IPO News | Greenlink Technology (301606.SZ) once again submitted that the Hong Kong Stock Exchange ranked first in the world in terms of pan-expansion consumer electronics product shipments

Zhitong Finance App learned that, according to the Hong Kong Stock Exchange's disclosure on August 25, Shenzhen Greenlink Technology Co., Ltd. (abbreviation: Lvlian Technology, 301606.SZ) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange, and Huatai International is its sole sponsor.

Company profile

According to the prospectus, the company is a global technology consumer electronics brand with a diversified product portfolio covering four product categories: charging products and accessories, office products, audio and video products, and storage products. The company's products are marketed under the UGREEN Greenlink brand and sold to consumers in mainland China and overseas through a comprehensive network mainly composed of self-operated online stores, online retailers, independent websites and offline dealers. The company's products cover a full range of everyday application scenarios such as home, travel, office, and entertainment.

Since its establishment in 2012, the company has been deeply involved in the global market with UGREEN's well-known brand. The company's business is rooted in the mainland China market, covering more than 180 countries and regions around the world as of June 30, 2026. During the track record period, the company achieved rapid development in mainland China and overseas, showing strong growth capabilities. For the six months ended June 30, 2026, the company's revenue from mainland China and overseas markets accounted for 33.1% and 66.9% of total revenue, respectively.

With strong research and development (R&D) capabilities, a strong supply chain, and a global distribution network, the company has established a leading position in the global technology consumer electronics market. According to Frost & Sullivan, in 2025, the company ranked first in mainland China and the world in terms of shipment volume in the pan-expanding technology consumer electronics market. In 2025, in terms of revenue, the company ranked first in mainland China and second in the world in terms of revenue, with market shares of 2.6% and 1.5% respectively. The company has also made significant progress in the storage field, launching consumer-grade network-attached storage (NAS) products. By greatly improving product functionality and user experience, the company successfully transformed professional-grade storage devices into mass consumer products.

Financial data

revenue

In the six months ended June 30 in 2023, 2024, 2025, and 2026, the company achieved revenue of approximately RMB 4.801 billion, RMB 6.166 billion, RMB 9.486 billion, and RMB 5.814 billion, respectively.

Profit for the year/period

For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company's annual/period profits were approximately RMB 394 million, RMB 460 million, RMB 703 million, and RMB 432 million, respectively.

Industry Overview

The global technology consumer electronics market grew from US$965.3 billion in 2021 to US$1,075.3 billion in 2025, with a CAGR of 2.7%. Terminal products still dominate, reaching US$1,011.9 billion in 2025, with a compound annual growth rate of 2.3% from 2021 to 2025, accounting for 94.1% of the total market in 2025. In contrast, the growth rate of general-expansion products is relatively fast, with a compound annual growth rate of 12.1%. Looking ahead, the market size is expected to reach USD 1,217.1 billion by 2030, with a CAGR of 2.4%. Driven by AI applications and equipment upgrades, it is predicted that general expansion products will grow at a CAGR of 11.7% to USD 112.8 billion, while terminal products are expected to grow steadily to USD 1,104.3 billion, with a CAGR of 1.7%.

Thanks to strong domestic demand, rapid digitalization and a perfect industry ecosystem, the technology consumer electronics market in mainland China is growing faster than the global average. Its large and increasingly affluent consumer base, as well as the high penetration rate of smartphones, AI devices, and smart lifestyle products, are driving continued growth in sales. At the same time, continuous iteration of technology and frequent product upgrades further accelerate market expansion. Specifically, the growth rate of the general-expansion technology consumer electronics segment in mainland China far exceeds the global average. This is mainly due to the rapid spread of AI terminals, high-speed charging, portable energy storage devices, and connected devices, thereby driving strong incremental demand for supporting accessories. Mainland China's vertically integrated supply chain enables rapid product iteration and cost efficiency, while leading local brands increase the penetration rate of global and domestic markets. Furthermore, consumers' desire to upgrade peripheral devices continues to increase and the rapid development of online and offline retail channels are jointly promoting the rapid growth of broad-expanded products.

By market segment, charging products grew from US$25.9 billion to US$42.4 billion (CAGR 13.1%), and are expected to reach US$77.2 billion (CAGR 12.2%) by 2030. Audio and video products are expected to grow at a CAGR of 14.0% to USD 5.3 billion by 2030. Connectivity & transmission products are expected to grow at a CAGR of 11.8% to US$20.8 billion in 2030. Storage products are expected to grow at a CAGR of 7.2% to $9.4 billion by 2030.

The global NAS market grew from US$4 billion in 2021 to US$5.8 billion in 2025, with a CAGR of 9.9%. Driven by increased demand for data storage and improved product accessibility, it is expected to reach US$12.56 billion by 2030.

By market segment, the consumer-grade NAS market grew from US$240 million to US$770 million in 2025 (CAGR 34.1% from 2021 to 2025), and is expected to reach US$3.6 billion by 2030 (CAGR 36.2% from 2026 to 2030 (forecast)), supported by growing demand for data security and home data management. The enterprise NAS market grew from US$3.76 billion to US$5.07 billion (CAGR 7.7% from 2021 to 2025), and is expected to reach US$8.92 billion by 2030 (CAGR 12.5%) from 2026 to 2030 (forecast)).

Board Information

The company's board of directors consists of 9 directors, including 6 executive directors and 3 independent non-executive directors. The term of office of directors is 3 years and can be re-elected; however, according to relevant Chinese laws and regulations, the cumulative term of office of independent non-executive directors shall not exceed 6 years.

Shareholding structure

As of the last practical date (August 16, 2026), the controlling shareholder was Mr. Zhang, who directly held about 45.27% of the company's total share capital.

Intermediary team

Sole sponsor: Huatai Financial Holdings (Hong Kong) Limited;

Legal advisors: Jia Yuan Law Firm, Cinda Law Firm, Li Weibin Law Firm, King & Wood Mallesons, etc.;

Sole sponsor's legal advisors: Morgan Lewis & King & Wood Mallesons;

Auditor and reporting accountant: Yung Shing (Hong Kong) Certified Public Accountants Limited;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Internal control consultant: Rongcheng Consulting (Beijing) Co., Ltd.