Core Insights - The approval of "full circulation" for Baiwang Co., Ltd. (6657.HK) by the China Securities Regulatory Commission has attracted significant attention in the capital market, coinciding with the global AI stock boom and a strong rebound in the Hong Kong tech sector [1][4] Group 1: Company Developments - Baiwang Co., Ltd. has launched "invoice processing + tax risk intelligence," which supports cross-border invoice recognition, compliance verification, and risk report generation, showcasing its unique advantages in tax compliance and cross-border business support [1] - The company has successfully turned a profit in the first half of the year, with AI business revenue reaching 60.86 million, accounting for 17.5% of total revenue, marking it as a new growth engine [2] - Baiwang Co., Ltd. has signed strategic agreements with major banks and technology firms to enhance its AI capabilities and data intelligence applications in the financial sector [3] Group 2: Market Position and Strategy - Baiwang Co., Ltd. is positioned as a leader in the digital economy and AI integration, with a clear strategic path and solid ecosystem layout, indicating significant investment value [1][2] - The company's data assets, characterized by authenticity, real-time nature, and structured features, create a differentiated competitive barrier for AI training [2] - The approval of H-share full circulation enhances the liquidity of its shares in international markets, attracting global investors and optimizing the shareholder structure [4][6] Group 3: Future Outlook - Baiwang Co., Ltd. is expected to leverage its deep data accumulation and forward-looking AI strategy to drive growth, with the potential for increased trading activity and capital operations [6] - The company aims to transform from a comprehensive financial and tax digital solution provider to a leading AI-driven data intelligence enterprise, capitalizing on policy benefits, technological innovation, and capital empowerment [6]

Core Insights - Data is considered the new oil in the modern era, with Baidou Co., Ltd. possessing over one trillion in transaction data, attracting significant industry attention [1] - The company has completed a strategic layout involving "data assets, intelligent agent matrix, and ecological alliance," which is seen as a pivotal moment for capital market engagement and value reassessment [1] Data Moat - In the competitive landscape of AI 2.0, high-quality, scenario-based data has become a scarce strategic resource, with Baidou Co. establishing a formidable "data moat" over ten years [2] - The company has created the largest enterprise transaction network in China, covering 28.5 million enterprise nodes and maintaining a dynamic data pool of 231 billion invoices and 10.55 trillion in transaction amounts [2] - The data features a full-link, real-time, and multi-modal approach, supporting rapid structured analysis of over 200 types of global invoices, providing a complete commercial loop from transactions to financing [2] Integration of Data and Intelligent Agents - The integration of data and intelligent agents is driving a leap in digital productivity for enterprises [3] Intelligent Agent Factory - Baidou Co.'s AI strategy focuses on embedding technology within industry scenarios, avoiding the arms race of generic large models [4] - The company has developed a matrix of intelligent agents in the financial and tax verticals, including products for invoice processing and tax risk management, offering comprehensive smart financial solutions [4] - The Enterprise Operation Platform (EOP) underpins a dynamic trading intelligence system that enhances supply chain and market decision-making through AI-driven insights [4] - These intelligent agents are designed as executable business units, capable of triggering alerts and generating solutions in response to abnormal transactions or tax risks [4] Expanding Opportunities - Baidou Co. serves over 28 million users, including 2,800 group enterprises, and has established "joint innovation laboratories" in AI, creating a comprehensive solution covering "data + scenarios + models + computing power + ecology" [5] - The company is set to go public on the Hong Kong Stock Exchange as the "first electronic invoice stock" in July 2024, with a significant market value discovery phase approaching [5] - The effectiveness of the company's DI strategy is evident, with a notable increase in the proportion of data intelligence business, and collaborations with major players like Volcano Engine and Alibaba Cloud facilitating the commercialization of large models [5] - The company is accelerating its global expansion, establishing subsidiaries in Southeast Asia, the Middle East, and South America, while also focusing on advanced technology development [5] - Industry experts believe that the full circulation of shares is just the beginning of value discovery, with the potential for the company's valuation ceiling to be significantly raised as the market recognizes the uniqueness of its integrated approach [6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年9月30日 | | --- | | 狀態: | | 新提交 | 公司名稱: 百望股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06657 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 90,842,048 | RMB | | 1 RMB | | 90,842,048 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 90,842,048 | RMB | | 1 RMB | | 90,842,048 | FF301 致：香港交易及結算所有限公司 第 2 頁 共 11 ...

Core Viewpoint - The company has received a notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating a significant step towards enhancing liquidity and market access for its shares [1] Group 1: Regulatory Approval - The company has completed the filing for approximately 135 million domestic shares to implement H-share full circulation [1] - The notice from the China Securities Regulatory Commission is dated September 29, 2025, and is valid for 12 months [1] - The company plans to apply for approval from the Hong Kong Stock Exchange Listing Committee for the related H-share listing and trading [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating progress in its capital market strategy [1] Group 1 - The company has completed the filing for a total of 135 million domestic shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from September 29, 2025 [1] - The company plans to apply to the Stock Exchange of Hong Kong for approval of the related H-share listing and trading [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating progress in its capital market activities [1] Group 1 - The company has completed the filing for a total of 135 million domestic shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from September 29, 2025 [1] - The company plans to apply for approval from the Stock Exchange of Hong Kong for the listing and trading of the relevant H-shares [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 內幕消息公告 中國證監會就本公司H股全流通出具備案通知書 本 公 告 由 百 望 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」） 根據香港法例第571章證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（「內 幕消息條文」）及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上 市規則」）第13.09(2)(a)條 而 作 出。 茲提述本公司日期為2025年3月10日 之 公 告（「該公告」），內 容 有 關 擬 實 施 H股 全 流 通。除 非 另 有 界 定，本 公 告 所 用 詞 彙 與 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration of "full circulation" for the unlisted shares of Baiwang Co., Ltd, allowing 52 shareholders to convert a total of 135,064,706 shares for listing on the Hong Kong Stock Exchange [1] Group 1 - Baiwang Co., Ltd has received approval for the conversion of unlisted shares to be listed and traded in Hong Kong [1] - A total of 52 shareholders will convert 135,064,706 shares, with specific shareholder names and conversion quantities provided in the attached document [2] - The company must comply with relevant laws and regulations during the share conversion process [1] Group 2 - The notification states that if the share conversion is not completed within 12 months from the date of the notice, the company must update the registration materials [1] - The CSRC's notification does not imply any judgment or guarantee regarding the investment value or returns of the company's securities [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice regarding the "full circulation" registration of unlisted shares of Baiwang Co., Ltd, allowing 52 shareholders to convert a total of 135,064,706 shares into shares listed for trading on the Hong Kong Stock Exchange [1] Group 1 - The notice pertains to the conversion of unlisted shares to listed shares for Baiwang Co., Ltd [1] - A total of 52 shareholders are involved in this conversion process [1] - The total number of shares being converted is 135,064,706 [1]

Core Points - The China Securities Regulatory Commission (CSRC) has issued a notice regarding the "full circulation" registration of unlisted shares for Baiwang Co., Ltd. [1] - A total of 52 shareholders of Baiwang Co., Ltd. plan to convert 135,064,706 shares from unlisted to listed shares for trading on the Hong Kong Stock Exchange [1] - If the share conversion is not completed within 12 months from the issuance of the notice, the company must update its registration materials to continue the process [1] Financial Performance - Baiwang Co., Ltd. reported a revenue of 348 million yuan for the six months ending June 30, 2025, representing a year-on-year increase of 23.45% [4] - The gross profit for the same period was 162 million yuan, showing a year-on-year increase of 46.84% [4] - The company achieved a net profit attributable to shareholders of 3.717 million yuan, a turnaround from a loss of 44.6 million yuan in the same period last year, resulting in a basic earnings per share of 0.02 yuan [4]