumer brand BeBeBus, has passed the Hong Kong Stock Exchange listing hearing, with CITIC Securities and Haitong International serving as joint sponsors. The company conducted its public offering from September 15-18, planning to globally offer 10.9809 million shares at a price range of HK$62.01 to HK$71.20 per share, with an expected official listing on September 23. Cornerstone investors include Xinting Fund affiliated with Bosideng Group, billion-scale private equity firm Shanghai Tongyi Investment, and Singapore-based Great Praise Investment, with total subscriptions reaching US$15 million.

Market subscription response has been enthusiastic. As of September 15, platforms including Futu, Phillip, and Huasheng collectively lent HK$933.89 million to Butong Group, representing over 10.9 times oversubscription. This IPO adopts the Hong Kong Stock Exchange "Mechanism B" model, with a fixed 1:9 ratio between public offering and international placement, without clawback mechanism. Based on an estimated 200,000 subscription applications, the lot winning rate is expected to be below 2%.

Data shows that new stocks sponsored by CITIC Securities this year mostly gained on their first trading day, while over 70% of projects sponsored by Haitong Securities in the past two years achieved first-day gains. Combined with the low winning rate and scarce supply, the market widely expects Butong Group to continue the upward momentum on its listing debut.

**Unique Brand Positioning + Forward-Looking Strategic Vision Create Rare Competitive Advantages**

Since its establishment in 2019, BeBeBus has focused on the high-end childcare products sector, becoming a leader in this niche market within just a few years. According to Frost & Sullivan data, BeBeBus ranked first among durable childcare product brands targeting mid-to-high-end consumers in China by GMV in 2024.

From a financial performance perspective, the company has achieved sustained high growth in recent years, with both revenue and profits climbing rapidly. From 2022 to 2024, operating revenue reached RMB 507 million, RMB 852 million, and RMB 1.249 billion respectively, representing a three-year compound annual growth rate (CAGR) of 56.9%. During the same period, the CAGR for adjusted net profit reached an impressive 236.8%.

In the first half of 2025, Butong Group's growth momentum remained strong: achieving revenue of approximately RMB 726 million, up 24.7% year-over-year; net profit of approximately RMB 48.507 million, a significant 72.1% increase from RMB 28.179 million in the same period of 2024.

Supporting this rapid growth is Butong Group's differentiated competitive advantage built through unique brand positioning and forward-looking business layout. In the highly competitive mother-baby market, BeBeBus has consistently maintained its positioning as an original domestic brand, continuously increasing R&D and design investment. Benchmarking itself as "the Apple of the mother-baby industry," the company achieves ultimate user experience through deep product refinement, truly "letting products speak for themselves."

Based on keen user insights, BeBeBus was first to propose the "focus on newborn spinal health" product concept, making "spine protection" a key R&D focus. Multiple products have received ICA International Chiropractic Association certification, successfully launching original spine-protecting strollers including the "Artist Series," "Butterfly Baby Walker," and "Children's Pillows."

Based on real usage scenarios, BeBeBus deeply integrates cross-industry technological experience, launching intelligent child safety seats using automotive-grade Cobra memory foam, aerospace-grade aluminum-magnesium alloy materials, and integrating advanced features like 360° rotation, intelligent sensing, and APP control. The seats have built-in sensing radar that automatically recognizes door-opening actions and intelligently rotates for convenient one-handed baby handling; parents can also remotely adjust seat height and airflow through smartphone apps from the front row.

In building its product matrix, the company uses "Creating Difference" as its core philosophy and "High Quality, High Aesthetics, High Technology" as strategic anchors, gradually building a distinctly differentiated product system. Starting from the four core products of baby strollers, child safety seats, cribs, and high chairs, the company has expanded into four major scenarios: parent-child travel, sleep, feeding, and hygiene care, successively launching diversified derivative products including rainbow thermal cups, newborn bottles, diapers, and baby shaping pillows.

As of the first half of 2025, the company has established a rich product line covering 459 SKUs, demonstrating strong product expansion and operational capabilities. As BeBeBus achieves the transition from "single products" to "scenario solutions," the company will continue expanding business boundaries, gradually extending from mother-baby childcare scenarios to broader family lifestyle consumption areas, striving to become an innovation-driven family lifestyle technology company.

Meanwhile, the company is accelerating global expansion, planning to cover mainstream international markets including Europe, North America, Japan, and South Korea, further enhancing global brand influence.

The unique brand positioning and forward-looking business layout have brought BeBeBus significant user stickiness and high average order value performance. Data shows that the average transaction amount for orders containing at least one core product remains above RMB 2,400, with consistently high average order values. Meanwhile, overall repurchase rates improved from 20.1% in 2022 to 40.2% as of June 30, 2025, indicating continuously strengthening user loyalty.

As of June 30, 2025, the company has built a comprehensive channel network covering a broad base of loyal customers. Online presence covers multiple e-commerce platforms including Tmall, JD.com, and Douyin, with private domain membership gradually expanding to 3.5 million people. Offline operations include 155 distributors covering over 3,400 third-party stores.

As of June 30, 2025, the group has accumulated 200 registered patents, 17 international patents, 603 domestic trademarks, and 104 international trademarks, establishing solid technological and brand barriers through a comprehensive intellectual property system.

Since the beginning of this year, the Hong Kong IPO market has continued warming up with significantly improved trading activity. Overall, as a rare "first high-end mother-baby consumer technology stock" in the market, Butong Group possesses solid foundations in brand strength, channel development, intellectual property, and user loyalty. With a clear future growth path and sufficient sustainable growth momentum, the company deserves long-term investor attention.