出身“企鹅”的“T4大神”，带领小鹅通闯关港交所

Core Viewpoint - Xiaoe Inc. (小鹅通) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, sales, global expansion, and operational needs, despite facing continuous losses over the past three and a half years [1][2]. Group 1: Company Overview - Xiaoe Inc. was established in 2015 and specializes in SaaS solutions for private domain operations, providing a one-stop solution that includes e-commerce, digital marketing, and CRM [2][3]. - The company ranks first among interactive private domain operation solution providers in China based on revenue for 2024, with a market share of 4.4% [2]. - Xiaoe Inc. has facilitated total merchandise transactions of approximately 101.18 billion, 152.32 billion, 209.74 billion, and 104.41 billion yuan during the reporting periods [2]. Group 2: Financial Performance - The company reported revenues of approximately 2.99 billion, 4.15 billion, 5.21 billion, and 3.06 billion yuan, with losses of about 340 million, 370.5 million, 150.8 million, and 58.24 million yuan during the same periods [3][4]. - In the first half of 2025, Xiaoe Inc. experienced a revenue growth of 26.4% year-on-year, while losses narrowed [3]. - The net cash flow from operating activities showed significant fluctuations, with values of -1.76 billion, 301.83 million, 1.08 billion, and 715.9 million yuan during the reporting periods [3]. Group 3: Debt and Liquidity Issues - Xiaoe Inc. has faced challenges with short-term debt repayment capacity, as indicated by negative net working capital throughout the reporting periods [4]. - The company's current assets totaled 4.29 billion, 3.56 billion, 5.3 billion, and 5.8 billion yuan, while current liabilities were 22.6 billion, 23.13 billion, 24.48 billion, and 24.18 billion yuan, resulting in negative net current assets [4]. Group 4: Supplier and Customer Relationships - Tencent is both the largest supplier and a customer of Xiaoe Inc., with significant procurement from Tencent's affiliated entities [5][6]. - The procurement from the top five suppliers accounted for 61.8%, 62.6%, 64.7%, and 66.9% of total procurement during the reporting periods, indicating a high concentration of suppliers [5]. Group 5: Ownership and Management - Xiaoe Inc. has undergone six rounds of financing, with the last round in July 2021, valuing the company at 5.1 billion HKD [7]. - The founder, Bao Chunjian, holds 44.92% of the voting rights prior to the IPO, while Tencent holds 16.82% of the shares [8].