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.

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

According to the prospectus, Xiaokuo Technology was founded in 2015. It is an oral care products group focusing on providing comprehensive oral care products. Its product range includes toothpaste, mouthwash, toothbrushes, oral sprays, and more. The recommended retail price range of the company’s main toothpaste products is between RMB 9.9 and RMB 49.9.

Based on information from Frost & Sullivan, measured by retail sales in 2025, Xiaokuo Technology is the third-largest oral care products group in China, and in 2025 achieved the highest retail sales among oral care products groups in China through online channels. 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 RMB 1.096 billion, RMB 1.369 billion, and RMB 2.499 billion, respectively. Profit during the period attributable to the year was RMB 41.624 million, RMB 34.228 million, and RMB -18.251 million, respectively. Gross profit margins were 72.1%, 69.8%, and 71.9%, respectively.

Before the IPO, Yin Kuo is entitled to exercise approximately 38.98% of the voting rights of the company through the following means: through his direct shareholding of 21.89%; through the combined shareholding of 11.42% by Xiamen Xiaokuo and Shenzhen Xiaokuo, both of which are controlled and managed by Yin Kuo as the general partner; and through Shenzhen Malio’s shareholding of 5.66%, with Yin Kuo controlling 99% of its voting rights.

The board of directors of Xiaokuo Technology is currently made up of seven directors, including four executive directors and three independent non-executive directors. Among them, Yin Kuo serves as the chairman of the board and executive director and chief executive officer. Fan Chao serves as an 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, Xiaokuo Technology has seen nine directors resign. 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, resigned in March 2026.

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

In addition, from 2023 to 2025, Wang Chen received share-based payments of RMB 17.8 thousand, RMB 27.4 thousand, and RMB 51.2 thousand, respectively.