New stock news | Shuju Zhilian submitted an application to the Hong Kong Stock Exchange as a technology-driven full-service brand operator.

According to the disclosure from the Hong Kong Stock Exchange on March 31, Beijing Shuju Zhilian Technology Co., Ltd. (referred to as Shuju Zhilian) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huaxing Capital as the exclusive sponsor. Company Profile The prospectus shows that Shuju Zhilian is a technology-driven full-chain brand operator. By combining local expertise with global market capabilities, the company helps overseas brands develop in the Chinese market and also promotes Chinese brands on the global stage. With long-term insights into the consumer goods industry, the company uses its own technology and operational experience to assist brand partners in diversifying market layouts and accelerating sales growth. This successful collaboration has allowed the company to cultivate a rich and diverse global brand portfolio in both domestic and international markets. According to Frost & Sullivan data, based on the GMV generated by comprehensive e-commerce platforms, the company is expected to rank among the top ten brand e-commerce solution companies in mainland China by 2024. With GMV calculated from JD.com in 2024, the company is a leading company in this category. According to Frost & Sullivan data, based on the GMV of consumer electronics in 2024, the company ranks first in the branding e-commerce solution industry in mainland China. The company's value and achievements have been widely recognized by brand partners and e-commerce platforms. The company is one of the few brand operators in mainland China that has obtained official recognition from multiple mainstream platforms. The company's professional capabilities have been endorsed by leading platforms: JD.com: Rated as "JD Excellent Agency Service Provider" and "JD Beauty Five-Star Quality Merchant"; winner of the JD Health Iron Dongqing Award and "JD Annual Outstanding Agency Service Provider". Tmall: Awarded the title of "Star Service Provider" for multiple years; Certified as Tmall Ecology - Super V-Partner; Listed on the "Tmall Fast-Moving Consumer Goods Industry Ecological Honorary Partner" list; Rated as "Double 11 Comprehensive Service Excellent Service Provider". Douyin: Certified as "Douyin E-commerce Bronze Brand Service Provider". The company's operations are built on two complementary business models: the product sales model and the service provider model. It is worth noting that during the reporting period, most of the company's revenue came from the product sales model. Under this model, the company purchases products from brand partners or their authorized distributors, owns the full ownership of the inventory, and then resells the brand products directly to consumers or e-commerce platforms and distributors. This fundamentally aligns the company's interests with the success of brand partners, as the company's profitability directly depends on sales performance, creating a truly win-win partnership. These business models are implemented through three integrated business segments. Financial Data Revenue During the reporting period, the company's revenue came from: (i) domestic e-commerce brand operation, including product sales and service provision; (ii) total agency and authorized brand operation; and (iii) overseas e-commerce brand operation. The company's revenue decreased from RMB 15.93 billion in 2023 to RMB 13.79 billion in 2024, mainly due to a decline in revenue from domestic e-commerce brand operations. The company's revenue increased from RMB 13.79 billion in 2024 to RMB 16.08 billion in 2025, mainly due to an increase in revenue from overseas e-commerce brand operations. Annual Profit The company recorded annual profits of RMB 80.48 million, RMB 9.168 million, and RMB 43.39 million in 2023, 2024, and 2025, respectively. Gross Profit and Gross Margin The company recorded gross profits of approximately RMB 341 million, RMB 269 million, and RMB 372 million in 2023, 2024, and 2025, respectively. The company's gross margin slightly decreased from 21.4% in 2023 to 19.5% in 2024, then increased to 23.1% in 2025. The increase in gross margin in 2025 was mainly attributed to the optimization of the company's brand portfolio and the contribution brought by the newly expanded overseas e-commerce brand operations. Industry Overview In recent years, the global retail e-commerce industry (selling goods to consumers through digital platforms) has been expanding rapidly. With the continuous digitization of retail channels, improved logistics and payment infrastructure, increasing consumer acceptance of online shopping, and the rapid proliferation of mobile internet, the global retail e-commerce transaction volume has been steadily growing in major regions. According to Frost & Sullivan data, based on GMV calculations, the market size of the global retail e-commerce industry increased from $3.7 trillion in 2019 to $6.9 trillion in 2024, with a compound annual growth rate of 13.3%. In 2024, based on GMV calculations, mainland China is the largest retail e-commerce market globally. Looking ahead, the market size of the global retail e-commerce industry is expected to continue growing and reach about $11.8 trillion by 2029, with a compound annual growth rate of 11.3% from 2024 to 2029. In 2024, the market size of the branding e-commerce solution industry in mainland China (calculated by GMV) reached RMB 1.3 trillion, and is expected to grow at a compound annual growth rate of 11.7% from 2024 to 2029, reaching RMB 2.2 trillion by 2029. The continued increase in online channel penetration, coupled with brands accelerating their digital transformation strategies, is expected to continue driving the growth of e-commerce transaction volumes. Brand e-commerce solution companies, with mature channel resources, operational experience, and data-driven capabilities, help brands improve traffic acquisition efficiency and customer retention rates, strengthening their competitiveness on various online platforms. E-commerce platforms are mainly divided into: (a) comprehensive e-commerce platforms, such as Tmall and JD.com, which serve as digital markets for consumers to search, browse, compare, and purchase goods; and (b) emerging e-commerce platforms, such as Douyin and Xiaohongshu, which integrate shopping functions into short videos or social media platforms, allowing consumers to shop through live streams, videos, and visual and textual content. With mature traffic ecosystems, standardized transaction infrastructure, and relatively stable platform rules, comprehensive e-commerce platforms make significant contributions to the branding e-commerce solution industry in mainland China, with a market size of RMB 899.8 billion in 2024, accounting for 70.6% of the industry. On the other hand, emerging e-commerce platforms are expected to achieve faster growth, with an annual compound growth rate of 17.2% from 2024 to 2029. Board of Directors and Management Information The company's board of directors currently consists of eight directors, including five executive directors and three independent non-executive directors. Equity Structure As of the last practicable date, Mr. Xiong holds a direct interest of 16.72% in the company. In addition, the employee stock platform, Huanxin Blue Innovation, holds an 11.98% equity interest in the company, of which Mr. Xiong holds an 8.47% interest. Mr. Xiong (as a general partner of Huanxin Blue Innovation) has the right to exercise all the voting rights attached to the shares held by Huanxin Blue Innovation. Therefore, Mr. Xiong has the right to exercise the voting rights attached to 28.70% of the company's issued share capital. Following [editing], Mr. Xiong and Huanxin Blue Innovation will become the single largest shareholder group of the company, and the company will not have any controlling shareholders as defined by the Listing Rules after [editing]. Intermediary Team Exclusive Sponsor: Huaxing Securities (Hong Kong) Co., Ltd. Legal Counsel: For Hong Kong law: Han Kun Law Offices Limited liability partnership; For Chinese law: Fangda Law Firm Independent Auditors and Reporting Accountants: KPMG Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: SOMERLEY CAP Limited Company