Core Viewpoint - Xiaoetong has submitted an application for an IPO on the Hong Kong Stock Exchange, with CICC acting as the sole sponsor, highlighting its growth potential despite recent compliance issues and consumer complaints [2][4]. Financial Performance - Revenue projections for Xiaoetong from 2022 to 2024 are 299 million, 415 million, and 521 million RMB respectively, with gross profits of 162 million, 300 million, and 389 million RMB [3]. - The company reported losses of approximately 34 million, 37 million, and 15 million RMB for the same years [3]. - In the first half of 2025, Xiaoetong achieved revenue of 306 million RMB, a year-on-year increase of 26.4%, and a gross profit of 231 million RMB, up 25.5% [4]. Compliance and Consumer Issues - Xiaoetong faced regulatory scrutiny, receiving a fine of 50,000 RMB from the Shenzhen Market Supervision Administration for failing to conduct necessary qualification reviews, allowing illegal online transactions [4]. - The company has been involved in illegal stock recommendations and has received multiple consumer complaints, totaling 3,237 on platforms like Black Cat, primarily concerning service quality and refund issues [4]. Company Structure and Ownership - Xiaoetong primarily provides services for merchants to build knowledge stores, conduct online live teaching, and offer paid knowledge services [6]. - The founder, Bao Chunjian, holds 44.92% of the voting rights, while Tencent and Ximalaya hold 16.82% and 7.01% of the shares respectively [6].
小鹅通拟赴港IPO！3年半累亏9195万元 腾讯持股近17%
Xi Niu Cai Jing·2025-09-08 02:37