Zhengpin Holdings updates prospectus: 90% of revenue comes from a single customer, 42-year-old CEO Zhang Yunyu holds 79% ownership

Rui Finance Wang Min On March 9, according to the Hong Kong Stock Exchange official website, Zhengpin Holdings Limited (hereinafter referred to as “Zhengpin Holdings”) has submitted a listing application to the HKEX, with Hongo Capital as the exclusive sponsor. This is their second application after the previous filing expired on July 29, 2025.

The prospectus shows that Zhengpin Holdings was established in 2011 and mainly engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong. The group outsources product manufacturing to suppliers (including manufacturers) and primarily distributes its products through Mannings retail stores in Hong Kong under its own brand and third-party brands.

According to Frost & Sullivan, based on the retail value of health and beauty supplements and products in 2024, the group ranks seventh among all local health and beauty supplement and product suppliers in Hong Kong, with a market share of approximately 1.6%.

According to Frost & Sullivan, Zhengpin Holdings ranked first in retail sales of related health supplements and products in Hong Kong in 2024, with a market share of about 29.4%. Its proprietary brand “Yantongxiao” (炎痛消), which includes joint and pain relief and topical pain products, was among the top five best-selling joint and pain supplements and products in Mannings retail stores in 2024.

In terms of performance, for the fiscal years 2023, 2024, 2025, and the first six months of 2026 (during the historical period), Zhengpin Holdings’ revenue was approximately HKD 43.19 million, HKD 110 million, HKD 130 million, and HKD 52.44 million, respectively; profit and total comprehensive income were HKD 11.31 million, HKD 35.48 million, HKD 36.26 million, and HKD 0.944 million.

During the historical period, revenue from the top five customers accounted for approximately HKD 39.1 million, HKD 98 million, HKD 109 million, and HKD 51.1 million, representing about 90.6%, 89.4%, 83.4%, and 97.5% of the company’s total revenue, respectively. Among them, revenue from the largest customer (Niu Nai Company) was approximately HKD 38.5 million, HKD 84 million, HKD 97.1 million, and HKD 48.2 million, accounting for about 89.1%, 76.7%, 74.5%, and 91.9% of total revenue, respectively.

Niu Nai Limited, a company incorporated in Hong Kong in August 1896, is an independent third party. The group began establishing relationships with Niu Nai Company in 2013. Zhengpin Hong Kong and Wanjia Bao each entered into trade term agreements with Niu Nai Company in 2018 and 2022, respectively.

Before the IPO, Zhang Yunyu held 78.91% of the company’s shares through AlwaySuccess, making him the controlling shareholder and actual controller of the company.

Zhang Yunyu, aged 42, was appointed as a director on February 18, 2025, and was promoted to Executive Director, Chairman of the Board, and CEO on July 7, 2025.

Since joining the group on November 18, 2021, Zhang Yunyu has served as a director of the group’s wholly owned subsidiaries Zhengpin British Virgin Islands, Junhui, Zhengpin Hong Kong, Wanjia Bao, and Sanshin Pharmaceuticals, starting from December 1, 2010, and March 15, 2022, respectively. He is mainly responsible for the group’s overall strategic planning, business development, and marketing.

Before joining the group, Zhang Yunyu served as the Financial and Internal Audit Director at Jinmanting Group Management Limited from December 1, 2010, to December 31, 2020, and was an accountant at Huangwei International (Group) Limited (later managed by Jinmanting Group Management Limited) from December 2010 to August 2014. From April 2007 to January 2010, he held various positions at Tianjian (Hong Kong) Certified Public Accountants Limited (formerly Decheng Certified Public Accountants Limited), serving as a Senior Auditor before leaving.

Zhang Yunyu obtained a Bachelor’s degree in Business (Accounting) from Queensland University of Technology in Australia in September 2005.