Warm congratulations to parent company Bubu Bus (BeBeBus) on its Hong Kong IPO — Gaorong Ventures is the largest institutional investor.

On September 23, premium maternal and infant brand BeBeBus's parent company Butong Group listed on the Hong Kong Stock Exchange under ticker 06090.HK, becoming the "first maternal and infant consumer tech stock." Butong Group priced its IPO at HK$71.20 per share, opened at HK$100.40, and achieved a total market capitalization exceeding HK$9.1 billion.

Gaorong Ventures co-led Butong Group's Series A+ round in late 2020 and continued to participate in subsequent funding rounds. Prior to the IPO, Gaorong Ventures was Butong Group's largest institutional shareholder.

Butong Group's listing marks Gaorong's fifth Hong Kong IPO this year, following Bloks, Mirxes, Saint Bella, and Geekplus.

At the listing ceremony, Butong Group founder, Chairman, and Executive Director Boyan Wang stated in his address: "Today, Butong Group has successfully listed on the Hong Kong Stock Exchange. This is not only a major milestone in our more than six years of growth, but also a new starting point that carries our mission to 'create difference' and our vision to become a global tech lifestyle brand for elite families. We thank the Hong Kong Stock Exchange for building a bridge to international markets, and we thank all our investors and partners for their support and trust. Going forward, we will continue to increase R&D investment, launch more premium products, further expand into global markets, and deliver even more outstanding business performance together with all our partners to create a better future!"

Covering Four Key Parenting Scenarios

Steady Revenue Growth

Founded in 2018, Butong Group is a Chinese company focused on designing and selling parenting products. Its flagship brand BeBeBus covers four critical parenting scenarios: parent-child travel, sleep, feeding, and hygiene care. According to Frost & Sullivan data, by 2024 GMV, BeBeBus ranked first among durable parenting product brands targeting mid-to-high-end consumers in China.

In recent years, as disposable incomes have risen and household spending on childcare has increased, China's parenting market has steadily expanded — particularly the mid-to-high-end segment, which is experiencing explosive growth. Frost & Sullivan data shows that China's mid-to-high-end parenting market grew from RMB 25.6 billion in 2020 to RMB 34 billion in 2024, and is projected to exceed RMB 50.9 billion by 2029.

From the brand's founding in 2019 to its capital markets debut, Butong Group has woven together an impressive growth trajectory of speed and quality. From 2022 to 2024, total revenue grew steadily from RMB 507 million to RMB 1.249 billion, representing a three-year compound annual growth rate of 56.9%, while adjusted net profit CAGR reached 236.8%. In the first half of 2025, revenue was approximately RMB 726 million, up 24.7% year-over-year, with net profit increasing 72.1%.

Daring to Be Different, Seeing Difference, Creating Difference

From its inception, BeBeBus established "create difference" as its core value proposition, targeting the premium maternal and infant market and building a differentiated product portfolio. Its debut product, the "Artist" baby stroller, broke through in design, materials, and color palette, becoming a dark horse that disrupted the domestic maternal and infant market upon launch.

Differentiated design and products stem from forward-looking insight into user needs. As post-90s and post-95s generations have become the main force in maternal and infant consumption, BeBeBus has precisely anchored this generational shift, focusing on new parents' core demands for "reduced selection burden, reduced usage burden, and reduced psychological burden" — channeling innovation into real-world scenarios that simplify parenting workflows.

The company has established a "User Experience Research Center" that transforms authentic feedback into structured data to drive product iteration. It also recruits users as experience officers on an ongoing basis to explore latent needs together with the brand. To date, BeBeBus has collaborated with over 16,000 content creators, conducted in-depth research on 2,000+ user pain points, and accumulated 3.5 million+ online members, forming a cycle of "insight — innovation — user — amplification."

Since 2021, BeBeBus has initiated independent R&D, centered on three-dimensional innovation in "cutting-edge materials, processes, and technologies." Through premium material applications and cross-domain technology integration, it ultimately achieves functional enhancement and safety improvements. For example, it cross-applied patented Cobra memory foam — typically used in sports cars — to child safety seats, enabling high rebound and shock absorption while improving children's safety and comfort.

Strengthening Supply Chain Foundation, Expanding Global Layout

BeBeBus has reportedly built a dual-engine system of "Original Aesthetics Center" and "Self-Developed, Self-Produced Factory." On one hand, it continuously breaks industry conventions at the design level, exploring more distinctive and forward-looking original aesthetics. On the other hand, through rigorous lab validation and production-research integration, it extends its differentiation advantage into stable and controllable quality assurance.

In August 2021, BeBeBus established its self-developed, self-produced factory in Ningbo, Zhejiang, with plans to complete a second Ningbo factory by 2026. The new facility is expected to reach annual capacity of 800,000 units, covering core products including baby strollers and child safety seats. As of June 2025, BeBeBus had secured 200 domestic registered patents and 17 international registered patents, along with over 50 domestic and international design awards including the China Excellent Industrial Design Award.

Butong Group has already initiated its global expansion, extending the brand to major international markets including Europe, North America, Japan, and Korea. Driven by the twin engines of "localized deep cultivation" and "global expansion," it is gradually building a global brand matrix.

"How Big Your Worldview Is, How Big Your World Is"

Rui Han, partner at Gaorong Ventures, commented: "Warm congratulations to Butong Group on its successful Hong Kong listing! Boyan Wang is a quintessential Hunan entrepreneur — enduring hardship, showing patience, and possessing stubborn tenacity. These nine characters are embodied in him to the fullest. Perhaps we should add 'refusing to believe in the impossible.' Over five years together, I recall that in every discussion with us, Wang Boyan only asked whether something was right or wrong, never whether it was difficult or easy. Boyan has always said, 'How big your worldview is, how big your world is.' We look forward to Butong Group, under his and the team's leadership, heading toward an even larger world, and bringing more peace of mind and happiness to consumers amid the major trend of refined, attentive parenting."

From left to right: Rui Han, partner at Gaorong Ventures; Boyan Wang, founder, Chairman and Executive Director of Butong Group; Ling Shen, co-founder, Executive Director and CEO of Butong Group

In the consumer-facing direction, Gaorong Ventures has spent over a decade continuously seeking and investing in products and teams that make the world better; going forward, it will continue to invest and deploy in AI and consumer sectors. Especially now that foundational AI technology has achieved revolutionary breakthroughs, we believe AI-human and AI-AI interactions — and the learning, creation, consumption, entertainment, and social experiences built upon them — will all be reshaped, and that this will inevitably give rise to world-class opportunities for a new generation of entrepreneurs.