Canban (Xiaokuo Technology) pushes for Hong Kong Stock Exchange listing: China's fastest-growing oral care product group

A comprehensive personal care and daily chemicals product group with multi-category and full-channel operating capabilities.

This article is original content from IPO Early Know.

Author | Stone Jin

According to IPO Early Know, Shenzhen Xiaokuo Technology Co., Ltd. (hereinafter referred to as “Xiaokuo Technology”) submitted its listing prospectus to the Hong Kong Stock Exchange on March 27 for a Main Board listing, with CMB International serving as the sole sponsor.

Established in 2015, Xiaokuo Technology is the fastest-growing oral care products group in China. It focuses on providing end-to-end oral care products, and its portfolio includes the oral care brand “CanBan” and the personal care brand “XiaoJiantou.”

As of now, Xiaokuo Technology’s product portfolio covers three main core segments: basic oral care, professional and beauty oral care, and other personal care—among which the basic oral care segment includes daily cleansing toothpaste and toothbrushes; the professional and beauty oral care segment includes mouthwash, oral spray, and dental floss targeting special needs and aesthetic preferences. In addition, Xiaokuo Technology also offers other personal care items such as hair and body care products, which not only round out its oral care product portfolio, but also expand its market reach across consumer categories. With more than 500 SKUs (covering oral and hair/body care products), and over 300 reserved SKUs for future new product launches, it supports product-line expansion and helps capture market opportunities.

According to information from Frost & Sullivan, based on 2025 retail sales, Xiaokuo Technology is the third-largest group in China’s oral care products market, with a market share of 6.5%, and it achieved the highest online retail sales among oral care products groups in China in 2025. From 2023 to 2025, among the top five oral care products groups in China, Xiaokuo Technology recorded the highest retail sales CAGR (73.3%), significantly outperforming the industry average.

On the financial data front. From 2023 to 2025, Xiaokuo Technology’s revenue was RMB 1.09B, RMB 1.37B, and RMB 2.5B, respectively, representing a CAGR of 51.0%. Of this, its revenue growth year over year in 2025 reached 82.5%.

As for profitability—from 2023 to 2025, Xiaokuo Technology’s gross margin was 72.1%, 69.8%, and 71.9%, respectively. Its adjusted net profit was RMB 54 million, RMB 66 million, and RMB 155 million, respectively, with a CAGR of 70.0%.

Since its establishment, Xiaokuo Technology has received investments from well-known institutions including Meihua Venture Capital, Yecao Venture Capital, Century Jinyuan Group, Innovation Works, ByteDance, Huaxing New Economy Fund, Qingliu Capital, Yazhang Capital, Jinding Capital, and Shiji Capital. Prior to the IPO, Meihua Venture Capital held 8.83% of Xiaokuo Technology’s shares, making it the largest institutional investor.

One point that needs to be highlighted here is that as a company with relatively healthy cash flow, Xiaokuo Technology has not raised financing in the primary market since September 2021; at that time, its valuation was RMB 1.87B.

In its prospectus, Xiaokuo Technology stated that the net proceeds from the IPO will be primarily used to: improve online and offline sales channels; increase the depth and breadth of the distribution network and strengthen penetration into consumers; enhance brand building and marketing promotion to reinforce consumers’ recognition of its professional, fashionable, quality, and happy brand image, and reach more consumers; expand through derivative development across supply chains both domestically and internationally; strengthen product design and R&D capabilities so it can continuously lead industry product innovation and maintain competitiveness; enhance infrastructure digitization and AI capabilities; and use as working capital and for general corporate purposes.

From mouthwash to toothpaste, from oral care to personal care

Already a comprehensive daily chemicals product group with multi-category capabilities

From the perspective of its development path, CanBan’s portable mouthwash from Xiaokuo Technology, since its launch, has accumulated nearly 300 million units sold by March 20, 2026. Since entering the mouthwash market, based on 2025 retail sales, Xiaokuo Technology ranks second in China’s mouthwash market.

After that, Xiaokuo Technology began to push the toothpaste category in 2022 and replicated the successful path of its mouthwash category. According to Frost & Sullivan, in 2023, CanBan whitening toothpaste recorded the highest online retail sales in China’s mainland whitening toothpaste market.

In terms of product pricing, Xiaokuo Technology adheres to the philosophy of “people’s benefits plus quality upgrades.” Its suggested retail prices for its main toothpaste products range from 9.9 yuan to 49.9 yuan. This price range maintains affinity for mainstream consumers, while also serving consumers who pursue higher-end quality. According to Frost & Sullivan, based on 2025 retail sales, Xiaokuo Technology ranks first in the quality toothpaste market, with a market share of 19.2%.

In 2025, Xiaokuo Technology has quickly expanded into even broader daily chemicals categories—its personal care brand “XiaoJiantou,” fully launched from September 2025 to March 20, 2026, has accumulated retail sales of over RMB 40 million. This also marks that it has developed into a comprehensive daily chemicals product group with multi-category capabilities.

According to Frost & Sullivan, the retail sales of China’s oral care products market in 2025 were RMB 77.90 billion, and the forecast CAGR from 2025 to 2030 is 4.5%. At the same time, there are structural growth opportunities in terms of market concentration in China’s oral care products industry. Based on 2025 retail sales, the combined market share of the top five companies in China’s oral care market is about 33%, which is significantly lower than the 65% in the United States and the 50% in South Korea—providing ample room for consolidation among market participants.

Meanwhile, the overall market size of China’s daily chemicals products is expected to grow from RMB 900.0 billion in 2025 at a CAGR of 7.1% to RMB 1,268.0 billion in 2030. Among the various segments, the personal care product market is expected to grow from RMB 736.0 billion in 2025 at a CAGR of 7.3% to RMB 1,046.1 billion in 2030—clearly a larger market.

Start online, drive a full-channel strategy

The share of online and offline retail sales has reached about 50%:50%

Of course, just like that wave of new consumer brands, Xiaokuo Technology’s start also came from online channels—the era when content e-commerce and shelf e-commerce were at their hottest. Benefiting from product innovation and refined operations on major e-commerce platforms, Xiaokuo Technology quickly became a breakout player in the oral care products track, maintaining a leading position in terms of online retail sales in China’s oral care products market. According to Frost & Sullivan, in 2025 Xiaokuo Technology recorded the highest online retail sales in the China oral care products industry, with a CAGR of 38.7% from 2023 to 2025.

More importantly, Xiaokuo Technology started to push a full-channel strategy in 2023, achieving strong expansion in offline channels with high growth potential. In 2025, the online-to-offline retail sales mix for Xiaokuo Technology was about 50%:50%, close to the industry proportion of 40%:60% shown by Frost & Sullivan.

According to Frost & Sullivan, based on 2025 retail sales, Xiaokuo Technology ranks third in China’s offline toothpaste market, with a CAGR of 231.7% from 2023 to 2025. It is the only company among the top five to achieve a triple-digit CAGR, significantly above the industry average.

As of December 31, 2025, Xiaokuo Technology’s offline retail coverage nearly reaches 100% of all prefecture-level cities in mainland China. Meanwhile, it pushes down to towns and villages, and its products have entered more than 110,000 offline retail outlets. According to Frost & Sullivan, mainstream oral care products groups in China cover about 1.5 million offline outlets, demonstrating broad growth potential.

Another point worth noting is that Xiaokuo Technology’s products have a high fit with multiple offline scenarios, and the channel space is broad. In addition to department stores, beauty specialty stores, convenience stores, and independent retail shops, Xiaokuo Technology has also moved into OTC pharmacies, and has taken a pioneering step in rolling out bulk snack stores. As of March 20, 2026, Xiaokuo Technology’s products have entered more than 30,000 bulk snack stores and OTC pharmacies.

In addition, in 2025 Xiaokuo Technology’s inventory turnover days were 61 days, which shows that while expanding its business and full-channel distribution, Xiaokuo Technology successfully optimized supply chain management and improved operating processes, forming a stable operating efficiency.