Southeast Asia-focused Cross-border E-commerce Firm Wook Files Second Hong Kong IPO Application: First-half Net Profit Up 45% YoY, Over 90% of Revenue From Indonesia

Shenzhen Wook Feifan Technology Co., Ltd. (hereinafter referred to as Wook Feifan, or Wook), a cross-border new retail enterprise focused on Southeast Asia, has submitted a listing application to the Hong Kong Stock Exchange. This marks the company's second attempt to go public in Hong Kong, as its first filing lapsed earlier after failing to pass the listing hearing within the six-month validity window. According to public disclosures, Wook Feifan posted growth in both revenue and net profit in the first half of 2026, with revenue rising 22.6% year-on-year to 699 million yuan, and net profit reaching 490.69 million yuan, up 45% from a year earlier.

Founded in 2014, Wook Feifan primarily sells 3C accessories, small home appliances, and home improvement and building materials. In 2025, the company ranked first in the 3C accessories category in Indonesia, and placed sixth among Chinese cross-border enterprises in the small home appliances segment. The company mainly sells own-brand products: VIVAN and ROBOT focus on 3C accessories, SAMOMO is its small home appliances brand, and RONA operates in the home improvement and building materials category.

According to the prospectus, Wook Feifan's revenue stood at 908 million yuan, 1.049 billion yuan, and 1.217 billion yuan in 2023, 2024, and 2025 respectively, marking a mild acceleration in revenue growth. Gross margin expanded for three consecutive years, while net margin declined first before rebounding, remaining at a low level overall, with the highest net margin in the three years hitting just 3.9%. As Wook Feifan sources most of its goods from domestic OEM and ODM suppliers, its R&D expenditure as a share of revenue is low and has fallen year on year, with most spending allocated to sales and distribution.

By product category, 3C accessories contribute the largest share of Wook Feifan's revenue, followed by small home appliances and home improvement and building materials. However, the revenue share of 3C accessories is on a declining trend, while the proportion of small home appliances and home improvement and building materials is rising. By brand, the revenue trends of each brand are consistent with their core business performance: the combined revenue share of ROBOT and VIVAN is declining, while the share of SAMONO and RONA is growing, with small home appliances brand SAMONO recording the fastest growth in revenue contribution.

By channel, Wook Feifan sells products offline through SMRs, MRCs and exclusive stores, while its online sales mainly rely on mainstream e-commerce platforms including Shopee, Tokopedia, and Lazada. Offline channels remain the dominant revenue contributor, and Wook Feifan has established partnerships with 60,000 SMRs.

By region, Indonesia is Wook Feifan's core market, accounting for 93% of its revenue in the first half of 2026. In the previous three years, Indonesia's revenue share also hovered around 95%. However, over-reliance on a single market exposes the company to multiple risks: for example, the depreciation of the Indonesian rupiah led to a net foreign exchange loss of 17.9 million yuan for Wook Feifan in the first half of the year. Addressing its heavy revenue dependence on Indonesia, Wook Feifan stated in the prospectus that it has "strategically expanded into the Vietnamese, Thai, and Philippine markets", though the outcome of these expansion efforts remains to be seen.

While the prospectus did not specify details of the fundraising proceeds, it outlined the company's future development strategy. For different brands, Wook Feifan will adopt differentiated store models, running both shopping mall outlets and street-side stores, and will later develop new product categories such as daily chemical products. As offline channels remain a core sales pillar, Wook Feifan will shift toward refined operation and management in the future, and plans to penetrate lower-tier markets.