New Stock News | Leading company in the scene risk dragon head white pigeon passed the hearing at the Hong Kong Stock Exchange, with revenue growth of nearly 90% in two years.

According to the disclosure by the Hong Kong Stock Exchange on June 16th, Pigeon Online (Xiamen) Digital Technology Co., Ltd. (referred to as Pigeon Online) has gone through the listing hearing on the main board of the Hong Kong Stock Exchange, with CMBC CAPITAL and BOC International as joint sponsors. As a leading third-party scenario insurance intermediary, Pigeon Online has been focusing on digital risk management since its establishment in 2015, building a unique competitive advantage with scenario insurance as the core. The company generates revenue through insurance transaction services, precision marketing and digital solutions, and third-party administration services (TPA services). Different from traditional insurance intermediaries, Pigeon Online actively identifies and explores risk management needs in different scenarios, embedding digital insurance services into nine major ecosystems including travel, health, and public services. According to Zhushi Consulting, based on total premium calculation by 2025, Pigeon Online ranks first in China's third-party scenario internet insurance intermediaries with a market share of 3.1%; fifth in China's scenario internet insurance intermediaries; and twelfth in China's internet insurance intermediaries. The company's self-developed end-to-end SaaS application system "Pigeon eBao" provides the foundation for designing and delivering highly customized insurance products in different scenarios. The company adopts dynamic configuration technology, with a processing speed of up to 100,000 policies per second and a daily policy processing capacity of over 50 million. The claims management platform enables online claim reporting, system OCR recognition, claims progress tracking, and online claim response time within three minutes. As of June 8, 2026, Pigeon Online has connected over 398 million insured persons, allowing the company to expand its database and enhance its understanding of insured person data. With data from over 8 billion policies and over 227,900 claims reports accumulated in 80 categories of scenarios. While iterating and upgrading its digital intelligent infrastructure, Pigeon Online is developing models such as ARK, FS, AI Vision, Lejian, Rui Xi, and Witness Trust. On one hand, functions such as scenario risk prediction, intelligent premium pricing, and insurance claims prediction help to generate customized solutions efficiently. On the other hand, the company continues to productize large-scale service models, gradually transitioning from "business-driven data" to "data-driven business." Financially, Pigeon Online has maintained steady revenue growth in recent years, with revenues increasing from 660 million yuan in 2023 to 1.227 billion yuan in 2025, a growth of nearly 90% in two years. Among which, insurance transaction services as the core revenue source for Pigeon Online, with revenues of 536 million yuan in 2023, 825 million yuan in 2024, and 821 million yuan in 2025; gross profit margins have steadily increased, reaching 9.1%, 9.8%, and 11.5% respectively during the same period, showing a good trend of maintaining a high revenue scale and continuously improving profitability.