Lin Qingxuan IPO: Lin Qingxuan Re-files IPO Documents; Mid‑2025 Valuation Around ¥3.846 billion RMB ($541,690,141 USD)

Lin Qingxuan IPO is back in motion as the Shanghai‑based skincare brand re‑submitted its Hong Kong listing prospectus with fresh H1 2025 results.

Quick snapshot — new filing and a name change

Updated IPO filing adds first‑half 2025 results showing total revenue for H1 2025 of ¥1,050,000,000 RMB ($147,887,324 USD).

USD conversions below use an exchange rate of 1 USD = ¥7.10, approximate as of 2025.12.07.

The company completed a corporate name change in November 2025 from “Shanghai Lin Qingxuan Biotechnology Co., Ltd.” (Shànghǎi Lín Qīngxuān Shēngwù Kējì Yǒuxiàn Gōngsī 上海林清轩生物科技有限公司) to “Shanghai Lin Qingxuan Cosmetics Group Co., Ltd.” (Shànghǎi Lín Qīngxuān Huàzhuānpǐn Jítuán Yǒuxiàn Gōngsī 上海林清轩化妆品集团有限公司).

Performance highlights — what the filing shows

Founded in 2003 and headquartered in Shanghai, Lin Qingxuan focuses on anti‑aging and firming skincare.

Core product prices typically sit in the ¥200–¥800 RMB range.

The prospectus emphasizes a high‑end domestic positioning and cites market research that places Lin Qingxuan first among China’s high‑end domestic skincare brands by retail sales in 2024.

Product concentration — camellia essence rules the P&L

Business is heavily concentrated in one product category: the camellia (beauty oil/essence) line.

Essence oils accounted for 45.5% of revenue in H1 2025.

The prospectus shows camellia essence contributed ¥448,000,000 RMB ($63,098,592 USD) in 2024 — about 37% of total revenue that year.

The share of revenue from essence oils rose from roughly 31.5% and 35.3% in the two prior years to the current levels.

Margins and brand premium — what the numbers mean

Lin Qingxuan reports very high gross margins: 82.4% in H1 2025 and 81.9% for H1 2024.

Those margins are well above average margins in the domestic cosmetics sector and point to strong pricing power and a perceived premium brand position.

Management credits growth to brand reputation and market recognition.

At the same time, the prospectus warns of competitive pricing pressure from existing rivals and new entrants.

Founder, livestreams, and the brand personality

Chairman Sun Laichun (Sūn Láichūn 孙来春), 51, is the founder and largest direct shareholder.

Sun is a serial entrepreneur who reportedly had multiple failed ventures before founding Lin Qingxuan.

Since 2020 he has actively participated in livestream selling, becoming a regular presence on the brand’s livestreams and partner channels.

The company attributes a meaningful portion of recent sales growth to livestream marketing and the founder’s on‑screen role.

A widely reported livestream incident in 2023 — where Sun poured camellia essence into a wine glass and drank it live — gained media attention and public debate about product sourcing.

Sun later clarified on social media that the product is not designed as food and advised followers not to imitate him.

Ownership, investors, and pre‑IPO deals

Before the IPO, Sun Laichun directly holds 38.21% and, through three related companies, controls about 79.27% in aggregate.

External shareholders include Youngor Fashion (Yǎgēěr 雅戈尔), Country Garden Venture Capital (Bìguīyuán 碧桂园创投), the Headway (Tóutóu Shì Dào 头头是道) investment fund, and Yuanlong Development (Yuánlóng Fāzhǎn 远隆发展).

Reported stake sizes include:

• Youngor Fashion — about 4.49%.
• Country Garden venture vehicles — approximately 2.69% and 1.26% through two entities.
• Headway‑associated funds — about 3.59%.
• Yuanlong Development — about 0.9%.

In multiple pre‑IPO equity transactions this year, Shanghai Kaihui Chuangmei (a fund platform jointly established by Cathay Capital/Kaihui, L’Oréal Group (欧莱雅集团), and the Jing’an District government) and other buyers acquired stakes from existing shareholders.

Three buyers together paid over ¥225,000,000 RMB ($31,690,141 USD) to acquire combined minority stakes of about 2.75%, 2.63% and 0.52% respectively.

Based on those transactions, market estimates place Lin Qingxuan’s pre‑IPO valuation at approximately ¥3,846,000,000 RMB ($541,690,141 USD).

Strategic significance — why the L’Oréal‑linked investment matters

The participation of L’Oréal (L’Oréal Group 欧莱雅集团) in the Shanghai Kaihui Chuangmei fund is notable even if indirect.

Industry observers say foreign groups often use minority stakes to access domestic channels, distribution networks, and niche product segments.

In this case, the partnership signals external interest in plant‑based oil/essence skincare and in premium domestic brands that can scale via omnichannel distribution and digital marketing.

Risks to watch — concentrated revenue and marketing dependence

The prospectus spells out core risks that investors should weigh carefully.

Key risk factors include:

• High product concentration — reliance on camellia essence for a large share of revenue.
• Competitive pricing pressure — from both established players and new entrants.
• Dependence on brand reputation and livestream marketing — which can be volatile.

These are standard disclosures, and they underline how concentrated product mixes and founder‑led marketing can amplify both upside and downside.

What investors, founders, and marketers should note

If you care about China skincare, here are the concise takeaways:

• High margins suggest strong brand pricing power, but sustainability will depend on product diversification and channel resilience.
• Livestream sales remain a potent growth lever, especially when paired with a charismatic founder.
• Minority strategic investors like those tied to L’Oréal can bring channel and R&D advantages without immediate takeover risk.
• Pre‑IPO valuation (~¥3.846B RMB / $541.7M USD) reflects both investor appetite and deal pricing in the market for premium domestic brands.

Bottom line

Lin Qingxuan IPO is positioning itself as a premium domestic skincare player with exceptional margins, concentrated product strength in camellia essence, and strategic investor interest that includes a L’Oréal‑linked fund vehicle.

The filing highlights fast recent growth but also documents the clear risks associated with concentration and marketing reliance.

Investors should treat public filings as informational only and perform their own due diligence before making any decisions.

References

• 知名品牌冲刺IPO 估值超38亿元！创始人是51岁东北大叔 – 东方财富
• Related Lin Qingxuan coverage – 每日经济新闻 (National Business Daily)
• L’Oréal Group – L’Oréal

Exchange rate note: USD conversions in this article use an estimated exchange rate of 1 USD = ¥7.10 (approx.) on 2025.12.07. Figures rounded to the nearest dollar where shown.

Disclaimer: This article summarizes publicly reported information for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence.

Lin Qingxuan IPO