HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Jiangsu BBL Home Technology / Equity Capital Markets

<ul>
<li>BBL's business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.</li>
<li>BBL relies on overseas major clients' customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.</li>
<li>Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.</li>
</ul>


BBL's business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.
BBL relies on overseas major clients' customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.
Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.


Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-bbl-home-technology-company-limited" target="_blank" data-smartkarma-citation="entities:50170:1" rel="noopener">Jiangsu BBL Home Technology (BBL HK)</a> (Jiangsu) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS and CICC.</li>
<li>Jiangsu is a leading flooring products provider in China, as well as a global market leader, as per the company.</li>
<li>According to Frost &amp; Sullivan, it was ranked first among Chinese PVC flooring providers in terms of sales volume of PVC flooring products in North America in 2025. </li>
</ul>



Jiangsu BBL Home Technology (BBL HK) (Jiangsu) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS and CICC.
Jiangsu is a leading flooring products provider in China, as well as a global market leader, as per the company.
According to Frost &amp; Sullivan, it was ranked first among Chinese PVC flooring providers in terms of sales volume of PVC flooring products in North America in 2025. 


Aequitas:Jiangsu BBL Home Technology Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

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52-week Range	0.00 - 0.00
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Jiangsu BBL Home Technology (BBL HK)

Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook

BBL mainly relies on ODM and also incorporates OBM as a secondary approach. However, heavy reliance on a single market leads to valuation...

Xinyao (Criss) Wang

Aequitas:Jiangsu BBL Home Technology Pre-IPO Tearsheet

Jiangsu BBL Home Technology Co. Ltd. (Jiangsu) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS and CICC.

Kajal Jain

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook

​BBL mainly relies on ODM and also incorporates OBM as a secondary approach. However, heavy reliance on a single market leads to valuation...

Xinyao (Criss) Wang

Aequitas:Jiangsu BBL Home Technology Pre-IPO Tearsheet

Jiangsu BBL Home Technology Co. Ltd. (Jiangsu) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS and CICC.

Kajal Jain

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

BBL mainly relies on ODM and also incorporates OBM as a secondary approach. However, heavy reliance on a single market leads to valuation...