IPO News | Yingtong Holdings is the largest perfume group in China other than brand owners through Hong Kong Stock Exchange hearing

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on June 9, Yingtong Holdings Limited (hereinafter: Yingtong Holdings) passed the Hong Kong Stock Exchange's main board listing hearing, and BNP Paribas and CITIC Securities were co-sponsors.

According to the prospectus, in terms of retail sales in 2023, Yingtong Holdings is the largest perfume group in China (including Hong Kong and Macau) other than the brand owner Perfume Group. Brand owner Perfume Group mainly operates the brands it owns and takes the lead in brand positioning and formulating marketing strategies, R&D, manufacturing and licensing the use of its brand rights. Unlike the brand owner Perfume Group, the company mainly sells and distributes products purchased from third party brand licensors to generate revenue; and carries out market deployment for such brand licensors, such as brand management, and designing and implementing customized market entry and expansion plans for their brands. The company does not generate revenue from this.

The company has a large and diverse brand portfolio that includes not only perfumes, but also makeup, skincare, personal care products, eyewear and home fragrances. The company has achieved a leading position in perfume in China (including Hong Kong and Macau). Due to its long business history, it has gained extensive knowledge in the perfume industry in these markets, and has accumulated relevant expertise and rich resources to distribute and market deployment for countless international perfume brands.

The company provides a comprehensive sales and distribution network covering a large number of perfume, skincare, makeup, personal care products, eyewear and home fragrance channels in China (including Hong Kong and Macau). As of March 31, 2025, the company's products were sold in more than 100 directly operated offline POS and more than 8,000 POS operated by retailer customers in more than 400 cities in China (including Hong Kong and Macau). As of the same date, the company also sold products to offline distributors, who may resell such products to other offline retailers. In addition to offline sales channels, products are also sold online through well-known e-commerce platforms and social media platforms in China (including Hong Kong and Macau).

The company's reputation among the world's leading brands has enabled it to become a business partner for many brand licensees looking to enter China (including Hong Kong and Macau) or expand their brand influence to that country. This long-term commercial relationship has enabled the creation of iconic brands and attractive products in the product portfolio. As of May 31, 2025, the company distributed products and deployed markets for a total of 72 external brands, including Hermès, VanCleef & Arpels, Chopard, Albion and LauraMercier, covering diverse pricing levels and functions to meet the differentiated needs of consumers in mainland China, Hong Kong and/or Macau.

As of May 31, 2025, the company has obtained exclusive licenses or sub-licenses for certain products and certain channels for 61 of the 72 external brands from brand licensors in mainland China, Hong Kong and/or Macau. Through such authorisations and sub-licenses, such brand licensors also grant the company the right to use its intellectual property rights (including trademarks and logos) within the specified scope.

On the financial side, for the year ended March 31, 2023, March 31, 2024, and March 31, 2025, Yingtong Holdings' revenue was approximately RMB 1,699 million, RMB 1,864 million, and RMB 2,083 billion, respectively; during the same period, profit during the year was approximately RMB 173 million, RMB 206 million, and RMB 227 million.