- Copper arts company seeks 580 million yuan to expand production and R&D
- IPO bid comes months after peer Tongshifu’s weak Hong Kong debut highlighted investor caution
Chinese culture heritage company Zhubingren Bronze (朱炳仁铜) has filed for an initial public offering on the Beijing Stock Exchange, seeking to raise 580 million yuan ($85 million) in what could become the exchange’s first listing by an art and collectibles company.
The Hangzhou-based maker of copper artworks and cultural collectibles plans to use the proceeds to expand production capacity and increase research and development, according to its prospectus.
Its IPO application was formally accepted by the exchange, China’s third bourse after Shanghai and Shenzhen, on June 29.
Family tradition
Tracing its roots to a century-old family tradition of copper craftsmanship, Zhubingren Bronze was established as a commercial brand in 2011 by Chairman Zhu Junmin (朱军岷).
His father, Zhu Bingren (朱炳仁), is one of China’s best-known copper artisans and remains the company’s spiritual figurehead.
The company has posted rapid growth despite broader weakness in China’s consumer sector. Revenue climbed 62.8% year over year to 1.01 billion yuan in 2025, while net profit attributable to shareholders rose 42.6% to 89.8 million yuan.
Momentum accelerated further this year. First-quarter revenue nearly doubled to 379 million yuan, while net profit reached 71.8 million yuan.
Pivot to consumer business
Copper handicrafts have become the company’s main growth engine. Sales from the segment jumped 86.7% in 2025 to 866 million yuan, accounting for roughly 86% of total operating revenue.
This underscores its transformation from a copper architectural decoration business into a consumer-facing cultural brand.
Rather than relying heavily on licensed intellectual property collaborations, as many Chinese collectibles brands do, Zhubingren Bronze has built its own portfolio of original characters and products.
Chairman Zhu has promoted the philosophy of “bringing copper back home,” repositioning copper ornaments and decorative pieces as everyday lifestyle products. The brand has earned the nickname “Pop Mart for middle-aged consumers.”
Expanding retail network
Product demand has fueled rapid retail expansion. The company increased its self-operated stores from 78 at the end of 2025 to more than 200 by the end of the first quarter of 2026, covering more than 30 provinces and cities nationwide.
Industry growth has also been supported by rising interest in Chinese cultural heritage and domestic brands.
China’s copper handicrafts market expanded from 1.46 billion yuan in 2021 to 2.52 billion yuan in 2025 and is forecast to grow at a compound annual rate of 19.1% through 2030, reaching about 6 billion yuan.
Purchase drivers for Gen Z
China’s broader intangible cultural heritage market exceeded 1.1 trillion yuan in 2025, growing more than 20% year over year.
Consumers born in the 1990s and 2000s accounted for more than 60% of spending on heritage-related products, reflecting growing demand for collectibles that offer cultural identity and emotional value.
The planned listing also comes with a note of caution. Tongshifu, another Hangzhou-based maker of copper collectibles, saw its shares plunge more than 50% on their first day of trading after listing in Hong Kong on March 31, highlighting skepticism among global investors toward niche consumer brands.
Its shares closed down 3% on June 30 at HK$16.77 ($2.14), giving the company a market capitalization of about HK$1.08 billion.
