Offshore Trust Insight | GIANT BIOGENE (02367.HK) Down 4.51% Intraday; Fan Daidi Holds 55.13% via the FY Family Trust

On November 12, 2026, recombinant collagen and medical aesthetics themes traded divergently, and GIANT BIOGENE (02367.HK) weakened. As of 13:55, the company was quoted at HKD 20.340, down 4.51%, with a turnover of about HKD 52.64 million and a market capitalisation of about HKD 21.595 billion based on the latest price.

On the news front, on August 18, 2026, GIANT BIOGENE announced its 2026 interim results, with revenue of RMB 2.918 billion, down 6.3% year on year, and profit attributable to owners of the company of RMB 940 million, down 20.5%; the company disclosed that the revenue decline was mainly due to lower revenue from key-opinion-leader livestreaming channels and intensified industry competition, while selling and distribution expenses rose 19.7% year on year to RMB 1.267 billion, or 43.4% of revenue.

CMBI noted in a subsequent research report that the company's first-half revenue and profit fell 6.3% and 20.5% respectively, broadly in line with its expectations; the gross margin decline mainly reflected changes in the product mix and new products still in the early ramp-up stage, while the selling expense ratio rose on brand building and new product launches.

It is understood that GIANT BIOGENE listed on the Main Board of HKEX on November 4, 2022 at an offer price of HKD 24.300, offering 22,608,800 shares globally and raising net proceeds of about HKD 573.7 million; the company listed directly on the HKEX Main Board and is not an A+H structure. As at June 30, 2026, the company had 1,061,704,000 issued shares.

In terms of shareholding structure, according to the company's 2026 interim report, Fan Daidi holds 593,595,572 shares, or 55.91% of the issued shares, and her spouse Yan Jianya holds 593,577,572 shares, or 55.91%, mainly reflecting spousal interests; the controlling entity Juzi Holding Co., Ltd holds 585,331,535 shares, or 55.13%.

The company's listing document and interim report show that its shareholding structure involves an offshore trust. Fan Daidi is the settlor and beneficiary of the FY Family Trust, with Trident Trust Company (B.V.I.) Limited as trustee; the holding chain runs FY Family Trust → Trident Trust Company (B.V.I.) Limited (trustee) → Refulgence Holding Limited → Juzi Holding Co., Ltd → the company's shares, corresponding to 585,331,535 shares, or 55.13% of the issued shares. The protector and establishment date of the trust have not been disclosed.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the interim results published on August 18, 2026 show that GIANT BIOGENE recorded first-half revenue of RMB 2.918 billion, down 6.3% year on year; gross profit of RMB 2.318 billion, down 8.8%, with a gross margin of 79.5%, down 2.2 percentage points; net profit of RMB 940 million, down 20.5%, and adjusted net profit of RMB 945.5 million, down 21.5%; basic earnings per share were RMB 0.89. By brand, Comfy revenue was RMB 2.347 billion, down 7.7% and accounting for 80.4% of total revenue; Collgene revenue was RMB 499 million, broadly flat; and Kefu revenue was RMB 64.5 million, up 11%. By channel, direct sales revenue was RMB 2.234 billion, of which DTC online direct sales were RMB 1.777 billion, down 2.2%, and online direct sales through e-commerce platforms were RMB 335 million, down 14.5%; offline direct sales revenue was RMB 123 million, up 4.2%; and distributor revenue was RMB 683 million, down 13.2%. As at June 30, the company held cash and cash equivalents of RMB 4.853 billion and financial assets at fair value through profit or loss of RMB 2.543 billion.

CMBI noted in a research report that injectable products are building a second medium- to long-term growth curve for the company; its first injectable product, the 753 collagen needle, was launched in June 2026 at a terminal price of RMB 6,800, and a second injectable product is expected to be commercialised before the end of 2026; the company has obtained three Class III medical device registration certificates, and as the injectable product matrix expands, the segment is expected to become an important medium- to long-term growth driver.