BRIEF: Carote’s revenue jumps sharply in first three quarters

Kitchenware maker Carote Ltd. (2549.HK) announced on Monday that its revenue grew by 40% to 50% year-on-year in the first nine months of 2024, boosted by strong expansion for its branded business. Looking ahead, the company said it will continue to further expand its online and offline sales channels and explore new markets and customer groups.

Carote made its trading debut at the beginning of this month in a listing that was heavily oversubscribed, selling its shares for HK$5.78 each. The stock shot up by nearly 90% initially, but has fallen since then and now trades below its listing price. The stock fell 11.2% on Tuesday after the latest announcement to close at HK$4.92. The company’s early investors include Hillhouse and Shunwei Capital.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click  here