New Stock News | Hejia Electric Appliances submits application to the Hong Kong Stock Exchange, focusing on kitchen appliance supplier in overseas markets.

According to the disclosure by the Hong Kong Stock Exchange on May 14th, Guangdong Ciarra Electric Co., Ltd. (referred to as "Ciarra Electric") has submitted its listing application to the main board of the Hong Kong Stock Exchange, with FIRST SHANGHAI as the sole sponsor. Company Overview The prospectus shows that Ciarra Electric is a kitchen appliance supplier focusing on overseas markets. Its products are sold under its own brand "Ciarra" and through the original design manufacturer (ODM) sales model. According to a report by Frost & Sullivan, based on export sales revenue in 2025, the company ranks third among large kitchen appliance companies exporting from China to Europe in 2025, with a market share of 1.0%. The company provides a wide range of kitchen and household appliances, including (i) range hoods, (ii) stoves, (iii) home and small kitchen appliances, and (iv) others. With over 15 years of experience in the kitchen appliance industry, the company has comprehensive capabilities in product design, development, and production. Leveraging its production development capabilities to provide kitchen appliance design and supply for overseas brands, the company strategically established its own brand in 2017 and offers its products through globally renowned e-commerce channels such as Amazon, Leroy Merlin, Darty, and OTTO. As of December 31, 2025, the company operates 59 online stores on 24 e-commerce platforms in 16 countries. The company is committed to product development and innovation. In 2021, the company's in-house design capabilities won international recognition with the "Red Dot Design Award" for its unconventional range hoods. In 2024, the company's "Ciarra" portable range hood won the "iF Design Award". Through relentless efforts to meet consumer demands, the company has built a strong product portfolio. As of December 31, 2025, the company has over 160 range hood and stove products designed and produced by the company. The company has specialized production capabilities to support its in-house designed range hoods and stoves, enabling better quality control, product innovation, and supply chain management to further strengthen its relationships with customers and brand reputation. The company operates a production base in Foshan, Guangdong Province, China, with an annual production capacity of approximately 867,000 range hoods and 323,000 stoves in the 2025 fiscal year. Financial Information Revenue The company recorded revenues of approximately RMB 364 million, RMB 448 million, and RMB 494 million in the fiscal years 2023, 2024, and 2025, respectively. Net Profit The company recorded net profits of RMB 15.42 million, RMB 36.705 million, and RMB 47.423 million in the fiscal years 2023, 2024, and 2025, respectively. Gross Profit The company recorded gross profits of approximately RMB 135 million, RMB 177 million, and RMB 204 million in the fiscal years 2023, 2024, and 2025, respectively. Industry Overview The global kitchen appliance market is expected to grow from around USD 1,357 billion in 2020 to USD 1,732 billion in 2025, with a compound annual growth rate of approximately 5.0%. The market is projected to reach approximately USD 2,140 billion by 2030, with a compound annual growth rate of around 4.3% from 2025 to 2030. The growth from 2020 to 2025 is attributed to continuous product upgrades, functionality improvements, and the gradual adoption of smart and energy-efficient technologies in households. Europe remains the benchmark region, supported by high product penetration rates and strict environmental standards focusing on energy efficiency and durability. North America maintains stable demand due to its mature cooking culture and stable renovation cycles, while the Asia-Pacific region contributes significantly to incremental growth with its expansive and growing consumer base. Looking ahead, with technological advancements and design optimizations further driving the global kitchen appliance market, it is anticipated to continue on a stable and innovation-driven development path. The global large kitchen appliance market is expected to grow from around USD 714 billion in 2020 to approximately USD 937 billion in 2025, with a compound annual growth rate of about 5.6%. This growth is fueled by the increasing popularity of modern kitchen layouts and a growing emphasis on functional efficiency, hygiene, and convenience in household living. Large appliances typically have higher unit prices and longer replacement cycles, benefiting from increased investments in integrated and durable solutions by households. Additionally, regulatory requirements for energy efficiency and safety standards are strengthening product upgrades, while evolving consumer preferences are driving demand for appliances that balance utility and modern design. Looking ahead, the global large kitchen appliance market is expected to reach around USD 1,167 billion by 2030, with a compound annual growth rate of approximately 4.5% from 2025 to 2030. Growth will be driven by continuous improvements in efficiency and performance, integration of smart connected technologies to enhance convenience and durability, and alignment with sustainable development goals. As modern households increasingly prioritize convenience, health, and design coherence, large kitchen appliances are expected to evolve from essential tools to multifunctional and environmentally friendly solutions that define modern kitchens. In Europe, the large kitchen appliance market is relatively mature, characterized by high household penetration rates and entrenched embedded kitchen culture, primarily driven by replacement and renovation needs. From 2020 to 2025, growth has also been supported by post-pandemic housing renovation activities and a faster replacement of old appliances with more energy-efficient products in light of rising energy costs in Europe. As these factors gradually normalize, the growth rate of the European large kitchen appliance market is expected to slow from 2025 to 2030. Moreover, compared to the broader kitchen appliance market, large kitchen appliances typically have longer replacement cycles and lower purchase frequencies, leading to relatively moderate growth. Board of Directors and Management Information The board of directors of the company comprises nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. Directors serve three-year terms and may be re-elected. The board is responsible for the management and operation of the company, with general authority in this regard. Ownership Structure As of the last practicable date, (i) Mr. Kang has the right to exercise approximately 51.7516% of the company's issued shares through (a) direct holdings of approximately 51.7516% of the issued shares and (b) exercising the voting rights attached to approximately 72.2976% of the company's issued shares as a general partner of Foshan Haoda Ying, which is an investment tool controlled by Mr. Kang and directly holds approximately 20.5460% of the company's issued shares, and (ii) Ms. Chen has the right to exercise approximately 10.0158% of the company's issued shares. Given that Mr. Kang and Ms. Chen are spouses, under the listing rules, Mr. Kang, Foshan Haoda Ying, and Ms. Chen are considered a group of controlling shareholders of the company. As of the last practicable date, Mr. Kang, Foshan Haoda Ying, and Ms. Chen collectively have the right to exercise approximately 82.3134% of the voting rights attached to the company's issued shares. Intermediary Team Sole Sponsor: FIRST SHANGHAI Corporate Finance Limited Legal Advisor to the Company: Hong Kong law-related: Lubo Law Firm LLP; China law-related: Tianyuan Law Firm; German law-related: Avocado Rechtsanwalte; India law-related: Inlanding Associates LLP Reporting Accountant: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch