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Bitcoin Options Expire

The bitcoin and ethereum options on Deribit, one of the largest crypto derivatives exchange, expired earlier today. This month saw the largest open interest in...

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AEX ASwap to launch stablecoin genesis mining activity to earn rewards without risks

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionAEX Global is accelerating its expansion of the business worldwide. AEX ASwap will launch stablecoin genesis mining activity on April 12, 2022. Swap GMT with stablecoins for free, up to 1,500%+ APR for genesis mining. New users deposit stablecoins into ASwap liquidity pool to participate in GMT genesis mining activity(4/12 10:00 – 4/17 10:00). The […]

Legend Capital’s Portfolio Company Recbio Lists on HKEX Successfully

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HONG KONG, Apr 7, 2022 - (ACN Newswire) - On 31 March 2022, Legend Capital's portfolio company Jiangsu Recbio Technology Co., Ltd. ("Recbio", stock code: 2179.HK), a leading novel vaccines company, went public on the Hong Kong Stock Exchange. The listing makes Recbio "the first HPV vaccine stock in Hong Kong" and "the first novel adjuvant vaccine stock in Hong Kong". Recbio is expected to inject new vitality into the capital market in Hong Kong.

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Recbio is a novel vaccine company driven by independent novel adjuvant technology. It has built a comprehensive and high-valued vaccine portfolio consisting of 12 candidates, covering cervical cancer, COVID-19, adult tuberculosis, shingles, HFMD, influenza, etc. Recbio is primarily focused on the R&D of HPV vaccine candidates. Its core product REC603, a recombinant HPV 9-valent vaccine, is currently under phase III clinical trial, and is expected to become the first approved domestic HPV 9-valent vaccine in China. In addition, Recbio has also begun to deploy in the mRNA vaccine field and is currently developing the COVID-19 mRNA vaccine.

Recbio has constructed the three core technology platforms consisting of independent novel adjuvants, protein engineering and immunological evaluation. It is one of the few companies capable of independent development of novel adjuvants and the novel adjuvants it developed have been successfully applied in various innovative vaccines such as COVID-19 vaccines, HPV vaccines and shingles vaccines.

Legend Capital led Recbio's Series B financing in 2020, through a coordinated investment of the comprehensive growth fund and the healthcare fund and re-upped on its Series C financing in 2021, marking Recbio another successful case towards Legend Capital's multi-fund coordinated investment. As the major institutional investor to Recbio, Legend Capital provides Recbio with multi-faceted support involving corporate governance, business strategy, technical route, R&D resources, management improvement and financial support.

Dr. Liu Yong, the Founder, Chairman of the Board, and General Manager of Recbi, said, "We are much appreciated Legend Capital's long-term and firm support to Recbio. As the institutional investor with the largest shareholding in the company, Legend Capital's investment philosophy of 'Business First, People Crucial' is highly compatible with our corporate culture. Legend Capital has always supported our management team in major decision-making and continued to assist in the development, becoming one of the most trusted and respected investors of Recbio. The listing is just a new chapter of Recbio, and the management team hopes to work closely with all the investors represented by Legend Capital to write a new legend!"

Hank Zhou, the Co-Chief Investment Officer of Legend Capital, said: "Congratulations to Recbio and its team led by founder Dr. Liu Yong. Liu has been engaged in vaccine research and development for over two decades, with high academic status and extensive experience in the industry. Liu's team has been deeply involved in the field of vaccine research and development for many years. Its vaccine portfolio strategically aimed at major disease and the team is actively deploying large-scale production. We admire Liu's great enthusiasm for the vaccine industry and his strong sense of responsibility and commitment. Recbio is now the leading vaccine company in China. After the successful listing, we believe that Recbio will continue to make breakthroughs in its core field of new adjuvant and vaccines to benefit more patients."

Frank Hong, the Managing Director of Legend Capital, said: "After the outbreak of the pandemic, the vaccine industry has stepped into a high-speed development stage after years of accumulation on technology and talent pool. Recbio is one of the few vaccine companies with high-quality technology platforms, which can continuously produce high-quality vaccine products to meet unmet clinical needs. We are optimistic about Recbio's future of its core pipelines, including the HPV vaccine, recombinant shingles vaccine REC610 and COVID-19 vaccine. Advanced with its disruptive technology in the field of recombinant protein vaccines, Recbio is expected to be a company with strong competitiveness in the global market."

Legend Capital has long paid close attention to investments in the field of life sciences. In addition to Recbio, there are other portfolio companies listed on A shares or H shares, including Pharmaron Inc. (300759.SZ; 03759.HK), KingMed Diagnostics (603882.SH), WuXi AppTec(603259.SH; 02359.HK), WuXi Biologics (02269.HK), Innovent Biologics (01801.HK), Berry Genomics (000710.SZ), Harbour BioMed (02142.HK), New Horizon Health (06606.HK), Chemclin Diagnostics (688468.SH), etc.


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comOn 31 March 2022, Legend Capital's portfolio company Jiangsu Recbio Technology Co., Ltd. ("Recbio", stock code: 2179.HK), a leading novel vaccines company, went public on the Hong Kong Stock Exchange.

Why Bitcoin Miners Keep HODLing Amid Massive Growth

As the bitcoin mining industry has grown by leaps and bounds in 2022, mining operations continue to hold onto their bitcoin for dear life.

Top Ethereum Gaming Altcoin Erupts After $1,700,000,000 Treasury Plans Are Unveiled

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A popular play-to-earn metaverse altcoin built on Ethereum is seeing significant gains after project developers revealed plans for community governance. In a new blog post, Axie Infinity (AXS) highlights the game’s tremendous growth over the past year and announces long-term plans to implement what it calls “progressive decentralization” to empower the community. “Players deserve ownership […]

The post Top Ethereum Gaming Altcoin Erupts After $1,700,000,000 Treasury Plans Are Unveiled appeared first on The Daily Hodl.

LBank Exchange Will List Ryoma (RYOMA) on March 28, 2022

INTERNET CITY, DUBAI, Mar. 25, 2022 – LBank Exchange, a global digital asset trading platform, will list Ryoma (RYOMA) on March 28, 2022. For all users of LBank Exchange, the RYOMA/USDT trading pair will be officially available for trading at 18:00 (UTC+8) on March 28, 2022. The NFT boom is sweeping across the globe, and...

The post LBank Exchange Will List Ryoma (RYOMA) on March 28, 2022 appeared first on Live Bitcoin News.

LBank Exchange Will List Ryoma (RYOMA) on March 28, 2022

INTERNET CITY, DUBAI, Mar. 25, 2022 – LBank Exchange, a global digital asset trading platform, will list Ryoma (RYOMA) on March 28, 2022. For all users of LBank Exchange, the RYOMA/USDT trading pair will be officially available for trading at 18:00 (UTC+8) on March 28, 2022. The NFT boom is sweeping across the globe, and...

The post LBank Exchange Will List Ryoma (RYOMA) on March 28, 2022 appeared first on Live Bitcoin News.

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‍♂️ New Airdrop: Donely

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🏆 Total Airdrop Pool: 140,000 DOB [~$14,000]

‍♂️ New Airdrop: Donely

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

🏆 Total Airdrop Pool: 140,000 DOB [~$14,000]

Continued Growth Under the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."

During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.

Panel-type Furniture
The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").

Upholstered Furniture
Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.

Outdoor/Sport-type Furniture
This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.

Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.

A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.

The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.

For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.

Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.

About Huisen Household International Group Limited

We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

Continued Growth Under the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."

During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.

Panel-type Furniture
The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").

Upholstered Furniture
Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.

Outdoor/Sport-type Furniture
This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.

Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.

A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.

The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.

For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.

Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.

About Huisen Household International Group Limited

We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

Continued Growth Under the Pandemic, Huisen Household Profit Increased by Over 60%

HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.

Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."

During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.

Panel-type Furniture
The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").

Upholstered Furniture
Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.

Outdoor/Sport-type Furniture
This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.

Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.

A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.

The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.

For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.

Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.

About Huisen Household International Group Limited

We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.

Here’s how Cardano’s Mamba protocol intends to revolutionize the business of sidechains

In a live stream earlier this month, Input Output (IO) CEO Charles Hoskinson revealed plans for Cardano going into the rest of this year.

The post Here’s how Cardano’s Mamba protocol intends to revolutionize the business of sidechains appeared first on CryptoSlate.

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