Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Forest Cabin Cosmetics / Equity Capital Markets

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>FOREST CABIN’s been subject to administrative penalties for false advertising. The natural ingredient that consumers truly pursue holds the highest premium in essence oil, but its content/efficacy is exaggerated.</li>
<li>Pre-IPO valuation reached over RMB3.8bn. Some investors may believe that, given that FOREST CABIN's profitability has initially been proven, its valuation is attractive. However, think FOREST CABIN have some issues.</li>
<li>Valuation of FOREST CABIN should be lower than Mao Geping. A comfortable range could be P/E of 20-30x. If future growth declined/profit margin deteriorates, valuation may fall to 10-20x P/E.</li>
</ul>


FOREST CABIN’s been subject to administrative penalties for false advertising. The natural ingredient that consumers truly pursue holds the highest premium in essence oil, but its content/efficacy is exaggerated.
Pre-IPO valuation reached over RMB3.8bn. Some investors may believe that, given that FOREST CABIN's profitability has initially been proven, its valuation is attractive. However, think FOREST CABIN have some issues.
Valuation of FOREST CABIN should be lower than Mao Geping. A comfortable range could be P/E of 20-30x. If future growth declined/profit margin deteriorates, valuation may fall to 10-20x P/E.


Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) - Some Points Worth the Attention

Chando Global Holding / Equity Capital Markets

<ul>
<li>Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.</li>
<li>Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity</li>
<li>Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene</a>, <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax </a>in Hong Kong market. </li>
</ul>


Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market. 


Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals and looked at some of the upcoming likely deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.


ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

China

Mao Geping Cosmetics is a Chinese beauty company primarily engaged in the research, development, production, and sale of color cosmetics and skincare products. The company operates two main brands, MAOGEPING (targeting the high-end market) and Love Keeps (a mass-market brand), offering a range of products including foundations, eye makeup, lip products, and various skincare items. Additionally, it provides professional makeup artistry training services. The company was founded in 2000 and is headquartered in Hangzhou, Zhejiang, China.

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Mao Geping Cosmetics (1318 HK)

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) - Some Points Worth the Attention

Investors may find the valuation of Forest Cabin attractive, but there're some issues. Its valuation should be lower than Mao Geping. If growth...

Xinyao (Criss) Wang

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) - Some Points Worth the Attention

Investors may find the valuation of Forest Cabin attractive, but there're some issues. Its valuation should be lower than Mao Geping. If growth...

Xinyao (Criss) Wang

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

​CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...