Belle Fashion Group recently submitted an IPO application to the Hong Kong Stock Exchange. Bank of America Securities and Morgan Stanley are the joint sponsors of Belle Fashion’s IPO. According to the prospectus, for the nine months ended November 30, 2023, the company’s revenue was $2.48 billion (16.1 billion RMB), a YoY increase of 12.8%; net profit was $$323.08 million (2.1 billion RMB), a YoY increase of 92.7%. According to data from Frost & Sullivan, in terms of retail sales, Belle Fashion has maintained its leading position in China’s fashion footwear market for more than 10 consecutive years. The largest fashion footwear company in China, Belle Fashion’s market share in the country increased from 11.2% in 2020 to 12.3% in 2022.