Ugreen Group Limited (301606.SZ) has submitted a fresh application to the Hong Kong Stock Exchange main board, according to exchange disclosures dated August 25. Huatai Financial Holdings (Hong Kong) Limited serves as the sole sponsor for this renewed listing attempt.

Operating under the UGREEN brand, the company designs and markets a diverse portfolio of consumer electronics spanning four core categories: charging solutions and accessories, office equipment, audio-visual products, and storage devices. The firm distributes through an integrated network comprising proprietary online stores, third-party e-retailers, standalone websites, and offline resellers, reaching consumers across mainland China and international markets. Its product range addresses everyday scenarios at home, on the move, in workplaces, and during entertainment.

Founded in 2012, the company has cultivated a strong global footprint while maintaining deep roots in mainland China, where its business originated. As of June 30, 2026, its distribution covers more than 180 countries and regions worldwide. During the track record period, the company achieved rapid expansion both domestically and abroad, underscoring robust growth momentum. For the six months ending June 30, 2026, revenue from mainland China accounted for 33.1% of total income, while overseas markets contributed the remaining 66.9%.

Leveraging substantial research and development capabilities, a resilient supply chain, and an extensive global distribution network, the company has cemented its leadership in the worldwide technology consumer electronics sector. According to Frost & Sullivan, the company ranked first globally and in mainland China by shipment volume in the broader peripheral technology consumer electronics market in 2025. By revenue, it secured the top position in mainland China and second place worldwide in that market for the same year, capturing 2.6% and 1.5% market share, respectively.

The company has also made notable strides in storage technology, introducing consumer-grade network attached storage (NAS) products. By substantially enhancing product functionality and user experience, it has successfully transformed professional-grade storage equipment into mainstream consumer offerings.

Financial Performance

Revenue figures for the fiscal years 2023, 2024, and 2025, along with the six-month periods ended June 30, 2025, and June 30, 2026, reached approximately RMB 4.801 billion, RMB 6.166 billion, RMB 9.486 billion, and RMB 5.814 billion, respectively. Corresponding profits for the same periods stood at roughly RMB 394 million, RMB 460 million, RMB 703 million, and RMB 432 million.

Industry Landscape

The global technology consumer electronics market expanded from USD 965.3 billion in 2021 to USD 1,075.3 billion in 2025, reflecting a compound annual growth rate of 2.7%. Terminal products maintained their dominant position, reaching USD 1,011.9 billion in 2025 with a CAGR of 2.3% from 2021, representing 94.1% of the total market. By contrast, peripheral products grew at a significantly faster pace, achieving a CAGR of 12.1%. Looking ahead, the market is projected to reach USD 1,217.1 billion by 2030, with a CAGR of 2.4%. Driven by AI applications and device upgrades, peripheral products are forecast to expand at an 11.7% CAGR to USD 112.8 billion, while terminal products are expected to grow steadily to USD 1,104.3 billion, at a 1.7% CAGR.

China's technology consumer electronics market is outpacing global growth, supported by strong domestic demand, rapid digital adoption, and a well-developed industry ecosystem. A large and increasingly affluent consumer base, combined with high penetration of smartphones, AI-enabled devices, and smart living products, fuels sustained sales expansion. Continuous technological advancement and frequent product refresh cycles further accelerate market growth.

The peripheral products segment in mainland China is expanding at a rate well above the global average. This momentum stems largely from the swift proliferation of AI terminals, high-speed charging solutions, portable energy storage devices, and connected equipment, generating substantial incremental demand for complementary accessories. China's vertically integrated supply chain enables rapid product iteration and cost efficiency, while leading domestic brands are increasing their penetration both locally and internationally. Additionally, consumers' growing willingness to upgrade peripheral devices, alongside rapid development of online and offline retail channels, collectively propels robust growth in this category.

By market segment, charging products grew from USD 25.9 billion to USD 42.4 billion, representing a 13.1% CAGR, and are expected to reach USD 77.2 billion by 2030, with a projected CAGR of 12.2%. Audio-visual products are forecast to expand at a 14.0% CAGR to USD 5.3 billion by 2030. Connectivity and transmission products are projected to grow at an 11.8% CAGR to USD 20.8 billion by 2030. Storage products are expected to advance at a 7.2% CAGR to USD 9.4 billion by 2030.

The global NAS market rose from USD 4.0 billion in 2021 to USD 5.8 billion in 2025, registering a CAGR of 9.9%, supported by increasing data storage requirements and improved product accessibility. It is anticipated to reach USD 12.56 billion by 2030. Within this space, consumer-grade NAS expanded from USD 240 million to USD 770 million between 2021 and 2025, achieving a 34.1% CAGR, backed by rising demand for data security and home data management. This segment is projected to reach USD 3.6 billion by 2030, with a forecast CAGR of 36.2% from 2026 to 2030. Enterprise-grade NAS grew from USD 3.76 billion to USD 5.07 billion, reflecting a 7.7% CAGR, and is expected to reach USD 8.92 billion by 2030, with a projected CAGR of 12.5% from 2026 to 2030.

Board Composition

The board consists of nine directors, including six executive directors and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election, subject to a maximum cumulative tenure of six years for independent non-executive directors in accordance with applicable Chinese regulations.

Ownership Structure

As of the latest practicable date, August 16, 2026, Mr. Zhang, the controlling shareholder, directly holds approximately 45.27% of the company's total share capital.

Advisory Team

The sole sponsor is Huatai Financial Holdings (Hong Kong) Limited. Legal counsel includes Jia Yuan Law Offices, Shanda Law Firm, Li Weibin Lawyers, and King & Wood Mallesons, among others. The sponsor's legal advisors are Morgan, Lewis & Bockius and King & Wood Mallesons. The auditor and reporting accountant is RSM Hong Kong. Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch serves as industry consultant, while RSM Consulting (Beijing) Co., Ltd. acts as internal control advisor.