Chando Global Holdings Limited, endorsed by actress Yu Shuxin, has updated its prospectus as it prepares for a listing on the Hong Kong Stock Exchange.
In 2025, the company secured a funding round totaling 742 million yuan. On October 23, 2024, Meiting entered into a share subscription agreement with Chando, which was supplemented on September 8, 2025. Under this agreement, Meiting subscribed for 7,026,459 shares at approximately 58 yuan per share, with a total consideration of 409 million yuan, which was irrevocably settled on September 26, 2025.
On September 16, 2025, Himalaya International, affiliated with C*Capital, entered into an investment agreement with the company. Himalaya International subscribed for 4,761,905 shares at about 63 yuan per share, with a total consideration of 300 million yuan, irrevocably settled on September 25, 2025.
On the same day, to further invest in Chando, Meiting signed a share purchase agreement with Ying BVI II. Meiting purchased 531,023 shares from Ying BVI II at 63 yuan per share, for a total consideration of 33.45 million yuan, irrevocably settled on September 26, 2025. The post-investment valuation of Chando following this round was 7.14 billion yuan.
Chando CHANDO was established in Shanghai in 2001. Its product range includes skincare, color cosmetics, masks, men's grooming, and personal care items. The brand draws inspiration from the classical Chinese philosophy of "Chan Dao," emphasizing harmony with nature. The name CHANDO is a phonetic transliteration of "Chan Dao," while "Tang" signifies gathering, making the brand name mean "Gathering Nature."
In January 2018, the shareholders of Chando Limited resolved to spin off the company into Chando Limited and Shanghai Jiaxin Holdings Co., Ltd. through a demerger.
According to the prospectus, Chando reported revenues of 4.442 billion yuan, 4.6 billion yuan, and 5.318 billion yuan for 2023, 2024, and 2025, respectively. Gross profits were 3.012 billion yuan, 3.195 billion yuan, and 3.757 billion yuan, with gross margins of 67.8%, 69.4%, and 70.6% for the respective years.
In 2025, skincare products contributed 4.573 billion yuan, accounting for 86% of total revenue. Color cosmetics generated 209 million yuan, representing 3.9%, while personal care products brought in 340 million yuan, or 6.4%. Other product categories contributed 180 million yuan, making up 3.4% of revenue.
Operating profits for 2023, 2024, and 2025 were 363 million yuan, 205 million yuan, and 397 million yuan, with operating profit margins of 8.2%, 4.5%, and 7.5%, respectively. Net profits for the period were 302 million yuan, 190 million yuan, and 351 million yuan, with net profit margins of 6.8%, 4.1%, and 6.6%.
Adjusted net profits were 313 million yuan, 203 million yuan, and 413 million yuan for 2023, 2024, and 2025, with adjusted net profit margins of 7%, 4.4%, and 7.8%. As of June 30, 2025, Chando held cash and cash equivalents of 931 million yuan.
The company is a family-owned enterprise of the Zheng Chunyi family. Executive directors include Zheng Chunyi, Zheng Chunbin, Zheng Chunwei, and Du Shenglin. Non-executive directors are Ms. Zheng Xiaodan and Ms. Zhu Xuejing. Independent non-executive directors are Dr. Mao Jiye, Li Chongguang, and Ms. Hu Lielei.
Zheng Chunyi, Zheng Chunbin, Zheng Chunwei, and Zheng Xiaodan are siblings, with Zheng Chunyi being the eldest and Zheng Xiaodan the youngest. Zheng Chunyi serves as Chairman and CEO.
Prior to the IPO, Jiaxin BVI II holds a 70.63% stake. Zheng Chunyi holds 3.95% through Ying BVI II. Zheng Chunbin, Zheng Chunwei, and Ms. Zheng Xiaodan hold 4.41% each through Bin BVI II, Wei BVI II, and Dan BVI II, respectively.
Meiting holds a 6.67% stake, while Himalaya International, under C*Capital, holds 4.2%. Chando Growing I (BVI) Limited holds 0.05%, and Chando Growing II (BVI) Limited holds 1.26%. Zheng Chunyi is the majority shareholder of Jiaxin BVI II, holding a 51.25% stake, with Zheng Chunbin, Zheng Chunwei, and Ms. Zheng Xiaodan each holding the remaining 16.25%.
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