Forest Cabin’s Hong Kong listing application has lapsed after failing to complete the hearing process within six months of filing in May. The Chinese premium skincare brand plans to submit updated documents soon. Known for vertically integrated camellia-based products, Forest Cabin saw revenue rise from 691 million RMB ($96 million) in 2022 to 1.2 billion RMB ($167 million) in 2024 while turning profitable. Its core facial oil accounted for 37% of 2024 revenue. However, its valuation declined from 3.18 billion RMB ($441 million) in 2021 to 1.559 billion RMB ($217 million) in 2024. If Forest Cabin fails to list by end-2026, its founder faces repurchase obligations exceeding 500 million RMB ($70 million).