New Stock News: Kitchenware brand Carote held a hearing at the Hong Kong Stock Exchange and has cooperation with companies such as Amazon and Walmart.

According to the Hong Kong Stock Exchange news on August 30th, Carote Ltd held a listing hearing on the main board of the Hong Kong Stock Exchange, with CMB International and BNP PARIBAS acting as its joint sponsors. According to the prospectus, Carote is a global kitchenware brand. Since the launch of the "Carote (CAROTE)" brand in 2016, Carote has established a significant position in the online kitchenware segment in major markets such as China, the United States, Western Europe, Southeast Asia, and Japan, and has become one of the fastest-growing kitchenware brands globally. Initially, Carote mainly provided OEM services to overseas brands. In 2013, Carote realized market demand and shifted its focus to developing ODM business, designing, developing, and manufacturing customized kitchenware products for international brand owners and retailers. Carote offers consumers a variety of kitchenware products. From basic pots and pans to well-designed tableware and beverage containers, Carote's product range is designed to meet the different needs of various kitchen scenarios, regularly updating its product lineup, introducing new products, and improving products to maintain customer loyalty. As of March 31, 2024, Carote has introduced 520, 1305, 1374, and 361 SKUs of proprietary brand products in 2021, 2022, 2023, and the three months ended March 31, 2024 respectively, continuously expanding its product range to meet changing customer preferences. As of the latest feasible date (June 5, 2024), its product portfolio includes over 2200 SKUs covering various kitchenware categories such as cookware, kitchen utensils, and drinkware. Carote has established a rapidly expanding global sales network, with a strategic focus on e-commerce business. Its strategies include collaborating with leading online platforms in major international markets such as China, the United States, Western Europe, Southeast Asia, and Japan to ensure product distribution globally. For example, in China, Carote collaborates with online platforms like Tmall and JD.com while internationally, Carote collaborates with Amazon, Walmart, Rakuten, Qoo10, Shopee, and Lazada. The scalability of Carote's digital sales channels helps it rapidly penetrate various regional markets. Since Carote's branded products first entered the international market in 2017, as of the latest feasible date, its online business has expanded to cover 48 self-operated stores on 19 online platforms in 19 regional markets. In recent years, with the increasing popularity of home cooking, the global online kitchenware industry has shown strong resistance to economic fluctuations and is expected to grow steadily. According to a report by Spark Insights, the global online kitchenware market is expected to reach $22.6 billion by 2028, with a compound annual growth rate of 7.5% from 2023 to 2028. According to the Spark Insights report, based on 2023 revenue, Carote ranks among the top five in the online kitchenware industry in major markets, ranking fourth in China, second in the United States, third in Western Europe, second in Southeast Asia, and third in Japan, with market shares of 1.2%, 13.1%, 1.3%, 8.6%, and 8.1% respectively. Financially, in the fiscal years 2021, 2022, 2023, and for the three months ended March 31, 2024, Carote achieved revenues of approximately RMB 675 million, RMB 769 million, RMB 1.583 billion, and RMB 503 million respectively, with profits of approximately RMB 32 million, RMB 109 million, RMB 237 million, and RMB 89 million respectively.