Outdoor apparel maker Boxihe files for Hong Kong IPO

Chinese apparel maker Boxihe Outdoor Sports has filed for an initial public offering in Hong Kong, aiming to use the proceeds to strengthen its research and development capabilities, enhance its multi-channel sales network and improve its digital capabilities.

The company said its profit surged 86.3 percent to 283.1 million yuan (HK$301.35 million) in 2024, while revenue surged 94.5 percent to 1.77 billion yuan, according to its prospectus.

Founded in 2012, its core brand, Pelliot, ranked among China’s top three domestic high-performance outdoor clothing brands by retail sales in 2024, with a market share of 5.2 percent, according to consulting firm Frost & Sullivan.

China International Capital Corporation (3908) and Citic Securities (6030) are acting as joint sponsors for the deal, according to the filing.

The company’s key investors include Tencent (0700) through its venture arm, and venture capital firm Qiming Venture Partners.

STAFF REPORTER