After its attempt to list on the A-share market failed, Yunfeng Moganshan Ecological Home Co., Ltd., located in Huzhou, Zhejiang Province, hereinafter referred to as Yunfeng Moganshan, has shifted its focus to the Hong Kong capital market. On January 16, Yunfeng Moganshan submitted its prospectus to the Hong Kong Stock Exchange, planning to list in Hong Kong.

According to the prospectus, Yunfeng Moganshan is an integrated green home furnishing service provider, mainly offering green engineered panels and green customized home furnishing products and services. Based on operating revenue from green engineered panels in 2024, Yunfeng Moganshan ranked third among China's green engineered panel enterprises.

Financial data disclosed in the prospectus shows that from 2023 to the third quarter of 2025, Yunfeng Moganshan recorded revenue of RMB 3.394 billion, RMB 3.456 billion, and RMB 2.519 billion, respectively, with annual operating revenue remaining steadily above RMB 3. billion. During the same period, Yunfeng Moganshan's gross profit was RMB 754 million, RMB 775 million, and RMB 646 million, respectively, while gross profit margins were 22.2%, 22.4%, and 25.7%, showing an upward trend year by year.

In terms of its distribution network and dealership model, dealers play an important role in expanding geographic coverage and promoting product sales. In 2023, 2024, and the nine months ended September 30, 2024 and 2025, revenue contributed by Yunfeng Moganshan's dealers accounted for 90.3%, 85.6%, 87.6%, and 76.0% of total revenue, respectively.

It is understood that on September 17, 2025, Yunfeng Moganshan was incorporated in the Cayman Islands. Previously, Zhejiang Shenghua Yunfeng New Materials Co., Ltd., hereinafter referred to as Yunfeng New Materials, the operating entity of the Moganshan brand, had planned to list on the main board of the Shanghai Stock Exchange. In October 2021, Yunfeng New Materials pre-disclosed its prospectus. After the full registration-based IPO system was officially implemented on February 17, 2023, Yunfeng New Materials smoothly transferred and submitted its prospectus in March 2023 and continued its A-share IPO process, originally planning to raise RMB 1.249 billion.

On April 21, 2025, information disclosed by the Shanghai Stock Exchange showed that Yunfeng New Materials and its sponsor, Dongxing Securities, withdrew the listing application documents. Therefore, the Shanghai Stock Exchange decided to terminate its review of the company's initial public offering and listing on the main board.

According to the prospectus disclosed at that time, Yunfeng New Materials is mainly engaged in the design, research and development, production, and sales of interior decoration materials and finished customized home furnishing products, and created the Moganshan brand. In 2007, the Moganshan trademark was recognized as a well-known trademark in China, and Moganshan blockboard was recognized as a China famous-brand product.

Source: China Business Journal