Hong Kong-based pearl and jewelry trading company C&K Group has filed an F-1 registration statement with the U.S. Securities and Exchange Commission for an initial public offering. The move signals growing global interest in pearl jewelry supply chains and offers overseas buyers a new publicly listed sourcing partner for loose pearls and finished jewelry.
IPO details and use of proceeds
C&K Group plans to offer 3,750,000 Class A ordinary shares at an expected price range of $4.00 to $5.00 per share, with a midpoint offering size of approximately $16.9 million. Proceeds will be allocated 40% to strategic investments and acquisitions, 40% to general working capital, 10% to brand promotion and marketing, and 10% to recruitment. Lead underwriters are Blue Diamond Securities of America LLC and Revere Securities LLC.
Business model and product focus
The company operates through its Hong Kong subsidiary, C&K Jewellery, purchasing, designing, and selling loose pearls and finished jewelry. Its assortment includes South Sea, Tahitian, Akoya, and freshwater pearls sourced from Australia, Indonesia, the Philippines, Tahiti, mainland China, and Japan. Finished products span necklaces, bracelets, rings, pendants, earrings, brooches, and clasps, with custom design services available. In FY2025, finished jewelry accounted for 61.3% of revenue and loose pearls for 38.7%.
Customer base and distribution
C&K Group primarily serves B2B customers—wholesalers, jewelry manufacturers, independent designers, and retailers—through wholesale channels, which represented 97.7% of FY2025 revenue. The company’s geographic revenue mix for FY2025 was Hong Kong 56.4%, United States 34.0%, Japan 7.0%, Thailand 1.5%, and China 0.4%. Top three customers accounted for approximately 79% of revenue, indicating high customer concentration.
Financial highlights
For FY2025 (year ending September 30, 2025), C&K Group reported revenue of HKD 70.8 million (US$9.1 million), up 6% year over year. Gross profit was HKD 17.8 million (US$2.3 million), representing a 25.2% margin. Net income reached HKD 6.3 million (US$809,285). The company operates with only 8 employees and a 4,742 sq ft facility in Hong Kong.
Market context and growth plans
The global pearl jewelry market was approximately $13.2 billion in 2024 and is projected to reach $34.6 billion by 2033, with a CAGR of roughly 10.7%. C&K Group plans to expand its product portfolio, including lab-grown diamond collections, and grow into new Asian markets such as Thailand and Singapore. The company has access to seasonal auctions at major Australian pearl farms, supporting its sourcing advantage.
What buyers should watch
Overseas jewelry buyers should monitor C&K Group’s IPO as it may increase transparency in pearl pricing and supply chain practices. The company’s high customer concentration and small employee base suggest reliance on key relationships. Its expansion into lab-grown diamonds and new Asian markets could offer additional sourcing options for wholesalers and private-label brands seeking diversified pearl and gemstone inventory.
Source: Read the original report | Published: February 12, 2026