Softcare Ltd., a Chinese hygiene products maker that has built a commanding lead in Africa’s baby diaper market, has won regulatory approval to list its shares in Hong Kong, reports Caixin. The China Securities Regulatory Commission said it approved the company’s plan to offer up to 148.06 million ordinary shares on the Hong Kong Stock Exchange. Softcare focuses on emerging markets including Africa, Latin America and Central Asia.
In its prospectus, Softcare said it ranked first in Africa by sales volume of baby diapers and sanitary napkins in 2024, with market shares of 20.3% and 15.6%, respectively. By revenue, it was the continent’s second-largest diaper seller, holding a 17.2% share.
The planned IPO underscores the effectiveness of Softcare’s localization strategy. While China’s overall diaper exports to major African economies have tapered off, Softcare has gained market share by setting up factories across the continent, enabling it to grow quickly and build on-the-ground advantages.