New stock news | Flooring product provider Bell Home applies to the Hong Kong Stock Exchange. Its products are sold in 128 countries and regions worldwide.

According to the disclosure of the Hong Kong Stock Exchange on May 29th, Jiangsu Bell Home Furnishing Technology Co., Ltd. (referred to as Bell Home) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with DBS Group as its exclusive sponsor. During the performance record period, Bell Home's products were sold to 128 countries and regions worldwide, including the United States, Canada, Australia, and various European countries, accumulating a high-quality global customer base. Company Overview The prospectus shows that Bell Home is a leading provider of flooring products in China, offering sustainable, safe, and healthy value, as well as technological and aesthetic value flooring products to consumers worldwide. The company offers a wide range of PVC and wood flooring products for a variety of end-use scenarios, including residential, commercial, and specialized applications. According to Frost & Sullivan data, in terms of PVC flooring sales volume in North America by 2025, Bell Home ranks first among Chinese PVC flooring providers, and based on export volumes to North America and Europe by 2025 in Asia, the company ranks first among Chinese SPC flooring providers. Based on export volumes by 2025, the company also ranks first among Chinese laminate flooring providers. Bell Home has built an integrated operating model with "global customers, customized products, and flexible manufacturing" as its core, forming a product development, design, production, and delivery capability that is highly synchronized with changes in global market demand. Leveraging high-quality customer resources covering major markets globally, the company is able to continuously grasp trends in design aesthetics, functional requirements, and application scenarios in different countries and regions, and is familiar with industry standards and environmental requirements applicable to major markets. Bell Home primarily adopts an original design manufacturer (ODM) model, with an original brand manufacturer (OBM) model as a secondary business model. The company's ODM business mainly provides customized products to overseas customers. The company's main customers are globally renowned decorative material brands and retail customers, to whom the company provides comprehensive solutions from understanding requirements, product design, research and development, production, quality control, to global delivery. Particularly, in the process of cooperating with customers, the company deeply participates in customer new product development and supply chain collaboration, enabling customized product development, flexible manufacturing, and delivery solutions based on different customer brand positioning, end-use scenarios, and other requirements. With flexible capacity, manufacturing layout in China and Vietnam, efficient delivery, rapid response, and strict quality control capabilities, the company has established long-term stable cooperative relationships with global customers. In addition, for the company's OBM business model, the company has established a comprehensive sales and service network covering self-owned brand products in over 20 cities in mainland China through direct sales and distribution, and also sells self-owned brand products overseas through wholesalers. During the performance record period, the company's revenue mainly comes from the manufacturing and sales of (i) PVC flooring products, mainly SPC, WPC, and LVT flooring products, and (ii) wood flooring products, mainly laminate and solid wood composite flooring products. These products are widely used in residential, commercial, and office environments, characterized by environmental protection, durability, and aesthetics. The company's diversified product portfolio aims to meet a wide range of application scenarios and consumer demands, covering different market segments and consumer groups in mass market, high-end, and ultra-high-end product categories. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 2.298 billion, RMB 2.356 billion, and RMB 2.531 billion, respectively. Gross Profit and Gross Profit Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 559 million, RMB 583 million, and RMB 642 million, with corresponding gross profit margins of 24.3%, 24.7%, and 25.4%, respectively. Net Profit In the fiscal years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 197 million, RMB 224 million, and RMB 239 million, respectively. Industry Overview In recent years, the global flooring market has continued to grow steadily due to the demand for residential construction, renovation, and replacement, as well as the upgrading of commercial and public buildings. The market size grew from approximately USD 164.8 billion in 2021 to around USD 196.3 billion in 2025, with a compound annual growth rate of about 4.5%, and is expected to reach approximately USD 241.1 billion by 2030, with a compound annual growth rate of about 4.2% from 2025 to 2030. Growth drivers will continue to come from urbanization, existing building renovations, commercial space upgrades, and increased demand for flooring products with better durability, design flexibility, and easy maintenance. The category of resilient flooring, mainly PVC flooring, is the fastest-growing category, with a compound annual growth rate of about 6.7% from 2021 to 2025. Its growth is supported by advantages such as easier installation, excellent waterproof performance, lower maintenance requirements, and suitability for renovation and replacement scenarios. Compared to rigid flooring and fiber flooring, resilient flooring better meets the needs of easy maintenance, stain resistance, and high foot traffic applications, thereby continuing to increase market share by partly replacing traditional flooring products. The global resilient flooring market is expected to reach approximately USD 50.6 billion by 2030, with a compound annual growth rate of about 6.6% from 2025 to 2030. Rigid flooring remains the largest category, primarily supported by the long-standing extensive use of tiles and wood flooring in major markets. However, this category has entered a relatively mature stage, with growth mainly driven by replacement demand and product upgrades. The global rigid flooring market grew from around USD 114.0 billion in 2021 to approximately USD 132.1 billion in 2025, with a compound annual growth rate of about 3.7%, and is expected to continue to grow at a slower compound annual growth rate of about 3.4% from 2025 to 2030. While wood flooring still plays an important role in North America and Europe, tile flooring has a higher penetration rate in the Asia-Pacific region, the Middle East, and Southern Europe. Some rigid flooring products also face competition from resilient flooring in residential renovations and light commercial applications. The demand structure for fiber flooring is more concentrated, with North America and Europe continuing to be core markets due to existing residential preferences and commercial usage patterns. In emerging markets, demand is relatively limited, mainly concentrated in the hotel industry, high-end commercial spaces, and office applications. The global fiber flooring market grew from around USD 22.4 billion in 2021 to about USD 27.5 billion in 2025, with a compound annual growth rate of about 5.2%, and is expected to reach around USD 34.5 billion by 2030, with a compound annual growth rate of about 4.6% from 2025 to 2030. Board of Directors Information The company's board of directors consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. The term of office for the board of directors is three years, responsible for managing and operating the company's business and possessing general powers. Ownership Structure According to the Joint Action Agreement, Ms. Zhang Xiaoling and Mr. Zhang Guohong, as joint actors, have been and will continue to act jointly in matters related to the company's daily operations, key matters, or any other matters requiring approval of the shareholders' meeting or board of directors. Therefore, under the Securities and Futures Ordinance, each joint actor is considered to have an interest in the shares owned by the other. Jiangsu Bell Holdings, Shanghai Ruiningze, Shanghai Chongerchang, Shanghai Dehechang, Ningbo Sichang, and Changzhou Sichang are considered a group of controlling shareholders of the company. Ningbo Sichang owns approximately 94.19% of the equity held by Changzhou Sichang, which is the holding platform of the joint actors. Therefore, under the Securities and Futures Ordinance, Changzhou Sichang is deemed to have an interest in the shares held by Ningbo Sichang. Shanghai Ruiningze and Shanghai Chongerchang are employee shareholding platforms of the company, each established according to Chinese law as a limited partnership. Intermediate Team Exclusive Sponsor: DBS Asia Financing Limited Company Legal Advisor: US and Hong Kong law: Mayer Brown LLP; Chinese law: Grandall Law Firm Legal Advisor to the Exclusive Sponsor: US and Hong Kong law: O'Melveny & Myers LLP; Chinese law: King & Wood Mallesons Reporting Accountant: Ernst & Young LLP Industry Consultant: Frost & Sullivan Limited Compliance Advisor: Soter Advisors Limited