BUSINESS

Consumer Brands’ Mixed Hong Kong IPO Performance Shows Investors Are Still Wary

Published: Jun. 27, 2025 7:12 p.m. GMT+8

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Perfume distributor Eternal Beauty was listed on the main board of the Hong Kong Stock Exchange on Thursday. Photo: Eternal Beauty

Three Chinese consumer companies that debuted in Hong Kong on Thursday had mixed performances, showing that investor interest remains patchy despite signs the city’s equity market is ending a years-long slump.

Jewelry retailer Zhou Liu Fu Jewelry Co. Ltd. closed up 25% at HK$30 ($3.82), while maternity care provider Saint Bella Inc. jumped 33.7% to HK$8.8. Perfume distributor Eternal Beauty Holdings Ltd., however, dropped 16.7% to HK$2.4, below its HK$2.88 offering price.

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Three Chinese consumer companies debuted in Hong Kong with mixed results: Zhou Liu Fu rose 25%, Saint Bella up 33.7%, and Eternal Beauty fell 16.7% below IPO price.
Hong Kong IPO fundraising exceeded HK$76 billion by May 25, 2024, over eight times higher year-on-year and nearing HK$88 billion for all of 2024.
Zhou Liu Fu’s net profit rose to 706 million yuan in 2024, Saint Bella returned to profit, and Eternal Beauty’s profit increased, but investor confidence varies.

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Who’s Who

Zhou Liu Fu Jewelry Co. Ltd.: Zhou Liu Fu Jewelry Co. Ltd. is a Shenzhen-based jewelry retailer. On its Hong Kong debut, its shares closed up 25% at HK$30. It was the largest fundraiser among its peers, netting HK$1.19 billion. The company plans to expand offline, enhance its supply chain, and strengthen product design. It aims to add 40 directly operated stores by the end of 2027.

Saint Bella Inc.: Saint Bella Inc. is a Chinese maternity care provider. The company debuted in Hong Kong with an IPO, raising HK$630 million. On its debut day, its stock jumped 33.7% to HK$8.8. Saint Bella plans to use part of its IPO proceeds to open 55 new maternity centers by 2029. In 2024, the company recorded a 42.3 million yuan profit, a significant improvement from its 44.6 million yuan adjusted loss in 2022.

Eternal Beauty Holdings Ltd.: Eternal Beauty Holdings Ltd. is a Chinese perfume distributor. It debuted in Hong Kong with mixed results, dropping 16.7% to HK$2.4, below its HK$2.88 offering price. The company raised HK$883 million. It plans to use some funds to develop in-house brands and invest in other brands. Its profit rose to 227 million yuan for the year ending March 31, 2025.

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What Happened When

2022：: Zhou Liu Fu's net profit was 575 million yuan; Saint Bella had a 44.6 million yuan adjusted loss; Eternal Beauty's profit for the year ending March 31, 2023, was 173 million yuan.

2024：: Total HK$88 billion raised through IPO offerings in Hong Kong for the entire year.

2024：: Zhou Liu Fu's net profit grew to 706 million yuan; Saint Bella had a 42.3 million yuan profit.

As of Dec. 31, 2024：: Zhou Liu Fu operated 4,129 outlets worldwide, including 4,038 franchise locations and 91 directly operated stores.

From the beginning of 2025 to May 25, 2025：: Companies raised more than HK$76 billion through new listings in Hong Kong.

June 27, 2025：: Three Chinese consumer companies (Zhou Liu Fu Jewelry Co. Ltd., Saint Bella Inc., and Eternal Beauty Holdings Ltd.) debuted in Hong Kong with mixed performances.

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