The "Indonesian Champion" created by people from Hunan is about to go for an IPO.

"The champion of 3C accessories in Indonesia" has submitted its listing application to the Hong Kong Stock Exchange for the second time.

Recently, Shenzhen Wook Technology Co., Ltd. (referred to as Wook) resubmitted its IPO prospectus to the Main Board of the Hong Kong Stock Exchange, with Huatai International acting as the exclusive sponsor. Previously, the company submitted a listing application on January 20 this year, which has since lapsed.

As a cross-border brand enterprise focusing on the Southeast Asian market, Wook takes Indonesia as its core market and is mainly engaged in the sales of 3C accessories, small home appliances and home decoration building materials.

According to Frost & Sullivan, in terms of retail value in 2025, Wook ranks first in the 3C accessories sector in Indonesia with a market share of approximately 2.2%.

The story of this Indonesian 3C accessories champion dates back to its founder Xu Longhua.

01

Xu Longhua is a native of Shaoyang, Hunan Province. He studied Tourism Management at Xiangtan University for his bachelor's degree. After graduation, he chose to go south to Guangdong and joined TCL, a home appliance giant, accumulating a large amount of practical experience in home appliance channels and marketing. He once turned a weak regional market into one of the top markets nationwide and won the Golden Horse Award, the highest internal marketing honor at TCL.

This systematic training experience also laid the foundation for him to lead teams to expand business in foreign countries in the later stage.

Around 2010, Xu Longhua went to Indonesia to inspect the market and discovered structural opportunities in the local market: this largest Southeast Asian country with a population of over 270 million has an extremely polarized consumer electronics market, where the high-end market is monopolized by international brands such as Samsung and Sony, while the mid-to-low-end market is flooded with unbranded products of uneven quality, lacking recognizable local affordable brands.

At that time, smartphones were rapidly popularizing around the world, leading to an explosion in demand for charging accessories. Seizing the opportunity, Xu Longhua started from Huaqiangbei, targeting high-demand 3C accessories such as power banks and data cables to enter the Indonesian market, incubating two self-owned brands VIVAN and ROBOT, and initially building a local offline distribution network.

In 2014, Wook was officially established, launching the WOOK digital B2B platform, breaking away from the traditional multi-layer distribution model, directly connecting Chinese supply chains with local retail stores in Indonesia. Retail stores can complete product selection and order placement through the online platform, and cooperate with local ground promotion teams and overseas transfer warehouses to complete performance and delivery.

To date, Wook has built a portfolio of self-owned brands in Indonesia, including VIVAN, ROBOT and SAMONO. Among them, VIVAN and ROBOT focus on the 3C accessories track, mainly selling high-demand products such as power banks, data cables and Bluetooth speakers; SAMONO is positioned in small home appliances, covering home categories such as blenders, ovens and air fryers.

The company mainly operates under the self-owned brand business model. In 2025, 93.4% of its revenue came from self-owned brands.

In terms of offline channels, the company mainly distributes products through SMR and MRC networks. As of June 30, 2026, the company has established cooperative relationships with more than 60,000 small and medium-sized retailers (SMR) in Southeast Asia, of which 36,318 have recorded transactions.

As for online channels, the company sells products through major e-commerce platforms. The company has built an official store matrix on mainstream regional e-commerce platforms such as Shopee and Tokopedia. As of June 30, 2026, the company manages 71 official flagship stores and sells products through live streaming platforms such as TikTok.

With its self-operated warehousing network and localized operation team, Wook has formed a comprehensive competitive advantage of "Brand + Digitalization + Supply Chain" and achieved scalable profitability.

Source: Wook's prospectus

From 2023 to 2025 and the first half of 2026, the company's revenue was RMB 908.4 million, RMB 1,048.7 million, RMB 1,216.9 million and RMB 699.4 million respectively.

In the same period, gross profit reached RMB 305.1 million, RMB 373.4 million, RMB 451.5 million and RMB 271 million respectively, with gross profit margins of 33.6%, 35.6%, 37.1% and 38.7%.

In 2025, 94% of the company's revenue came from Indonesia.

In the six months ended June 30, 2026, Wook's revenue in other countries such as Vietnam, Thailand and the Philippines increased by 40.8% from RMB 33.8 million in the six months ended June 30, 2025 to RMB 47.6 million.

In terms of net profit, it was RMB 18.3 million, RMB 20.4 million and RMB 48 million respectively from 2023 to 2025. After excluding factors such as share-based payment and changes in the book value of redeemable liabilities, the adjusted net profit was RMB 46.8 million, RMB 79 million and RMB 80.8 million respectively. In the six months ended June 30, 2026, the adjusted net profit was RMB 49.1 million.

02

The rapid growth of Wook is also inseparable from the support of capital.

Since its establishment, Wook has completed 7 rounds of financing and 7 rounds of equity transfer, with a total amount of RMB 263 million, attracting financial VCs and industrial capital to enter the market one after another. Its shareholder list includes both venture capital institutions and industrial giants.

In 2017, the company intensively completed Series A, Series A+ and Series B financing, attracting early institutions such as Daan Capital, Weiguang Venture Capital and Black Horse Fund to invest.

Subsequently, in 2023, industrial capital became an important increment. Hangzhou Haixing under Alibaba completed the shareholding, and institutions such as China Lesso and GF Securities also entered the market one after another.

According to the consideration per share of RMB 16.90 in the Series D3 financing in November 2023, if simply calculated based on the total share capital of 90,784,340 shares, the company's post-investment valuation at that time was approximately RMB 1.534 billion.

Before IPO, Xu Longhua controlled approximately 48.92% of the company's equity through Qianhai Hailu Road, making him the actual controller.

Mai Xing Investment is the largest external institutional shareholder with a 6.26% stake, Daan Capital holds 4.50%, Yilian Capital holds 4.23%, Hangzhou Haixing under Alibaba holds 3.96%, Weiguang Venture Capital holds 3.47%, and Guangdong Lesso Trading under China Lesso holds 3.38%.

Source: Wook's prospectus

03

Even so, the "No.1 3C accessories brand in Indonesia" is not without hidden worries.

First of all, the company's capitalization path has not been very smooth.

In early 2024, the company began to prepare for listing on Indonesia's IDX; by June 2025, due to the restructuring of the group's structure and the belief that the Hong Kong Stock Exchange is more suitable, it terminated the local listing plan and turned to the Hong Kong stock market. On January 20, 2026, the company submitted its first listing application to the Hong Kong Stock Exchange, but it lapsed after failing to pass the hearing within six months, which led to the scene of the company resubmitting the application.

While the IPO has not been completed, some institutions have chosen to cash out to varying degrees.

Black Horse Fund, an early investor, fully exited before the IPO, cashing out more than RMB 30 million from an initial investment of RMB 6 million, with a return of more than 5 times; Daan Capital chose to clear its position through the US dollar platform and reduce its holdings through the RMB platform. The former invested USD 3 million in the Series B round and recovered RMB 38.8162 million after full exit, with a return of 1.81 times, while the latter invested a total of RMB 9 million in the Series A and Series A+ rounds, and has obtained a revenue of RMB 11.0102 million through equity transfer transactions.

In January 2016, Jinhua Xingyue, an affiliate of Tian Ge Interactive, also exited through equity transfer. However, compared with early investors, its investment return in nearly 5 years was only 9.5%.

In addition, it is worth noting that the total consideration of this transfer transaction of Jinhua Xingyue is RMB 20.8191 million, with a price per share of approximately RMB 14.30. If calculated based on the 1.60% shareholding ratio and transaction price, Wook's latest valuation is approximately RMB 1.301 billion, down 15.2% from the post-investment valuation of the Series D3 round.

Source: Wook's prospectus

The proceeds raised from this IPO are planned to be used to improve the supply chain warehousing and logistics network; for marketing and channel network expansion; to enhance brand influence; to invest in digital system upgrading; to build a localized team and carry out talent training; and as general working capital.

This article is from the WeChat Official Account "Direct to IPO", author: Sun Yuan, published with authorization from 36Kr.