Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. has passed the listing hearing on the main board of the Hong Kong Stock Exchange, as disclosed on March 10. China Merchants Bank International is acting as the sole sponsor, indicating that the company may soon commence its public offering. Market sources indicate that Tongshifu has initiated pre-marketing activities, with a fundraising target of $100 million.
Since its establishment in 2013, Tongshifu has focused on integrating traditional craftsmanship with modern design and application scenarios to develop copper-based cultural and creative products. The company's offerings are categorized into four main groups based on materials and techniques: copper cultural products, plastic figurines and toys, silver cultural products, and gold cultural products.
According to a Frost & Sullivan report, Tongshifu ranked first in the Chinese copper cultural and craft product market by total revenue in the year ended December 31, 2024, capturing a market share of 35.0%. The copper cultural and craft product segment accounted for approximately 6.3% of China's overall metal cultural and craft product market in 2024, representing a niche within the broader cultural and craft product industry. Within this broader segment, Tongshifu held a market share of about 0.2% in 2024.
Tongshifu has developed a comprehensive IP portfolio, including self-developed intellectual property and licensed IP collaborations, supported by a robust system of design patents, copyrights, and proprietary technologies. Public data shows that the company holds licenses for well-known IPs such as "The Avengers," "Nezha: The Devil's Birth," and the National Museum of China. By the end of September 2025, Tongshifu had launched 327 new SKUs based on its self-developed IPs and 77 SKUs derived from licensed IPs.
In terms of shareholding structure, founder Yu Guang is the largest shareholder, holding a 26.27% stake. Entities linked to Xiaomi Group founder Lei Jun, including Shunwei Capital and Xiaomi itself, hold 13.39% and 9.56% respectively, making them the second and third largest shareholders.