According to a filing with the Hong Kong Stock Exchange on June 16, Savewo Group Limited (Savewo Group) has submitted an application for a listing on the Growth Enterprise Market (GEM), with Baihui Capital acting as its exclusive sponsor.
The company is a Hong Kong-headquartered, research-driven manufacturer and multi-channel distributor of personal protective and healthcare products, primarily focused on selling disposable masks under its SAVEWO® brand. A report by Frost & Sullivan indicates that, based on revenue, the company ranked first in Hong Kong's mask and respirator market for the fiscal year 2026 with a market share of approximately 14.1%. It also ranked third in Hong Kong's self-test respiratory rapid antigen test (RAT) kit market for the same fiscal year, holding an approximate 11.4% share.
During the track record period, the majority of the company's revenue was derived from the design, manufacturing, and sale of its own-brand Savewo® disposable masks. Leveraging its integrated R&D, design, and manufacturing platform, along with its capabilities in product commercialization and scaling, the company has expanded its product line to include rapid antigen test kits, mobility aids, and other healthcare-related products. The name "Savewo" originates from "Save the World," reflecting the company's founding mission to safeguard health through innovation in personal protection and healthcare products.
Its operations encompass key stages including market research and product development, procurement, manufacturing, sales, and gathering customer feedback. The company manufactures some of its own-brand products at its production facility in Tsuen Wan, Hong Kong. It sources certain materials from third-party suppliers according to its specifications and/or proprietary formulas, or arranges production of some own-brand products through qualified third-party subcontractors.
Financial Performance Overview
For the fiscal years ended March 31, 2025, and 2026, the company's revenue was approximately HK$73.2 million and HK$75.5 million, respectively. Its profit for the year was approximately HK$8.3 million and HK$16.8 million for the same periods, respectively.
Market Landscape and Outlook
Starting from a low pre-pandemic baseline of HK$102 million in the 2020 fiscal year, the overall personal protection and diagnostics market has undergone significant transformation due to fundamental shifts in public hygiene habits, recording a strong compound annual growth rate (CAGR) of 34.9% from the 2020 to 2026 fiscal years. Driven by strict government mandates, the masks and respirators segment reached HK$3.086 billion in the 2022 fiscal year before contracting sharply to HK$634 million in the 2025 fiscal year and HK$480 million in the 2026 fiscal year. However, over the period from the 2020 to 2026 fiscal years, this segment still achieved a robust CAGR of 29.5%, indicating that baseline demand remains elevated compared to pre-2020 levels.
Looking ahead, supported by ongoing seasonal flu awareness and established post-pandemic hygiene habits, the market is expected to stabilize and grow at a rate of 3.9% from the 2027 fiscal year onwards, reaching HK$560 million by the 2031 fiscal year. Notably, consumer behavior is shifting towards premiumization. Despite lower overall sales volume, buyers are increasingly prioritizing high filtration efficiency, breathability, and aesthetic design, creating sustained value-creation opportunities for innovative brands.
Starting from a virtually non-existent retail market in the 2020 fiscal year, the self-test respiratory RAT kit market reached HK$87.8 million in the 2021 fiscal year. It then experienced extreme volatility, surging from HK$291 million in the 2022 fiscal year to a peak of HK$6.352 billion in the 2023 fiscal year, influenced by severe infection waves and mandatory testing requirements. With the end of such mandates, sales plummeted to HK$199 million in the 2025 fiscal year, resulting in a negative CAGR of 17.8% from the 2022 to 2026 fiscal years, as consumers used existing household stocks rather than making new retail purchases.
This segment is expected to normalize on a lower baseline for occasional symptomatic testing, projected to reach HK$187 million by the 2031 fiscal year with a CAGR of 6.0% from the 2027 fiscal year. Crucially, the pandemic has permanently established consumer familiarity with at-home diagnostics, integrating such tools into daily family health management and laying a solid foundation for future retail demand for broader multiplex health screening test kits.
Board Composition and Shareholding Structure
Upon completion of the proposed listing, the company's board will consist of five directors, including two executive directors and three independent non-executive directors. The board is responsible for and holds general powers over the management and operation of the group's business.
Following the listing and assuming full exercise of any options granted, and in accordance with a deed of confirmation regarding concert parties and Part XV of the Securities and Futures Ordinance, WaterFun (wholly owned by Ms. Cai), Ms. Cai, IndexPI (wholly owned by Mr. Ding), and Mr. Ding will each be entitled or deemed entitled to exercise or control the exercise of voting rights over the company's total issued share capital. Mr. Huang, as the spouse of Ms. Cai, is also deemed under Part XV of the Securities and Futures Ordinance to have an interest in the shares in which Ms. Cai holds or is deemed to hold an interest. Consequently, WaterFun, Ms. Cai, IndexPI, Mr. Ding, and Mr. Huang will constitute a group of controlling shareholders of the company upon listing.
Professional Advisors for the Listing
Exclusive Sponsor: Baihui Capital Limited; Legal Advisors: Huashang (Hong Kong) Law Firm, Ogier; Legal Advisor to the Exclusive Sponsor: CLKW Lawyers LLP; Auditor and Reporting Accountant: ShineWing (HK) CPA Limited; Compliance Advisor: Baihui Capital Limited; Internal Control Advisor: M00 Robust Evolution Limited; Industry Consultant: Frost & Sullivan Limited; Barristers: Mr. Tam Chun Kit, Denis Chang's Chambers.
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