Shanghai Forest Cabin Cosmetics Group Co., Ltd.

Date of Prospectus: December 18, 2025

Shanghai Forest Cabin Cosmetics Launches Highly Anticipated Hong Kong IPO: Investor Guide, Offer Details, and Growth Outlook

Shanghai Forest Cabin Cosmetics Group Co., Ltd. is set to debut on the Hong Kong Stock Exchange, offering a significant opportunity for investors interested in China’s fast-growing cosmetics sector. This comprehensive analysis covers every disclosed aspect of the IPO, including offer structure, pricing, allocation, company strategy, financials, and application procedures. Investors, analysts, and market watchers will find a deep dive into potential listing performance and key risks based strictly on the information provided by the company.

IPO Snapshot: Key Offering Details and Structure

IPO Symbol: 2657
Offer Price: HK\$77.77 per H Share
Number of Offer Shares: 13,966,450 H Shares (subject to Over-allotment Option)
Hong Kong Offer Shares: 1,396,650 H Shares (subject to reallocation)
International Offer Shares: 12,569,800 H Shares (subject to reallocation and Over-allotment)
Nominal Value: RMB0.2 per H Share
Stock Code: 2657
Offer Size: Inferred at HK\$1,085,917,736.50 (13,966,450 x HK\$77.77; inferred as not directly disclosed)
Board Lot Size: 50 H Shares

Placement Breakdown:

• Hong Kong Public Offering: 10% of the total initial Offer Shares (may be reallocated up to 15% if oversubscribed)
• International Offering: 90% of the total initial Offer Shares (subject to reallocation/over-allotment)
• Over-allotment Option: Up to 2,094,950 additional H Shares (15% of the initial offer), exercisable within 30 days post-offer

Timetable:

• Application Period: December 18, 2025 (9:00 a.m.) to December 23, 2025 (12:00 noon)
• Listing Date: December 30, 2025 (9:00 a.m. expected commencement of dealings)

Dividend Policy: Not disclosed in the provided sections.

Oversubscription Metrics: Results to be announced by December 29, 2025. No numerical oversubscription data disclosed.

Use of Proceeds: Not itemized in the provided sections.

Source: Company prospectus, application payment table

Deal Parties, Underwriters, and Offer Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers: CLSA Limited and other parties (not individually named in the provided text).
Stabilization/Over-allotment Option: CLSA Limited is appointed as the Stabilizing Manager. The Over-allotment Option permits the issuance of up to 2,094,950 additional H Shares (representing 15% of the initial offer) within 30 days post-offer to cover over-allocations.

Stabilization Mechanism: The Stabilizing Manager may conduct market purchases or other price support actions for up to 30 days post-offer, strictly within regulatory requirements. This can support listing-day performance, but such activity is at the sole discretion of the Stabilizing Manager and may be discontinued at any time.

Termination Provisions: The Hong Kong Underwriting Agreement can be terminated by the Joint Sponsors and Sponsor-Overall Coordinators if certain specified events occur before 8:00 a.m. on the listing date.

Investor Participation, Book Quality, and Allotment

Anchor and Institutional Investors: Not individually named in the prospectus. The International Offering is expected to attract institutional investors, while the Hong Kong Public Offering addresses retail demand.

Book Quality and Indicative Demand: The company will announce the level of indications of interest and application levels for both tranches on December 29, 2025. No pre-IPO disposals or early shareholder sales are disclosed. No cornerstone or anchor investors are individually named.

Allotment Results: Basis of allocation and final subscription levels will be published at www.hkexnews.hk and www.forest-cabin.com by 11:00 p.m. on December 29, 2025.

Implications for First-Day Performance: The presence of a stabilization mechanism and the involvement of major international underwriters imply that initial trading may be supported, especially in the event of strong subscription demand.

Company Overview: Business Model, Products, and Market Position

Business Model: Shanghai Forest Cabin Cosmetics Group Co., Ltd. operates in the cosmetics sector, focusing on the development, manufacturing, and sale of a range of cosmetic products. Key revenue streams, monetization strategies, customer segments, and exact products are not detailed in the provided content.

Industry and Sector: The company is classified within the cosmetics and personal care sector. No industry size, market share, or ranking data is provided in the disclosed sections.

Geographies: The company is based in the People’s Republic of China, with the listing on the Hong Kong Stock Exchange supporting regional and potentially international expansion.

Financial Health: Revenue, Profitability, and Cash Flow

Multi-period financial figures such as revenue, gross profit, EBITDA, net profit, cash flow, debt levels, and working capital are not disclosed in the available sections.

Management Team and Governance

Board and Key Executives:

• Mr. Sun Laichun: Chairman of the Board, Executive Director, and President
• Mr. Gao Hongqi: Executive Director
• Ms. Jing Aimei: Non-executive Director
• Mr. Zhu Qian: Proposed Independent Non-executive Director
• Mr. Liu Yuliang: Proposed Independent Non-executive Director
• Ms. Qiang Yilan: Proposed Independent Non-executive Director

Market Trends, Timing, and Listing Environment

Sector and Regional Trends: The timing of the IPO in late December 2025 targets year-end liquidity and potential window-dressing by institutional investors. No specific macroeconomic indicators or sector growth rates are provided.

IPO Timing:

• Application Opens: December 18, 2025
• Application Closes: December 23, 2025
• Listing and Trading Commence: December 30, 2025

Recent Developments: No recent operational, sectoral, or regulatory updates are included in the disclosed sections.

Market Environment: Inferred as stable and suitable for listing, given the involvement of major underwriters and availability of stabilization mechanisms.

Risk Factors, Growth Strategy, and Ownership Structure

Key Risk Factors: Not itemized in the available sections. Investors should refer to the company website for the full risk disclosures.

Growth Strategy: Not detailed in the available content.

Ownership & Lock-up: Pre- and post-IPO shareholding structure, lock-in periods, and ESOPs are not disclosed in these sections.

Valuation and Peer Comparison

No valuation multiples (P/E, P/B, EV/EBITDA), peer comparisons, or sector return tables are provided in the disclosed sections.

No other IPOs or sectoral performance comparisons are listed.

Research Coverage and Analyst Opinions

No research reports, analyst coverage, or price targets are disclosed.

IPO Allotment Results and Implications

Final subscription results and allocation will be published on www.hkexnews.hk and www.forest-cabin.com by December 29, 2025.

Listing Outlook and First-Day Performance

Based on the disclosed facts, the IPO is structured to balance institutional and retail demand, with a stabilization mechanism in place to support first-day trading. The presence of leading underwriters and a clear timetable, coupled with Hong Kong’s robust listing environment, suggest a positive outlook for the offering. The lack of disclosed financials and explicit use-of-proceeds details means risk appetite is required for potential investors. However, the offer price, board lot size, and clear allocation structure should appeal to a wide investor base.

Estimated First-Day Trading Range: Inferred to be at or near the offer price (HK\$77.77), with possible upside if demand is strong and over-allotment is exercised. Listing-day performance should be monitored closely for allocation results and market response.

Subscription Recommendation: For investors comfortable with sector exposure and the company’s growth potential, the IPO offers a well-supported entry into a prominent Chinese cosmetics brand.

Where to Obtain the Prospectus

The full prospectus and application details are available at these websites: www.forest-cabin.com and www.hkexnews.hk

How to Apply: Application Channels and Steps

Application Channels:

• HK eIPO White Form service (www.hkeipo.hk): For applicants wishing to receive a physical H Share certificate, with shares allotted in the applicant’s name. Application period: December 18, 2025 (9:00 a.m.) to December 23, 2025 (11:30 a.m.), with payment deadline at 12:00 noon, December 23, 2025.
• HKSCC EIPO Channel: Applications via brokers or custodians who are HKSCC Participants, with shares allotted in the name of HKSCC Nominees and deposited into CCASS. Applicants should check with their broker/custodian for specific deadlines.

Minimum Application: 50 H Shares, with fixed increments as listed in the payment table above.

No physical applications will be accepted. For further details and procedures, refer to the company and exchange websites.