Company: TONGSHIFU (同仕福文化创意股份有限公司)

Date of Prospectus: March 23, 2026

TONGSHIFU IPO: A Comprehensive Investor Analysis of the 2026 Hong Kong Listing

Discover key details, financials, growth strategies, and market insights on TONGSHIFU’s landmark IPO—positioned at the intersection of cultural creativity and manufacturing excellence in Greater China.

IPO Snapshot: Terms, Pricing, and Structure

TONGSHIFU launches its Hong Kong IPO with a focus on innovation and robust expansion in the cultural and creative crafts sector.

• IPO Symbol: Not explicitly disclosed
• Offer Price Range: HK\$60.00 to HK\$68.00 per H Share
• Mid-Point Offer Price (for proceeds calculations): HK\$64.00
• Total Offer Size: 7,406,800 H Shares (initially)
• Post-IPO Outstanding Shares: Not directly stated; inferred from structure tables
• Offer Structure: 740,700 H Shares (10%) via Hong Kong Public Offering, 6,666,100 H Shares (90%) via International Offering
• Over-allotment (Greenshoe) Option: Available, up to 15% of initial offer size
• Expected Timetable:
  • Offer Period: March 23, 2026 (9:00 a.m.) to March 26, 2026 (12:00 noon)
  • Listing Date: March 31, 2026

Use of Proceeds: Strategic Growth and Innovation

TONGSHIFU is allocating IPO proceeds to accelerate product innovation, production scale-up, channel expansion, and digital capabilities—signaling a growth-centered story.

Total Estimated Net Proceeds: HK\$417.9 million (at HK\$64.00/share, greenshoe not exercised)

Listing expenses: HK\$56.1 million (11.8% of gross proceeds), including underwriting commission (HK\$19.0 million) and non-underwriting fees (HK\$37.1 million)

Placement, Allocation, and Dividend Commitment

The IPO is structured to include a cornerstone placement and is fully underwritten with lock-ups for major shareholders.

• Cornerstone Investment: HK\$30 million from a disclosed investor, representing 0.68%–0.78% of post-IPO shares (depending on offer price and greenshoe exercise)
• Public Offer: 10% of total offer
• Institutional/International Offer: 90% of total offer
• Pre-IPO Investors: Multiple rounds with professional and individual investors, all special rights terminated prior to listing; all subject to 12-month lock-up
• Dividend Policy: No fixed dividend policy or ratio post-IPO; future distributions depend on earnings, capital needs, and board approval
• Distributable Reserves (as of Sep 30, 2025): RMB356.9 million

Investor Participation and Book Quality

Cornerstone and institutional participation underscores confidence in TONGSHIFU’s growth trajectory.

• Cornerstone Investor: Independent of company, no prior shareholding or connections; allocation capped at 6.75% of offer (actual: 0.68%–0.78% of shares in issue post-IPO)
• Pre-IPO Investors: Shunwei, Tianjin Jinmi, Beijing GX, Euro Master, among others. No pre-listing disposals by major holders disclosed; all subject to 12-month lock-up
• Book Quality: The presence of a cornerstone and robust pre-IPO investor base, combined with full underwriting by major international banks, suggests strong institutional demand and potential first-day support (inferred from prospectus content)

Deal Parties, Underwriters, and Structure

Leading financial institutions and underwriters back the IPO, with stabilization mechanisms in place.

• Sole Sponsor: CMB International Capital Limited
• Joint Global Coordinators: CMB International Capital Limited, CLSA Limited
• Joint Bookrunners: CMB International Capital Limited, CLSA Limited, ABCI Securities Company Limited, China Everbright Securities (HK) Limited, Livermore Holdings Limited, Futu Securities International (Hong Kong) Limited, Patrons Securities Limited
• Full Underwriting: Hong Kong Public Offering fully underwritten; International Offering expected to be fully underwritten; Over-allotment (greenshoe) option of up to 15%
• Stabilization: Syndicate Members may engage in stabilization activities in compliance with Hong Kong regulations
• Reputational Impact: Backing by reputable sponsors and bookrunners, combined with a cornerstone investor and robust pre-IPO base, infers strong listing-day performance support (inferred from prospectus data)

Company Overview: Business Model, Revenue Streams, and Market Position

TONGSHIFU is a leading innovator in copper-based cultural and creative crafts, with extensive IP and a multi-channel sales platform across Greater China.

• Core Business: Development, design, production, and sale of cultural and creative craft products, primarily copper-based (including self-developed and licensed IP collaborations)
• Key Revenue Streams: Product sales via proprietary retail, third-party e-commerce, and distributors; significant revenue from self-developed IP SKUs
• Customer Segments: Broad consumer base, leveraging both online and offline channels
• Geographic Focus: Mainland China, with plans for international expansion
• Competitive Advantages:
  • Structured pricing and craftsmanship balancing quality and accessibility
  • Proprietary IP portfolio and design patents
  • Multi-channel distribution and brand recognition
  • Experienced management and creative team

Financial Health: Multi-Period Performance

Consistent growth, robust margins, and strong liquidity position TONGSHIFU as a financially sound IPO candidate.

Net Tangible Assets (as of Sep 30, 2025): RMB450.7 million
Distributable Reserves (as of Sep 30, 2025): RMB356.9 million

Market Position and Competitive Landscape

TONGSHIFU leverages a comprehensive IP portfolio and structured multichannel reach to differentiate itself in the cultural crafts industry.

• IP Portfolio: Mix of self-developed and licensed IP; significant SKU revenue from proprietary IPs
• Sales Channels: Proprietary retail, third-party e-commerce (Tmall, JD.com), distributors
• Brand Strength: Enhanced by original design, craftsmanship, and cross-channel presence

Management and Governance

An experienced leadership and creative team underpin TONGSHIFU’s long-term growth vision.

• Single Largest Shareholder: Mr. Yu (23.24% post-IPO voting rights, assuming greenshoe not exercised)
• Board and Executive Team: Detailed director and senior management bios disclosed in prospectus
• Governance: Commitment to international corporate governance standards post-listing

Industry and Market Trends

The cultural and creative crafts sector exhibits strong consumer demand and evolving product preferences, driving TONGSHIFU’s expansion momentum.

• Industry Definition: Craft-based consumer goods rooted in cultural resources, integrating historical/artistic elements with modern techniques
• Sector Trends: Rising demand for culturally relevant and innovative products
• Recent Developments: TONGSHIFU completed CSRC filing (Feb 4, 2026) and is compliant with all listing and regulatory requirements
• IPO Timing: Launches amidst continued expansion of the mainland China consumer sector

Market conditions, as described in the prospectus, are supportive of new listings in the consumer creative sector, with no material adverse changes reported since September 2025.

Risk Factors

Investors should weigh exposure to macro, operational, and sector-specific risks.

• Brand Reputation: Failure to maintain or enhance brand could adversely impact growth and consumer trust
• Product Development: Decline in innovation capability could reduce competitiveness and market share
• Channel Coordination: Inability to manage multichannel sales, pricing, and distributor relations could lead to channel conflicts and brand dilution
• Commodity Exposure: Copper price fluctuations may materially affect business performance
• Regulatory, Legal, and Market Risks: See “Risk Factors” section for comprehensive listing

Growth Strategy and Expansion Plans

TONGSHIFU is aggressively investing in new product development, retail ecosystem integration, demand forecasting, international expansion, and digital transformation.

• Product Innovation: Ongoing R&D to drive new SKUs and growth
• Retail Expansion: Strengthening and optimizing multi-channel sales networks
• Operational Efficiency: Upgrading digital and IT infrastructure, improving demand forecasting
• Internationalization: Targeted overseas market development
• Resource Allocation: Selective capex in production and fulfillment agility

Ownership Structure and Lock-Up Arrangements

Clear post-IPO ownership structure with robust lock-up commitments from key shareholders and pre-IPO investors.

• Single Largest Shareholder (Mr. Yu): 23.24% post-IPO (greenshoe not exercised)
• Pre-IPO Investors: Shunwei (11.85%), Tianjin Jinmi (8.46%), Beijing GX (5.36%), others and employees
• Lock-Up: All existing shareholders (including Pre-IPO Investors) subject to a 12-month lock-up post-listing

Listing Outlook: First-Day Performance and Investment Case

Based solely on the prospectus:

• Strong pre-IPO and cornerstone investor participation, full underwriting by top-tier banks, and robust financial ratios indicate high market confidence and likely robust first-day performance.
• Growth-driven use of proceeds, lock-up structures, and sector trends all support a constructive listing outlook.
• No negative developments or material adverse changes reported since last financials.
• Inferred likely first-day trading range: The shares are expected to open at or above the offer price, with potential for moderate premium, contingent on general market conditions.

Prospectus Access

Full details and official documentation can be obtained at: www.hkexnews.hk and www.tongshifu.com

How to Apply for TONGSHIFU IPO Shares

Application for Hong Kong Offer Shares is fully electronic.

• Apply online through the White Form eIPO service at www.eipo.com.hk
• Apply electronically via HKSCC EIPO channel by instructing your broker or custodian (who is an HKSCC Participant) to submit instructions through HKSCC’s FINI system
• Eligibility: Applicants must be 18 years or older with a Hong Kong address (for White Form eIPO)
• Application Window: March 23, 2026 (9:00 a.m.) to March 26, 2026 (12:00 noon)

For complete procedures and requirements, visit the websites above.