New stock news | Kaisho E-commerce submits application to Hong Kong Stock Exchange as China's fifth largest digital retail solution provider.

According to the disclosure by the Hong Kong Stock Exchange on May 28, Shanghai Kaijie Electronic Commerce Co., Ltd. (referred to as "Kaijie E-commerce") has submitted applications to the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. acting as the exclusive sponsor. Kaijie E-commerce had submitted its listing application to the Hong Kong Stock Exchange on November 28, 2025. Company Introduction The prospectus shows that Kaijie E-commerce is a Chinese digital retail solutions provider, dedicated to providing omni-channel digital retail solutions for widely recognized brands. As a digital retail solutions provider, the company offers comprehensive and customized digital retail solutions to brand owners, assisting them in efficiently establishing e-commerce infrastructure and driving online sales to enhance operational efficiency and accelerate business growth. The company's solutions cover the entire value chain of the e-commerce industry ecosystem, including brand positioning, product development consulting, retail operations, channel management, marketing promotion, order fulfillment, and data and information technology services. Generally, the company procures products from brand owners, who seek to use the company's advantages to improve sales performance. The company then sells these products to end consumers, e-commerce platforms, or distribution partners. The company also provides brand owners with services such as traffic acquisition and brand services, e-commerce store operation services, brand value enhancement services, and/or data and information technology services. According to data from Zhishi Consultancy, based on GMV in 2025, the company is the fifth-largest digital retail solutions provider in China with a market share of 1%, and the largest O2O digital retail solutions provider. The Chinese digital retail solutions market is vast and highly fragmented, with increasing competition as the industry expands. According to Zhishi Consultancy, in 2025, the top five market participants in the Chinese digital retail solutions market collectively held a total market share of about 10%, with the company's market share around 1% in the same year. Since its establishment, the company has served over 200 brands, including over 100 international brands, covering industries such as food and beverage, beauty and personal care, baby and children, trendy products, pets, health and outdoor sports, as well as chain enterprises. In 2024, the company's brand owners included nearly 50% of Fortune 500 fast-moving consumer goods companies. The company has maintained an average relationship of over nine years with major brand owners. Currently, the company has established a multi-channel network covering over ten core digital retail platforms such as Tmall, JD.com, Douyin, Pinduoduo, etc. The company currently provides brand e-commerce services through key channels including online authorized flagship stores on major platforms like Tmall, JD.com, and Pinduoduo, O2O platforms like Meituan and Taobao Flash Sale, and social media/content-driven channels such as Douyin, WeChat Mini Programs, and Xiaohongshu. Since 2018, the company has been awarded the "Tmall Six-Star Service Provider" for eight consecutive years. The company has also received awards, certifications, and qualifications from major e-commerce platforms such as JD.com, Douyin, Meituan, and Taobao Flash Sale. Financial Information Revenue The company recorded revenues of approximately RMB 1.723 billion, RMB 1.699 billion, and RMB 1.757 billion in 2023, 2024, and 2025, respectively. Net Profit The company recorded net profits of RMB 67.59 million, RMB 60.434 million, and RMB 60.86 million in 2023, 2024, and 2025, respectively. Gross Profit The company recorded gross profits of approximately RMB 395 million, RMB 370 million, and RMB 387 million in 2023, 2024, and 2025, respectively. Industry Overview Currently, the overall penetration rate of digital retail in China is steadily increasing, from 22.9% in 2021 to 29.5% in 2025, with the market size continuing to expand. The market size of China's digital retail will increase from RMB 10.1 trillion in 2021 to RMB 14.8 trillion in 2025, with a compound annual growth rate of around 10.1%. Looking into the future, the market size is expected to continue growing, reaching RMB 22.0 trillion by 2030. The rapid growth of the Chinese digital retail solutions market is driven by several factors, including the continuous growth of digital consumption, constant innovation in digital technology, and strong policy support. According to Zhishi Consultancy, based on GMV, the market size will expand from RMB 1.4 trillion in 2021 to RMB 2.2 trillion in 2025, with a compound annual growth rate of 12.3%. Looking ahead, the market is expected to continue growing, reaching RMB 3.8 trillion by 2030, with a forecast compound annual growth rate of 12.1%. According to Zhishi Consultancy, among various retail categories, trendy products, healthcare, and pet care products are experiencing the fastest growth in the digital retail solutions market. From 2021 to 2025, the market sizes of these categories will increase from RMB 1.1 billion, RMB 66.8 billion, and RMB 6.5 billion to RMB 3.9 billion, RMB 190.6 billion, and RMB 17.7 billion, respectively, with compound annual growth rates of 36.1%, 30.0%, and 28.6%. This momentum is expected to continue, with market sizes reaching RMB 15.3 billion, RMB 496.3 billion, and RMB 68.7 billion by 2030, with compound annual growth rates of 29.6%, 21.0%, and 29.6% from 2026 to 2030. The beauty and personal care category has a relatively large market size, increasing from RMB 333.1 billion in 2021 to RMB 571.3 billion in 2025, expected to reach nearly RMB 954.5 billion by 2030. Meanwhile, propelled by evolving consumer demands and the increasing popularity of urban outdoor lifestyles, the outdoor sports category is becoming a new growth driver. Board of Directors and Management Information The company's board of directors consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. The board of directors is responsible for overseeing and managing the company's operations. Ownership Structure As of the latest practicable date, Mr. Xu, Shanghai Kaiye, Mr. You Minyong, Mr. Han, Shanghai Kaipeng, Mr. Xu Zhiwen, Shanghai Kaixian, Shanghai Lanhao, and Shanghai Kai'a directly hold approximately 22.48%, 11.13%, 8.66%, 8.03%, 7.69%, 6.61%, 3.18%, 2.02%, and 1.13% respectively. Shanghai Kaiye, Shanghai Kaipeng, Shanghai Kaixian, Shanghai Lanhao, and Shanghai Kaihua (referred to as the "controlling entities") are limited partnerships controlled by Mr. Xu or Mr. Han, where (i) Shanghai Kaiye's general partner is Shanghai Chuyuan, owned by Mr. Xu 80%; (ii) Shanghai Kaipeng's general partner is Shanghai Haozhong, owned by Mr. Xu 99%; and (iii) Shanghai Kaixian, Shanghai Lanhao, and Shanghai Kaihua's general partners are Mr. Han. Intermediary Team Exclusive Sponsor: China Securities Co., Ltd. (International) Financing Co., Ltd. Company Legal Advisor: Hong Kong Law: Astor Law Firm; Chinese Law: Shanghai Jintiancheng Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Consultant: Zhishi Market Information Services (Shanghai) Co., Ltd.