Editor’s Note
Guangdong Choosy Industrial Co., Ltd. has submitted an application for a main board listing on the Hong Kong Stock Exchange, marking its second listing attempt in the city. This move highlights the company’s ongoing efforts to expand its capital market presence.
On September 12, Guangdong Choosy Industrial Co., Ltd. (referred to as “Choosy”) submitted a main board listing application to the Hong Kong Stock Exchange, planning a second listing in Hong Kong, with CITIC Securities as the exclusive sponsor.
The prospectus shows that Choosy was founded in 1997, launching the fashion jewelry brand CHJ Choosy. Over nearly three decades, it has leveraged national intangible cultural heritage craftsmanship as its foundation to achieve the commercialization and cultural symbol recreation of traditional crafts. Driven by a “culture + design dual-wheel” strategy, it has broken the established paradigms of the jewelry industry—positioning itself as a jewelry manufacturer—and established a differentiated brand image and product matrix with a “youthful and fashionable” tone.
To date, Choosy has become a leading fashion jewelry brand in mainland China. According to Frost & Sullivan’s report, in terms of the fashion jewelry market, calculated by sales revenue, Choosy ranked first among numerous jewelry enterprises in mainland China in 2024, achieving a market share of 1.4%.
With CHJ Choosy as the core engine, Choosy has formulated a synergistic strategic brand layout, including CHJ Choosy, Choosy|Soufflé, and CHJ·ZHEN. The company has also developed the new brand C·vol, targeting the silver jewelry market, and acquired FION in 2014, a brand primarily selling fashion handbags targeting young consumers.
As of June 30, 2025, Choosy owned a total of 1,542 offline jewelry stores. Specifically, the sales network included 201 self-operated stores and 1,337 franchised stores in over 200 cities nationwide, plus four overseas stores, including one self-operated store in Malaysia, one franchised store in Thailand, and two franchised stores in Cambodia.
In 2024, Choosy’s jewelry business expanded overseas for the first time, opening its first overseas store in Malaysia, followed by another store in Thailand. In 2025, to further expand its overseas business, it opened two overseas jewelry stores in Cambodia.
As of the latest practicable date, Choosy sold products on 14 major online sales platforms in mainland China, including JD.com, Tmall, and VIP.com. Online sales revenue for jewelry increased from RMB 889.0 million in fiscal year 2022 to RMB 941.7 million in fiscal year 2024. In the first half of 2025, online jewelry sales revenue was RMB 495.6 million. As of June 30, 2025, there were 632 direct franchisees, 14 regional franchisees, and 215 secondary franchisees.
The prospectus shows that Choosy’s revenue increased by 33.7% or RMB 1,472.4 million from RMB 4,364.1 million in fiscal year 2022 to RMB 5,836.5 million in fiscal year 2023, and further increased by 10.6% or RMB 615.9 million to RMB 6,452.4 million in fiscal year 2024.
Revenue increased by 19.6% or RMB 665.4 million from RMB 3,396.2 million in the first half of 2024 to RMB 4,061.6 million in the first half of 2025.