Xiaokuo Technology's top 9 directors resigned before the IPO, with former director Wang Chen earning an annual salary of 10.6 million yuan, more than four times the CEO's salary.

Ruicai Finance Liu Zhiying On March 27, Shenzhen Xiaokuo Technology Co., Ltd. (hereinafter referred to as “Xiaokuo Technology”), the parent company of Zhiban, submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor.

According to the prospectus, Xiaokuo Technology was established in 2015. It is an oral care products group focused on providing full-range oral care products. Its products include toothpaste, mouthwash, toothbrushes, oral sprays, and more. The company’s suggested retail prices for its main toothpaste products range from 9.9 yuan to 49.9 yuan.

Based on data from Frost & Sullivan, measured by 2025 retail sales, Xiaokuo Technology is the third-largest group in China’s oral care products market, and in 2025 it achieved the highest retail sales among online channels for oral care products groups in China. From 2023 to 2025, among the top five oral care products groups in China, the company recorded the highest compound annual growth rate in retail sales.

From 2023 to 2025, Xiaokuo Technology’s revenue was 1.096 billion yuan, 1.369 billion yuan, and 2.499 billion yuan, respectively. Its profit during the period was 41.624 million yuan, 34.228 million yuan, and -18.251 million yuan, respectively, and its gross margin was 72.1%, 69.8%, and 71.9%, respectively.

Prior to the IPO, Yin Kuo is entitled to exercise approximately 38.98% of the voting rights of the company through the following means: holding 21.89% directly; holding 11.42% in aggregate through Xiamen Xiaokuo and Shenzhen Xiaokuo, both of which are controlled and managed by Yin Kuo as the general partner; and holding 5.66% through Shenzhen Marleo, with Yin Kuo controlling 99% of its voting rights.

Xiaokuo Technology’s board of directors is currently composed of seven directors, including four executive directors and three independent non-executive directors. Among them, Yin Kuo serves as the chairman of the board of directors, and as the executive director and chief executive officer. Fan Chao serves as the executive director and the company’s chief financial officer. Han Jindou and Chen Yingzhe serve as executive directors. Wu Ruimin, Yin Wenjun, and Xiang Jiangqiang serve as independent non-executive directors.

It is worth noting that over the past year, nine directors have left Xiaokuo Technology. Specifically, Chang Ningxiaoxi resigned as a director in February 2025; Yuan Lingyun resigned as a director in November 2025. Wang Chen, Zhang Yi, Wu Shichun, Li Fei, Zhang Ying, and Fang Dengdong resigned as directors in March 2026. Yao Xiaoxin was appointed as a director in November 2025, and four months later, in March 2026, resigned.

In terms of remuneration, the former director Wang Chen ranked first among all directors and supervisors in compensation over the past three years. From 2023 to 2025, Wang Chen’s remuneration (excluding share-based payments) was 3.061 million yuan, 7.989 million yuan, and 10.602 million yuan, respectively, increasing year by year. In contrast, CEO Yin Kuo’s remuneration (excluding share-based payments) was 2.991 million yuan, 2.228 million yuan, and 2.176 million yuan, respectively, decreasing year by year.

In addition, from 2023 to 2025, Wang Chen received remuneration in the form of equity payments of 17.800 yuan, 27.400 yuan, and 51.200 yuan, respectively.