Core Viewpoint - Tianxiao Digital Technology (Group) Co., Ltd., known as the "first stock of the internet celebrity economy" in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish a dual listing in both A-shares and H-shares [1] Company Background - Founded in 2009, Tianxiao has been deeply involved in the influencer marketing sector for 17 years and is the first company in China to operate a mature influencer marketing solution platform [1] - The company has built a platform ecosystem connecting brand merchants, influencers, and MCN organizations, with a significant focus on the cosmetics and beauty industry [1] Financial Performance - For the first three quarters of 2025, the company's revenue decreased from 3.045 billion RMB in the previous year to 2.734 billion RMB, representing a decline of approximately 10.2% [3][4] - Gross profit also fell from 506 million RMB to 469 million RMB, while operating profit nearly halved from 96 million RMB to 44 million RMB [3][4] - Cash flow has been consistently negative, with net cash from operating activities being negative for both the first three quarters of 2024 and 2025 [5] Client Relationships - Major clients include Procter & Gamble, L'Oréal, Unilever, and Estée Lauder, with L'Oréal and Estée Lauder contributing 195 million RMB and 192 million RMB respectively, accounting for 14.1% of the company's total revenue [1][6] - The influencer marketing platform's revenue contribution from beauty clients is significant, making them a key support for the core business [6] Market Position - In 2024, Tianxiao held a 26.1% market share in China's influencer marketing solutions platform industry and a 16.5% share globally [2] - Despite facing challenges such as declining performance and cash flow issues, partnerships with major beauty brands remain stable and continue to provide reliable cash flow support [6] Future Outlook - The upcoming implementation of the "Live E-commerce Supervision and Management Measures" on February 1, 2026, is expected to create broader opportunities for collaboration between Tianxiao and beauty brands, injecting lasting momentum into its post-IPO development [7]

Group 1: Recent IPOs - Jihong Co., a cross-border social e-commerce and paper packaging solutions provider, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 522 million with a market capitalization of HKD 4.4 billion [1] - Paige Bio, a biotechnology company focused on innovative therapies for chronic diseases, also listed on the Hong Kong Stock Exchange, raising around HKD 301 million with a market cap of HKD 3.991 billion [2] - Shouhui Technology, an online insurance intermediary service provider, listed on the Hong Kong Stock Exchange, raising HKD 197 million with a market cap of HKD 1.551 billion [3] Group 2: Upcoming IPOs - Excellence Homeopathy submitted an IPO application to the SEC for a Nasdaq listing, planning to issue 1.3 million shares and raise approximately USD 6 million [4] - DeepGreenX, an AI green energy data service provider, filed for a Nasdaq IPO, focusing on the interconnectivity of data, energy, and real-world assets [5] - Aibol Green, a recycling platform, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the recycling of black metals and household appliances [6] Group 3: Companies in the Pipeline - Huaxida, an AI home solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, aiming to be a leading provider in the AI home solutions market [7] - Kewang Pharmaceutical, a biopharmaceutical company, refiled for an IPO on the Hong Kong Stock Exchange, focusing on innovative cancer treatments [8] - Furuitech, an intelligent driving solutions provider, resubmitted its IPO application to the Hong Kong Stock Exchange, focusing on advanced driving assistance systems [9] Group 4: Market Trends - The A-share market is experiencing a surge in companies planning to list in Hong Kong, with notable interest from leading firms like CATL and BYD, as H-shares outperform A-shares [29] - Shein, a global fast-fashion giant, plans to submit a listing application in Hong Kong after facing challenges in London, aiming for a valuation exceeding USD 100 billion [30]