Good News on Listing | Frost & Sullivan Assists Different Groups in Successfully Going Public in Hong Kong (6090.HK)

Different groups were successfully listed on September 23, 2025. A total of 10,980,900 shares were issued globally (subject to the exercise of the over-allotment rights), of which 90% were international and 10% were Hong Kong shares; the maximum offering price per share was HK$71.20, raising a total of approximately HK$782 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of June 30, 2025), from January to June 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 29 (accounting for 71% of the market share), 60 (accounting for 67% of the market share), and 164 (accounting for 69% of the market share) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.

The company's first brand, BeBeBus, has secured a strong market position in the mid-to-high-end parenting product market. In 2024, BeBeBus ranked second among Chinese parenting product brands (by GMV) in the Chinese mid-to-high-end parenting product market, holding a market share of 4.2%; in the Chinese mid-to-high-end durable parenting product market, BeBeBus is the largest parenting product brand in China (by GMV), with a market share of 4.9%.

By adopting a user-centered development approach, we have created products that excel in design, functionality, and user experience, standing out in the parenting product market.

Loyalty has been enhanced through influencers, social media, membership programs, and personalized services. As of June 30, 2025, a loyal community of over 3 million members has been cultivated, and the repeat purchase rate on the private domain platform has increased from 45.7% in 2022 to 53.3% in 2024.

Integrating online e-commerce, social live streaming, and offline retail entities, we build a full-channel network to reach users in multiple scenarios, providing a seamless shopping experience while continuously enhancing brand influence and user stickiness.

Parenting products refer to those typically used by infants and young children under the age of five. These products can meet the basic needs of infants and young children in terms of travel, sleep, feeding, and care. Such products prioritize safety, functionality, and comfort, using non-toxic materials and following ergonomic design and safety standards.

Driven by the increase in disposable income and household spending on children, the Chinese parenting product market has achieved steady growth. Per capita disposable income increased from RMB 32,189 in 2020 to RMB 41,314 in 2024, with a compound annual growth rate of 6.4% from 2020 to 2024. It is expected to reach RMB 43,481 by 2025 and RMB 52,840 by 2029, with a compound annual growth rate of 5.0% from 2025 to 2029. Therefore, the Chinese parenting product market (including durable and consumer segments) has expanded from RMB 121.8 billion in 2020 to RMB 144.1 billion in 2024, with a compound annual growth rate of 4.3% from 2020 to 2024. It is expected to reach RMB 151.4 billion by 2025 and RMB 183.7 billion by 2029, with a compound annual growth rate of 5.0% from 2025 to 2029.

The parenting product market, categorized by product positioning, includes two main sub-markets: parenting products for mid-to-high-end consumers and those for the mass market. The key difference between these two sub-markets lies in pricing, with mid-to-high-end parenting products priced within the top 40% of their category. These products are characterized by high-quality materials, meticulous design, and strong functionality, often reflecting a strong brand value to attract consumers who pursue excellence in aesthetics, convenience of use, and a high-quality parenting experience. Compared to other consumer goods categories such as electronics or automobiles, mid-to-high-end parenting products often carry stronger emotional and lifestyle associations. In contrast, mass-market parenting products are priced below the 40% range, focusing on affordability and practical functionality to attract a broader audience.

Compared to the mass market, mid-to-high-end parenting products account for a smaller share in China's broader parenting product market, accounting for 23.6% of the total market in 2024. In recent years, both segments have grown steadily, with the mid-to-high-end market growing at a rate exceeding that of the mass market. The scale of the mid-to-high-end parenting product market in China increased from RMB 256 billion in 2020 to RMB 340 billion in 2024, with a compound annual growth rate of 7.4% from 2020 to 2024, while the mass market's compound annual growth rate was 3.4% during the same period. The scale of the mid-to-high-end parenting product market is expected to reach RMB 371 billion by 2025 and RMB 509 billion by 2029, with a compound annual growth rate of 8.2% from 2025 to 2029. In contrast, the mass market is expected to grow more slowly, reaching RMB 1329 billion by 2029, with a compound annual growth rate of 3.9% during the same period.

Durable childcare products are durable necessities designed for travel, sleep, and feeding. Made from sturdy materials, they focus on safety and convenience in daily care, including strollers, cribs, child safety seats, baby chairs, dining chairs, and other related products. Supported by stable consumer demand, the durable childcare product market in China continues to grow.

The market size of strollers (the largest sub-market within this category) increased from 16.7 billion yuan in 2020 to 22.2 billion yuan in 2024, with a compound annual growth rate of 7.4%. It is expected to reach 242 billion yuan by 2025 and 330 billion yuan by 2029, with a predicted compound annual growth rate of 8.1% from 2025 to 2029. The market sizes of child safety seats and infant carriers increased from 5.9 billion yuan and 3.6 billion yuan in 2020 to 10 billion yuan and 4.9 billion yuan in 2024, with compound annual growth rates of 14.0% and 8.3%, respectively. It is expected that these markets will continue to grow from 2025 to 2029, with compound annual growth rates of 12.2% and 10.0%, respectively.

In 2024, mid-to-high-end durable childcare products accounted for 34.8% of the total durable childcare product market. The scale of the mid-to-high-end durable childcare product market in China expanded from 13.6 billion yuan in 2020 to 19.8 billion yuan in 2024. The compound annual growth rate from 2020 to 2024 was 9.9%, exceeding the 5.8% compound annual growth rate of the general market during the same period. It is expected that this market will reach 223 billion yuan in 2025 and 333 billion yuan in 2029, with a compound annual growth rate of 10.5% from 2025 to 2029. In contrast, the general market will grow moderately, reaching 398 billion yuan in 2025 and 518 billion yuan in 2029, with a compound annual growth rate of 6.8% during the same period.

Consumer-oriented childcare products refer to daily necessities for infant care that need to be replenished regularly for hygiene, feeding, and comfort, such as diapers, wipes and rags, feeding aids, bedding, formula milk powder, and skincare products. Infant care products such as diapers, wipes and rags are specifically designed for the daily hygiene and care of infants and young children. Feeding products such as bottles and sippy cups are designed for infants and young children as feeding utensils. Bedding such as baby sleep bags and bedding sets are designed for use during sleep and rest.

In the Chinese consumer-oriented parenting product market, baby care products (especially diapers) dominate the market due to their high frequency of use as necessities of life. The market size of baby care products increased from 61 billion yuan in 2020 to 668 billion yuan in 2024, and it is expected to reach 734 billion yuan by 2029. At the same time, the market size of bedding products grew the fastest, with a compound annual growth rate of 6.4% from 2020 to 2024, while the growth rates of baby care products and feeding products were more moderate during the same period, at 2.3% and 1.2%, respectively.

The market scale of consumer-oriented mid-to-high-end parenting products increased from 12 billion yuan in 2020 to 142 billion yuan in 2024, with a compound annual growth rate of 4.2% from 2020 to 2024, exceeding the 2.3% compound annual growth rate of the general market during the same period. It is expected that this market will continue to grow steadily, reaching 148 billion yuan in 2025 and 176 billion yuan in 2029, with a compound annual growth rate of 4.4% from 2025 to 2029. In contrast, the general market will grow more slowly, reaching 810 billion yuan in 2029, with a compound annual growth rate of 2.1% during the same period.

The parenting product industry in China is highly fragmented, mainly due to the wide variety of product categories and different brands having varying strategic and sales priorities. In 2024, calculated by GMV, the combined market share of the top five brands in the parenting product market was about 16%. Brands with different market positioning each have their own mid-to-high-end product lines. Calculated by the GMV of mid-to-high-end parenting products in 2024, the combined market share of the top five brands was about 18.9%.

The ranking of Chinese parenting product brands by GMV for mid-to-high-end products in 2024:

The ranking of Chinese parenting product brands by GMV for mid-to-high-end durable products in 2024:

New-generation parents are adopting more intelligent and considerate parenting methods, focusing not only on functionality but also on the quality of life. This shift has driven demand for products that not only meet the children's growth stages but resonate with their aesthetic preferences. 82% of families are willing to buy parenting products that showcase individuality and taste, indicating that parents are increasingly concerned about the identity attributes and personalization of products. At the same time, there is also a growing demand for branded and design-conscious parenting products.

The continuously developing social trend has led to an increase in delayed childbearing, resulting in an increasingly stable group of novice parents with more stable financial conditions. With the increase in disposable income, this group tends to invest more in high-quality and well-designed parenting products. Their consumption habits are shaping market trends, driving the development of categories such as smart technology, multifunctional parenting products, and environmentally friendly materials, which has promoted the continuous expansion of the parenting product industry, especially among high-income urban families.

In recent years, the Chinese consumer market has seen an increasing emergence of high-quality parenting products to meet consumers' personalized needs. Over 60% of families prioritize safety and green formulas when purchasing parenting products. More than 35% of parents focus on product durability, and over 30% value product ease of use, indicating that product materials and long-term performance are the main purchasing factors.

Parenting product brands are increasingly focusing on optimizing supply chain management and after-sales support to improve consumer satisfaction and cultivate loyalty. Streamlined logistics processes ensure that products are delivered to consumers on time and meet their ever-changing needs, while responsive after-sales service can solve any problems and maintain consumer confidence.

The government is strengthening the childcare service infrastructure by advocating inclusive, diverse, and standardized childcare services, while actively supporting domestic manufacturers to produce safe and high-quality childcare products. Policy measures, including the Outline of the Strategic Plan for Expanding Domestic Demand, aim to alleviate the economic and logistical challenges of raising children and align fertility strategies with broader economic and social development goals. These efforts create a favorable environment for business operations and drive the growth of the childcare product market.

The strengthening of intellectual property protection has prompted brands in the parenting product industry to increase investment in product development, design innovation, and technological progress. This emphasis on innovation is transforming into safer, more user-friendly products that meet consumer needs. By protecting exclusive designs and technologies, intellectual property protection helps brands establish a unique identity and gain competitive advantages. In addition, these measures can reduce counterfeiting and promote fair competition, creating an environment that encourages continuous research and development. This in turn builds consumer confidence and contributes to the sustainable growth of the market.

Well-known brands possess strong consumer trust, making it difficult for new entrants to gain market share. Parents tend to choose products that have been proven safe and reliable, thus limiting the development opportunities for brands with lower visibility.

Leading e-commerce platforms and physical retailers usually give priority to brands with a substantial sales history. New entrants will find it difficult to secure orders and market exposure if they lack local partnerships or sufficient marketing investment.

China has established strict safety and quality standards for the production of childcare products, covering aspects such as materials, chemical composition, and structural integrity. Compliance requires a large number of tests and certifications, leading to increased costs and creating barriers to market entry.

The parenting market highly relies on user feedback to guide product development, with established brands continuously optimizing products based on long-term customer data. New entrants, lacking in-depth consumer insights, may find it difficult to launch products that meet market changes and demands.