Shanghai Forest Cabin Cosmetics Group Co., Ltd. (Ticker: 2657 HK) is a Chinese premium skincare company specializing in anti-wrinkle and firming products rooted in camellia-based ingredients. Forest Cabin plans to list on the HKEX on December 30, 2025, offering 13,966,450 shares at a price of HKD 77.77. This offering aims to raise approximately HKD 1.086 billion (equivalent to roughly USD 139.59 million). According to the prospectus, the company is a domestic leader in the "oil-based skincare" market, with its flagship Camellia Essence Oil ranking first in China by retail sales among facial essence oils for eleven consecutive years.

The company reportedly plans to use the IPO proceeds for brand promotion and business development (40%), research and development and production capacity (30%), working capital and strategic acquisitions (15%), and other general corporate purposes (15%). Forest Cabin ranked as the only domestic brand among the top 15 premium skincare labels in China by retail sales in 2024. The listing is sponsored by Huatai Financial Holdings and CITIC Securities. Founded in 2003 with its primary research journey beginning in 2012, the company maintains a dominant position in China’s high-end beauty sector, reporting revenue of RMB 1,197.8 million for the full year 2024.