Good News on Listing | Frost & Sullivan Assists Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. in Successfully Going Public in Hong Kong

Hangzhou Copper Master Cultural and Creative (Group) Co., Ltd. (Stock Code: 0664.HK) successfully listed on the main board of the Hong Kong capital market on March 31, 2026. The company is a Chinese copper cultural and creative handicrafts company that mainly provides various copper cultural and creative products through its offline stores and online sales channels. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Hangzhou Copper Master Cultural and Creative (Group) Co., Ltd., and hereby warmly congratulates them on their successful listing.

Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. (hereinafter referred to as 'Tongshifu') successfully listed on March 31, 2026. The company plans to issue 7.4068 million H shares globally, of which 10% will be publicly offered in Hong Kong and 90% internationally. The issue price per share ranges from HK$60.00 to HK$68.00, with the net proceeds from global issuance expected to be at least HK$504 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 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.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 82 (market share of 73%) and 180 (market share of 71%) Hong Kong-listed IPOs, ranking first in terms of number, with rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

In 2019, the market scale of copper cultural and creative craft products in China reached RMB 11.082 billion, and it is expected to increase to RMB 22.823 billion by 2029, nearly doubling in ten years. Copper ornaments have always been the largest product category, accounting for more than 75% of the market. In terms of sales revenue, this segment is expected to grow from RMB 12.343 billion in 2024 to RMB 18.706 billion in 2029, with a compound annual growth rate of 8.7%, exceeding the overall market growth level. In contrast, the growth of copper sculptures and paintings is relatively flat, reaching RMB 2.757 billion by 2029, while the 'other' category has been relatively stable over the decade, accounting for about 7% of the total.
Driven by decorative and gift scenarios, the demand for copper ornaments is strong, and the market shows a robust expansion trend. In contrast, the growth rate of copper sculptures and other product types is slower, mainly serving as a complement to product diversification. As consumers' preferences shift towards personalized aesthetics, cultural expression, and decorative items, copper ornaments are expected to remain the main driver of growth in this category.

Note: Others include bronze statues, bronze bookmarks, bronze incense burners, and other lifestyle-oriented copper products (such as cups and teapots).

Data source: Analysis by Frost & Sullivan

● Emotional value-driven

As consumers increasingly pursue products that align with their personal emotions and aesthetic preferences, copper cultural and creative craft products have won widespread market favor due to their symbolic meaning, exquisite artistic details, and uniqueness. Especially among consumer groups with higher purchasing power, such as young professionals and middle-class consumers with higher cultural literacy, there is a strong demand for products that combine personalization, emotional expression, and visual aesthetics. This emotional value proposition helps to expand the customer base, enhance long-term brand affinity, and drive demand for handmade cultural and creative craft products.

● Policy-driven industry development

During the 14th Five-Year Plan period, China introduced a series of supportive policies and guidelines to promote the integrated development of culture and tourism, such as the "Key Project Plan for the Inheritance and Development of Excellent Traditional Chinese Culture during the 14th Five-Year Plan Period" and the "Guiding Opinions on Promoting the Inheritance and Innovative Development of the Arts and Crafts Industry." These policies cover cultural inheritance, craftsmanship innovation, and the integration of culture and tourism. They are combined with local funds, namely fiscal incentives from local governments and special funds for cultural and creative industries, such as project subsidies, grants, and support based on rewards, as well as industrial parks, aiming to upgrade copper crafts into more standardized and higher-value-added cultural and creative products. At the same time, by promoting the integration of cultural and creative products into cultural tourism consumption scenarios, such as museums, cultural venues, and tourist attractions, and facilitating market access through industrial park platforms, exhibitions, and compliant digital distribution channels, these measures expand business channels for enterprises like our group. The policy support focuses on standards and certification, quality and compliance, design and research and development, IP protection, as well as compliant distribution and digital channels, thereby enhancing product awareness, pricing power, and market coverage. The "National Trend Brands Young Consumer Insights Report" released by Xinhua News Agency in 2022 pointed out that the search popularity of national trend brands has increased by 528% over the past decade, with post-90s consumers accounting for 87% of this consumer group, indicating solid demand support.

● Cultural Narrative and IP-Driven Engagement

"National Trend" is driving consumers towards narrative-led experiences. Copper craft product brands combine traditional culture with contemporary IPs through myths, museums, animations, and entertainment content to enhance engagement. Collaborations with cultural roots such as the Palace Museum and Dunhuang have strengthened symbolic meaning and visual relevance, enhancing market attractiveness. In addition to attracting short-term attention, IP narratives also create deeper emotional bonds and recognizable cultural identities, supporting the long-term vitality of brands.