IPO News | Sipney heard ODM customers including Lao Fengxiang, China Jewellery and Chow Tai Sang through the Hong Kong Stock Exchange

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on September 15, Shenzhen Sipni Precision Technology Co., Ltd. (hereinafter: Sipni) passed the Hong Kong Stock Exchange's main board listing hearing, and Ping An Securities (Hong Kong) is its sole sponsor.

According to the prospectus, Sipney is a Chinese designer, manufacturer and brand owner of gold case watches and gold bezel watches. During the track record period, the company's revenue mainly came from selling gold case watches and gold bezel watches designed and manufactured under the flagship in-house brand HIPINE (HIPINE). The company assembles watch movements purchased from external suppliers into the watch. The company also earns revenue through acting as an ODM manufacturer for third party domestic jewelry brands and wholesalers, including developing and producing branded watches and jewelry, and providing contract processing services.

During the track record period, the company's ODM customers include many well-known domestic jewelry brands, such as Lao Fengxiang, China Jewelry, and Chow Tai Sang, and have established long-term stable supply relationships with them. Since 2023, the company has also cooperated with the largest retailer and supermarket chain customer A to promote and sell products supplied by the company in China, mainly including precious metal jewelry and products, such as gold bars, wearable jewelry, and ornaments customized according to customer A specifications.

Although it does not manufacture movements for watch production and procures movements from reputable suppliers, the company's key technical achievement is proprietary supramolecular gold hardening technology, which solves the inherent softness problems of pure gold. With this technology, the company launched the first mass-producible all-gold precious metal watch in China in 2014, which the company believes is a major technological achievement in the watch manufacturing industry. Based on this technical achievement, the company developed a series of all-gold component smartwatches using Huawei smart movement technology in 2023.

The company's product portfolio is centered on the flagship independent watch brand HIPINE (HIPINE). It has been recognized as a famous brand in Shenzhen by the Shenzhen Famous Brand Evaluation Committee since 2022, and as the 3rd Shenzhen Top 100 Brand Enterprise by the Shenzhen Quality Market Promotion Association in 2024.

The company's own-brand product sales are mainly based on a distribution network, and sales are carried out through (including) its own online stores, third-party online store operators, and retail stores. On May 31, 2025, the company's distribution business model adopted a distribution strategy of direct transactions between the two parties, utilizing a huge network of more than 3,000 offline retail stores across the country. This approach can effectively penetrate the market, respond quickly to consumer preferences, and establish comprehensive brand awareness among different consumer groups.

In the 2024 fiscal year, the company also began overseas expansion, cooperating with its Malaysian partner (an experienced Malaysian dealer and retailer) to distribute and retail the company's HIPINE (Sipuni) watch products in Malaysia. Building on this overseas expansion momentum, the company will seek to expand its presence in the Middle East over the next few years.

According to Insight Consulting, China's precious metal watch market is expected to expand from RMB 26.46 billion in 2024 to RMB 34.8 billion in 2029, with a compound annual growth rate of 5.19%. In 2024, China's gold and precious metal watch market achieved a GMV of RMB 24.74 billion, accounting for 93.48% of the total GMV of the Chinese precious metal watch market. By 2029, in terms of GMV, the market size of China's gold and precious metal watch market is expected to reach RMB 32.11 billion (a compound annual growth rate of 5.36% from 2024 to 2029).

On the financial side, in fiscal year 2022, fiscal year 2023, fiscal year 2024 and the first five months of 2025, the company's revenue was approximately RMB 324 million, RMB 445 million, RMB 457 million, and RMB 231 million, respectively; for the same period, total profit and comprehensive revenue for the year/period were RMB 245.41 million, RMB 52.099 million, RMB 498.34 million, and RMB 42.797 million, respectively.