New stock news | Hong Kong Electric Appliances passes hearing at HKEX to sell household appliances under its own brands Weimaiss, Accuteck, and Elyse.

According to the disclosure by the Hong Kong Stock Exchange on June 10th, Hubei Xiangjiang Electrical Appliances Co., Ltd. (hereinafter referred to as Xiangjiang Electrical Appliances) went through a listing hearing on the main board of the Hong Kong Stock Exchange, with Sinolink (Hong Kong) as its exclusive sponsor. According to the prospectus, Xiangjiang Electrical Appliances is a manufacturer of household products in China. It primarily operates in an ODM/OEM model and has established a customer base consisting of globally renowned and long-standing brands such as Walmart, Telebrands, SEB Asia Ltd (SEB), Sensio, Hamilton Beach, and Philips. During the reporting period, most of the company's revenue came from the sales of kitchen small appliances. According to a Frost & Sullivan report, based on export value in 2024, the company is the tenth largest enterprise in China's kitchen small appliance industry, with a market share of 0.8%. Based on the export volume to the United States and Canada in 2024, the company's electric kettles hold approximately 24.6% and 59.6% market share in the relevant categories defined by the Chinese Customs General Administration. Based on the export volume to the United States in 2024, the company's electric mixers and other electric products hold approximately 3.8% market share in the relevant categories defined by the Chinese Customs General Administration. The company focuses on the research, design, production, and sales of electrical household products and non-electrical household products. Electrical household products are divided into three categories: electric heating appliances such as toaster ovens, air fryers, and electric kettles; electric appliances such as blenders, mixers, and electric can openers; and electronic appliances such as electronic scales, humidifiers, and laser lights. They also provide non-electrical household products such as garden hoses and cookware. During the reporting period, the company primarily produced and sold products under the brands of its ODM/OEM customers. With industry experience and knowledge accumulated over the past 20 years as well as development capabilities, as a strategic policy, the company started its OBM business in 2016. It designs, develops, produces, and sells household appliances under its own brands, such as Weimais, Accuteck, and Eglie. The OBM products are mainly sold on e-commerce platforms including Amazon, JD.com, Tmall, and Pinduoduo. According to Frost & Sullivan data, the global market size of the household products industry in 2024 was $10,712 billion in retail sales. The global household products industry can be divided into three categories: major appliances, small appliances, and non-electrical household products. The global small appliances industry has seen strong growth in recent years, with retail sales reaching $183.5 billion in 2024; and kitchen small appliances having the largest share within the global small appliances industry, with retail sales reaching $74.1 billion in 2024. In 2024, China's export value of kitchen small appliances reached approximately RMB 141.7 billion. Based on export value in 2024, the top ten enterprises collectively held a market share of 36.9%. Based on export value in 2024, the company is the tenth largest enterprise in China's kitchen small appliance industry, with a market share of 0.8%. Financially, in the 2022 fiscal year, 2023 fiscal year, and 2024 fiscal year, Xiangjiang Electrical Appliances had revenues of approximately RMB 1.097 billion, RMB 1.188 billion, and RMB 1.502 billion, respectively; and net profits of approximately RMB 80.26 million, RMB 121 million, and RMB 140 million, respectively.