Offshore Trust Insight | BUTONG GROUP (06090.HK) closes down 0.78%; Wang Wei controls about 46.6% of interests through a Singapore family trust

On 26 October 2026, the Hang Seng Index closed at 23,211.81 points, up 118.44 points or 0.51%, while the Hang Seng TECH Index closed at 3,857.53 points, down 14.13 points or 0.36%. BUTONG GROUP (06090.HK) closed down 0.78% at HKD 38.140.

BUTONG GROUP was listed on the Main Board of the Hong Kong Stock Exchange on 23 September 2025 as an overseas listing entity incorporated in the Cayman Islands, principally engaged in the design and sale of mid-to-high-end childcare products, with its BeBeBus brand ranked first among mid-to-high-end durable childcare product brands in China by 2024 GMV.

On offshore trusts, the company was incorporated in the Cayman Islands on 2 August 2023 as an offshore holding company; WANGBOYAN is owned as to 65% by Boyan Holdings and 35% by WWANG, and Boyan Holdings is wholly owned by Vistra Trust (Singapore) Pte. Limited, the trustee of the Boyan Family Trust, with Wang Wei as the settlor and protector of that trust and WWANG as the beneficiary, while WWANG is wholly owned by Mr. Wang. As for co-founder Shen Ling, SLING is owned as to 50% by SHENLING HOLDING INC and 50% by SL Family Limited, and SL Family Limited is wholly owned by Vistra Trust, the trustee of the Shen Ling Family Trust, with Shen Ling as the settlor and protector of that trust and SHENLING as the beneficiary. In addition, the company's employee shareholding platform WEILING is wholly owned by BUTONG ESOP LIMITED, which in turn is wholly owned by Futu Trustee Limited; that trust was set up to facilitate the administration of share options granted to senior management and employees and is of a different nature from a family trust.

The Hong Kong Stock Exchange disclosure of interests platform shows that on 25 June 2026 the trustee, Vistra Trust (Singapore) Pte. Limited, filed a notice of interests in respect of 42,295,397 shares, representing about 46.61% of the issued voting shares, and the trustee's own filing corroborates the trust structure set out in the prospectus. Accordingly, Wang Wei and Shen Ling each hold interests in the company through entities within the Boyan Family Trust and Shen Ling Family Trust structures respectively, and each of them is a settlor in respect of the interests under their respective family trusts.

On trading eligibility, the Hang Seng Indexes Company announced on 13 February 2026, in the quarterly review of the Hang Seng Index series as at 31 December 2025, that BUTONG GROUP would be included in the Hang Seng Composite Index and other series including the Hang Seng Stock Connect Index, with the changes taking effect after the close on 6 March 2026 and from 9 March, the company's shares thereby becoming eligible for trading under the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect.

On 24 July 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Individual Income Tax Related to Offshore Trusts (Announcement No. 21 of 2026), bringing the establishment, subsistence and termination of offshore trusts into the individual income tax administration framework throughout their full life cycle, establishing three look-through points of establishment, subsistence and termination, and applying a unified 20% tax rate. During the subsistence period, income generated by a resident individual's offshore trust and by overseas entities held or controlled by that trust is, whether or not actually distributed, taxed with the resident individual as the taxpayer, requiring annual filing and payment of individual income tax. Article 6 of the Announcement provides that where a resident individual becomes a non-resident individual during the subsistence of an offshore trust, the taxable income shall be the balance obtained by deducting the original cost from the market value of the offshore trust property as at the date on which the individual became a non-resident; the 90-day window for supplementary declaration set under the Announcement runs from 24 July 2026.

One broker's research report notes that, as a mid-to-high-end maternity and baby products brand, the company has the advantages of clear brand positioning, strong product development capability and strong channel expansion capability, and that overseas market expansion opens up room for further growth.