IMS(SH:600556) Cai Jing Wang·2026-01-07 07:39Core Viewpoint - Tianxiao, known as the "first stock of influencer economy," has officially submitted its listing application to the Hong Kong Stock Exchange after nearly six years on the A-share market, aiming to expand its business and capitalize on its market position [1]. Group 1: Company Overview - Tianxiao Digital Technology (Group) Co., Ltd. was established in 2009 and is recognized as the first mature influencer marketing solution platform in China, acting as a bridge between advertisers, influencers, MCNs, and major third-party UGC platforms [1]. - The company's business is divided into two main segments: influencer marketing solution platform and innovation in the influencer economy ecosystem, with the former being the primary source of revenue through its proprietary platform WEIQ [1]. Group 2: Market Position - According to Frost & Sullivan, Tianxiao holds a 26.1% market share in the Chinese influencer marketing solution platform industry, maintaining the top position for five consecutive years, and a 16.5% share globally [3]. Group 3: Financial Performance - The company reported revenues of 4.202 billion yuan, 4.066 billion yuan, and 2.734 billion yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, with revenue growth rates of 1.77%, -3.23%, and -10.21% [3]. - Net profits for the same periods were 80.964 million yuan, 43.353 million yuan, and 32.573 million yuan, with year-on-year declines of 48.49%, 46.45%, and 46.2% [3]. - The net cash flow from operating activities turned negative in the first three quarters of 2025, with figures of 299 million yuan, 154 million yuan, and -36.499 million yuan for the respective years [3]. Group 4: Challenges and Risks - The company has faced challenges with some small and medium-sized clients experiencing financial difficulties, leading to delays in promotional activities and business terminations, resulting in significant bad debt provisions for 2023 and 2024 [4]. - Bad debt losses recorded were 98.114 million yuan and 76.459 million yuan for the respective years, exceeding the company's net profits for those periods [4]. Group 5: Fundraising Purpose - The funds raised from the H-share issuance will primarily be used for global expansion, including the establishment and operation of overseas offices, and to diversify the influencer economy ecosystem through brand incubation, virtual influencer IP creation, and strategic collaborations [4].