Xiamen Suwa 3D Photography Plans U.S. IPO: Raises $30 Million, Betting on the New 3D Portrait Printing Segment

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October 2, 2025 Services 242

Business Model & Core Competencies: Integrated Hardware-Software, Linking to the Retail End

Sharewow Limited, the controlling company of Xiamen Suwa Technology Co., Ltd. (hereinafter referred to as "Suwa 3D Photography"), has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC). The company plans to list on the Nasdaq exchange under the ticker symbol "SUWA," with an aim to raise up to approximately $30 million.

This move has garnered widespread attention within the 3D printing/imaging industry: a relatively niche and innovative company, focused on the "3D portrait/figurine" business, is attempting to leverage capital markets to amplify its industry footprint and technology implementation capabilities.

Business Model & Core Competencies: Integrated Hardware-Software, Linking to the Retail End

Founded in 2016, with its parent company being Xiamen Suwa Technology Co., Ltd., Suwa positions itself as a leading 3D portrait photography service provider in China. Its business model does not involve direct consumer scanning and sales. Instead, it provides a "one-stop" 3D portrait photography solution to corporate clients who own offline channels such as stores, experience centers, and photo studios. This includes:

3D Photo Booths / Scanning Pod Hardware Equipment

Supporting Software Systems & AI Model Reconstruction Algorithms

Colour 3D Print Outputs (e.g., miniature portraits, figurines, tiny landscapes)

Store Layout Support, SaaS Management Systems, and Operational Services

In other words, Suwa operates more like a platform service provider focused on "Technology & Equipment + Channel Empowerment" within the industry. Its client base consists primarily of commercial clients, and it amplifies its 3D imaging capabilities through a B2B model.

From a technical perspective, Suwa claims to have independently developed its core hardware and software capabilities. These encompass 3D photo booths, human body reconstruction algorithms, color management, AI restoration algorithms, and store management SaaS systems. In the Chinese market, the company disclosed that it held approximately 34% of the "3D portrait/figurine photography market" by revenue in 2023.

Sharewow's 3D Printing Footprint

As of December 31, 2024, the company has established a presence across 20 provinces in mainland China, with its client base also distributed across 9 countries and regions, including Australia, Saudi Arabia, and South Korea. This indicates the company has initiated a preliminary global expansion strategy.

It is important to note, however, that for the 12-month period ending in 2024, the company's revenue was approximately $2 million. While this reflects a business still in its early stages of scale, for an internet/technology-driven company with high growth potential, it may represent precisely the type of "future-forward" investment opportunity that capital markets often target.

Sharewow's Wedding 3D-Printed Figurines

Key IPO Terms & Capital Objectives

In its IPO filing, Suwa aims to raise up to approximately $30 million. Kingswood Capital Markets has been named as the sole bookrunner for the offering. Specific details regarding the IPO price range and the number of shares to be issued have not yet been publicly disclosed.

According to estimates from IPO information platforms, the company might issue around 37,500 shares (this is placeholder data only), with potential estimated fundraising ranges reported between $25 million and $30 million. From an industry perspective, this fundraising size falls within a typical range for small to mid-sized innovative companies on Nasdaq. Notably, it appears to align closely with the reported minimum fundraising threshold set by Nasdaq for Chinese companies. Some media outlets have indicated that, as of September 2025, Nasdaq requires Chinese firms seeking a listing to raise a minimum of $25 million. Based on company disclosures and third-party information, Suwa currently has approximately 90 employees. Its key management includes Kuang Libin as CEO and Huang Shuxun as CFO/Chief Accounting Officer. The company has also nominated several independent director candidates.

Opportunities and Challenges: A Key Perspective from the 3D Printing/Imaging Industry

The significance of Suwa's IPO can be analyzed from the following key points:

1. Injecting Capital into the "3D Portrait/Figurine Experience Economy"
In recent years, alongside consumption upgrades and the rise of the experience economy, the "photography and imaging" sector has continuously expanded—from 2D photos to AR avatars, digital humans, and figurine souvenirs. 3D portrait printing is currently in an exploratory phase, transitioning from concept to scale. Suwa's choice to pursue an IPO for funding at this stage undoubtedly reflects capital markets' curiosity and anticipation towards this new business model.

2. The "Hardware-Software Integration + Channel Empowerment" Model Demonstrates Replicability
The model adopted by Suwa, which involves partnering with storefronts and retail channels (such as photo studios, imaging shops, and commercial experience centers) to equip them with 3D photography and printing capabilities, is highly scalable. From an industry chain perspective, it relies not only on hardware and printing technology but also heavily on software, algorithms, and operational support capabilities. If its algorithms and soft capabilities are robust enough, it could potentially integrate with more experiential scenarios in the future.

3. Profit Model and Revenue Structure Await Further Validation
Suwa's current revenue remains relatively modest (approximately $2 million), and the company has not yet fully disclosed key metrics such as the proportion of equipment sales versus service revenue, or gross margin details. From the perspective of the 3D printing/imaging industry, the material and equipment costs associated with high-end color 3D printing have consistently been a factor suppressing profit margins. Additionally, channel maintenance, equipment depreciation, and after-sales services may also impose significant burdens.

4. Facing Policy and Regulatory Uncertainties
Chinese companies listing in the U.S. have encountered increasing institutional, compliance, and regulatory challenges in recent years. Especially against the backdrop of a tightening political and economic environment and stricter scrutiny, for Suwa to successfully list and maintain sustainable operations, it must pay close attention to issues such as information disclosure, compliance risks, and fund usage plans. Furthermore, whether it can continuously meet Nasdaq's thresholds for minimum fundraising and financial reporting quality post-listing remains a potential variable.

5. International Presence Is Established but Still Nascent
Suwa's filing discloses a customer base distributed across nine countries and regions, indicating a preliminary international client foundation. However, in terms of the depth and breadth of internationalization, this is merely a starting point. How it navigates cross-border implementation in areas like culture, logistics, and service standards will be a critical test for its future ability to truly "empower global 3D imaging experience centers."

The IPO application submitted by Xiamen Sharewow holds significant exemplary value in the field of 3D printing/imaging and visual experiences. It represents an attempt to bring the niche yet highly promising experiential economy of "3D portrait/figurine printing" into the realm of capitalization, standardization, and scalability. Several key aspects of its future development deserve close attention:

IPO pricing and final fundraising results: whether it will achieve a high valuation or be priced cautiously by the market.

Revenue/profit structure disclosure: the ratio of equipment sales to service offerings, and future gross margin expectations.

Post-IPO fund utilization and strategic plans: whether the funds will be allocated to R&D, channel expansion, international market development, etc.

Positioning and synergy within the global 3D imaging/printing ecosystem: whether there is potential for collaboration or integration with other 3D printing companies, material suppliers, and software providers.

In summary, Sharewow is taking a step toward higher-dimensional expansion under the guise of a U.S. listing. However, the path ahead is not without challenges. Whether it can become a benchmark company in the 3D printing and imaging industry will ultimately depend on the market and the test of time.