New stock news | Zhaogang.com's overseas issuance and listing have been filed with the China Securities Regulatory Commission.

On January 10, the China Securities Regulatory Commission (CSRC) issued a notice about ZG Group's overseas listing application for the Zhaogang Industrial Internet Group (referred to as "Zhaogang.com"). The company plans to simultaneously issue no more than approximately 430 million shares of overseas listed common stock through a merger with overseas special purpose acquisition company Aquila Acquisition Corporation and list on the Hong Kong Stock Exchange. The prospectus shows that, based on the 2023 online steel trading volume, Zhaogang.com operates the world's largest tripartite steel trading digital platform. By connecting key participants in the steel trading industry to its digital platform, Zhaogang.com is at the forefront in providing a one-stop B2B comprehensive service covering the entire value chain of steel trading in China, including online steel trading, logistics, warehousing and processing, financial technology solutions, SaaS products, and big data analytics. As of September 30, 2024, Zhaogang.com's digital platform connects over 14,800 registered sellers and 181,000 registered buyers. In 2021, among the top 500 buyers by GMV contribution, 91.8% of buyers were still transacting with the company in 2023. During the historical period, the average annual cash retention rate for small and medium-sized enterprise buyers reached 131.1% based on GMV.