Dream Garden Scrubs Up For Hong Kong IPO
The fast-growing personal care products maker is hoping to beat out rivals also looking to raise cash in the hot Hong Kong stock market
image credit: Bamboo Works
Key Takeaways:
Dream Garden has filed for a Hong Kong IPO, tempting investors with 77% revenue growth and a tripling of its profit in the first nine months of 2025
The company launched a new line of shampoos last year, providing a new growth driver alongside its older body care and facial cleanser products
Public listings have become all the rage as Hong Kong experiences one of its hottest IPO markets in years. But few companies can rival Shandong Huawutang Cosmetics Co. Ltd., owner of the Dream Garden brand, in their enthusiasm for joining the listing wave.
Within just two months, starting last November, the company changed from its limited liability structure into a joint stock company, a key step to prepare for becoming publicly listed. It then raised 204.6 million yuan ($29 million) in a Series A financing this month and adopted its current name, before submitting its Hong Kong listing application at the end of last week.
Its pre-IPO investors included two subsidiaries of Huatai Securities as well as Discounter Seed HK, controlled by Beijing-based private equity fund GenBridge Capital.
Dream Garden boasts a story of foamy growth as one of a new generation of Chinese companies finding big business in the country's massive personal care products market. Its medicine cabinet is quite full, containing a product portfolio of 509 items in three key segments: body care, hair care and facial wash, and its newest line of hair wash products.
It's best known for body lotion and was the top brand in the category among domestic companies in 2024, and eighth overall, according to its prospectus. Its body scrub and facial cleanser products were top among domestic brands and ranked second among all brands. And its newest line of shampoo and hair treatments, launched just last year, has already become "a strong growth engine within our product portfolio," the company says.
Its growth over the past three years has been impressive. Its revenue rose 76.7% from 1.07 billion yuan ($154 million) in the first nine months of 2024 to ...
