Master Tong's Hong Kong stock listing drops 49% on the first day, cornerstone investors complain, raising HKD 444 million

China Economic Net, Beijing, March 31—Hangzhou Tongshifu Cultural & Creative (Group) Co., Ltd. (hereinafter referred to as “Tongshifu,” 00664.HK) was listed on the Hong Kong Stock Exchange today.

Tongshifu opened trading today at a price below its offering price, at HK$35.42. As of the close of trading today, Tongshifu was at HK$30.5, down 49.17%.

According to the announcement on the final offer price and allotment results, the number of H shares offered under Tongshifu’s global offering was 7,406,800 shares, of which the number of H shares under the Hong Kong offering was 1,111,000 H shares (after reallocation), and the number of H shares under the international offering was 6,295,800 H shares (after reallocation).

Tongshifu’s exclusive sponsor, exclusive sponsor and joint overall coordinator, joint global coordinators, joint joint bookrunners and joint lead managers are CMB International Finance Co., Ltd.; the joint overall coordinator, joint global coordinator, joint bookrunner and joint lead manager are CCB International Securities Company Limited; the joint bookrunner and joint lead manager are Agricultural Bank of China International Finance Co., Ltd., China Everbright Securities (HK) Co., Ltd., Leffmore Securities Co., Ltd., Futu Securities International (Hong Kong) Limited, and Brilliantway Securities Co., Ltd.

Tongshifu’s final offer price was HK$60.00. The total proceeds were HK$444.41 million. After deducting estimated listing expenses payable of HK$54.25 million based on the offer price, the net proceeds were HK$390.16 million.

The prospectus shows that Tongshifu plans to use the net proceeds from the global offering for the following purposes: investing in product development and design capabilities, enhancing capacity and delivery flexibility, strengthening sales channels and marketing capabilities, upgrading digital and information infrastructure, and working capital and general corporate purposes.

Since its establishment, Tongshifu has remained focused on combining traditional craftsmanship with modern design and usage scenarios, and on developing copper-based cultural and creative products.

Tongshifu’s cornerstone investor is JianTou International. JianTou International is a limited company incorporated in Hong Kong. It is also a wholly owned subsidiary of Jiande City State-owned Assets Operation Co., Ltd., and is ultimately controlled by the Jiande City State-owned Assets Management Service Center.

In 2022, 2023, 2024, and the 1–9 months of 2025, Tongshifu’s revenue was RMB 503.2 million, RMB 506.4 million, RMB 571.2 million, and RMB 447.7 million, respectively; the total profit and comprehensive income for the year/period was RMB 56.9 million, RMB 44.1 million, RMB 79.0 million, and RMB 41.6 million, respectively.

In the same periods above, Tongshifu’s net cash generated from operating activities was RMB 28.4 million, RMB 82.5 million, RMB 58.5 million, and RMB 34.7 million, respectively.

(责任编辑：田云绯)

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