1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
JRWP
Sector
Industrials
Subsector
Electrical Equipment
Offer Range
—
Shares Offered
6.25M
Shares Outstanding Pre-IPO
20M
26.25M
—
23.8%
Implied Upside vs Midpoint
Description
We are an offshore holding company incorporated in the Cayman Islands with no operations of our own. We conduct all of our business and operations related to electric appliances through our PRC operating entities. We receive the economic benefits of the VIEs and the VIE Subsidiaries, through the VIE Agreements. The major business segment of the PRC operating entities is to sell various electric appliance products to our customers. The PRC operating entities are not electric appliance manufacturers, but wholesalers and retailers of certain electric appliances. A total of 28,513 and 25,851 units of various electric appliances were sold for the fiscal years ended March 31, 2026 and 2025, respectively, such as air-conditioners, refrigerators, televisions, washers, dryers, dishwashers, range hoods, electric water kettles, food processors, and rice cookers. The PRC operating entities currently sell products through retail stores and wholesale customers. Leveraging what we believe to be a deep understanding of consumer needs and preferences gained from their experience in the electric appliance industry for over 20 years, the PRC operating entities have opened ten retail stores and developed 22 wholesale distributor customers as of the date of this prospectus. We believe the PRC operating entities’ distribution channels are a trusted destination for consumers to discover and purchase branded electric appliances. Revenues generated from our electric appliance sales business were $12,065,327 and $10,810,156 for the fiscal years ended March 31, 2026 and 2025, respectively, which accounted for 85.4% and 86.5% of our total revenues for the respective reporting period. The electric appliance products are sold through both the retail channel and the wholesale channel. In connection with the electric appliance sales business, the PRC operating entities also provide the following services to customers (1) electric appliance product after-sales maintenance and repair services, including electric appliance maintenance, plumbing services, kitchen and bathroom accessory maintenance, electrical network and light repair, furniture and electric appliance installation, and cleaning services; (2) business strategy consulting, marketing, store management and employee management consulting services to other business entities in the electric appliance industry, such as market risk investigation, market analysis and evaluation, customer development, product or services introduction, sales strategies and skills education, and to help these business entities to plan and organize seasonal offline sales and promotional campaigns. Revenues generated from the electric appliance related services business were $2,040,622 and $1,674,359 for the fiscal years ended March 31, 2026 and 2025, respectively, which accounted for 14.5% and 13.4% of our total revenues for the respective reporting period. Our PRC operating entities lease the extra space they rent from large shopping malls to other small businesses in the electric appliance industry for a fixed monthly rental payment. Revenues generated from the rental business were $10,148 and $9,987 for the fiscal years ended March 31, 2026 and 2025, respectively, which accounted for 0.1% and 0.1% of our total revenues for the respective reporting period. Our Mission We are dedicated to providing one-stop seamless electronic appliance sales and maintenance services for our valuable customers. --- Our principal executive office is Room 402, Guangfu United International Center, Ningwei Street, Xiaoshan District, Hangzhou, Zhejiang Province, PRC, and our phone numbers are 021-63087358, and +86 17611631345. Our registered office in the Cayman Islands is located at the office of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Road, Grand Cayman, KY1 – 1205 Cayman Islands, and the phone number of our registered office is 0852-3588-8733. We maintain a corporate website at https://www.jrwangpu.com. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
Post-IPO economic shares by class.
| Class | Shares | % Economic |
|---|---|---|
Class A Ordinary Shares (listed) One vote per share | 19.25M | 73.3% |
Class B Ordinary Shares Ten votes per share · Convertible into Class A Ordinary Shares on a one-for-one basis at the option of holder | 7M | 26.7% |
| Total economic shares | 26.25M | 100% |