Core Viewpoint - Xinhua Technology International Limited has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CICC and Daiwa as joint sponsors [1][3]. Company Overview - Xinhua Technology is a software technology service and product provider, primarily engaged in customized software development services for Japanese clients. It ranks fourth among service providers in Japan's software technology services and solutions market, and is the largest provider of such services from China to Japan [3][4]. - As of December 31, 2024, over half of the top thirty companies in Japan's information services industry are long-term clients of Xinhua Technology, with collaborations exceeding 15 years with its top five client groups. The company's market share in Japan's software technology services and solutions market is 1.7% [3][4]. Market Position - Japan is the most significant overseas market for Xinhua Technology, with a large and steadily growing market for software technology services, products, and solutions. The company has served over 160 overseas clients, including major Japanese corporations such as Itochu Group, Daiwa Research Institute, NEC Group, Hitachi Group, NTT DATA Group, Nippon Steel System Integration, and TIS INTEC Group [4][6]. Financial Performance - The revenue from continuing operations for Xinhua Technology for the six months ending June 30 in 2022, 2023, 2024, and 2025 was approximately RMB 1.632 billion, RMB 1.925 billion, RMB 1.801 billion, and RMB 978 million respectively. The corresponding annual profits were RMB 182 million, RMB 270 million, RMB 202 million, and RMB 187 million [4][5]. - The company has maintained a 100% retention rate for its core clients over the past decade, with revenue from these clients showing consistent growth [4].