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Description of business:
Jiasen International Holdings Limited (‘‘Jiasen’’), together with its subsidiaries, is a designer, manufacturer and wholesaler of wooden home furnishings, high-end solid wooden doors and other wooden design solutions to both the domestic Chinese and overseas markets. Based in Quanzhou, south-eastern China, the Group’s products are sold and marketed under its ‘Fuyou’ brand and produced in the Group’s 83,000 sqm factory in Nan’an City, Fujian province by its workforce of more than 1,400 employees. The Company’s main products include doors, wall panels and assorted fixtures, such as fitted wardrobes, cupboards and skirting boards, as well as furniture which are sold principally to property development projects, through branded ‘Fuyou’ retail stores and to export markets. The Directors estimate that, in 2013, the Group sold in excess of 300,000 solid wooden doors, fixture items and furniture pieces. In the three years ended 31 December 2013, the Group has grown its revenues, gross profit and net profit at compound annual growth rates of approximately 29 per cent., 39 per cent. and 46 per cent. respectively. In the year ended 31 December 2013, the Group recorded revenues of RMB782.8 million (circa £77.2 million) and produced a net profit after tax of RMB177.8 million (circa £17.5 million). From an independent report commissioned by the Company, it is estimated by Euromonitor International Limited that the Group’s high end wooden door products accounted for approximately 6.1 per cent. market share by total manufacturer sales value in China in 2012. This makes the ‘Fuyou’ brand the largest high-end solid wooden doors brand by sales in China.

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Jiasen International Holdings Ltd

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