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Key Takeaways:
GoNature has filed for a Hong Kong IPO, boasting a 2.8 billion yuan valuation and investors including Tencent, Qiming and Lee Kai-Fu's Sinovision
The outdoor apparel maker will have to prove that it can sustain its sprint despite weak R&D spending, no manufacturing of its own, and a heavy reliance on key influencers
The avid outdoor person doesn't give up easily, often trying several times before scaling a peak, catching a prize fish or completing a racecourse. The same could be said of GoNature Outdoor Sports Group Co. Ltd., which last week applied a third time for a Hong Kong IPO, aiming to impress investors with its strong growth fueled by booming interest in the outdoors among young Chinese millennials and Gen Z-ers.
Previously known as Pelliot Outdoor Sports Group, GoNature's latest prospectus shows a physically fit company both in terms of revenue and profits.
Between 2023 and 2025, its revenue tripled from 908 million yuan ($134 million) to 2.79 billion yuan, averaging annual growth of 75%. Its net profit more than doubled over that time from 152 million yuan to 356 million yuan, as its gross margin rose from 58.2% to 63.7%. The listing boasts heavy hitters CICC and Citic Securities as joint sponsors, signaling it could be relatively large, perhaps raising up to $100 million.
The IPO would make GoNature the first of China's domestic outdoor wear retailers to tap offshore capital markets, though it's not the only one from that category aiming for that distinction. Rival Beneunder has also applied for Hong Kong IPO, it has yet to complete its listing.
GoNature's pre-IPO investor list is quite impressive, including Tencent, Qiming Ventures and Lee Kai-Fu's Sinovision, backers usually more associated with tech companies. Tencent invested 300 million yuan in GoNature's latest funding in March 2025, while Qiming put in 150 million yuan and Lee's SDF LB invested 70 million yuan at that time. That funding valued the company at 2.8 billion yuan.
GoNature uses a direct-to-consumer business model, getting almost 70% its sales online. It also has a small but growing network ...
