Copper Master Launches IPO: Plans to Raise HK$500 Million, Listed on March 31, Nine-Month Profit Declines 22%

Leedi Network Le Jianping March 23

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

Copper Master plans to issue 7.4068 million shares globally, with an offering range of HKD 60 to HKD 68 per share, aiming to raise up to HKD 500 million.

The cornerstone investor is JianTou International, subscribing for a total of HKD 30 million.

Major shareholders include Shunwei, Xiaomi, and Lei Wanquang, who is also a shareholder. Lei Wanquang was previously a co-founder of Xiaomi.

Nine months revenue of HKD 450 million, profit down 22% year-over-year

Founded in 2013, Copper Master integrates traditional craftsmanship with contemporary life, inheriting and innovating Chinese artistic wisdom. Through a vertically integrated model covering research, design, development, production, and sales, Copper Master creates artisanal products rich in cultural resonance, emotional appeal, and artistic purity.

Copper has always been the core material of the Copper Master brand. By continuously investing in original design and R&D, the company has expanded its material palette to include gold, silver, and plastics, attracting a broader audience and expanding creative possibilities.

According to the prospectus, Copper Master’s revenue for 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; gross profit margins were 32.2%, 32.4%, and 35.4%; net profit for the years was HKD 56.94 million, HKD 44.13 million, and HKD 78.98 million, with net profit margins of 11.3%, 8.7%, and 13.8%.

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

Adjusted net profit for 2022, 2023, and 2024 was HKD 56.94 million, HKD 44.13 million, and HKD 78.98 million; for the first nine months of 2025, adjusted net profit was HKD 54.37 million.

As of September 30, 2025, Copper Master held HKD 91.94 million in cash and cash equivalents.

Yu Guang has 26% voting rights

Founder, Chairman, and CEO of Copper Master Yu Guang

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

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

Additionally, Shunwei owns 13.39%, Xiaomi’s Tianjin Jinmi holds 9.56%, Beijing Guangxin owns 6.06%, Ouzhifu owns 4.7%, Guozhong Fund owns 3.79%, Beijing Hezhong owns 3.52%, CCTV Fund owns 3.13%, Qingsong City Jinda owns 3.06%;

Luo Wanjun owns 2.84%, Jinyuan Hanfei owns 2.48%, Qiu Dekang owns 2.03%, Qingdao Yunzhi Investment Management Partnership (Limited Partnership) owns 1.92%, Xiao Feng owns 1.87%, Bay Area No.1 owns 1.25%, Shenzhen Guolin Feng owns 1.09%, Ruan Zhuoer owns 0.91%;

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

Jinyuan Zhecheng owns 0.42%, Chen Jingzhi owns 0.38%, Yin Xuelong owns 0.35%, Zhang Jianmei owns 0.31%, Shanghai Ruma owns 0.3%, Jin Ze Guang, Jin Lihua, Zhang Weijiang, Lü Hangjun, Shentu Jiahui, Yang Junjie each own around 0.25%;

Qian Jiayang and Yu Hong each own 0.22%, Dong Shengfang and Huang Dongsheng each own 0.2%, Ren Bingzhang and Jin Hongwei each own 0.19%, Zhou Chengfeng owns 0.17%, Shi Ziming, An Hui, Ren Liang each own 0.16%, Wang Yuezheng and Lu Huahua each own 0.15%. Hu Wenping, Ding Yi, Lü Liang, Zhang Jie, Wang Qiuxia each own 0.1%.

Post-IPO, Yu Guang will hold approximately 23.24% of the voting rights.

Additionally, Shunwei owns 11.85%, Xiaomi’s Tianjin Jinmi owns 8.46%, Beijing Guangxin owns 5.36%, Ouzhifu owns 4.16%, Guozhong Fund owns 3.35%, Beijing Hezhong owns 3.12%, CCTV Fund owns 2.77%, Qingsong City Jinda owns 2.71%;

Luo Wanjun owns 2.51%, Jinyuan Hanfei owns 2.2%, Qiu Dekang owns 1.79%, Qingdao Yunzhi Investment Management Partnership owns 1.7%, Xiao Feng owns 1.66%, Bay Area No.1 owns 1.11%, Shenzhen Guolin Feng owns 0.97%, Ruan Zhuoer owns 0.81%;

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

Jinyuan Zhecheng owns 0.37%, Chen Jingzhi owns 0.34%, Yin Xuelong owns 0.31%, Zhang Jianmei owns 0.28%, Shanghai Ruma owns 0.27%, Jin Ze Guang, Jin Lihua, Zhang Weijiang, Lü Hangjun, Shentu Jiahui, Yang Junjie each own around 0.22%;

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

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

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