On September 23rd, Kitchenware brand Carote (2549.HK) will start its IPO in Hong Kong from the 23rd to the 26th, with a plan to globally issue 0.13 billion shares, with 10% publicly offered in Hong Kong. The offer price ranges from 5.72 HKD to 5.78 HKD, raising a maximum capital of approximately 0.751 billion HKD. Trading units will be 500 shares, with an entry fee of 2919.14 HKD. It will be listed on October 2nd, with HSBC and CMB International as the joint sponsors. It is worth noting that Carote has attracted MPCVIIPte.Ltd and YSCGo (BVI) Limited as cornerstone investors, with a total investment of 40 million USD (approximately 0.313 billion HKD). Carote is headquartered in Hangzhou and launched its own brand with 1374 SKUs last year. The product portfolio now includes over 2500 SKUs covering different kitchenware categories, including cookware, kitchen utensils, and drinkware. According to the report from Zhejiang Consulting, based on 2023 retail sales, the group ranks among the top five in the online cookware 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. The company's revenue last year was 1.583 billion RMB, an increase of nearly 1.1 times year-on-year; a profit of 0.237 billion RMB, an increase of nearly 1.2 times year-on-year; gross profit of 0.565 billion RMB, an increase of nearly 1.1 times year-on-year. The net proceeds from this IPO fundraising, approximately 35%, are expected to be used for seeking acquisition and investment opportunities; 25% for product research and development; 20% for expanding sales channels; 10% for ESG-related investments; and 10% for working capital and other general corporate purposes.