Master Tong’s Hong Kong Stock Listing: The Share Price Plunged by 49%, The Company’s Market Value Was Nearly HK$2 Billion, and JianTou International’s Unrealized Loss Exceeded Ten Million

Lei Di Network Lei Jianping March 31

Hangzhou Copper Master Cultural & Creative (Group) Co., Ltd. (abbreviated as “Copper Master,” stock code: “00664”) recently launched an IPO, preparing to list on the Hong Kong Stock Exchange on March 31, 2026.

Copper Master’s offering price was HKD 60, with 7.4068 million shares issued, raising total proceeds of HKD 444 million; after deducting HKD 54.25 million in listing expenses payable for the offering, net proceeds were HKD 390 million.

Copper Master’s cornerstone investor is Jian Tou International, which subscribed for HKD 30 million in total.

Copper Master’s key shareholders include Shunwei and Xiaomi. Li Wanqiang is also a shareholder; Li Wanqiang was previously a co-founder of Xiaomi.

Copper Master’s IPO faced a cool market reception. The opening price was HKD 35.4, down 41% from the offering price; the closing price was HKD 30.5, down 49% from the offering price; based on the closing price, the company’s market capitalization was HKD 1.964 billion. This also caused Jian Tou International to incur an unrealized loss of over HKD 14 million.

9-month revenue of HKD 450 million, profit down 22% year over year

Copper Master was established in 2013. It integrates traditional craftsmanship with contemporary life, inheriting and innovating Chinese artistic wisdom. With a vertically integrated model covering research, design, development, production, and sales, Copper Master creates craftsmen’s products rich in cultural resonance, emotional appeal, and artistic purity.

Copper is always the core material of the Copper Master brand. Through sustained investment in original design, research, and development, Copper Master has also expanded its material landscape to include gold, silver, and plastics, attracting a wider audience and broadening creative possibilities.

The prospectus shows that Copper Master’s revenue in 2022, 2023, and 2024 was HKD 500 million, HKD 506 million, and HKD 571 million, respectively; gross profit was HKD 162 million, HKD 164 million, and HKD 200 million, respectively; gross profit margin was 32.2%, 32.4%, and 35.4%, respectively; profit for the year was HKD 56.94 million, HKD 44.13 million, and HKD 78.98 million, respectively, and profit margin for the year was 11.3%, 8.7%, and 13.8%, respectively.

Copper Master’s revenue for the first nine months of 2025 was HKD 448 million, up 12% from HKD 400 million in the same period last year; gross profit was HKD 154 million, with a gross profit margin of 34.3%; profit for the period was HKD 41.55 million, down 22% from HKD 53.27 million in the same period last year.

Copper Master’s adjusted net profit in 2022, 2023, and 2024 was HKD 56.94 million, HKD 44.13 million, and HKD 78.98 million, respectively; adjusted net profit for the first nine months of 2025 was HKD 54.37 million.

As of September 30, 2025, Copper Master’s cash and cash equivalents amounted to HKD 91.94 million.

Yu Guang has 26% of voting rights

Copper Master’s executive directors are Yu Guang, Luo Renxiang, He Yun, Ms. Wang Xiaoxia, and Chen Ruiguang; the non-executive director is Xiao Feng; the independent non-executive directors are Tu Bisheng, Dr. Huang Wenli, and Fang Junhui.

As of the latest practicable date, Yu Guang held approximately 26.27% of the company’s voting rights.

In addition, Shunwei held 13.39%, Tianjin Jinmi under Xiaomi held 9.56%, Beijing Guangxin held 6.06%, Ouzhifu held 4.7%, Guozhong Fund held 3.79%, Beijing Hezhong held 3.52%, CCTV Fund held 3.13%, and Qingsong City Jinda held 3.06%;

Luo Wenjuan held 2.84%, Jin Yuan Hanfei held 2.48%, Qiu Dekang held 2.03%, Qingdao Yongzhi Investment Management Partnership (Limited Partnership) held 1.92%, Xiao Feng held 1.87%, Bay Area No. 1 held 1.25%, Shenzhen Guolin Feng held 1.09%, and Ruan Zhuoer held 0.91%;

Yang Ke held 0.86%, Zhao Lei held 0.85%, Lü Lihan held 0.78%, Zhang Lei held 0.76%, He Yun held 0.63%, Fosun Weiying held 0.52%, Luo Renxiang held 0.51%, Li Wanqiang held 0.51%, and Ding Pengfei held 0.51%;

Jin Yuan Zhecheng held 0.42%, Chen Jingzhi held 0.38%, Yin Xuelong held 0.35%, Zhang Jianmei held 0.31%, Shanghai Ruma held 0.30%, and Jin Ze Guang, Jin Lihua, Zhang Weijiang, Lü Hangjun, Shen Tujia Hui, and Yang Junjie each held 0.25%;

Qian Jiayang and Yu Hong each held 0.22%, Dong Shengfang and Huang Dongsheng each held 0.20%, Ren Bingzhang and Jin Hongwei each held 0.19%, Zhou Chengfeng held 0.17%, Shi Ziming and An Hui and Ren Liang each held 0.16%, and Wang Yuezheng and Lu Huahua each held 0.15%. Hu Wenping, Ding Yi, Lü Liang, Zhang Jie, and Wang Qiuxia each held 0.1%.

After the IPO, Yu Guang held approximately 23.24% of the company’s voting rights.

In addition, Shunwei held 11.85%, Tianjin Jinmi under Xiaomi held 8.46%, Beijing Guangxin held 5.36%, Ouzhifu held 4.16%, Guozhong Fund held 3.35%, Beijing Hezhong held 3.12%, CCTV Fund held 2.77%, and Qingsong City Jinda held 2.71%;

Luo Wenjuan held 2.51%, Jin Yuan Hanfei held 2.2%, Qiu Dekang held 1.79%, Qingdao Yongzhi Investment Management Partnership (Limited Partnership) held 1.7%, Xiao Feng held 1.66%, Bay Area No. 1 held 1.11%, Shenzhen Guolin Feng held 0.97%, and Ruan Zhuoer held 0.81%;

Yang Ke held 0.76%, Zhao Lei held 0.75%, Lü Lihan held 0.69%, Zhang Lei held 0.67%, He Yun held 0.56%, Fosun Weiying held 0.46%, Luo Renxiang held 0.45%, Li Wanqiang held 0.45%, and Ding Pengfei held 0.45%;

Jin Yuan Zhecheng held 0.37%, Chen Jingzhi held 0.34%, Yin Xuelong held 0.31%, Zhang Jianmei held 0.28%, Shanghai Ruma held 0.27%, and Jin Ze Guang, Jin Lihua, Zhang Weijiang, Lü Hangjun, Shen Tujia Hui, and Yang Junjie each held 0.22%;

Qian Jiayang and Yu Hong each held 0.19%, Dong Shengfang and Huang Dongsheng each held 0.18%, Ren Bingzhang and Jin Hongwei each held 0.17%, Zhou Chengfeng held 0.15%, Shi Ziming and An Hui and Ren Liang each held 0.14%, and Wang Yuezheng and Lu Huahua each held 0.13%. Hu Wenping, Ding Yi, Lü Liang, Zhang Jie, and Wang Qiuxia each held 0.09%.

Liang Yu and Chen Lisheng each held 0.06%, Xu Danni held 0.04%, and Jia Jinfu, Huang Ningning, and Cui Yushu each held 0.02%.

———————————————

A vast amount of information and precise interpretation—available on the Sina Finance APP