News of new stocks | The prospectus for the Hong Kong IPO of Joyful Star Group has become ineffective.

Suzhou Youlesai Shared Services Co., Ltd. (referred to as Youlesai Group) submitted its Hong Kong IPO prospectus on November 18, 2024, which expired after 6 months on May 18, 2025, with China Securities Co., Ltd. International as its exclusive sponsor. The prospectus shows that Youlesai Group is a leading integrated circular packaging service provider in China, focusing mainly on providing services to automotive parts manufacturers and OEMs within the automotive industry. The company's comprehensive services include two main divisions: integrated container management, which covers shared operational services (managing the entire container operation process from design to recycling through the company's digital capabilities and extensive operational network) as well as leasing services and other value-added services; and container sales (providing containers tailored to meet customers' different needs). According to Frost & Sullivan, based on 2023 revenue, the company is the largest service provider in China's shared operational services industry and shared operational services industry in the automotive sector. As of June 30, 2024, with the support of 70 CMCs, Youlesai Group managed an asset pool of over 1.2 million circular containers and operated 944 circular routes spanning 97 cities. Through the combined effect of the asset pool and extensive logistics network, the company is able to meet the constantly changing needs of its customers. Additionally, as of June 30, 2024, Youlesai Group expanded its business overseas, with two international circular routes in Indonesia and South Korea, and international partners in East Asia, Europe, North America, and other regions. The company also established subsidiaries in Hong Kong and Thailand to support its international expansion.