Core Viewpoint - The company "Ningbo Haishangxian Information Technology Co., Ltd." is set to become the first seafood B2B company to go public in Hong Kong, having submitted its listing application to the Hong Kong Stock Exchange after a previous attempt in June 2024 [1][2]. Group 1: Company Overview - Established in 2015, the company is a leading digital service platform for marine fisheries in China, focusing on seafood B2B transactions, maritime communication, supply chain finance, and smart fueling services [2][3]. - The company has seen its valuation increase over 100 times in seven years, with significant backing from various institutional investors, including Shell plc and Alibaba-related entities [1][4][5]. Group 2: Financial Performance - Revenue figures for the company from 2022 to 2024 were 1.427 billion yuan, 914 million yuan, and 1.006 billion yuan, respectively, with corresponding gross profits of 74.55 million yuan, 71.8 million yuan, and 123 million yuan [2]. - In the first eight months of 2025, the company reported a revenue of 579 million yuan, a 7.7% decline year-on-year, but adjusted net profit surged to 45.2 million yuan, a staggering increase of 897.5% compared to the same period last year, largely due to non-recurring factors such as government subsidies [2]. Group 3: Business Structure and Client Concentration - The seafood B2B business accounts for over 80% of the company's revenue, with self-operated sales contributing 88.6% in the first eight months of 2025 [3]. - Client concentration has increased, with the top five clients accounting for 60.3% of revenue in the first eight months of 2025, up from 42.0% in 2022 [3]. Group 4: Funding and Shareholding - The company has completed multiple rounds of financing since its inception, with the latest D round in 2022 raising its post-money valuation to approximately 1.531 billion yuan [5]. - The founder holds 28.15% of the shares, while external shareholders include notable investors such as Zhuoer Zhili and various institutional investors, indicating strong capital support for the company's growth model [6].

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as Haishangxian) has submitted its application to list on the Hong Kong Stock Exchange, with SUNNY FORTUNE as the sole sponsor [1]. Company Overview - Haishangxian is a leading provider of digital solutions and services for the marine fishery industry in China, focusing on seafood and utilizing an online-to-offline sales model [3]. - The company’s headquarters is located in Fenghua District, Zhejiang Province, a marine fishery hub, and it has established operations in major fishing ports across Zhejiang, Fujian, Shandong, Liaoning, Jilin, and Guangxi [3]. Product and Service Offering - The HSX APP has evolved into a data-driven digital B2B marine fishery marketplace, with over 50,000 registered users as of August 31, 2025, providing access to market trends, catch data, and maritime weather conditions [3]. - The app serves as a portal for various services along the marine fishery supply chain, including B2B seafood commerce, marine fuel supply, cold chain logistics, and other ancillary services [3]. Government Contracts and Innovations - In 2021, the company was awarded a contract by the Fenghua government to develop the "Zheli Huiyu APP," the first government-owned satellite-based fishing vessel monitoring system [4]. - The company has expanded its monitoring system offerings to local fishermen in Fujian Province and other designated areas [4]. Financial Performance - The company reported revenues of approximately RMB 1.427 billion, RMB 914 million, RMB 1.006 billion, RMB 627 million, and RMB 579 million for the fiscal years 2022, 2023, 2024, and the first eight months of 2024 and 2025, respectively [4][6]. - Net profits for the same periods were RMB 34.12 million, RMB 35.80 million, RMB 43.87 million, RMB 3.85 million, and RMB 38.43 million [4][6].

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as Haishangxian) has submitted an application to list on the Hong Kong Stock Exchange, with SUNNY FORTUNE acting as the sole sponsor [1]. Company Overview - Haishangxian is a leading provider of digital solutions and services for the marine fishery industry in China, focusing on seafood and utilizing an online-to-offline sales model [3]. - The company’s headquarters is located in Fenghua District, Zhejiang Province, a marine fishery hub, and it has established operations in major fishing ports across Zhejiang, Fujian, Shandong, Liaoning, Jilin, and Guangxi [3]. Product and Service Offering - The HSX APP has evolved into a data-driven digital B2B marine fishery marketplace, with over 50,000 registered users as of August 31, 2025 [3]. - The app provides users with instant access to useful content, including seafood market trends, catch data, and marine weather conditions, and serves as a portal for various services along the marine fishery supply chain [3]. Government Contracts and Innovations - In 2021, the company was awarded a contract by the Fenghua government to develop the "Zheli Huiyu APP," the first government-owned satellite-based fishing vessel monitoring system [4]. - The company has expanded its monitoring system offerings to local fishermen in Fujian Province and other designated areas [4]. Financial Performance - The company reported revenues of approximately RMB 1.427 billion, RMB 914 million, RMB 1.006 billion, RMB 627 million, and RMB 579 million for the fiscal years 2022, 2023, 2024, and the first eight months of 2024 and 2025, respectively [4][6]. - Net profits for the same periods were RMB 34.12 million, RMB 35.80 million, RMB 43.87 million, RMB 3.85 million, and RMB 38.43 million [4][6].