Chao Hongji is rushing toward Hong Kong stocks: annual revenue of 9.2 billion, net profit of 470 million, Liao Mu Zhi controls 32% of voting rights

Lei Dixiang Lei Jianping April 3

Guangdong Chaohongji Industrial Co., Ltd. (hereinafter referred to as “Chaohongji”) has updated its prospectus recently, preparing to list on the Hong Kong Stock Exchange. Actress Song Yi is the spokesperson.

As of the close of trading today, Chaohongji’s share price is 10.4 yuan, with a market value of 9.24 billion yuan. Once listed in Hong Kong, Chaohongji will form an “A+H” share structure.

Annual revenue of 9.2 billion yuan, net profit of 470 million yuan

Chaohongji is a Chinese multi-brand jewelry company established in 1996. Chaohongji’s flagship jewelry brand, CHJ Chaohongji, is the cornerstone of its business.

Chaohongji has two primary businesses: jewelry and handbags.

The prospectus shows that Chaohongji’s revenue in 2023, 2024, and 2025 was 5.84B yuan, 6.45B yuan, and 9.24B yuan, respectively; gross profit was 1.47B yuan, 1.46B yuan, and 1.97B yuan, respectively.

In 2025 to date, Chaohongji’s jewelry revenue was 8.97 billion yuan, accounting for 97.2% of revenue; revenue from handbags was 221 million yuan, accounting for 2.4%.

As of December 31, 2025, Chaohongji has a total of 1,486 franchised stores, 184 self-operated stores, and 195 stores selling handbags.

Chaohongji’s profits for the year in 2023, 2024, and 2025 were 330 million yuan, 169 million yuan, and 472 million yuan, respectively.

Chaohongji’s adjusted net profits in 2023, 2024, and 2025 were 342 million yuan, 183 million yuan, and 514 million yuan, respectively; adjusted net profit margins were 5.9%, 2.8%, and 5.6%, respectively.

As of December 31, 2025, Chaohongji had cash and cash equivalents of 537 million yuan.

Liao Muchi controls 32% of voting rights

Chaohongji’s executive directors are Liao Chuangbin, Lin Junping, Xu Junxiong, and Cai Zhonghua; non-executive directors are Liao Muchi and Zhong Mutiān, and Ms. Weng Xuanhui; independent non-executive directors are Zou Zhibo, Guo Jian, and Ms. Tan Hanshan, and Xie Haoran.

As of December 31, 2025, Shantou Chaohongji Investment’s shareholding was 28.55%, Dongguan’s shareholding was 7.67%, Hong Kong Securities Clearing Company Limited’s shareholding was 7.19%, Liao Chuangbin’s shareholding was 3.04%, and Shanghai Gao Yi Asset Management Partnership Enterprise (Limited Partnership) – Gao Yi Liwei Selected and Practical Fund’s shareholding was 1.15%;

As of December 31, 2025, the equity structure of Chaohongji

China Merchants Bank Co., Ltd. – Haitong Trust Consumption Selected Hybrid Securities Investment Fund’s shareholding was 1.09%, and Agricultural Bank of China Limited – Yongying CSI CSI SSE and SZSE Gold Industry Stock Exchange-Traded Open-Ended Index Securities Investment Fund’s shareholding was 0.91%;

China Construction Bank Corporation – Harvest Fund Consumption Industry Hybrid Securities Investment Fund’s shareholding was 0.73%, China Merchants Bank Co., Ltd. – Southern CSI 1000 Exchange-Traded Open-Ended Index Securities Investment Fund’s shareholding was 0.64%, and China Merchants Bank Co., Ltd. – Yinhe Fuli Selected Hybrid Securities Investment Fund’s shareholding was 0.56%.

Shantou Chaohongji Investment is owned by Liao Muchi, Lin Junping, Liao Chuangbin, Zhong Mutian, and ten independent third parties at 51.5996%, 9.1653%, 8.2042%, 6.1554%, and approximately 24.8752%, respectively. Liao Muchi, Liao Chuangbin, and Lin Junping are each a person acting in concert.

As of December 31, 2025, Liao Muchi, Liao Chuangbin, and Lin Junping (they are parties acting in concert) jointly control approximately 31.6% of the voting rights at the company’s shareholders’ meeting.

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