On January 26, Shenzhen Hujia Technology (Group) Co., Ltd., the parent company of domestic skincare brand HBN, submitted a listing application to the Hong Kong Stock Exchange. The prospectus reveals that Xiamen Meitu Technology Co., Ltd. (hereinafter referred to as "Meitu Technology") is one of HBN's shareholders, holding a 23.81% stake.
HBN stated in its prospectus that MEITU (01357.HK) is the controlling shareholder of Meitu Technology, and Wu Zeyuan, Executive Chairman and CEO of MEITU, joined HBN as a director in November 2025, transitioning to a non-executive director in January 2026, primarily responsible for providing strategic advice to HBN.
Founded in 2019, HBN is the sole brand under Hujia Technology, focusing on skincare benefits such as anti-wrinkle firming and brightening. In its prospectus, it claims to have "pioneered the 'early C, late A' skincare concept and achieved large-scale productization," with the standard pricing for its main products ranging from 129 to 689 yuan.
MEITU's investment in HBN began in 2020. Data from Tianyancha shows that in December 2020, Wu Zeyuan completed an equity investment in HBN, making MEITU a shareholder with a 28.2% stake. This investment occurred against the backdrop of intensified industry competition and performance pressure, prompting MEITU to announce a strategic transformation plan in August 2018 to enter the social networking field. From 2018 to 2020, MEITU and its affiliated companies began a series of cross-border investments, primarily in the beauty ecosystem, social entertainment, e-commerce services, and gaming sectors, with HBN being one of them.
The investment in HBN once helped MEITU return to profitability. MEITU's 2022 performance report indicated that the main reason for the turnaround to net profit year-on-year was a fair value gain on investments in non-listed minority equity interests ranging from approximately 485 million to 565 million yuan, a strong performance primarily driven by HBN's online and offline operations in 2022.
The prospectus shows that MEITU's stake in HBN decreased from 28.2% to 23.81%, mainly due to equity transfers and capital increases by HBN. In 2023, HBN founder Yao Zhenan transferred 16.11% of his equity to his spouse, Wang Yang, and increased HBN's registered capital from 5 million yuan to 5.923 million yuan. After these adjustments, the top three shareholders in HBN's ownership structure are: Yao Zhenan holding 35.08%, Wang Yang holding 13.6%, and MEITU holding 23.81%.
Performance data disclosed in HBN's prospectus shows that for 2023, 2024, and the first three quarters of 2025, the company's revenue was 1.948 billion yuan, 2.083 billion yuan, and 1.514 billion yuan, respectively, with net profits of 39 million yuan, 129 million yuan, and 145 million yuan, respectively, and a gross profit margin maintained between 73% and 77%.
On the same day HBN submitted its listing application, MEITU issued an announcement stating that its board had been informed of HBN's proposed independent listing and also noted that HBN had not disclosed details regarding the offering size, structure, or expected timeline. In its 2025 interim report, MEITU stated that due to potential future synergies between its beauty business and HBN, the company considers its investment in HBN to align with its investment strategy and intends to continue holding its HBN shares.
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