卓越睿新/智慧树，通过港交所IPO聆讯，或很快香港上市，农银国际独家保荐

Core Viewpoint - Shanghai Able Digital Science & Tech Co., Ltd. (卓越睿新) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of digital education solutions for higher education institutions in China [3]. Business Overview - Established in 2008, the company focuses on developing, delivering, and operating digital education content and services, covering all critical aspects of education such as teaching, learning, assessment, and management [3]. - The company has delivered over 44,000 digital education content products and ranks first among the top five players in China's higher education digitalization market by revenue [3][7]. Client Base - The primary clients of the company are higher education institutions, including universities, colleges, and vocational schools, with 251 customer service centers across 95 cities in China [4]. Revenue Sources - Revenue is mainly derived from digital teaching content services and products, including digital course development, knowledge graph development, and virtual simulation development [5]. - The company has seen significant growth in digital course development, with 12,304 courses delivered in 2024 and 3,540 in the first half of 2025 [5]. Market Position - The company holds a 4.0% market share in the Chinese higher education digitalization market and a leading 7.3% share in the digital teaching content production market [7]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million respectively, with net profits of RMB -59 million, RMB 81 million, RMB 105 million, and RMB -99 million [15][16]. Shareholder Structure - The major shareholders include Wang Hui and Ge Xin, who collectively hold 38.44% of the company, with other notable shareholders being Sina and Baidu [10][11]. Management Team - The board consists of 9 members, including 3 executive directors and 3 independent non-executive directors, with Wang Hui serving as the chairman [12][14]. IPO Advisory Team - The IPO advisory team includes Agricultural Bank of China International as the sole sponsor and PwC as the auditor, among others [17].