HK Recently Listed Stocks Watch | Tongshifu (00664.HK): Six Months After Listing, Lock-up on 500,000 Cornerstone Restricted Shares Expires on 30 September

NewTimeSpace News: On 18 September 2026, Tongshifu (00664.HK) opened flat at HKD 12.490, with an intraday high of HKD 12.50 and a low of HKD 12.49, an amplitude of just 0.08%. As of 15:40, it quoted HKD 12.490, unchanged from both its opening price and the previous trading day's closing price, with 6,500 shares traded. It should be noted that although the share price appears "unmoved" on the board, the current price stands at a discount of approximately 79.2% to the offer price of HKD 60.00, a pullback of approximately 70.3% from the 52-week high of HKD 42.00 recorded intraday on the first day of listing, and a cumulative decline of 79.18% year to date.

On the news front, according to previous disclosures, the company's sole cornerstone investor, Jiantou International (Hong Kong) Limited, holds a total of 500,000 H Shares, with the lock-up period running until 30 September 2026 and formal release from lock-up starting 1 October 2026. Jiantou International (Hong Kong) Limited is a wholly-owned subsidiary of Jiande City State-owned Assets Operation Co., Ltd. and is ultimately controlled by the Jiande City State-owned Assets Management Service Centre.

Public information shows that Tongshifu (00664.HK) listed on the Main Board of The Stock Exchange of Hong Kong on 31 March 2026 at an offer price of HKD 60.00, offering 7.4068 million H Shares globally, with gross proceeds of HKD 444 million and net proceeds of HKD 390 million; the Hong Kong public offer was 59.55 times subscribed, while the international offering was 1.56 times subscribed. On the first day of listing, the share price broke issue at the open, opening at HKD 35.42, 40.97% below the offer price, and closed that day at HKD 30.50, down 49.17%. On shareholding structure, all existing shareholders and directors of the company prior to listing are subject to a 12-month lock-up from the listing date until 30 March 2027, while the cornerstone investor's six-month lock-up will end on 30 September 2026.

In terms of performance, the company disclosed its first interim results since listing on 28 August 2026, recording revenue of RMB 342 million (the same currency applies below) in the first half of 2026, up 10.8% year on year; net profit of approximately RMB 1.3 million, down 95.8% year on year; and adjusted net profit of RMB 16.709 million, down 61.0% year on year. The company said the pressure on profit was mainly attributable to the combined effect of multiple factors, including a 71.2% year-on-year increase in selling and marketing expenses driven by the rapid expansion of offline directly operated stores, one-off cost increases arising from the commissioning of the second production centre, higher R&D investment, and exchange losses from the conversion of Hong Kong dollar proceeds raised in the listing. As at 30 June 2026, the company had 65 directly operated stores, a net increase of 55 from the same period last year. On 4 September 2026, the company published a voluntary announcement proposing to use no more than HKD 118 million of its own funds to repurchase H Shares within the validity period of the repurchase mandate, with a repurchase cap of 6.2227 million shares, representing 10% of the total number of issued H Shares.

At the industry level, cultural and creative and designer toy consumption continues to grow at a fairly rapid pace. According to estimates by industry research institutions, China's designer toy market was approximately RMB 87.97 billion in 2025, up 21% year on year, and is expected to reach RMB 110 billion in 2026; data from iiMedia Research shows that China's "goods economy" market reached RMB 168.9 billion in 2024, up 40.63% year on year. Institutions believe that copper cultural and creative craft products constitute a sub-segment of cultural and creative consumption, in which the company ranks first with a 35% market share and holds approximately 44.1% of online channel share; it has also extended into gold, silver and plastic categories through sub-brands such as "Xijiang Gold Shop" (gold cultural and creative products), "Yueyin" (silver cultural and creative products) and "Huanxi Xiaojiang" (plastic designer toys). As newly opened stores gradually enter mature operation and the capacity of the second production centre is progressively released, the benefits of earlier investment are expected to materialise gradually, although uncertainties arising from fluctuations in raw material costs such as copper prices, reliance on online platforms and industry competition warrant attention.

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