Zhenkun plans to go public in the US and has obtained the filing with the China Securities Regulatory Commission (CSRC). It intends to be listed on the New York Stock Exchange.

On November 3rd, the International Cooperation Department of the China Securities Regulatory Commission issued a notice of overseas issuance and listing filing for ZKH Group Limited. The company plans to issue no more than 924,127,680 ordinary shares and list on the New York Stock Exchange in the United States. As a leading MRO procurement service platform in China, ZKH Group provides customers with one-stop MRO procurement and management services, as well as digital fulfillment solutions for participants in the industry value chain. To meet the needs of different types of customers, ZKH Group has two platforms, namely "ZKH Group" and "Gongbangbang". The "ZKH Group" platform mainly serves medium and large enterprises, while the "Gongbangbang" platform serves small and micro enterprises. In terms of business models, ZKH Group follows a typical "self-operated" model, which means it purchases products directly from suppliers and sells them to customers. In 2022, its product revenue accounted for 97% of the total revenue. Although the company has introduced a marketplace model since February 2019, the proportion of service revenue from the platform was less than 3% in 2022. In terms of products, ZKH Group's SKU covers all major MRO product lines, including spare parts, general consumables, administrative supplies, manufacturing and processing, and chemicals, among others. As of December 31, 2022, there were approximately 17.3 million available SKUs on the company's platform. The rich product range meets the needs of customers for both commonly used and long-tail products. In terms of distribution network, ZKH Group has already covered most of the major industrial centers in China and has established a comprehensive fulfillment network. As of December 31, 2022, ZKH Group's fulfillment network includes 30 inventory storage and bulk transportation distribution centers, 90 fast product distribution transit warehouses, and approximately 3,600 EVM smart vending machines that allow on-demand ordering at customer sites. In addition, ZKH Group provides end-to-end, and even end-to-desktop, comprehensive last-mile fulfillment services to meet the complex and diverse delivery needs of customers. From the customer side, the number of customers served by ZKH Group has steadily increased from over 30,000 in 2020 to 52,000 in 2021 and further to 58,000 in 2022. It is worth noting that the significant increase in customer numbers in 2021 was due to the rise of the online economy, from which ZKH Group also benefited. Multiple data points indicate that large enterprises have a relatively strong loyalty to ZKH Group. For instance, the average GMV (Gross Merchandise Volume) of the top 500 customers on the platform increased steadily from 5.9 million, to 9.7 million, to 10.1 million from 2020 to 2022. In 2022, 91% of the top 500 customers in terms of GMV in 2020 were still conducting transactions with ZKH Group. Thanks to the increase in the number of customers and the improvement in average GMV, ZKH Group's revenues for the years 2020 to 2022 were 4.686 billion, 7.655 billion, and 8.315 billion RMB respectively, with a compound annual growth rate exceeding 33%.