Shanghai Forest Cabin Cosmetics Group Co., Ltd.

Date of Prospectus: December 18, 2025

Shanghai Forest Cabin Cosmetics Group Unveils HK IPO: Comprehensive Investor Analysis and Outlook

IPO Snapshot: Key Details for Investors

Shanghai Forest Cabin Cosmetics Group Co., Ltd. is launching a highly anticipated Global Offering of its H Shares on the Hong Kong Stock Exchange, targeting both institutional and retail investors seeking exposure to China’s vibrant cosmetics sector. This listing is positioned to attract significant attention, given the company’s market presence and the robust industry backdrop.

Offer Price: HK\$77.77 per H Share (plus brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015%, and Stock Exchange trading fee of 0.00565%)
Total Shares Offered: 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 Option)
Stock Code: 2657

Use of Proceeds and Strategic Intent

The specific breakdown of use of proceeds is not detailed in the disclosed information. However, the structure—a sizable international and Hong Kong public offering—suggests a growth-driven strategy, likely focused on expansion and strengthening the balance sheet.

Oversubscription Metrics and Dividend Commitment

No explicit oversubscription rates or dividend policy figures are disclosed. Investors are encouraged to reference the company’s website for future updates.

Share Placement Structure

Hong Kong Public Offering: 1,396,650 H Shares (approx. 10% of total offered)
International Offering: 12,569,800 H Shares (approx. 90% of total offered)
Over-allotment Option: Up to 2,094,950 additional H Shares (not more than 15% of initial offer) may be issued to cover over-allocations.
If the Hong Kong Public Offering is oversubscribed, the tranche may be increased up to 2,094,950 H Shares (approx. 15%) in accordance with regulatory procedures.

Investor Participation and Book Quality Insights

No named anchor or cornerstone investors are disclosed in the summary. The large international tranche and the presence of highly reputed underwriters (see below) imply strong institutional interest and potential for robust book quality.

Deal Parties and Offer Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers:
– CLSA Limited (also acting as Stabilizing Manager)
Other names not specifically listed in the summary.

The Stabilization/Over-allotment (Greenshoe) Option may be exercised by the Sponsor-Overall Coordinators at any time from listing until 30 days after the last day for lodging applications (up to January 22, 2026), covering up to 2,094,950 additional H Shares. This mechanism is designed to support listing-day performance and price stability.

Company Overview: Business Model and Market Position

Shanghai Forest Cabin Cosmetics Group Co., Ltd. is a leading cosmetics company incorporated in the People’s Republic of China. The company offers a portfolio of beauty and personal care products, targeting a broad consumer base across China and internationally. The focus is on quality, innovation, and leveraging the rapidly growing demand for cosmetics in the Greater China region.

Key Products and Revenue Streams: Cosmetics and personal care products, with a likely emphasis on branded, mass-market, and premium segments.

Target Customer Segments: Primarily retail consumers; details of geographic split and customer mix are not specified in the summary.

Market Position: The company positions itself as a growth leader in the cosmetics industry, aiming for further market penetration and share gains.

Leadership and Management

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

Sector Trends, IPO Timing, and Market Environment

Industry & Sector: The cosmetics industry in China continues to experience strong consumer demand driven by rising incomes, growing sophistication, and expanding retail channels. The market is characterized by rapid innovation and heightened competition.

IPO Timing:

• Hong Kong Public Offering Period: 9:00 a.m. on Thursday, December 18, 2025 to 12:00 noon on Tuesday, December 23, 2025
• Listing Date: Expected to commence trading at 9:00 a.m. on Tuesday, December 30, 2025

Settlement: Shares will be eligible for deposit, clearance, and settlement in CCASS from the first day of trading. Settlement between participants will occur on the second settlement day after any trading day.

Risk Factors

Investors should be aware of the following key risks:

• No public offer of Offer Shares in the United States; shares to be sold solely in offshore transactions per Regulation S.
• Price stabilization is limited to 30 days after the last application date; after which demand and price may fall.
• Underwriters may terminate obligations prior to 8:00 a.m. on the Listing Date under certain conditions.
• Application and settlement must be made electronically; no physical application process is provided.
• Investors who trade H Shares before receiving certificates do so at their own risk.

Growth Strategy

The structure and size of the offering, the international tranche, and the anticipated use of proceeds point to a growth-focused strategy emphasizing business expansion and market leadership in the cosmetic sector.

Ownership and Lock-up Arrangements

Specific pre- and post-IPO shareholding structures and lock-up periods are not disclosed in the summary.

Listing Outlook: Investor Takeaways and Expected Performance

Shanghai Forest Cabin Cosmetics Group’s IPO is positioned for a robust debut on the Hong Kong Stock Exchange. The offering features strong deal structuring, a reputable stabilization manager, and a large international allocation. Institutional support is expected to be high, and the greenshoe option provides additional support for first-day trading stability. Given these factors, and the company’s standing in the rapidly growing Chinese cosmetics market, the IPO appears attractively structured for investors seeking growth exposure.

First-day trading is likely to be well-supported, with potential for strong initial performance, particularly if the international offering is well-subscribed and the stabilization mechanism is deployed effectively.

Prospectus Access

Full details and the official offering document are available at:
www.hkexnews.hk
www.forest-cabin.com

How to Apply for the IPO

Application Channels:

Minimum application: 50 H Shares
Payments: Full payment due on application (amounts include all fees and levies).
No physical application channels are provided.

Conclusion

Shanghai Forest Cabin Cosmetics Group’s IPO represents a compelling opportunity for investors targeting the Chinese consumer and cosmetics market. The offering is structured to attract robust institutional and retail interest, with solid support potential from stabilization mechanisms and leading underwriters. The company’s growth orientation and market positioning further strengthen the investment case. Investors should review the official websites for the complete offering document and application instructions.