BeBeBus Technology

Date of Prospectus: September 15, 2025

BeBeBus Technology IPO Analysis: A Growth-Driven Offering Set to Capture Market Momentum

BeBeBus Technology is poised to enter the public markets with a carefully structured Initial Public Offering (IPO) designed to leverage its rapid business growth and expanding market footprint. This comprehensive analysis unpacks the critical elements of the IPO, financial health, investor participation, and the prospects based solely on the information disclosed in the official offering documents dated September 15, 2025.

IPO Snapshot and Offering Details

This section provides a concise overview of the IPO terms, pricing, share structure, and use of proceeds, revealing a growth-oriented capital raise targeting both retail and institutional investors.

• Offer Price Range: HK$62.01 to HK$71.20 per Offer Share
• Total Offer Size: Initially 10,980,900 Offer Shares, representing approximately 12.1% of post-IPO issued share capital (excluding Share Incentive Plan shares)
• Overallotment Option: Up to 1,647,100 additional shares (15% of Offer Shares) exercisable by Underwriters
• Post-IPO Shares Outstanding: Approximately 90.75 million shares immediately after the offering (assuming no exercise of Over-allotment Option or Share Options)

Use of Proceeds Indicates Aggressive Growth Strategy

The company expects net proceeds of approximately HK$661.7 million (at mid-point Offer Price HK$66.60), allocated as follows:

• Production Capacity Enhancement: HK$170 million (25.7%)
• Overseas Market Expansion: HK$110 million (16.6%)
• Branding and Sales Network Expansion: HK$225.5 million (34.1%)
• Research and Development: HK$90 million (13.6%)
• Working Capital and General Corporate Purposes: HK$66.2 million (10%)

This allocation underscores a clear growth-driven approach, emphasizing capacity scaling, market penetration, and brand strengthening.

Investor Participation and Book Quality

The IPO features participation from cornerstone investors and a fully underwritten Hong Kong Public Offering.

• Cornerstone Investors: Three cornerstone investors committed US$15 million (~HK$117 million) collectively, subscribing for approximately 2.08% of post-IPO shares each.
• Notable Cornerstone Investors: Cithara Fund, Shanghai Tongyi & HTCI (via OTC swaps), and Great Praise Investment SPC, each subscribing US$5 million.
• Shareholder Lock-ups: The cornerstone investors have agreed to restrictions on sale without prior consent for six months post-IPO, enhancing market stability.
• Pre-IPO Investors: Institutional venture capital firms such as Tiantu Capital, Gaorong Ventures, MPC, and Taikang Life participated in prior funding rounds, with all proceeds fully utilized for business growth.

Subscription Details and Application Process

• Hong Kong Public Offering: 1,098,100 shares initially available, with potential reallocation from the International Offering up to 1,647,100 shares (15% of initial offering).
• Application period: September 15 to September 18, 2025, via fully electronic application channels (White Form eIPO and HKSCC EIPO).
• Multiple or suspected multiple applications and applications exceeding 50% of the Hong Kong Public Offering allocation will be rejected.

Deal Parties and Offering Structure

The IPO is managed by a team of reputable financial institutions, ensuring robust underwriting and market support.

• Overall Coordinators: Futu Securities International (Hong Kong) Limited
• Sponsor-Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers: CLSA Limited and Haitong International Securities Company Limited
• Underwriting Arrangements: The Hong Kong Public Offering is fully underwritten by Hong Kong Underwriters under strict conditional terms.
• Stabilization and Greenshoe: The Over-allotment Option grants the International Underwriters the right to purchase up to 1,647,100 additional shares to stabilize trading post-listing.

Underwriting Termination Triggers

Underwriters may terminate obligations before 8:00 a.m. on the Listing Date upon occurrence of material adverse events including:

• Force majeure events (e.g., war, epidemics including COVID-19)
• Material adverse changes to business or financial conditions
• Regulatory refusals or withdrawal of listing approval
• Withdrawal of the prospectus or failure of cornerstone commitments

Company Overview and Market Position

BeBeBus Technology operates in the nursery product industry in China, focusing on a diverse product range to meet growing consumer demand.

• Business Model: Revenue generation through sales of nursery products with a focus on product innovation, branding, and expanding sales networks.
• Customer Segments: Primarily retail consumers in China, with planned expansion overseas.
• Geographical Reach: Predominantly China, with strategic plans to grow international presence.
• Industry Size: Supported by an industry report prepared by Frost & Sullivan, indicating a robust and growing market (specific figures not disclosed).

Historical Financial Performance

BeBeBus Technology has demonstrated strong revenue growth and positive cash flow generation during the Track Record Period.

Cash Flow: Aggregate positive operating cash flow exceeded HK$100 million over the last three years ended December 31, 2024.

Balance Sheet: The company had redeemable preferred shares of approximately RMB361 million classified as liabilities as of June 30, 2025, to be converted to equity upon listing.

Market Position and Competitive Advantages

BeBeBus Technology is well-positioned in its industry with endorsements from multiple Pre-IPO investors and venture capital firms, reflecting confidence in its growth prospects.

• Strong brand-building plans and expanding sales networks.
• Pre-IPO investments from reputable firms enhance credibility and support.
• Management team led by founder and chairman Mr. Wang Wei and co-founder CEO Ms. Shen Ling, both executive directors with strategic vision.

IPO Timing and Market Environment

The IPO is scheduled with a well-defined timeline aiming for a September 23, 2025 listing on the Hong Kong Stock Exchange.

• Offer Period: September 15-18, 2025 (Hong Kong Time)
• Price Determination Date: On or about September 19, 2025
• Expected Listing Date: September 23, 2025

The market environment is depicted as favorable, with no reported interruptions or material adverse effects from COVID-19, supported by significant revenue growth through 2025.

Key Risk Factors

Investors should consider the following potential risks as disclosed:

• Regulatory Risks: The company operates under complex PRC and Hong Kong regulatory frameworks, with ongoing compliance obligations.
• Market Concentration: Risk of customer or supplier concentration not specifically quantified but generally disclosed.
• Redemption Rights: Preferred shareholders have redemption rights that may impact liquidity until IPO completion.
• Related Party Transactions: Conducted on arm’s length basis, but investors should review details.
• Listing Approval Risks: The IPO is conditional on listing approval; failure or withdrawal may lead to termination of underwriting agreements.

Growth Strategy and Future Plans

BeBeBus Technology intends to deploy IPO proceeds to accelerate growth through capacity expansion, market development, branding, and product innovation.

• Enhance Production Capabilities: Investments in facilities strengthening output and efficiency.
• Expand Overseas Markets: Allocate HK$110 million to broaden geographic reach.
• Branding and Sales Network Expansion: Largest allocation (HK$225.5 million) for brand promotion and distribution.
• Research & Development: Dedicated HK$90 million for new product development.
• Working Capital: HK$66.2 million reserved for operational needs.

Ownership Structure and Lock-Up Arrangements

Post-IPO Shareholding and Lock-ups:

• Controlling Shareholders: Mr. Wang Wei, Boyan Holdings, and related parties remain controlling shareholders.
• Pre-IPO Investors: Hold preferred shares convertible to ordinary shares; no lock-up but have given undertakings with respect to IPO process.
• Cornerstone Investors: Subject to six-month lock-up post-IPO, prohibiting sale without consent.
• Share Incentive Plan: Adopted September 26, 2024; all options granted before listing with vesting linked to IPO and performance conditions. No further options to be granted post-listing.

Valuation and Peer Comparison

The prospectus does not provide explicit peer comparison tables or valuation multiples for direct comparison. However, market capitalization based on offer price range suggests a mid-sized IPO with strong growth metrics.

IPO Allotment and Listing Outlook

Subscription and Allocation:

• Hong Kong Public Offering is fully underwritten, indicating strong backing and market confidence.
• Reallocation mechanism allows transfer of shares between international and public tranches to meet demand.
• High demand expected given cornerstone commitments and pre-IPO investor confidence, suggesting strong first-day trading potential.

Listing Outlook: The combination of reputable underwriters, cornerstone investor commitments, and positive financial trajectory suggests a robust listing day performance. The stabilization mechanism via greenshoe option supports price stability post-listing.

Prospectus Access and Application Process

The prospectus is publicly available on:

• Hong Kong Stock Exchange website: www.hkexnews.hk
• Company website: www.butong.com

Application Channels:

• White Form eIPO: For investors desiring physical share certificates via www.eipo.com.hk
• HKSCC EIPO Channel: Investors applying through brokers/custodians who are HKSCC participants for electronic share settlement.

Offer Period: 9:00 a.m. September 15 to 12:00 noon September 18, 2025 (Hong Kong Time)

Conclusion: A Compelling Growth IPO with Strong Institutional Support

BeBeBus Technology’s IPO presents a compelling opportunity for investors seeking exposure to a fast-growing participant in the nursery product sector. The offering is backed by significant venture capital support, a clear growth-oriented use of proceeds, and a seasoned management team. The fully underwritten structure with cornerstone investor participation and stabilization mechanisms suggests a well-managed market debut.

Given the robust revenue growth, positive cash flows, and strategic capital deployment plans, this IPO is positioned for strong market reception and sustained growth post-listing. Investors should weigh the disclosed risks but may find this offering a worthy addition to growth-focused portfolios.