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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are a global brand for kitchenware products. Within eight years since we launched our brand “CAROTE” in 2016, we have achieved a notable presence in the online kitchenware segment across key markets, including China, the United States, Western Europe, Southeast Asia, and Japan, making us one of the fastest-growing kitchenware brands globally. Our products are built to emphasize “Better for Use” and “Better for Value”, aiming to provide our customers with practical, well-designed, and reasonably priced items that promote a modern cooking lifestyle. Our Business The progression of our business reflects a development based on our understanding of market needs and a commitment to delivering better products. Headquartered in Hangzhou, China, our journey began in 2007 when Zhejiang Carote, one of our major subsidiaries, was founded. Initially, we engaged primarily in providing OEM services for overseas brands. In 2013, recognizing the market demands, we pivoted to focus on developing our ODM business, where we engaged in designing, developing, and manufacturing customized kitchenware products to international brand-owners and retailers. Leveraging the expertise and critical insights into consumer preferences gained through our ODM business, in 2016, we strategically ventured into the online retail sector by introducing kitchenware products under our own brand name, “CAROTE”. This initiative represented a significant milestone, enabling us to directly offer products that reflect our understanding of market needs, supported by a business model that emphasizes direct customer engagement through online sales channels. This strategic move quickly positioned us as a fast-growing brand for kitchenware products. As our branded business continued to expand, we made another strategic transition concerning our production. While we previously relied on a combination of outsourced manufacturing by qualified contract manufacturers and in-house production, we transitioned to a fully outsourced, asset-light model from February 2022 to meet the rising demands for greater production capacity and efficiency. During the Track Record Period and up to the Latest Practicable Date, we operated both the ODM business and branded business, with the latter being our strategic focus for future growth and development. As a result of our expansion efforts, our branded business achieved rapid growth during the Track Record Period, with revenue for this segment increasing substantially from RMB283.3 million in 2021 to RMB1,379.9 million in 2023 at a CAGR of 120.7%. For the three months ended March 31, 2024, revenue from our branded business reached RMB450.0 million, representing an 82.6% increase from RMB246.5 million in the same period of 2023. Our Products We offer a wide range of kitchenware products to consumers. From essential pots and pans to well-designed tableware and beverage containers, our offerings aim to meet the varied needs of different kitchen scenarios and enhance the culinary experience of our customers. We regularly refresh our lineup with new and improved products to keep our customers engaged. In 2021, 2022, 2023 and the three months ended March 31, 2024, we launched 520, 1,305, 1,374, and 361 SKUs of our own-branded products, respectively, consistently expanding our product range to meet the evolving preferences of our customers. As of the Latest Practicable Date, our product portfolio consisted of over 2,500 SKUs across different kitchenware categories, including cookware, kitchen utensils, drinkware, among others. ‧ Cookware. This category includes a wide range of products, such as non-stick pots and pans, cast iron pots, and our curated cookware sets, all designed to meet various cooking needs. ‧ Kitchen utensils. Our selection of kitchen utensils covers an extensive array of items, including kitchen organizers, containers, knives, cutting boards, spatulas, and ladles, among others, providing essential tools for efficient food preparation. ‧ Drinkware. Our drinkware collection features a variety of products, including water containers, glasses, and mugs, providing options for hydration and beverage enjoyment. ‧ Others. We also offer a selection of tableware and small kitchen appliances, such as air fryers and electronic cooking pots, designed to further enrich the culinary experience. Source: Carote Ltd (02549) Prospectus (IPO Date : 2024/09/23)
Listing Market	MAIN
Industry	Housewares & Specialties
Background	Others
Major Business Area	America

Corporate Information

Substantial Shareholders	LYU Yili & Associates (72.07%)
Directors	ZHANG Guodong (Chairman and Chief Executive Officer and Executive Director) XIA Chenhao (Chief Operating Officer and Executive Director) LYU Yili (Chief Product Officer and Executive Director) CHAN Tin Wai David (Independent Non-Executive Director) SHI Zhoufeng (Independent Non-Executive Director) YEUNG Shuet Fan Pamela (Independent Non-Executive Director)
Company Secretary	Chan Yuen Mui
Principal Bankers	HSBC Bank (China) Company Limited
Solicitors	King & Wood Mallesons Harney Westwood & Riegels
Auditors	PricewaterhouseCoopers
Registered Office	46th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.mycarote.com
Email Address	[email protected]
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