STAR SHINE HLDG: The Breakthrough Path from Manufacturing Cornerstone to Cultural Engine

On September 3rd, Cai Rongxing stood for the third time on the Tiananmen observation platform. At the moment the parade aircraft flew overhead, he took out his phone and snapped a silhouette—against the backdrop of a bright red carpet and a deep blue sky.

"Being invited for three consecutive sessions is a testament to the country's credit endorsement." Three days later, he accepted our exclusive interview at the headquarters in Causeway Bay, Hong Kong, and the first thing he emphasized was the connection between "the country" and "credit."

"The military parade is a display of national strength; bringing PSGA and Cristiano Ronaldo to Hong Kong is a demonstration of soft power from the private sector," Cai Rongxing said. "The intersection of these two matters is what Yingxing aims to do—promote Chinese manufacturing to Chinese creation, and then turn Chinese creation into global consumption."

Dual-Engine Drive: When Cristiano Ronaldo Meets PSGA

On July 7th, the CR7 Museum officially opened in Hong Kong, becoming a pilgrimage site for fans, with ticket sales seeing significant growth, even attracting Cristiano Ronaldo himself to make an appearance in August. This not only became an important part of Hong Kong's sports culture but also further elevated the project's status as a global tourist attraction.

"The data for July was within expectations, and the number of visitors in August also achieved double-digit rapid growth," said Liang Bingde, CEO of Yingxing Holdings (01440). The company not only arranged for dozens of staff members to visit the CR7 Museum but also plans to promote it as a key extracurricular activity for future students.

In Liang Bingde's view, Cristiano Ronaldo represents the immense traffic value of a top global individual IP, with an online fan base that dominates the sports world and possesses natural consumer conversion potential. The opening of the CR7 Museum is also a landmark event in Yingxing Holdings' transformation.

However, the true strategic significance lies in the subsequent actions—collaboration with Paris Saint-Germain Academy (PSGA). If Cristiano Ronaldo represents "personal IP," then PSGA, with its global youth training network and event organization capabilities, represents the long-term vitality of "organizational IP."

Cai Rongxing revealed that the company has been involved in sports products for many years and has a certain level of recognition in the industry, leading PSGA to proactively seek collaboration.

The partnership with PSGA not only brings brand licensing opportunities but also opens multiple commercial pathways in youth sports education, co-branded product development, and event operations.

Yingxing Holdings plans to achieve value extraction through a three-step approach: the first step is to assist in promoting PSGA's youth training courses, piloting in Hong Kong schools and international schools in southern Guangzhou, bringing PSGA's training courses into more campuses to create "sports + education" scenarios; the second step is to collaborate with government resources such as the Hong Kong Sports Bureau and the National Sports Bureau to obtain event operation licenses and develop derivative products like youth jerseys and training equipment; the third step is to leverage the policy dividends of the Greater Bay Area to extend well-known brands like PSGA to high-end international schools in mainland China, forming a closed-loop ecosystem of "training - events - derivative products."

Behind this layout is a keen capture of the policy direction in Hong Kong. As the Hong Kong government promotes cultural and sports revitalization and new sports venues are gradually put into use, Yingxing is seizing the opportunity to integrate corporate strategy into the broader regional development landscape.

Cai Rongxing candidly stated, "We want to be a bridge." This bridge connects world-class IP resources on one end and the demand blue ocean of the Chinese market on the other, with Yingxing itself becoming the "key node" that precisely connects supply and demand With the well-known core IP strategy of "Cristiano Ronaldo + PSGA," a three-dimensional layout of "organized IP" covering individual IPs and club systems has been established. Extending from the types of sports IP, STAR SHINE HLDG will build a comprehensive IP system covering sports, entertainment, animation, and cultural celebrities in the future.

Breaking the Cocoon and Becoming a Butterfly: The Rebirth of Traditional Manufacturing

The outside world often asks: How does a company primarily engaged in footwear manage complex IP operations? The answer lies in STAR SHINE's dialectical understanding of "the root" and "the change."

"Manufacturing is the root of STAR SHINE, and IP is its wings. The deeper the roots, the farther the wings can flap," emphasized Cai Rongxing. STAR SHINE has not abandoned its original advantages but has transformed them into the support for IP implementation. Flexible production, cost control, and global supply chain management capabilities are the core competencies for quickly responding to the market and creating popular derivative products.

At the same time, traditional businesses are actively seeking change. In the face of tariff uncertainties brought about by geopolitical factors, STAR SHINE has already laid out production capacity in Southeast Asia and flexibly allocated resources through strong product procurement and supply chain capabilities. Even though the profit margins for dyeing and finishing and lace businesses are relatively low, technological upgrades are underway through intelligent transformation and the development of high-end functional fabrics. This strategy of "stabilizing the basic market and activating growth poles" has won valuable transformation time for the company.

Liang Bingde revealed that the group has registered a new brand, and the future product matrix will break through the clothing field, expanding into sports animation, functional fabrics, and other directions. This "IP + manufacturing" collaborative model not only addresses the pain point of low profit margins in traditional manufacturing but also feeds back to the main business through IP premium.

For example, the company is exploring collaboration with PSGA to launch co-branded sports shoes, training equipment, and other products to meet market demand. Coupled with the group's flexible supply chain in Southeast Asia, costs are reduced, and IP added value is enhanced, thereby expanding profit margins.

Currently, STAR SHINE's "IP + manufacturing" strategy has begun to show results. For instance, the CR7 Museum project not only brings ticket revenue to the company but also enhances the company's brand awareness.

Liang Bingde cited the CR7 Museum as an example: "In the future, promoting tourists during the Golden Week and Christmas Week will further dilute fixed costs, and we hope to continue increasing peripheral collaborations for this IP during the project cycle to enhance investment returns."

Valuation Reconstruction: The Value Leap from OEM to Cultural Platform

Cai Rongxing maintains a rigorous yet relaxed daily work rhythm. He considers himself an open-minded entrepreneur who respects the new ideas of young people, as most of the company's employees are post-90s and post-00s.

"I always remember my father's teachings; he said: Wherever your roots are, you should return there." Cai Rongxing stated that while enjoying the dividends of reform and opening up, he always harbors a sense of responsibility to give back to society, especially focusing on education and youth development. Building schools used to be the goal, and now engaging in sports IP is similar, hoping to empower youth growth through sports spirit.

In his view, the story of Cristiano Ronaldo itself is an inspirational epic—rising from poverty to become a football king through hard work, this core spirit easily resonates emotionally. In the future, based on sports, combined with Japanese anime IP and self-owned brand incubation, STAR SHINE is expected to form a unique IP matrix of "positive energy + high aesthetics + strong interaction." From this perspective, STAR SHINE HLDG's ultimate vision is to carve out its own path—igniting national cultural confidence with world-class IP, supporting Chinese creativity with Chinese manufacturing, and showing the world that Chinese companies can not only produce good products but also tell great stories.

From a manufacturing factory to a cultural platform, STAR SHINE HLDG has made significant early investments in IP projects, making its related layout more complete. Additionally, the achievements of the exhibition hall will soon be fully reflected in the financial statements, showcasing the company's value. More importantly, the company is playing a revolutionary transformation game—redefining its essential positioning.

Cai Rongxing posed a profound question: "What are we?" Are we a manufacturing enterprise? A brand operator? Or a cultural consumption platform? His answer is thought-provoking: "Practice is the sole criterion for testing truth." He firmly believes that as the IP strategy gradually materializes, the market will ultimately reassess its value.

Conclusion

From CR7 to PSGA to Japanese anime IP, from the unmanned production lines in factories in China and Cambodia to the green fields in Hong Kong campuses, STAR SHINE HLDG is completing a silent yet profound transformation. This is not merely a switch in business models but a redefinition of identity, mission, and future.

As sports, education, culture, and commerce intersect in the Greater Bay Area, STAR SHINE HLDG is no longer just a participant but a leader. Its journey lies not in the numbers of financial reports but in the spark it has planted in the hearts of millions of young people—that is the spirit of hard work, the power of dreams, and the confidence of a new generation of youth from Hong Kong and the mainland stepping onto the global stage on the shoulders of the older generation