**September 23** – BuTong Group, the parent company of high-end
mother-and-child brand BeBeBus, was listed on the HKEX under the stock code
06090.HK, becoming the "first mother-and-child consumer technology
stock". BuTong Group's issue price was HKD
71.20 per share, with an opening price of HKD 100.40 per share, reaching a
total market capitalization of over HKD 9.1 billion.
Gaorong Ventures co-led BuTong Group's Series A+ financing round at the end of 2020 and continued to invest in subsequent rounds. Prior to the listing, Gaorong Ventures was BuTong Group's largest institutional investor.
The listing of BuTong Group marks the fifth Hong Kong IPO for Gaorong Ventures this year, following Blokees, Mirxes, Saint Bella, and Geek+.
At the listing ceremony, Wang Boyan, Founder, Chairman of the Board, and Executive Director of BuTong Group, stated in his speech, "Today, BuTong Group is successfully listed on the HKEX. This is not only an important milestone in our journey of more than six years but also a new starting point for carrying out BuTong Group's mission—'to create different'—and our vision of becoming a global technology lifestyle brand for elite families. We thank the HKEX for building a bridge for us to the international market, and we thank all our investors and partners for their support and trust. In the future, we will continue to increase our investment in research and development, launch more high-quality products, further expand our global presence, and work with all our partners to create a better future with even more outstanding business performance!"
**Covering Four Major Parenting Scenarios with Steady Revenue Growth**
Established in 2018, BuTong Group is a Chinese company focused on designing and selling parenting products. Its brand, BeBeBus, covers four key parenting scenarios: parent-child travel, sleep, feeding, and hygiene care. According to data from Frost & Sullivan, BeBeBus ranked first among durable parenting product brands targeting mid-to-high-end consumers in China by GMV in 2024.
In recent years, with the increase in disposable income and household spending on childcare, China's parenting market has expanded steadily, with the mid-to-high-end segment in particular experiencing explosive growth. Frost & Sullivan data shows that the market size of China's mid-to-high-end parenting market grew from 25.6 billion yuan in 2020 to 34.0 billion yuan in 2024, and it is projected to exceed 50.9 billion yuan by 2029.
From its brand launch in 2019 to its debut on the capital market, BuTong Group has woven an impressive growth curve with both speed and quality. From 2022 to 2024, the group's overall revenue steadily increased from 507 million yuan to 1.249 billion yuan, with a three-year compound annual growth rate (CAGR) of 56.9%. The adjusted net profit CAGR reached 236.8%. In the first half of 2025, the company's revenue was approximately 726 million yuan, a year-on-year increase of 24.7%, with net profit growing by 72.1% year-on-year.
**Dare to Be Different, See Things Differently, Create the Difference**
From its inception, BeBeBus established the value proposition of "Create Different", entering the high-end mother-and-child market by building a differentiated product matrix. BeBeBus's first product, "The Artist" baby stroller, became a dark horse that shook up the domestic mother-and-child market upon its release, thanks to its comprehensive breakthroughs in design, materials, and color schemes.
This differentiated design and product offering stems from a forward-looking insight into user needs. With the post-90s and post-95s generations becoming the primary consumers in the mother-and-child market, BeBeBus precisely targets this generational shift. It focuses on the core demands of new-generation parents for "reducing the burden of choice, use, and psychological stress", grounding its innovation in real-life scenarios that simplify the parenting process.
The company has established a "User Experience Research Center" to digitize and structure real user feedback, which in turn drives product iteration. Simultaneously, it continuously recruits users to act as "experience officers", collaborating with the brand to explore potential needs. To date, BeBeBus has co-created with over 16,000 influencers, conducted in-depth research on more than 2,000 user pain points, and accumulated a base of over 3.5 million online members, forming a cycle of "Insight → Innovation → User → Communication".
Since 2021, BeBeBus has launched its independent R&D strategy, centered on the three-dimensional application of "advanced materials, processes, and technologies". This involves applying high-end, cutting-edge materials and integrating cross-disciplinary technological innovations to ultimately achieve functional enhancements and strengthened safety. For example, it incorporates the patented, sports-car grade Cobra memory foam in its child safety seats. This cross-industry application allows the seats to maintain high resilience and shock absorption while enhancing the safety and comfort for the child.
**Strengthening the Supply Chain and Expanding Global Presence**
It is reported that BeBeBus has established a dual-engine system driven by its "Original Aesthetics Center" and its "in-house R&D and manufacturing factory". On one hand, at the design level, it continuously breaks from industry conventions to explore a more distinctive and forward-looking original aesthetic. On the other hand, on the manufacturing side, it extends its differentiation advantage into stable and controllable quality assurance through rigorous laboratory testing and close collaboration between production and research.
In August 2021, BeBeBus established its in-house R&D and manufacturing factory in Ningbo, Zhejiang. The company plans to build a second factory in Ningbo by 2026, with a projected annual production capacity of 800,000 units, covering core products such as baby strollers and child safety seats. As of June 2025, BeBeBus has secured 200 domestic and 17 international registered patents, as well as over 50 domestic and international design awards, including the China Excellent Industrial Design Award.
BuTong Group has initiated its global expansion, extending its brand into major international markets such as Europe, North America, Japan, and South Korea. Driven by the dual engines of "deep cultivation of local markets" and "global expansion", the group is gradually building a brand matrix with a worldwide presence.
**"Your World Is as Big as Your Worldview"**
Han Rui, Partner at Gaorong Ventures, commented, "Warm congratulations to BuTong Group on its successful listing on the HKEX! Wang Boyan is a quintessential Hunanese entrepreneur, perfectly embodying the spirit of being able to endure hardship, persevere through challenges, and act with bold determination. Perhaps we should also add 'unconventional' to his description. In the five years we've worked together, I remember that whenever Wang Boyan discussed anything with us, the only question was whether it was the right thing to do, never whether it was difficult. Boyan has always said, 'Your world is as big as your worldview.' I look forward to seeing BuTong Group, under his and his team's leadership, reach a grander global stage. Amid the growing trend of meticulous and high-quality parenting, I hope they bring more peace of mind and happiness to consumers".
