On September 11, 2025, Shanghai-based Butong Group (referred to as "Butong Group" or "BeBeBus") disclosed its post-hearing prospectus on the Hong Kong Stock Exchange and is expected to list on the main board soon. The company had submitted its listing applications twice, on January 2, 2025, and August 15, 2025.

**Core Business**

Founded in 2018, Butong Group is a Chinese company specializing in designing and selling childcare products. Its BeBeBus brand has become a recognized name in China's premium childcare product market, expanding from initial core products including baby strollers, child safety seats, cribs, and high chairs to four key scenarios: family travel, sleep, feeding, and hygiene care.

According to Frost & Sullivan data, BeBeBus was China's best-selling premium durable childcare product brand by GMV in 2024, capturing a 4.9% market share.

Butong Group generates all revenue from product sales across four categories: (i) travel products including baby strollers and accessories, child safety seats, and baby carriers; (ii) sleep products including cribs, sleeping bags, and pillows; (iii) feeding products including high chairs and tableware; and (iv) baby care products including diapers and cotton wipes. The company employs both offline and online channels to reach consumers. Online channels cover major e-commerce platforms in China and the company's private domain platforms, with 3.5 million members across all online channels as of June 30, 2025. Offline channels primarily include sales to distributors and key account customers, plus company experience stores. As of June 30, 2025, the company had 155 distributors operating 3,400 third-party retail locations.

**Shareholder Structure**

The pre-IPO shareholder structure includes:

Mr. Wang Wei holds 52.95% through WANGBOYAN; Ms. Shen Ling holds 6.77% through SLING; SLING has granted voting rights for all its shares to WANGBOYAN; WEILING (BUTONG ESOP) holds 5.74%; Tian Tu Capital (01973.HK) holds 9.24% through Tiantu USD; Gaorong Capital holds 8.82% and 0.98% through Gaorong IV and Gaorong IV-A respectively; Matrix Partners holds 7.84% through Tembusu; Taikang Life Insurance holds 5.15%; Mr. Hong Kuntai holds 1.54% through xu tai; Daokou Investment holds 0.97% through DKT.

**Board and Management**

Butong Group's board comprises six directors:

Three executive directors: - Mr. Wang Wei (Chairman) - Ms. Shen Ling (CEO) - Mr. Yan Dong (Board Secretary and Joint Company Secretary)

Three independent non-executive directors: - Mr. Yan Jianjun (Chairman of Shanghai Zhida Technology) - Mr. Yu Zhenqiu (ACCA Fellow, Hong Kong Institute of CPAs Fellow) - Ms. Chen Yingqi (Legal and Company Secretary of China Gas Hold (00384.HK))

Other senior management includes: - Mr. Lin Junjie (CFO) - Mr. Zuo Limin (Supply Chain and Manufacturing Director)

**Financial Performance**

For 2022, 2023, 2024, and the first half of 2025, Butong Group recorded revenues of RMB 507 million, RMB 852 million, RMB 1.249 billion, and RMB 726 million respectively. Corresponding net profits were RMB -21.229 million, RMB 27.224 million, RMB 58.516 million, and RMB 48.507 million respectively. Adjusted net profits were RMB 9.774 million, RMB 59.247 million, RMB 110.878 million, and RMB 78.035 million respectively.

**IPO Advisory Team**

The IPO advisory team includes: - CITIC Securities and Haitong International as joint sponsors - KPMG as auditor - Tongshang as PRC legal counsel - Kirkland & Ellis as Hong Kong and US legal counsel - Jingtian & Gongcheng as underwriter's PRC legal counsel - Ashurst as underwriter's Hong Kong and US legal counsel - Somerley Capital as compliance advisor - Frost & Sullivan as industry consultant