Kidswant Children Products Co., Ltd. (301078.SZ), an A-listed maternal and child products company based in Nanjing's Jiangning District, has submitted its prospectus for a Hong Kong Main Board IPO, with Huatai International as the sole sponsor.
Having debuted on the Shenzhen Stock Exchange on October 14, 2021, Kidswant aims to achieve a dual A+H listing through this Hong Kong IPO. The company plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its international strategy and expand overseas operations, positioning itself as a globally influential brand in family services.
Founder Wang Jianguo currently controls two listed companies—Kidswant and HUITONGDA NET (09878.HK). According to the 2025 Hurun Global Rich List, Wang and his son Wang Hao hold a combined fortune of 15.5 billion yuan.
Since its founding in 2009, Kidswant has focused on serving expectant mothers and children aged 0–14 through a membership-driven model, offering products spanning apparel, feeding, hygiene, toys, and early education. The company has built an integrated "product sales + parenting services + social interaction" ecosystem. Frost & Sullivan data shows Kidswant ranked first in China's maternal and child products market by GMV in 2024, with a 0.3% share.
Aware of the sector's sensitivity to birth rates, Kidswant has diversified through acquisitions under its "three expansions" strategy—broadening categories, segments, and business models. Beyond maternal and child products, the company now holds multiple growth drivers.
In July 2025, Kidswant invested 1.65 billion yuan alongside Giant Biogene and others to acquire Siyu Group, entering the scalp and hair care market. Siyu leads this segment with a 3.3% market share by 2024 GMV. Earlier, Kidswant expanded into beauty and personal care via investments, including Giant Biogene’s pre-IPO funding through Wang’s venture capital arm, Xinnar Capital.
From 2023 to 2024, Kidswant spent 1.6 billion yuan to fully acquire Leyou International and later purchased a 60% stake in Shanghai Xingyan Biotechnology for 162 million yuan in December 2024.
This acquisition spree fueled steady growth. Kidswant’s revenue reached 8.52 billion, 8.75 billion, 9.34 billion, and 7.35 billion yuan in 2022, 2023, 2024, and the first nine months of 2025, respectively, with net profits of 120 million, 121 million, 205 million, and 229 million yuan in the same periods. Siyu contributed significantly, generating 723 million yuan in 2024 revenue and 144 million yuan in Q1 2025, with net profits of 181 million yuan and 26.6 million yuan, respectively.
While reliance on maternal and child products has slightly declined, the segment still accounted for 90.0%, 90.1%, 90.3%, 90.5%, and 88.3% of total revenue from 2022 to September 2025.
However, acquisitions have ballooned Kidswant’s debt. By Q3 2025, long-term loans surged 144% year-end to 2.044 billion yuan, with short-term debt at 150 million yuan. Cash reserves stood at 1.026 billion yuan, while the debt-to-asset ratio hit 64.26%, signaling leverage exceeding liquidity. The Hong Kong listing is seen as pivotal for easing debt pressure and optimizing financial structure.
Founder Wang Jianguo, a serial entrepreneur, previously established Five Star Appliance—once a leading electronics retailer—before selling it to Best Buy in 2009. He retains a 27.14% voting stake in Kidswant via wholly-owned Jiangsu Bosida. His portfolio also includes HUITONGDA NET, smart home integrator "Comfort Home," Agra, and Village Bird Network.
As of December 17, Kidswant’s shares closed at 10.6 yuan, valuing the company at over 13 billion yuan.
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