Shanghai Forest Cabin (林清轩) Biological-Tech submitted an IPO application to the Hong Kong Stock Exchange on May 29, with Citic Securities and Huatai International as joint sponsors. Forest Cabin, known for its camellia-based high-end skincare products, ranks as the top domestic high-end skincare brand by retail sales in China, as of 2024, according to consulting firm China Insights Consultancy. Revenue grew from 691 million RMB ($95 million) in 2022 to 1.21 billion RMB ($166 million) in 2024, with net profit rising from a loss of 5.9 million RMB ($810,000) in 2022 to 187 million RMB ($25.6 million) in 2024.