The consumer technology brand xTool has formally lodged its prospectus with the Hong Kong Stock Exchange (HKEX), aiming for a listing on the main board. Morgan Stanley and Huatai Securities are acting as the joint sponsors for this endeavor. Established in 2021, xTool is a brand under Shenzhen Maker Works Technology Co., Ltd. It focuses on the research, development, and sales of laser - based personal creative tools as well as material printers. Positioned as a "high - end technology consumer brand," xTool's product prices are notably above the industry average. At present, xTool has emerged as the world's leading brand in the field of laser - based personal creative tools. In the first nine months of 2025, it maintained a dominant position across multiple market - share segments. In 2025, xTool ventured into selling apparel printers and has plans to further diversify its product range. In terms of financial performance, xTool witnessed a 70% revenue growth between 2023 and 2024. During the first nine months of 2025, there was an 18.6% year - on - year increase in revenue. However, its gross margin and adjusted net profit margin have seen some fluctuations. xTool's revenue is predominantly sourced from overseas markets. The U.S. market has been the largest contributor, although its share has witnessed a decline. In contrast, the European market's share has been on the rise. Regarding sales channels, xTool mainly relies on its official online store and e - commerce platforms. The revenue share from its official store has been gradually increasing. Given the rapid expansion of the global market for technology - enabled personal creative tools and the active flow of capital, xTool secured a Pre - IPO financing of approximately $200 million in 2025. The submission of this listing application not only signifies a new chapter in xTool's development journey but also further highlights the maturity and immense potential of the personal creative tools sector.