New Stock News | Sublime China Information (301299.SZ) Re-files for Listing on the Hong Kong Stock Exchange, Ranking Second in China's Commodity Information Service Industry.

According to a disclosure by the Hong Kong Stock Exchange on August 25, Shandong Sublime China Information Co., Ltd. (referred to as Sublime China Information, stock code: 301299.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) acting as its sole sponsor. This is the companys second application to the Hong Kong Stock Exchange. According to Zheshang Consulting, based on revenue for 2025, the company ranks second in the Chinese commodity information service industry, holding a market share of 12.4%, while the largest market participant in the same year has a market share of 27.7%. Company Overview The prospectus shows that Sublime China Information is a provider of commodity information services in China, focusing on market data monitoring, price assessment, and market research analysis for multi-category bulk commodities. The company primarily offers subscription-based commodity information services within China, covering areas such as energy commodities, basic raw materials, and agricultural products. The company emphasizes energy commodities, which represent a branch of the overall commodity information service industry in China. The company is committed to establishing the Shandong Zhuo Chuang Information Commodity Price Benchmark System (Zhuo Chuang Price Benchmark), creating a data-centric, specialized information service model to match the core needs of clients of various sizes across different economic cycles, thus aiding clients in making efficient decisions in key business scenarios such as pricing in commodity trading. According to Zheshang Consulting, based on 2025 revenue, the company ranks first in the energy commodities sector (including but not limited to crude oil, natural gas extraction products, and chemical raw materials and products) within China's commodity information service industry, holding a market share of approximately 31.9%, highlighting the industry status of its core business. Sublime China Information provides clients with data support and decision-making solutions based on comprehensive, timely, and continuous standards, aiding them in the digital upgrade and efficiency enhancement of their decision-making processes. Leveraging technologies such as big data and artificial intelligence model algorithms, the company has developed a digital service system for commodities that covers data collection, intelligent analysis, decision support, and ecological collaboration. The company delivers timely, objective, and continuous market data, industry dynamics, professional analyses, and price assessments to offer users comprehensive services in commodities. During the historical record period, the companys business operations spanned 25 commodity industries, relying on over 120,000 global information sources to continuously accumulate and form a scalable and structured data asset system. Through its self-developed data storage and classification framework, the company categorizes all data into price data, supply and demand fundamentals, prediction data, index data, and other categories, establishing a data infrastructure that supports efficient market decision-making. During the historical record period, Sublime China Information's business segments included (i) information services, (ii) digital intelligence services, (iii) consulting services, and (iv) exhibition services. As of June 30, 2026, the company operated over 900 comprehensive and vertical industry research homepages, covering approximately 1,200 types of commodities and published about 95 commodity industry indices. During the historical record period, the company typically communicated with the market over 17,000 times daily, updating more than 35,000 pieces of market price-related data. As of June 30, 2026, the company had accumulated more than 6.8 million registered clients. The companys main clients include (1) commodity purchasers, suppliers, and traders; (2) state-owned leading enterprises in the oil, petrochemical, gas, coal chemical, and renewable energy industries; (3) commodity futures exchanges; (4) organic chemical raw material manufacturing enterprises; and (5) media and research institutions. In the fiscal year 2025 and the first six months of 2026, the company established partnerships with over 190 of the 2025 Fortune Global 500 companies and their subsidiaries, as well as over 260 of the 2025 Fortune China 500 companies and their subsidiaries. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, and in the first six months of 2026, the company achieved revenues of approximately 284 million yuan (RMB, the same below), 294 million yuan, 356 million yuan, and 185 million yuan, respectively. Gross Profit and Gross Profit Margin In the fiscal years 2023, 2024, and 2025, and in the first six months of 2026, the company recorded gross profits of approximately 170 million yuan, 193 million yuan, 223 million yuan, and 118 million yuan, with corresponding gross profit margins of 59.9%, 65.6%, 62.7%, and 63.7%, respectively. Profit for the Year/Period In the fiscal years 2023, 2024, and 2025, and in the first six months of 2026, the company recorded profits for the year/period of approximately 52.066 million yuan, 70.509 million yuan, 71.125 million yuan, and 41.292 million yuan, respectively. Industry Overview The global commodity information service market size has continued to grow steadily, increasing from 35.9 billion yuan in 2021 to 42.3 billion yuan in 2025, with a compound annual growth rate (CAGR) of 4.2%. From 2026 to 2030, it is expected that the global market size will grow at a CAGR of 6.0%, reaching 55.4 billion yuan by 2030. In terms of regional distribution, in 2025, the global commodity information service market was mainly concentrated in mature markets, with the United States accounting for approximately 50.0% of the total market size, followed by the European Union at about 30.0%, while China accounted for 5.9% of the share. As the Chinese commodity information service industry continues to expand, it is expected that Chinas share of the global market will gradually increase during the forecast period. China's commodity information service market is showing a trend of overall accelerated expansion and continuous structural optimization. Price assessment and market insights form the core foundational business, maintaining a stable growth trend overall. Meanwhile, data intelligence services, as the main driving segment for industry growth, have rapidly improved in recent years with the ongoing application of new technologies, promoting digital operation in enterprises, establishing risk management systems, and advancing intelligent decision-making applications. It is expected that over the next five years, it will maintain a growth rate higher than the industry average. The size of China's commodity information service market is projected to grow from 2 billion yuan in 2021 to 2.5 billion yuan in 2025, with a CAGR of 5.4%. It is anticipated that from 2026 to 2030, the size of China's commodity information service market will rapidly grow to 4 billion yuan at a CAGR of 11.4%. By 2025, the energy commodities segment of China's commodity information service market is projected to reach 600 million yuan, while the largest segment, basic raw materials, is expected to reach 1.4 billion yuan, and the agricultural products segment is expected to reach 500 million yuan. China has become the world's largest importer of commodities, but its commodity information service market still has a relatively limited share globally. First, compared to the global commodity information service industry, China's industry has been developing for less than thirty years and is still in a phase of rapid growth and system construction, and it remains in a stage of continuous exploration and accumulation in building globally influential price benchmarks. Second, the business scope of Chinese commodity information service providers is primarily concentrated in the Chinese market, with relatively small scale and customer coverage in international markets. Third, willingness to pay for professional information services is well established in mature markets in Europe and the United States, while in China, the overall maturity of companies recognition of the intrinsic value of professional information services and their willingness to pay still needs improvement, with room for increased market penetration. It is noteworthy that in recent years, China's policy environment has continued to optimize, accelerating the process of data assetization, and with the guidance of maintaining industrial safety and promoting data compliance, companies along the upstream and downstream of the commodity supply chain are increasingly inclined to procure products and services from compliant local providers. This policy guidance is conducive to the long-term development of the domestic information service industry. Board Information The board currently consists of seven directors, including four executive directors and three independent non-executive directors. Shareholding Structure Mr. Jiang Hulin directly holds 24.21%, and holds 10.60% through Zibo Wangzhiyi, totaling a shareholding of 34.81%; other A-share shareholders collectively hold 65.19%. As of the last practicable date, Zibo Wangzhiyi is directly held 91.74% by Mr. Jiang, who is deemed, under the Securities and Futures Ordinance, to have an interest in the shares held by Zibo Wangzhiyi. Based on the total number of A shares that are issued as of the last practicable date, which is 60,662,620 shares. Intermediary Team Sole Sponsor: Ping An Insurance Capital (Hong Kong) Limited Company Legal Advisors: For Hong Kong law: King & Wood Mallesons; For Chinese law: Beijing King & Wood Mallesons; For Data Compliance Chinese Law: Beijing Dentons Law Offices Sole Sponsor Legal Advisors: For Hong Kong law: Deacons; For Chinese law: Beijing DeHeng Law Offices Auditors and Reporting Accountants: ShineWing Certified Public Accountants (Hong Kong) Limited Industry Consultant: Zheshang Industry Consulting Co., Ltd. Property Valuer: Shanghai Dongzhou Asset Appraisal Co., Ltd. Compliance Advisor: Hongbo Capital Limited.