Some of China’s most influential companies built their empires largely unnoticed at home. Until Shein, Anker Innovations, and Transsion filed to go public, few domestic investors paid much attention. But public filings offered a rare glimpse into their sprawling global operations and fast-paced growth.
The rise of these low-profile leaders marked a shift in perception. It mirrors the attention now drawn to the so-called “three sisters of the Hong Kong Stock Exchange,” which refer to Pop Mart, Laopu Gold, and Mixue Bingcheng. Before they became standout examples, sentiment toward China’s consumer sector was largely subdued.
This lack of visibility is less about corporate strategy and more about the blind spots of those observing. To understand the full extent of Chinese companies expanding abroad, markets need to focus on firms already advancing on international fronts.
In addition to the high-profile IPOs in Hong Kong, several other globally oriented Chinese brands are preparing to list. Here are three that merit closer attention.
1. Softcare: Africa’s diaper market leader
Softcare is a recognized brand across much of Africa. Launched in 2009 as part of Sunda Group, it produces hygiene products including baby diapers, pull-up pants, sanitary pads, and wet wipes under names like Softcare, Veesper, Maya, Cuettie, and Clincleer.
Frost & Sullivan reported that in 2023, Softcare led the African market by volume in both baby diapers and sanitary pads, with market shares of 20% and 14%, respectively. Brand recognition and customer retention figures are high: Softcare, Maya, and Cuettie were the top three diaper brands among surveyed consumers, with recognition reaching 89% and repurchase rates up to 95.7%. In sanitary pads, Softcare, Veesper, and Clincleer posted a 95.4% recognition rate and 92% repurchase rate.
Distribution has been central to its market position. As of September 30, 2024, the company had 18 sales branches across 12 countries and a network of more than 2,500 wholesalers, retailers, and supermarkets in Africa, Latin America, and Central Asia. Its top five customers made up just 5.5% of total revenue, pointing to a diversified customer base.
Softcare began local production in Ghana in 2018 and now operates eight factories and 44 production lines across Africa, more than any other hygiene product manufacturer on the continent, according to Frost & Sullivan.
In 2023, revenue reached USD 410 million, up 28.6% year-on-year (YoY). Growth was driven by market expansion, increased demand, branding efforts, and broader product offerings. Net profit rose 251.7% to USD 64.68 million. For the first three quarters of 2024, net profit was USD 72.28 million, up 54.1% from the previous year. Baby diapers contributed 78.7% of 2023 revenue.
Profit margins also improved. Gross margins climbed from 23% in 2022 to 34.9% in 2023 and 35.4% in the first three quarters of 2024. Net margins grew from 5.7% to 15.7% and then to 21.6%. The company cited falling raw material costs as the key driver.
Proceeds from the IPO will fund capacity expansion, manufacturing upgrades, marketing efforts across three regions, potential acquisitions in hygiene products, CRM system improvements, market analysis, and general expenses.
Africa remains the fastest-growing region for diapers, pull-up pants, and sanitary pads due to high birth rates and low penetration. Frost & Sullivan valued the market at USD 3.6 billion in 2023 and projected 8% annual growth to USD 5.2 billion by 2028.
Sunda, Softcare’s parent, was founded in 2004 and was among the first Chinese firms to enter African and South American markets. Its other segments include home furnishings and hardware.
2. Dahon: A specialist in folding bikes
Founded in 1982, Dahon is ostensibly the world’s largest producer of folding bicycles. According to China Insights Consultancy, it held a 21.1% market share in China and 5.6% globally by retail volume in 2023.
Dahon’s range includes folding, road, mountain, children’s, and electric bikes. As of September 30, 2024, it offered over 70 models across three pricing tiers. Midrange options, priced up to RMB 5,000 (USD 700), consistently generated the most revenue.
Revenue rose 18.1% YoY to RMB 300 million (USD 42 million) in 2023 and jumped 58.7% to RMB 350 million (USD 49 million) in the first nine months of 2024. Net profit grew 11.1% to RMB 34.85 million (USD 4.9 million) in 2023 and 74.1% to RMB 45.84 million (USD 6.4 million) in the first three quarters of 2024.
Dahon works with 38 dealers across over 30 provinces in China, covering more than 650 retail locations. Its online presence has grown significantly, with direct sales on platforms like JD.com, Tmall, and Douyin rising 312.1% YoY in 2023 to RMB 58.07 million (USD 8.1 million). Online sales made up 19.3% of total revenue, surpassing offline direct sales.
Sales to dealers remain dominant, contributing 70.5% of 2023 revenue. Customer concentration has risen: the top five customers accounted for 35.3% of revenue in 2022, 37.2% in 2023, and 38.7% in the first three quarters of 2024. Supplier concentration followed a similar pattern.
Dahon sells to 25 overseas markets including Japan, Thailand, the US, and parts of Europe. However, overseas revenue fell from RMB 56.16 million (USD 7.9 million) in 2022 to RMB 20.34 million (USD 2.9 million) in 2023.
IPO proceeds will go toward modernizing manufacturing systems, expanding capacity, strengthening branding and distribution, supporting R&D, and general operations.
The global folding bike market is forecast to reach RMB 33.5 billion (USD 4.7 billion) by 2028, growing at a 14.8% annual rate from 2023. China, the US, and Europe currently make up 25.2%, 9.0%, and 8.6% of global demand, respectively.
3. Ridge Outdoor: Bringing joys to anglers worldwide
Ridge Outdoor does not yet sell rods, but it is one of the top names among fishing gear brands. Its catalog includes chairs, beds, tents, storage boxes, bags, and rod stands, designed for various fishing styles including carp, lure, fly, and ice fishing. As of April 30, Ridge offered over 9,000 SKUs.
In 2024, it held the largest global market share in fishing gear by revenue, according to Frost & Sullivan, with 23.1%.
The company operates across original brand manufacturing (OBM), design manufacturing (ODM), and equipment manufacturing (OEM), with ODM and OEM accounting for 92.3% of 2024 revenue. Ridge began OBM after acquiring UK-based Solar in 2017; Solar’s sales have since tripled.
Fishing surged during the pandemic due to its socially distanced nature. Ridge posted RMB 818 million (USD 114.5 million) in 2022 revenue. As restrictions eased, 2023 revenue dropped 43.4% to RMB 463 million (USD 64.8 million), but gross margins rose from 23.2% to 26.6% due to currency shifts, better production efficiency, and lower raw material costs.
Revenue rebounded to RMB 573 million (USD 80.2 million) in 2024. Net profit rose from RMB 49 million (USD 6.9 million) in 2023 to RMB 59 million (USD 8.3 million) in 2024. For the first four months of 2025, net profit stood at RMB 30 million (USD 4.2 million), up 47.6% YoY.
Chairs and related accessories made up 50.7% of 2024 revenue. Bestsellers are priced affordably: chairs under USD 20, bags under USD 10, tents under USD 70.
Ridge exports to more than 40 countries, including mature markets like the UK and the US, and emerging ones in China and Southeast Asia. Clients include Decathlon, Rapala VMC, Pure Fishing, Fox, Nash, Trakker, Preston, and Ardisam.
Europe accounted for 73.3% of 2024 revenue and offered the highest gross margins at 28.6%. China and North America contributed 15.2% and 8.7%, with margins at 18.8% and 21.7%, respectively.
The company runs three factories in Deqing, Zhejiang, with a combined capacity of 6 million units annually, each focusing on a specific product segment.
IPO funds will support the development of new products, including rods and reels, expansion of the Solar brand, and creation of new brands for the Asia-Pacific market. Plans also include a global innovation center, upgrades to production lines, and general operational needs.
The global fishing gear market reached RMB 140.9 billion (USD 19.7 billion) in 2024, with a 3.2% CAGR (compound annual growth rate) since 2019. Ridge currently focuses on accessories, but is preparing to enter the larger, higher-value tackle segment.
36Kr follows Chinese and Hong Kong brands that aim to expand globally. Companies interested in being featured can get in touch to learn more.