南京擎天递表港交所 3名早期股东套现8000万元离场

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 financial and tax solutions, serving import and export businesses across various provinces and cities in China [1] - The company has reached nearly 420,000 foreign trade export enterprises and cross-border e-commerce businesses since its establishment, serving approximately 160,000 users with over 2 million service instances [2] Financial Performance - Revenue for Nanjing Qingtian during the reporting period was as follows: 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] - Net profit figures were 55.27 million yuan, 153 million yuan, 47.6 million yuan, and 7.22 million yuan for the same periods [2] - Despite a revenue growth of approximately 6.4% in 2024, net profit declined by 68.8% compared to 2023, and in the first half of 2025, revenue grew by 4.5% while net profit fell by 74.87% [3] Market Position - According to Frost & Sullivan, Nanjing Qingtian ranked first in the Chinese cross-border enterprise intelligent financial and tax solutions market in 2024 with a market share of 1.7%, and second in the cross-border enterprise financial and tax digital solutions market with a market share of 1.2% [1] Customer and Supplier Dynamics - The company’s main revenue source is the cross-border enterprise intelligent financial and tax solutions, accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting period [2] - The number of large and medium-sized clients decreased by nearly 80% in the first half of 2025, with small clients making up 85.54% of the total client base [2] - Nanjing Qingtian has significant overlap between its customers and suppliers, with one of its major clients also being a supplier [4] Shareholder Activity - Three early shareholders collectively cashed out 80 million yuan just two months before the IPO application was submitted, raising concerns about the timing of their exit [5] Financial Health - The company has shown weak short-term solvency, with current assets consistently lower than current liabilities from 2022 to 2024 [6] - In the first half of 2025, current assets and liabilities were recorded at 202 million yuan and 166 million yuan respectively [6]