O’Melveny Advises on First High-End Skincare Listing by a Chinese Company in the Approximate US$140 Million Hong Kong IPO of Forest Cabin
December 30, 2025
FOR IMMEDIATE RELEASE
HONG KONG—December 30, 2025—O’Melveny represented joint sponsors and other underwriters in the initial public offering and listing of Shanghai Forest Cabin Cosmetics Group Co., Ltd. (“Forest Cabin,” the “Company,” 2657.HK) on the Main Board of the Hong Kong Stock Exchange. The offering size was approximately HK$1.86 billion (approximately US$140 million). The firm represented joint sponsors CITIC Securities (Hong Kong) Limited and Huatai Financial Holdings (Hong Kong) Limited and sponsor-overall coordinators CLSA Limited and Huatai Financial Holdings (Hong Kong) Limited, and other underwriters include Futu Securities and Tiger Brokers.
This transaction is widely recognized as the first IPO by a Chinese domestic premium skincare brand. The Company focuses on anti-wrinkle and firming skincare products, pioneering the “oil-based skincare” concept and introducing the Camellia Oil Facial Essence.
According to China Insights Industry Consultancy, the brand’s flagship product, Camellia Essential Oil, has held the top position in China’s retail sales within its category for 11 years since its launch in 2014. Forest Cabin was the only domestic brand among the top 15 premium skincare brands in China by market share of retail sales in 2024.
The O’Melveny team was led by partners Ke Geng and Ke Zhu, and partner-elect Vincent Wang. The core team members included associate Berton Wang, legal managers Rachel Peng and Ruby Chong, legal consultant Jie Lian, and trainee solicitor Priscilla Yeung. Associate Ella Li, trainee solicitor Bianca Cheng, and legal consultant Celeste Wang also provided valuable support.
This marks O’Melveny’s third IPO in the retail and consumer sector since 2024. Last year, the firm advised Laopu Gold in its landmark listing, marking the debut of the first Chinese heritage gold brand, also widely regarded as a rapidly-emerging homegrown luxury house reshaping the global luxury market. In May 2024, the firm also represented Qunabox Group in its Hong Kong IPO, the first to utilize AI technology to enhance the marketing of FMCG brands.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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