嗨学网递表港交所 3年半亏损超6亿元曾被“3·15”曝光

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (Haixue) has filed its prospectus on the Hong Kong Stock Exchange, with Zhuhai International as the sole sponsor. The company is positioned as the fourth largest online vocational training service provider in China by revenue in 2024 according to a Frost & Sullivan report [1]. Financial Performance - Haixue's revenue primarily comes from construction-related vocational qualification examination courses, which accounted for 68.2%, 61.5%, 59.3%, and 59.8% of total revenue in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [1]. - The company's revenues for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 400.0 million, RMB 472.2 million, RMB 510.5 million, and RMB 231.6 million, respectively [2]. - Net losses for the same periods were RMB 185.8 million, RMB 175.0 million, RMB 90.7 million, and RMB 158.3 million, with a cumulative net loss of RMB 609.8 million over the past three and a half years [1][2]. Shareholding Structure - The company has a single largest shareholder group, with concerted action agreements allowing them to exercise approximately 32.61% of the voting rights [3]. - Key shareholders include Liang, who controls about 29.91% of the voting rights, and other significant shareholders such as Zhang and various investment entities [4]. Regulatory and Market Challenges - Haixue has faced scrutiny, having been named in a CCTV "3.15" program in 2020 for issues related to refund difficulties, false promises, and misleading advertising [5].