Clifford Chance advises premium skincare brand Forest Cabin on its IPO and listing in Hong Kong

The firm advised on 23 Hong Kong listings in 2025, reflecting robust IPO momentum

Global law firm Clifford Chance has advised Shanghai Forest Cabin Cosmetics Group Co., Ltd. (Forest Cabin) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange.

Forest Cabin is a premium skincare brand in China with a focus on the anti-aging and firming skincare market. Well-known for its camellia-based products, it is the top domestic brand within China's premium skincare market, by retail sales in 2024.

Chair of China Practice and partner Tim Wang co-led the transaction with partners Jean Thio and Virginia Lee and with support from Head of Capital Markets Lorna Lyu*, senior associate Yaping Li, associates Ruonan Tang, Cathy Qian, Xiao Tang, and Yao Han*, trainee solicitor Julie Luo, legal assistant Minnie Xu and legal analyst Iris Wang.

Tim said, "Forest Cabin's successful debut in Hong Kong reflects the sustained investor interest in Chinese consumer brands and a fitting close to a momentous year for our Greater China equity capital markets team. We are deeply grateful to our clients for trusting us with one of their most transformative milestones – accessing the public markets and connecting with global investors. From technology and industrials to consumer products, we have been proud to showcase the dynamic industries shaping the region's future.”

Hong Kong's capital markets experienced a strong resurgence in 2025, driven by investor demand for innovative, high growth industries – particularly from China.

Against this backdrop, Clifford Chance’s market-leading capital markets practice remained one of the most active international legal advisers on Hong Kong listings. The firm advised on 23 listings across sectors including AI, semiconductors, biotech, automotive and electric vehicles, and consumer products, raising over US$7.7 billion in total. Highlights include:

• Three large-cap A-to-H share listings, including one of the largest in 2025 by SANY Heavy Industry, which raised US$1.7 billion;
• First ever listing of a Thai company in Hong Kong (IFBH Limited);
• First ever dual listing in Hong Kong and Kazakhstan (Jiaxin International Resources);
• Two 18C (specialist technology) listings (Deepexi and CiDi);
• Two 18A (biotech) listings (Ab&B Bio-Tech and B&K Corp.)

* From Shanghai He Ping Law Firm. Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.