"Old Craftsmanship" Becomes "Good Business" Non-Heritage Enterprises Actively Connect with Capital Markets

Reporter Wu Yixuan

As the domestic潮 economy heats up and policy benefits continue to be released, Chinese intangible cultural heritage-related companies are entering a period of accelerated capitalization. In recent years, many companies rooted in intangible cultural heritage techniques have launched efforts in the capital market, with a significant increase in listing pace.

On March 10, Hangzhou Tongshi Fu Cultural & Creative (Group) Co., Ltd. (hereinafter referred to as “Tongshi Fu”) updated its post-listening information package, indicating that the company has officially passed the Hong Kong Stock Exchange IPO review, and its listing process has entered the final stage. Similarly, Hangzhou Zhu Bingren Copper Art Co., Ltd. (hereinafter “Zhu Bingren Copper”) is also racing for a listing. In December 2025, Zhu Bingren Copper announced the completion of IPO counseling filing and plans to pursue an IPO on the Beijing Stock Exchange.

It is understood that both Tongshi Fu and Zhu Bingren Copper are representative enterprises of domestic intangible cultural heritage copper art, mainly engaged in the design, research and development, and sales of copper craft products.

In addition to the above companies mainly producing copper crafts, more and more intangible cultural heritage enterprises are successfully listed or accelerating towards the capital market, including Lao Pu Gold Co., Ltd., which specializes in ancient gold craftsmanship; Bama Tea Industry Co., Ltd., which focuses on high-end Chinese tea; and Suzhou Taihu Snow Silk Co., Ltd., which inherits the intangible cultural heritage silk weaving techniques of the Taihu Lake region. Some companies are also looking overseas; in October 2025, Inner Mongolia Xian Bing Sao Catering Management Service Co., Ltd., an intangible cultural heritage enterprise of Mongolian cuisine, announced the launch of an IPO plan on the NASDAQ in the United States.

Gao Chengyuan, Chairman and CEO of Tianyao Consulting, told Securities Daily that the successful listing of intangible cultural heritage companies can serve as a good demonstration, not only helping to promote the capitalization of intangible cultural heritage IP and techniques but also facilitating the transformation of cultural value into economic value, making cultural elements assets tradable and appreciating.

Why are intangible cultural heritage companies speeding up their capitalization? Relevant industry insiders told Securities Daily, “This is influenced by both the consumer market and policy benefits.”

“From the consumer market perspective, with the rise of the ‘潮 economy,’ consumers’ recognition of traditional culture continues to increase, and demand for intangible cultural heritage products keeps growing, expanding the market size. This not only provides a stable profit base for intangible cultural heritage companies but also shows investors the future development potential of the industry,” said the insider.

Experts interviewed believe that the capitalization of intangible cultural heritage companies injects vitality into traditional techniques and reshapes the business model of the cultural industry, reflecting new changes in the development of the cultural industry and capital investment logic. However, it is also important to note that during the capitalization process, the handcrafted nature of intangible cultural heritage techniques often conflicts with the scale requirements of the capital market. Companies may face difficulties in valuing cultural assets, monetizing IP, and ensuring financial compliance, which need urgent solutions.

Gao Chengyuan stated, “Relevant companies can maintain their core techniques while using digital technology to optimize production processes, strengthen IP operation capabilities, and pursue a path of boutique and sustainable development. The capital side should also accelerate the establishment of valuation systems suitable for cultural enterprises, weaken short-term scale demands, and provide long-term patient capital. Both sides should work together to balance cultural inheritance and commercial value for healthy development.”