活力集团再闯港交所上市：市场份额少得可怜，旗下App多次被通报

Company Overview - Vigor Group Holdings Limited has submitted an updated prospectus for an IPO on the Hong Kong Stock Exchange after a previous application lapsed in October 2024 [1] - The company, originally listed on the New Third Board in September 2017, voluntarily delisted from the A-share market in July 2021 to pursue an IPO in Hong Kong [3][5] - Vigor Group, also known as Shenzhen Vigor Tianhui Technology Co., Ltd., was established in September 2005 and has a registered capital of approximately 406 million yuan [5] Business Model and Services - Vigor Group operates popular apps "Flight Butler" and "High-speed Rail Butler," providing a full suite of multi-modal travel products and services, including ticket booking, real-time travel updates, and hotel reservations [6] - The company has faced regulatory scrutiny for user rights violations, including excessive permission requests from its apps [6] Market Position - According to Frost & Sullivan, Vigor Group ranked eighth in China's internet mobile comprehensive service market in 2024, holding approximately 1.4% market share [7] - The overall market for comprehensive internet travel services in China is projected to reach approximately 2,954.2 billion yuan in 2024, with the top ten providers accounting for about 71.7% of the market [8] Financial Performance - Vigor Group's revenue has shown growth, with figures of approximately 280 million yuan in 2022, 502 million yuan in 2023, and 647 million yuan in 2024, achieving profitability in 2023 [11] - The company's revenue primarily comes from travel-related services, which accounted for about 85.8%, 88.1%, and 85.2% of total revenue in 2022, 2023, and 2024, respectively [11]