Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Company Overview - Nanjing Qingtian is a digital service provider specializing in cross-border enterprise solutions, primarily serving import and export businesses across various provinces in China [1] - The company transitioned to a joint-stock company in July 2023, with early shareholders cashing out a total of 80 million yuan shortly after [1][5] Financial Performance - The company reported revenues of 120 million yuan, 161 million yuan, 171 million yuan, and 63.82 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Despite a revenue increase of approximately 6.4% in 2024, net profit saw a significant decline of 68.8% compared to 2023 [3] - The gross profit margin decreased from 83.5% in 2022 to 67.3% in the first half of 2025, a drop of over 16 percentage points [3] Revenue Sources - The primary revenue source is the "cross-border enterprise intelligent tax and finance solution," accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting period [2] - The number of medium and large clients has decreased by nearly 80% in the first half of 2025, with small clients making up 85.54% of the total client base [2] Market Position - According to Frost & Sullivan, Nanjing Qingtian ranks first in the Chinese cross-border enterprise intelligent tax and finance solution market with a market share of 1.7% and second in the cross-border enterprise financial digital solution market with a market share of 1.2% [2] Customer and Supplier Dynamics - The company has served approximately 160,000 users and has over 60,000 active users, with around 27,000 being paying customers [2] - Nanjing Qingtian's procurement from its top five suppliers accounted for 77.1%, 89.0%, 96.4%, and 98.5% of total procurement during the reporting period [3] Shareholder Activity - Three early shareholders collectively cashed out 80 million yuan just two months before the IPO application, raising concerns about the company's stability [5][6] Liquidity Concerns - Nanjing Qingtian's current assets have consistently been less than its current liabilities from 2022 to 2024, indicating weak short-term solvency [6]
南京擎天递表港交所：3名早期股东2个月前套现8000万元离场，主要业务大中型客户半年减少近80%
Mei Ri Jing Ji Xin Wen·2025-10-20 11:27