Boliden Electrical's entrepreneurship board IPO "terminated", the company's independent brand is still in the initial stage.

On February 21, Ningbo Borlinger Electrical Appliances Co., Ltd. (hereinafter referred to as "Borlinger Electrical Appliances") had its IPO review status on the Shenzhen Stock Exchange's Growth Enterprise Board changed to "terminated (withdrawn)" due to the company and its sponsor withdrawing the application for listing. According to the prospectus, Borlinger Electrical Appliances is mainly engaged in the research, development, design, production, and sale of kitchen small household appliances. Its main products include food processors and blenders, grills, coffee makers, air fryers and ovens, and other kitchen small household appliances. Borlinger Electrical Appliances mainly focuses on exports, with its main sales customers being globally renowned small household appliance brands. Its own brand business is still in the initial stage, mainly selling through online channels. The company provides research, design, and manufacturing capabilities to international renowned small household appliance brands such as Capital Brands, Philips, SEB, Conair, Princess House, Hamilton Beach, and BSH (Bosch). It is the core supplier of Capital Brands' food processors, blenders, and other small household appliance products. In terms of industry conditions, small household appliances, as home appliances that improve the quality of life, have a wide consumer base worldwide, with a large and continuously growing global market. According to retail sales, the global market size of small household appliances increased from $779 billion in 2014 to $983 billion in 2018, with a compound annual growth rate of 6.0%. It is expected to reach $1.446 trillion in 2023, with a compound annual growth rate of 8.0% from 2018 to 2023. As stated by Borlinger Electrical Appliances in the prospectus, the company faces the risk of a high proportion of revenue from its largest customer. During the reporting period, the sales revenue to the largest customer, Capital Brands, accounted for 68.39%, 66.91%, 49.62%, and 51.70% of the operating income respectively. Capital Brands is a subsidiary of Delong, and its brands Nutribullet and Magic Bullet are well-known blender series brands in markets such as the US, Australia, New Zealand, and the UK. The company has been a core supplier of food processors, blenders, and other small household appliance products to Capital Brands since 2012. Borlinger Electrical Appliances stated that the two parties signed a Memorandum of Understanding on January 1, 2019 (valid for three years, now expired), agreeing that the company would become the exclusive supplier of all traditional products of Capital Brands from 2019 onwards. With the continuous addition of new products in their cooperation, the proportion of traditional products in the company's sales to Capital Brands has been decreasing, accounting for 84.04%, 63.50%, 58.00%, and 55.28% during the reporting period. Any significant adverse changes in their cooperation relationship could have a significant adverse impact on the stability of the company's business. The funds raised by the company this time are planned to be invested in projects related to its main business. After deducting issuance costs, the raised funds will be invested in the following projects in order of urgency: Financially, Borlinger Electrical Appliances had operating income of approximately 870 million yuan, 1.696 billion yuan, 1.973 billion yuan, and 346 million yuan in 2019, 2020, 2021, and January-March 2022, respectively. During the same period, the net profits were approximately 62.2492 million yuan, 1.1 billion yuan, 78.6128 million yuan, and 5.7213 million yuan respectively.