Core Viewpoint - Flashback Technology has submitted its third listing application to the Hong Kong Stock Exchange, aiming to raise funds for technological upgrades, strategic partnerships, marketing efforts, and potential acquisitions, amidst a backdrop of previous failed attempts and significant financial losses [1][19]. Financial Performance - Flashback Technology has reported a cumulative net loss of 337 million yuan over the past four fiscal years, while a competitor, Wanwu Xingsheng, has turned profitable in the first quarter of this year [2][15]. - The company's gross margin has significantly declined, reaching only about 4.8% by 2024, which is approximately one-fourth of Wanwu Xingsheng's gross margin [2][15]. - Revenue figures for Flashback Technology from 2021 to 2025 show a compound annual growth rate of about 20%, with revenues increasing from 750 million yuan in 2021 to 1.297 billion yuan in 2024 [15]. Market Position - Flashback Technology holds a mere 1.3% market share in the highly competitive second-hand consumer electronics market in China, significantly lower than its top competitors [10][13]. - The company ranks as the third-largest mobile phone recycling service provider in China, but its market share has decreased from 1.5% in 2022 to 1.3% in 2024 [10][13]. Shareholder Structure - The major shareholders of Flashback Technology include Liu Jianyi and Yu Hairong, who collectively hold approximately 45.35% of the company's issued shares [5]. - Xiaomi Group holds a 6.83% stake in Flashback Technology, while Lei Jun holds a 10.73% stake [8][9]. Debt and Financial Risks - Flashback Technology faces a redemption liability of nearly 800 million yuan, which poses a significant risk if the current listing application fails [1][17]. - The company's redemption liabilities have surged from 307 million yuan in 2021 to 791 million yuan by mid-2025, indicating a severe financial strain [17][18]. - As of mid-2025, Flashback Technology's net assets were reported at -713 million yuan, highlighting a critical solvency issue [18].