Shenzhen-registered Xiaokuo Technology formally filed its prospectus with the Hong Kong Stock Exchange on March 27, 2026, seeking a main board listing. CMB International is serving as a joint sponsor.

Founded in 2015, Xiaokuo is focused on oral care and personal care products sold under its oral care brand Canban and its personal care brand About Focus.

Its portfolio spans three core segments: basic oral care, professional and cosmetic oral care, and other personal care. The basic oral care segment includes toothpaste and toothbrushes for daily cleaning. The professional and cosmetic oral care segment includes mouthwash, oral spray, and dental floss aimed at specific needs and aesthetic preferences.

Xiaokuo also sells hair and body care products, broadening its portfolio beyond oral care. It has more than 500 SKUs across oral care, hair care, and body care, as well as more than 300 reserve SKUs for future launches.

According to Frost & Sullivan, Xiaokuo was China’s third largest oral care products group by 2025 retail sales, with a 6.5% market share. The research firm also said Xiaokuo recorded the highest online retail sales among oral care products groups in China in 2025. From 2023–2025, Xiaokuo posted the highest compound annual growth rate (CAGR) in retail sales among China’s top five oral care products groups, at 73.3%, according to Frost & Sullivan.

Xiaokuo reported revenue of RMB 1.092 billion (USD 158.9 million) in 2023, RMB 1.369 billion (USD 199.2 million) in 2024, and RMB 2.499 billion (USD 363.6 million) in 2025, representing a CAGR of 51%. Revenue in 2025 rose 82.5% year-on-year.

Its gross margin was 72.1% in 2023, 69.8% in 2024, and 71.9% in 2025. Adjusted net profit was RMB 54 million (USD 7.9 million), RMB 66 million (USD 9.6 million), and RMB 155 million (USD 22.6 million), respectively, representing a CAGR of about 70%.

Since its founding, Xiaokuo has attracted investment from Plum Ventures, Persistence Ventures, Century Golden Resources Group, Sinovation Ventures, ByteDance, China Renaissance New Economy Fund, Crystal Stream Capital, ABC Capital, Jinding Capital, and CoStone Capital. Before the IPO, Plum Ventures held 8.83% of Xiaokuo, making it the company’s largest institutional investor.

Xiaokuo has not raised primary-market capital since September 2021, when it was valued at RMB 1.872 billion (USD 272.4 million).

In the prospectus, Xiaokuo said the net proceeds from the IPO will be used mainly to improve its online and offline sales channels, expand its distribution network, strengthen brand building and marketing, extend its domestic and overseas supply chains, enhance product design and R&D, upgrade its digital infrastructure and technology capabilities, and support working capital and general corporate purposes.

From mouthwash to toothpaste, Xiaokuo expands into personal care

Canban’s portable mouthwash had sold nearly 300 million units cumulatively as of March 20, 2026. According to Frost & Sullivan, Xiaokuo ranked second in China’s mouthwash market by 2025 retail sales.

Xiaokuo expanded into toothpaste in 2022. According to Frost & Sullivan, Canban whitening toothpaste recorded the highest online retail sales in mainland China’s whitening toothpaste market in 2023.

Xiaokuo’s pricing strategy combines broad affordability with higher-end product positioning. The suggested retail prices of its major toothpaste products range from RMB 9.9–49.9 (USD 1.4–7.3). That keeps the products accessible to mass-market consumers while also targeting buyers looking for more premium offerings. According to Frost & Sullivan, Xiaokuo ranked first in the quality toothpaste market by 2025 retail sales, with a 19.2% market share.

In 2025, Xiaokuo also expanded into a broader range of daily consumer goods categories. From its full launch in September 2025 to March 20 this year, its personal care brand About Focus generated more than RMB 40 million (USD 5.8 million) in cumulative retail sales, according to the prospectus.

According to Frost & Sullivan, China’s oral care products market generated RMB 77.9 billion (USD 11.3 billion) in retail sales in 2025 and is expected to grow at a CAGR of 4.5% from 2025 to 2030. The industry also remains relatively fragmented. Based on 2025 retail sales, the top five companies in China’s oral care market had a combined market share of about 33%, compared with 65% in the US and 50% in South Korea, according to Frost & Sullivan.

China’s overall daily consumer goods market is expected to grow from RMB 900 billion (USD 131 billion) in 2025 to RMB 1,268 billion (USD 184.5 billion) in 2030, representing a CAGR of 7.1%, according to Frost & Sullivan. Within that, the personal care products market is expected to grow from RMB 736 billion (USD 107.1 billion) in 2025 to RMB 1,046.1 billion (USD 152.2 billion) in 2030, at a CAGR of 7.3%.

From online-first to omnichannel

Like other newer consumer brands, Xiaokuo started online, when content-driven e-commerce and marketplace platforms were expanding quickly. The company said product innovation and platform-specific operations helped it build scale in oral care. According to Frost & Sullivan, Xiaokuo recorded the highest online retail sales in China’s oral care products industry in 2025, with a CAGR of 38.7% from 2023–2025.

Xiaokuo began accelerating its omnichannel strategy in 2023 and expanded rapidly offline. In 2025, its online and offline retail sales were split at about 50:50, compared with an industry ratio of 40:60 cited by Frost & Sullivan.

According to Frost & Sullivan, Xiaokuo ranked third in China’s offline toothpaste market by 2025 retail sales. From 2023–2025, it posted a CAGR of 231.7%, making it the only company among the top five to record a triple-digit growth rate over that period.

As of December 31, 2025, Xiaokuo’s offline retail network covered nearly all prefecture-level cities in mainland China and had expanded into townships and villages, with products available in more than 110,000 offline retail outlets. Frost & Sullivan said mainstream oral care product groups in China cover about 1.5 million offline outlets, suggesting room for further expansion.

Xiaokuo’s products are also sold across a broad range of offline retail settings, including supermarkets, multi-brand beauty stores, convenience stores, independent retailers, over-the-counter pharmacies, and discount snack stores. As of March 20, its products were available in more than 30,000 discount snack stores and over-the-counter pharmacies.

Its inventory turnover stood at 61 days in 2025, according to the prospectus, indicating improved supply chain and operating efficiency as it expanded its business and distribution network.

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.

Note: RMB figures are converted to USD at rates of RMB 6.87 = USD 1 based on estimates as of April 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.