US IPO analysis | The "middle-aged business" of S2B2C private-domain e-commerce: What growth story is Global Home Select (QQJ.US) telling?

US IPO analysis | The "middle-aged business" of S2B2C private-domain e-commerce: What growth story is Global Home Select (QQJ.US) telling? The US listing journey of e-commerce platform Global Home Select resembles a "marathon." On April 27, 2022, Global Home Select confidentially filed with the SEC, sounding the "horn" for the company's US IPO. At that time, only 7 months had passed since the establishment of its domestic operating entity Renmi (Hangzhou) Network Technology Co., Ltd., a speed that amazed the market. But little did anyone expect that after the initial public F-1 filing on February 7, 2024, Global Home Select has still not completed its US listing to this day, and four and a half years have passed since the company's first confidential filing. It has been observed that the latest listing news for Global Home Select was on June 11, 2026, when it updated its prospectus for the fourth time. According to the prospectus, Global Home Select applied to list on Nasdaq under the ticker "QQJ." It intends to issue 5 million shares in this IPO at a price of US$5-7, raising up to US$35 million. It is worth noting that the company's previous fundraising plan was to issue 2.25 million shares at US$4-5, raising up to US$11.25 million. This means that Global Home Select's latest maximum fundraising amount is more than 3 times the previous figure, and the company's valuation has risen accordingly. But its performance runs counter to its valuation. In fiscal year 2025 (the 12 months ended September 30), Global Home Select's revenue was approximately US$10.2731 million, down 17.7% year on year, and net profit was US$1.8303 million, down 65.8% year on year. As the scissors gap between rising valuation and falling performance widens noticeably, whether Global Home Select can obtain sufficient subscription from the market to achieve a smooth listing remains unknown. So what exactly gives Global Home Select the confidence to challenge Nasdaq? Multiple factors create a "contrarian outlet" during the dividend fade period Looking back at the development of the e-commerce industry, Global Home Select, founded at the key time node of 2021, can be said to have caught a "small contrarian outlet" just as the social e-commerce industry dividend was fading. In that year, the group standard "Operating Service Specifications for Social E-commerce Enterprises" officially took effect in February, and under continuously tightening policy supervision the industry accelerated its shakeout; moreover, in September the Ministry of Industry and Information Technology required the unblocking of external links, and in November WeChat opened Taobao and Douyin external links point-to-point and trial-opened e-commerce links in group chats. This meant that the traffic arbitrage space that social e-commerce had relied on in the past"WeChat closed ecosystem + induced sharing + fission posters"was substantially compressed. This trend quickly transmitted to the primary market. According to the 100EC.CN methodology, the number of social e-commerce financing events in 2021 fell by about 22% year on year. After capital cooled, platforms no longer burned money to subsidize commissions, price-sensitive users churned along with the subsidies, and the early dividends of distribution-fission social e-commerce began to fade at an accelerating pace. More critically, the main battlefield of livestream e-commerce, which was in full swing in 2021, was "younger + content-driven," mainly targeting young incremental users in the market, while the trust-based consumption of middle-aged people aged 40 and above had not been fully tapped. Under the combined effect of the above multiple factors, a "vacuum zone" appeared in the market. The small-B users who previously made money doing WeChat business still retained the mindset of "light entrepreneurship, save money by self-purchasing, make money by sharing," but platforms under the old model such as Beidian, Yunji, and Taoxiaopu had already suffered credit bankruptcy, and the market urgently needed compliant, reliable platforms to take on this real demand. To address this pain point in demand, Global Home Select, founded in 2021, aims to build a comprehensive ecosystem integrating business, shopping, entertainment, and social networking for people aged 40 and above. It stepped into the gap between the "credit ruins of old distribution-based social e-commerce" and the "crowds not covered by new livestream e-commerce." This position looked niche at the time, but was in fact the most reasonable entry point amid changes in industry trends. Global Home Select sets no "entry fee" threshold, no multi-level team compensation, and does not use headcount recruitment as a profit source, fundamentally avoiding the compliance risks of the traditional distribution model. On this basis, the company relies on the S2B2C business model to transform massive small-B users into private-domain service nodes, and with a complete supply chain system and digital middle-platform capabilities, turns "light entrepreneurship" into sustainable service profit-sharing, thereby taking on the existing demand released by the market. GMV grows nearly 10%, operating indicators diverge After nearly five years of development and accumulation, Global Home Select, which caught the "contrarian outlet," has begun to take shape, as shown across various dimensions. According to the prospectus, at the supplier level, the company selects suppliers through a strict screening process and provides goods across all categories; in fiscal year 2025, Global Home Select's platform cooperated with 1,386 suppliers, launched 17 categories and a total of 40,909 SKUs, all from third-party suppliers, focusing on asset-light expansion. At the user level, from the start of operations in June 2021 to September 30, 2025, Global Home Select's platform cumulatively reached 839,400 consumers, including 466,600 B-end and 372,800 C-end users, covering 31 provincial-level administrative regions in mainland China. While the platform's consumer reach exceeded 800,000, some of Global Home Select's operating indicators showed clear divergence. In fiscal year 2025, Global Home Select's GMV was US$46.4 million, up 9.18% year on year. But order volume during the reporting period was 1.3 million orders, down 38.5% year on year. The nearly 40% decline in order volume indicates that the platform's underlying transaction activity and private-domain distribution base are contracting. Behind the decline in order volume alongside GMV growth is the rise in average order value, which supported the platform's total transaction scale. Yet the high-single-digit growth in GMV did not reverse the company's revenue downturn. Data show that in fiscal year 2025, Global Home Select's revenue was US$10.2731 million, down 17.7% year on year, a decline of nearly 20%. The divergence between GMV and revenue is because the company adopts the S2B2C model, and revenue is not recognized at the full amount of GMV but booked on a net basis through platform service fees, supplier service fees, and similar items. After the monetization rate narrowed, revenue declined accordingly. On this basis, because the doubling of B-end distribution rebate expenses amid contracting order frequency directly squeezed gross profit, gross margin fell from 49% to 42%; combined with the rigidity of R&D and selling and administrative expenses, these two factors further suppressed the company's profit release. Although other income recorded gains such as short-term investment income, they could not offset the weakness on the profit side, and net profit in fiscal year 2025 fell 65.8%. It can thus be seen that the decline in Global Home Select's fiscal year 2025 performance was jointly caused by multiple factors: the contraction in the active efficiency of the private-domain distribution network eroded the high-gross-margin platform monetization base, while distribution rebate costs expanded in reverse and suppressed profit release. Big players moving downstream intensify external pressure; IPO fundraising may open a window for adjustment If Global Home Select grew by stepping into the gap between the "credit ruins of old distribution-based social e-commerce" and the "crowds not covered by new livestream e-commerce," then with the intensification of external pressure in recent years, this survival gap has gradually narrowed. In livestream e-commerce, Douyin and Video Accounts are pushing into silver-haired livestreaming, using public-domain content to directly reach middle-aged users and divert private-purchase traffic. In traditional shelf e-commerce, Taobao has launched an elder mode and JD HEALTH is deeply cultivating family health consumption, using authentic-product endorsement and mature supply chains to seize health-category customers. In social e-commerce, Pinduoduo relies on massive white-label supply chains to form strong price competition in categories such as household daily necessities and basic foods. The accelerated tapping of middle-aged user value by major e-commerce giants has eroded Global Home Select's potential growth space, and the high proportion of health-related products leaves Global Home Select somewhat lacking in resilience when facing external pressure. Although Global Home Select had as many as 40,909 SKUs in fiscal year 2025, the core category that truly drives GMV is health-related products. In fiscal year 2023, health-related products accounted for 48.74% of GMV, nearly half. Although fiscal year 2025 did not disclose GMV by sub-category, from the category strategy perspective, health consumption remains the core support for the platform's private-domain repurchases and high-ticket conversion. Clearly, in the face of multi-dimensional downstream pressure from e-commerce giants, Global Home Select, which has not developed across all categories, may have fallen into a trend-based development dilemma, and the nearly 40% decline in order volume in fiscal year 2025 is a key signal worth noting, perhaps foreshadowing that the platform's underlying transaction activity and private-domain distribution base have begun to contract. In the face of such difficulties, the use of IPO proceeds can reflect the company's "response strategy" to a certain extent. According to the prospectus, the net proceeds raised by Global Home Select will be used for user growth and channel expansion, small-B training, mobile and middle-platform technology upgrades, supply chain category expansion and quality control, and so on. It is not hard to see that Global Home Select's primary goal remains to revitalize its middle-aged private-domain base, promote users from existing repurchases to breaking out toward new customers, and while stabilizing health categories through both middle-platform technology and supply chain, expand categories to meet users' diversified needs. If Global Home Select can successfully list and efficiently implement the above arrangements, the company is expected to win a valuable adjustment window in a market environment of intensifying external competition. But if progress falls short of expectations, then the fundraising will only slow the slope rather than reverse the trend of the company's fundamental contraction.