New Stock News | Hope Sea Files Second Listing Application with Hong Kong Stock Exchange, Mainly Engaged in Cross-Border Supply Chain Solutions for Electronic Products

According to the disclosure on March 15 by the Hong Kong Stock Exchange, Hope Sea Inc. has once again submitted an application for listing on the Hong Kong Stock Exchange Main Board, with Agricultural Bank International as the exclusive sponsor. Company Overview According to the prospectus, Hope Sea is a China-based comprehensive supply chain solutions provider specializing in cross-border supply chain solutions for electronic products, especially various types of integrated circuits. The company's clients cover more than 40 vertical industries, including IoT communications, semiconductors, intelligent Siasun Robot & Automation solutions, and industries in the new energy field. According to Frost & Sullivan data, the market for cross-border comprehensive supply chain solutions for electronic products in China is highly fragmented, with the top five market participants expected to account for 5.21% of the market share by GMV in 2024. The company is expected to be the fourth largest market participant by GMV in 2024, with a market share of approximately 0.64%. The company's comprehensive solutions include the integration of "Four Flows": Goods Flow (from international upstream suppliers to customer's operating locations in mainland China), Fund Flow (settling the purchase price of goods with international suppliers), Information Flow (real-time tracking of goods and fund flow, synchronizing information with customers), and Commerce Flow (seamless integration of goods flow, fund flow, and information flow to complete end-to-end transactions with customers and suppliers). Additionally, the company offers logistics and warehousing solutions, with some customers choosing to use these solutions separately. The company's warehouse operations are tailored for storing electronic products in a secure, temperature and humidity-controlled environment, with precise inventory management and operational processes to prevent damage to sensitive electronic products. During the performance record period, the company's supply chain solutions primarily focused on importing electronic products from customers' global suppliers to the domestic market in China. The company generates revenue by providing services fees to customers for supply chain solutions (typically calculated as a percentage of GMV). Leveraging the stable cash flow generated from supply chain solutions, the company further generates income through cross-border financing arrangements. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's main operating revenue was approximately RMB 221 million, RMB 235 million, and RMB 268 million respectively. Profit In the fiscal years 2023, 2024, and 2025, the company's annual profits were RMB 83.69 million, RMB 85.53 million, and RMB 108 million respectively. Industry Overview From 2020 to 2024, the international trade market for electronic products in China experienced fluctuations, with a compound annual growth rate of 2.9%. From 2020 to 2022, the trade volume increased from RMB 9.1 trillion to RMB 10 trillion due to accumulated orders caused by production stoppages during the pandemic; however, in 2023 and 2024, with the gradual recovery of the global electronic products market, the trade volume fluctuated to RMB 9.5 trillion and RMB 10.2 trillion respectively. In the foreseeable future, driven by the surge in demand in the global electronic products market due to the recovery of the global economy, the international trade market for electronic products in China is expected to promote the recovery process. It is estimated that from 2025 to 2029, the international trade volume of electronic products in China will grow at a compound annual growth rate of 6.1%, reaching an estimated RMB 13.9 trillion by 2029. With continued growth in international trade, increased demand for downstream customer supply chain services, and the upgrading of supply chain services, the size of the cross-border supply chain service market for electronic products in China is experiencing rapid growth and is expected to continue growing in the future. According to Frost & Sullivan data, the GMV of the cross-border supply chain service market for electronic products in China increased from RMB 8.4 trillion in 2020 to RMB 9.5 trillion in 2024, with a compound annual growth rate of 3.1%; it is projected to reach RMB 13.3 trillion by 2029, with an estimated compound annual growth rate of 6.9% from 2025 to 2029. Driven by intensified market competition and rising cost pressures, companies are gradually shifting towards becoming comprehensive supply chain solution providers for cross-border operations to manage their international supply chain operations holistically. The GMV of the cross-border comprehensive supply chain solution market for electronic products in China increased from RMB 4.5 trillion in 2020 to RMB 5.6 trillion in 2024, with a compound annual growth rate of 5.6%. As comprehensive solution providers reduce costs through economies of scale and expertise, while providing value-added services and information analysis to enhance operational efficiency, more Chinese companies are inclined to outsource their supply chain processes to comprehensive supply chain solution providers. Therefore, it is estimated that the GMV of the cross-border comprehensive supply chain solution market for electronic products in China will reach an estimated RMB 8.9 trillion by 2029, with an expected compound annual growth rate of 9.5% from 2025 to 2029. According to Frost & Sullivan data, the market size of the cross-border comprehensive supply chain solution market for electronic products in China reached RMB 5.6 trillion in 2024, with the top five providers holding a combined market share of 5.21%. In 2024, the company ranked fourth among comprehensive solution providers for the cross-border supply chain services of electronic products in China, with a market share of 0.64%. Board Information The company's board consists of 6 directors, including 2 executive directors, 1 non-executive director, and 3 independent non-executive directors. Equity Structure As of March 9, 2026, Hope Atlas and Hope Horizon held company shares of 76% and 24% respectively. Mr. Feng, Ms. Yang, and Ms. Feng control the company through Hope Atlas (with Mr. Feng and Ms. Yang as directors) and Hope Horizon (with Ms. Feng as a director). Chunhui Family Trust is a reserved power trust established under the laws of the British Virgin Islands, with Mr. Feng and Ms. Yang as settlers and Tricor Equity Trustee Limited as the professional trustee. Mr. Feng and Ms. Yang (both major shareholders) control the voting rights associated with the shares held by Hope Atlas. Mr. Feng and Ms. Yang are married. Yucheng Family Trust is a reserved power trust established under the laws of the British Virgin Islands, with Ms. Feng as the settlor and Tricor Equity Trustee Limited as the professional trustee. Ms. Feng (one of the major shareholders) controls the voting rights associated with the shares held by Hope Horizon. Ms. Feng is the daughter of Mr. Feng and Ms. Yang. Intermediary Team Exclusive Sponsor: AGENDA Finances Limited Legal Advisor: Wei Kai Law Firm on Hong Kong laws and U.S. laws and international sanctions laws; Deheng Law Firm (Shenzhen) on Chinese laws and Chinese intellectual property laws; Liyue Law Firm on Chinese legal data compliance; Harney Westwood & Riegels on laws of the Cayman Islands Legal Advisor for the Exclusive Sponsor: Astell Law Firm on Hong Kong laws and U.S. laws; Translaw Firm on Chinese laws Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan Consulting Co. Ltd. Shanghai Branch