Oral Care Brand "Canban" Parent Company Submits Application to Hong Kong Exchanges and Clearing Limited: Over 3 Billion in Sales Expenses in Three Years, Distributes 130 Million Yuan Dividend Before IPO

Image Source: Xiaokuo Technology's Prospectus (Application Version)

DentalGoodNews | On March 27, 2026, Shenzhen Xiaokuo Technology Co., Ltd. (hereinafter referred to as "Xiaokuo Technology"), the parent company of the oral care brand "Canban," officially submitted its listing application to the Main Board of Hong Kong Exchanges and Clearing Limited (HKEX), aiming to become the "first oral care stock" on the Hong Kong stock market. CMB International Capital Limited acted as the sole sponsor.

Image Source: Xiaokuo Technology's Prospectus (Application Version)

Xiaokuo Technology was founded in 2015 and launched its oral care brand "Canban" in 2018, focusing on providing comprehensive oral care solutions including toothpaste, mouthwash, and toothbrushes. According to Frost & Sullivan data cited in its prospectus, based on retail sales in 2025, Xiaokuo Technology is the third-largest group in China's oral care market with a 6.5% market share. Its retail sales are estimated to have achieved a compound annual growth rate (CAGR) of 73.2% from 2023 to 2025. In terms of online retail sales of oral care products, it ranks first, with an estimated market share of 8.0% in 2025.

Image Source: Xiaokuo Technology's Prospectus (Application Version)

The prospectus shows that from 2023 to 2025, Xiaokuo Technology achieved revenues of RMB 1.096 billion, RMB 1.369 billion, and RMB 2.499 billion, respectively. Net Profit Attributable to Shareholders of the Parent Company for the same periods were RMB 41.624 million, RMB 34.228 million, and RMB -18.251 million, respectively. Under the non-International Financial Reporting Standards, adjusted profits were RMB 53.558 million, RMB 66.306 million, and RMB 155 million, respectively, showing a year-on-year growth trend.

Despite significant revenue growth, Xiaokuo Technology's marketing investment also remained high. During the reporting period, the company's cumulative sales and distribution expenses were approximately RMB 3.054 billion, of which marketing expenses were RMB 570 million, RMB 720 million, and RMB 1.374 billion, respectively, accounting for over 80% of the total each year. In contrast, the company's R&D expenses for the same periods were RMB 17.824 million, RMB 16.875 million, and RMB 19.39 million, respectively.

Furthermore, in 2025, prior to submitting its IPO application, Xiaokuo Technology declared and paid a dividend of RMB 130 million, whereas no dividends were paid in the previous two years.

Regarding compliance operations, according to previous reports by DGN, Xiaokuo Technology was fined RMB 12,800 in 2022 for publishing false advertisements. Currently, online channels contribute over 80% of the company's revenue, with online sales accounting for 80.3% in 2025.

As of the time of writing, Xiaokuo Technology has not disclosed the total amount of funds it plans to raise in this IPO round or the specific closing timeline.