Core Viewpoint - The pearl jewelry market is experiencing significant growth driven by factors such as the popularity of pearl jewelry designs, celebrity influence, and the youth-oriented approach to pearl accessories. The global freshwater pearl market is projected to reach $120 billion in 2024 and grow at a compound annual growth rate (CAGR) of 8.6% to $191.5 billion by 2031, with China being a key market contributor [1]. Company Overview - C&K Group, established in 2016 and headquartered in Hong Kong, is a leading pearl jewelry designer and seller in the Asia-Pacific region. The company focuses on a full industry chain from raw material procurement to original design and retail sales, with a market share of 18.7% in Hong Kong's bulk pearl market [2][3]. Financial Performance - C&K Group reported a decline in both revenue and net profit for the fiscal year 2023-2024, with revenues of HKD 75.55 million and HKD 66.84 million, representing a year-on-year decrease of 12%. Net profit also fell by 7.7% to HKD 15.21 million [2][3]. - The decline in revenue is attributed to a significant drop in bulk pearl sales, which decreased by 24% year-on-year, while finished jewelry sales grew by 6% [3]. Market Dynamics - The pearl market is transitioning from a "crazy period" to a more rational consumption phase, with overall pearl prices declining in 2024 compared to the previous year. However, high-quality pearls, such as Tahitian pearls, have seen price increases [4][5]. - C&K Group's sales are heavily reliant on the Hong Kong and U.S. markets, which together account for over 50% of its revenue. The company operates primarily on a B2B model, with 82.1% of revenue generated through wholesale channels [6]. Customer Concentration - C&K Group's revenue is significantly dependent on a few major clients, with three customers contributing approximately 73% of total revenue. One major client accounts for 94% of the company's accounts receivable [6][7]. Future Outlook - The pearl market is expected to continue evolving, with a focus on brand enhancement and product diversification. C&K Group plans to allocate 50% of its IPO proceeds to brand upgrades, 30% to supply chain improvements, and 15% to digital initiatives [11].

专注于珍珠的香港珠宝商C&K集团周一（6月2日）向美国证券交易委员会 (SEC) 提交了首次公开募股 (IPO) 申请，计划融资至多700万美元。该公司计划在纳斯达克或纽约证券交易所上市，但尚未选定股 票代码（RC股票代码：CKG.RC）。 最新招股书链接： https://www.sec.gov/Archives/edgar/data/2054947/000121390025049653/ea0234056-02.htm 该公司计划以每股4至5美元的价格区间发行150万股股票，融资700万美元。按照拟议区间的中间价计算 C&K集团的市值将达到7900万美元。 C&K集团通过其运营子公司主要从事散装珍珠和成品珠宝的采购、设计和销售。该公司目前提供超过 1,000种款式的珍珠和成品珠宝。 上市架构： 文章来源：金准资本 C&K集团成立于2016年，截至2024年9月30日的12个月销售额为900万美元。 | | For the | years ended September 30. | | | --- | --- | --- | --- | | | 2023 | 2024 | 2024 | | | HKD | ...