On May 29, 2026, Jiangsu Bell Home Technology Co., Ltd. (hereinafter referred to as “Bell Home”) submitted a main board listing application to the Hong Kong Stock Exchange, with DBS Group acting as the exclusive sponsor.
This leading Changzhou flooring export company has tried unsuccessfully to pursue A-shares and the New OTC Market, but now it has switched to Hong Kong stocks.
The development of Bell Home Furnishing began in the 1990s. Founder Zhang Xiaoling started from the sales of basic building materials. In 2003, she officially entered the flooring industry and gradually opened up overseas markets relying on offline channels and cross-border platforms.
In 2004, Bell Home began to expand its overseas business, using Alibaba International Station and overseas industry exhibitions to expand customers. In 2017, it reached a strategic cooperation with Alibaba and increased its own brand building. In 2018, its products have covered more than 100 countries around the world, and it has gradually grown into a benchmark enterprise for flooring overseas.
In terms of capital market layout, Bell Home Furnishing’s path has been adjusted several times.
In June 2023, the company’s first A-share listing plan was voluntarily suspended for some reason; in April 2024, it turned to preparations for listing on the New Third Board, but later terminated the plan because it was inconsistent with the long-term strategy; in February 2025, it restarted A-share counseling. After comprehensive consideration of international financing needs and brand globalization layout, it finally decided to sprint to the Hong Kong Stock Exchange, becoming the only flooring company in the mainland to sprint to the Hong Kong stock market.
From the perspective of industry competitiveness, relying on years of overseas cultivation, Bell Home Furnishing has become a leading player in the domestic flooring export field.
According to statistics from Frost & Sullivan, Bell Home Furnishings has won a number of domestic export firsts in 2025: based on sales volume in the North American market, it ranks first among China’s PVC flooring suppliers; based on export volume statistics from Asia to North America and Europe, the company’s SPC flooring export scale ranks first in the country; at the same time, its export volume of laminate flooring also ranks first in the country.
In the market segment, Bell Home’s sales volume in the North American PVC flooring market reached 26.3 million square meters in 2025, with a market share of 1.7%, ranking first among domestic peers; in terms of sales revenue, it ranked second among North American PVC flooring suppliers, with a market share of 1.4%.
From a global perspective, the total overseas revenue of China’s top five PVC flooring manufacturers in 2025 will be approximately 12.6 billion yuan, and Bell Home’s overall market share will be approximately 0.8%, demonstrating strong global market participation capabilities.
In terms of production capacity and R&D, Bell Home Furnishing has established a global production and R&D layout, setting up production bases in Changzhou and Vietnam to achieve large-scale intelligent manufacturing.
On the research and development side, it has 121 mainland China patents and 26 overseas patents, and has established three major R&D centers in China, the United States, and Vietnam. The core management personnel of the team have an average of more than 15 years of industry experience.
In terms of products, Bell Home Furnishing can provide more than 10,000 customized products, adopting an ODM-based and OBM-assisted business model, and mainly provides customized products for world-renowned flooring brands and retailers. The proportion of ODM business revenue will increase from 76.9% in 2023 to 87.9% in 2025. The proportion of OBM’s own brand business continues to shrink, and the OEM attribute is becoming more and more obvious.
Looking at the entire industry, the global PVC flooring market maintains a steady growth trend. The market size will be US$26.9 billion in 2021, increasing to US$35.2 billion in 2025, and is expected to reach US$48.9 billion in 2030. The compound growth rate from 2021 to 2025 is 7.0%, and it is expected to be 6.8% from 2025 to 2030.
As the world’s largest and most mature PVC flooring market, North America has become the core position of domestic export companies and provides major growth space for Bell Home.
However, from the perspective of financial data, 2023-2025 are three years of steady expansion of Bell Home’s business scale, but the growth momentum has gradually slowed down.
2023 –
In 2025, Bell Home’s operating income will be 2.298 billion yuan, 2.356 billion yuan, and 2.531 billion yuan respectively. The year-on-year growth rate in 2024 will be only 2.6%, and will rise to 7.4% in 2025.
; Net profit attributable to the parent company is 197 million yuan, 224 million yuan, and 239 million yuan, respectively, with a year-on-year growth of 13.4% in 2024. The growth rate will fall back to 7% in 2025, and the profit growth rate has an obvious downward trend.
In terms of profitability quality, Bell Home’s gross profit margin has risen slightly for three consecutive years, from 24.35% to 25.39%, while its net profit margin has stabilized at 8.6% – 9.5%. The overall profitability level is in the middle of the industry.
In terms of product structure, Bell Home has formed a pattern of “mainly PVC flooring, supplemented by wooden flooring”, and its business focus continues to tilt towards PVC flooring.
From 2023 to 2025, the revenue share of PVC flooring soared from 64.3% to 78.4%. In 2025, the revenue of this segment reached 1.986 billion yuan, a year-on-year increase of approximately 17%; the revenue share of wood flooring continued to shrink from 31.3% to 18.9%, with the revenue of laminate flooring and solid wood composite flooring both declining year by year.
In terms of regional income, Bell Home Furnishing is highly dependent on overseas markets. North America has become the core source of income, and the domestic market continues to shrink.
From 2023 to 2025, Bell Home’s overseas revenue accounted for 78.3%, 86.7%, and 91.2% respectively, rising year by year; among which, the North American market revenue proportion increased from 60.6% to 69.6%. In 2025, North American revenue reached 1.762 billion yuan, close to 70% of total revenue.
In addition, Bell Home’s series of actions on the eve of its IPO submission, as well as long-term governance and operating risks, have also become the focus of market attention.
From the perspective of ownership structure, the controlling shareholders of Bell Home are brother and sister Zhang Xiaoling and Zhang Guohong. The two signed a concerted action agreement and control a total of 91.4% of the voting rights through Jiangsu Bell Holdings and multiple shareholding platforms.
On May 16, 2026, Bell Home reviewed and approved the profit distribution plan, distributing dividends of 30 million yuan each in 2024 and 2025, for a total dividend of 60 million yuan, most of which went to the actual controller brothers and sisters.
However, the scale of Bell Home’s debt has risen sharply.
The interest-bearing debt was only 18.17 million yuan at the end of 2023, increased to 67.73 million yuan at the end of 2024, and dropped to 28.46 million yuan at the end of 2025. However, at the end of April 2026, an additional 200 million yuan of interest-bearing borrowings were added, and the total debt soared to 232 million yuan, a new high in recent years.
On the eve of the listing, Bell Home Furnishings paid large dividends and borrowed heavily at the same time, causing the market to question the capital flow of Bell Home Furnishings and the necessity of listing funds.
Bell Home has multiple potential risks intertwined at the operational level.
The first thing to bear the brunt is its high dependence on overseas markets and international trade risks. Over 90% of its revenue comes from overseas, and its products are exported to 128 countries including Europe and the United States. Its business is extremely vulnerable to the impact of trade policies, tariff barriers and geopolitics.
At the same time, Bell Home’s customer concentration is relatively high. In order to maintain customer relationships, a credit period of 30 to 120 days is given, which further amplifies the risk of bad debts.
Taken together, although Bell Home Furnishings has a leading position in the industry and a stable revenue base, a series of problems such as concentrated equity, dividend debt, overseas dependence, customer concentration, and insufficient research and development are all challenges that it must face in this Hong Kong IPO.
