Wook, an Alibaba-backed cross-border company focused on consumer electronics accessories, is moving closer to the public markets.
Shenzhen Wook Feifan Technology, referred to hereafter as Wook, submitted its prospectus to Hong Kong Exchanges and Clearing on January 20, seeking a main board listing. Huatai International is serving as the sole sponsor.
Founded in 2014 and headquartered in Shenzhen, Wook is focused on Southeast Asia, with digital capabilities at the core of its business. Through a proprietary data platform, the company said it has built a portfolio of brands and a supply chain ecosystem across the region, positioning itself as a China-based owner of outbound brands in 3C (computers, consumer electronics, and communications) accessories and small home appliances.
A key differentiator lies in Wook’s platform architecture. Its system integrates factories, supply chains, and retail endpoints, targeting structural challenges common in Southeast Asian markets. These include fragmented offline retail networks, underdeveloped local delivery infrastructure, inefficient and costly logistics operations, limited high-quality warehousing capacity, and relatively low levels of digitalization.
Backed by a self-operated warehousing and logistics network and localized operations teams, Wook has built what it describes as a moat centered on branding, digitalization, and supply chain management. As of September 2025, the company said its platform directly connected more than 40,000 small and medium retailers.
In Indonesia, Wook has developed a portfolio of brands with strong market recognition, including Vivan, Robot, and Samono. Vivan and Robot focus on 3C accessories, covering products such as power banks, charging cables, and Bluetooth speakers. Samono, which targets small home appliances, offers items including blenders, ovens, and air fryers.
According to Frost & Sullivan, based on retail sales value in 2024, Wook ranked first among Chinese cross-border companies in Indonesia’s 3C accessories segment and sixth in the small home appliances category.
Beyond Indonesia, its core market, Wook has expanded into Vietnam, Thailand, and the Philippines. The company has focused on its core categories while branching into newer verticals such as home improvement and building materials. By combining proprietary brands with partner brands, Wook aims to offer cost-effective products to small and medium retailers and end consumers across these markets. In the first three quarters of 2025, revenue from Vietnam, Thailand, the Philippines, and other markets rose 68.5% year-on-year (YoY) compared with the same period in 2024.
Frost & Sullivan estimates that Southeast Asia’s retail market reached approximately USD 879.9 billion in 2024 and is expected to grow to USD 1.2 trillion by 2029, making it one of the world’s fastest-growing consumer markets. Supported by large populations and the expansion of emerging and mature middle classes, retail markets in Indonesia, Vietnam, Thailand, and the Philippines are expected to maintain strong growth momentum.
Despite this expansion, traditional retail channels still accounted for 58.5%, 46.6%, and 55.4% of retail sales in Indonesia, Vietnam, and the Philippines, respectively, in 2024. Small and medium retailers in these markets often face high procurement costs, low delivery efficiency, and limited operational capabilities, underscoring demand for integrated digital transformation solutions.
Financially, Wook reported revenue of RMB 908 million (USD 127.1 million) in 2023 and RMB 1.049 billion (USD 146.9 million) in 2024, representing YoY growth of 15.5%. In the first three quarters of 2025, revenue rose 17.5% YoY, increasing from RMB 749 million (USD 104.9 million) to RMB 880 million (USD 123.2 million).
Gross margin stood at 33.6% in 2023, 35.6% in 2024, and 36.9% in the first three quarters of 2025. Adjusted net profit reached RMB 47 million (USD 6.6 million), RMB 79 million (USD 11.1 million), and RMB 62 million (USD 8.7 million) over the same respective periods.
Since its founding, Wook has raised funding from a mix of institutional and strategic investors, including Danen Capital, Welight Capital, Maison Capital, Engage Capital, NBT Capital, Tian Ge Interactive Holdings, Lesso, Alibaba, Charisma Partners, Richen Capital, and GF Qianhe.
In its prospectus, Wook said net proceeds from the IPO will be primarily used to strengthen its warehousing and logistics network, expand marketing and distribution channels, boost brand awareness, upgrade digital infrastructure, build localized teams and talent development systems, and support working capital needs.
This article was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.