CSC Collective Holdings Limited
Hong Kong fine-dining group behind two Michelin-listed restaurants, pursuing a Nasdaq IPO.
On the record
Checkpoint: Pricing or completion of the upsized Nasdaq IPO after the April 2026 share increase
The call
A small, profitable two-restaurant group leaning on one chef's reputation, still waiting on Nasdaq to price a deal it had to enlarge to qualify for listing.
CSC Collective runs two upscale restaurants in Hong Kong that have won Michelin recognition and are currently profitable. What makes it hard to copy is the reputation of its head chef, Terufumi Mihara, and the specific locations of its restaurants, but both of those things could disappear if the chef leaves or if a bigger restaurant company like Tao Heung opens something similar nearby. The biggest question is whether the company can stay profitable while it expands to new restaurant locations and keeps its chef happy, especially if Hong Kong's economy slows down.
Why
01
AI pressure: None apparent. AI reservation and food-discovery apps shift where diners look, but chef-led tasting menus stay a human-service business. Could AI do the core job? Only partly.
02
Bigger players: Tao Heung Holdings Limited (HKEX: 573). Tao Heung already runs a much larger multi-brand restaurant portfolio across Hong Kong, competing for the same diners and lease space. Could a giant copy it? Yes, easily.
03
What protects it. Michelin Plate recognition tied to chef Terufumi Mihara's teppanyaki concept gives it a following larger chains can't copy directly.
What would change this call
Whether CSC Collective's Nasdaq IPO prices and completes in 2026 after the April upsizing to $20 million. Would show real investor demand versus forced float compliance.
Chef Terufumi Mihara's contract renewal or departure over the next 1-2 years. Tests whether the business survives beyond its founding chef's reputation.
Whether a second CSC Collective location under a different chef earns Michelin recognition. Would prove the group, not one chef, is the real asset.
Chef Terufumi Mihara's contract renewal or departure over the next 1-2 years. Tests whether the business survives beyond its founding chef's reputation.
Whether a second CSC Collective location under a different chef earns Michelin recognition. Would prove the group, not one chef, is the real asset.
Key numbers
- $7M revenue for 12 months to Oct 31, 2025
- IPO tripled to 4.5M shares, ~$20-22.5M target
- Implied market cap ~$70-80M post-offering
Named risks
- IPO remains unpriced after being tripled in size to meet Nasdaq minimum float, signaling weak demand.
- Unreconciled revenue figures ($5.18M vs $7M) pending final prospectus raise disclosure-quality concerns.
- Entire business rests on two restaurants and one chef's reputation with no structural moat against larger rivals like Tao Heung.
- Soft Hong Kong premium dining demand, evidenced by peer Tao Heung's repeated profit warnings, could pressure CSC's traffic.
- Small-float Nasdaq IPOs of comparable size have shown post-listing swings from -59% to +46%.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Tao Heung Holdings Limited (HKEX: 573) | losing to | 45 HK restaurants plus HK/Singapore bakery ops vs CSC's 2 restaurants, as of 2026-03-25 |
| Unnamed premium Hong Kong Japanese dining peers (e.g. Ta Vie) | contesting | Compete in same premium price tier per restaurant guides, 2026-06-27 |
Questions people ask
- Is CSC Collective Holdings profitable?
- Yes on paper: trailing twelve month net income was reported around 625,000 to 850,000 dollars on revenue of 5.18 million dollars, per a June 29, 2026 statistics tracker. A separate filing cites 7 million dollars revenue for the 12 months ended October 31, 2025, so figures remain unreconciled pending a final prospectus.
- Has CSC Collective Holdings IPO priced yet?
- No. CSC Collective filed its F-1 on September 22, 2025 seeking about 7 million dollars, then tripled the offering to roughly 20 to 22.5 million dollars on April 8, 2026 to meet Nasdaq's minimum float rule. As of July 23, 2026 it still had not priced on Nasdaq under ticker CSC.
- Who is CSC Collective Holdings' biggest competitor?
- Tao Heung Holdings Limited, HKEX 573, is the dominant listed incumbent in Hong Kong dining, operating 45 restaurants plus bakery operations in Hong Kong and Singapore as of end-2025. CSC Collective, with just two operating restaurants, has no scale, capital, or structural moat to match it.
- Could AI replace CSC Collective's restaurants?
- Unlikely for its core business. CSC Collective's value is chef-executed fine dining, notably Chef Terufumi Mihara's Michelin Plate-recognized teppanyaki at Teppanyaki Mihara Goten. AI could automate back-office tasks like reservations or inventory forecasting, but these are a small share of restaurant costs and not the core draw.
- Who owns CSC Collective Holdings?
- As of July 29, 2026 it remains a pre-IPO, founder and insider-owned private company headquartered in Causeway Bay, Hong Kong, with CEO David Tat Man So. No institutional venture funding rounds are documented, and it is still awaiting Nasdaq pricing under ticker CSC.
- What is CSC Collective Holdings' revenue?
- Reported figures differ by filing period: one tracker cites 5.18 million dollars trailing-twelve-month revenue as of June 29, 2026, while an April 8, 2026 filing states 7 million dollars in revenue for the 12 months ended October 31, 2025. The company has not reconciled these in a final prospectus.
Timeline
- 2026-07-29IPO remains unpriced on Nasdaq under ticker CSC
- 2026-07-23Still described as pre-IPO with unknown listing date
- 2026-07-12Company listed at 29 employees
- 2026-06-29Tracker reports 5.18M dollars TTM revenue and ~0.85M dollars net income
- 2026-04-08F-1/A tripled offering to 4.5M shares, targeting ~20-22.5M dollars to meet Nasdaq minimum float
- 2026-03-25Rival Tao Heung reports 45 Hong Kong restaurants plus HK/Singapore bakery ops
- 2025-09-22F-1 filed proposing 1.5M shares at 4-5 dollars to raise ~7M dollars
- 2024Teppanyaki Mihara Goten receives Michelin Plate recognition
- 2022CSC Collective Holdings founded
Revision history
29 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- CSC Collective Holdings (CSC) Company Profile & Description (2026-07-23)
- Hong Kong restaurant operator CSC Collective Holdings files and sets terms for a $7 million US IPO (2025-09-22)
- Hong Kong restaurant operator CSC Collective Holdings triples shares offered ahead of $20 million US IPO (2026-04-08)
- CSC Collective Holdings (CSC) Statistics & Valuation (2026-06-29)
- CSC Collective, CSC Collectives
- CSC Stock Price Quote
- Teppanyaki Mihara Goten, Hong Kong (2026-06-27)
- CSC Collective Holdings (CSC) Stock Price & Overview (2026-07-12)
- 67809-01A 1..22 (Tao Heung annual results) (2026-03-25)
- 66060-01A 1..2 (2025-03-20)
- 2026 Pricings
- Restaurants in Causeway Bay, Hong Kong (2023-09-27)