After taking a haircut in 2020 at the start of the pandemic, a Hong Kong company has found regeneration in a post-pandemic renaissance for the decidedly traditional manufacturing field of wigs, hair extensions and other forms of hair. That’s the message coming from the latest annual results of Evergreen Products Group Ltd. (1962.HK), which sprouted not only strong growth in 2021, but also a return to profitability.

Let’s face it, wigs and the cliché wig shops that peddle them are hardly as sexy as e-commerce and artificial intelligence that dominate the consumer product headlines vying for investor attention. That may explain why Evergreen looks quite undervalued, even after last year’s big growth spurt that took its business to well above pre-pandemic levels. But growth is growth, and the company seems to have plenty of that lately.

Despite its low-tech credentials, Evergreen is actually quite cutting-edge when it comes to going with the latest business flows. The company itself is more than 50 years old and squarely rooted in Hong Kong, though it only listed there in 2017. But faced with growing costs in its former China manufacturing base, it has moved its main production to Bangladesh.