Core Viewpoint - Jihong Co., Ltd. is launching a global offering of H shares, marking a significant step in its dual-platform strategy of "A+H" and aiming to inject global momentum into its cross-border e-commerce and green packaging businesses [1] Group 1: Global Offering Details - The global offering consists of 67,910,000 H shares, with 6,791,000 shares allocated for public offering in Hong Kong and 61,119,000 shares for international offering [1] - The price range for the H share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [1] Group 2: Cross-Border E-Commerce Performance - Jihong Co., Ltd. ranks second among Chinese B2C export e-commerce companies with a market share of 1.3%, generating revenue of CNY 336,590.31 million from its cross-border social e-commerce business in 2024 [2] - The company's unique "goods find people" model has contributed to its success, allowing for proactive identification of target customers based on consumer data [2][3] - Revenue from the cross-border social e-commerce business accounted for 57.8%, 63.6%, and 60.9% of total revenue from 2022 to 2024, with corresponding gross profit margins of 59.1%, 63.1%, and 60.5% [3] Group 3: Packaging Business Growth - Jihong Co., Ltd. is a leading provider of paper packaging solutions in mainland China, with a market share of 1.2% in the fast-moving consumer goods (FMCG) packaging sector [4] - The market size for paper FMCG packaging in mainland China is projected to grow from CNY 145.6 billion in 2020 to CNY 170.3 billion in 2024, with expectations to reach CNY 222.7 billion by 2029 [5] - The company has established strong partnerships with major FMCG brands, enhancing its competitive position in the packaging industry [6] Group 4: Environmental Trends and Innovations - The shift towards environmentally friendly packaging solutions is reshaping the industry, with increasing emphasis on sustainability and compliance with ESG policies [5] - Jihong Co., Ltd. has been proactive in developing eco-friendly packaging materials and technologies, positioning itself to benefit from the growing demand for sustainable packaging [6]

Core Viewpoint - The Hong Kong IPO market is experiencing a resurgence, with increased investor confidence and a notable rise in fundraising and returns from new listings, exemplified by the upcoming IPO of Jihong Co., a leading cross-border social e-commerce company [1][2]. Company Overview - Jihong Co. has established itself as a leader in two core business segments: cross-border social e-commerce and paper-based fast-moving consumer goods (FMCG) packaging, ranking second among Chinese B2C export e-commerce companies in 2024 [2]. - The company has been recognized in the "Top 100 Chinese Printing and Packaging Enterprises" and has received the TikTok Global Leadership Award, showcasing its competitive strength [2]. Market Dynamics - The social e-commerce market is expanding, with China's cross-border e-commerce imports and exports reaching 2.63 trillion yuan in 2024, a 10.8% increase from 2020 [3]. - Policies promoting foreign trade and cross-border e-commerce, such as zero tariffs in Hainan Free Trade Port and tax refunds for outbound purchases, are expected to further benefit the industry [3]. Business Model and Performance - Jihong Co. has demonstrated strong growth, with 2024 revenues of 5.529 billion yuan and a 11.55% year-on-year increase in Q1 2025 revenues [4]. - The company operates a dual-driven strategy combining cross-border social e-commerce and paper FMCG packaging, enhancing its business matrix [4]. Financial Metrics - The gross margin for Jihong Co.'s cross-border social e-commerce business has consistently remained between 59.1% and 63.1%, significantly outperforming industry averages [5]. - The company has achieved a high order fulfillment rate of 84.9%, with over 41 million orders delivered to 17 million consumers [5]. Global Expansion - Jihong Co. is actively pursuing a global strategy, with 80.9% of its revenue in 2024 coming from the Asian market, and has established production bases in the UAE and Oman [5]. - The company aims to leverage regional synergies to drive growth and expand its market presence in emerging markets [5]. Technological Innovation - The integration of AI and big data technologies is transforming the social e-commerce landscape, with Jihong Co. developing proprietary systems like Giikin for operational efficiency [6][9]. - The company has implemented AI applications to enhance various operational aspects, resulting in improved efficiency and reduced costs [9]. Future Outlook - The social e-commerce sector is poised for significant transformation driven by AI and big data, with Jihong Co. positioned as a leader with substantial technological barriers [9]. - The potential for growth in overseas markets and the application of AI technologies are expected to catalyze the company's value appreciation post-IPO [9].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 股份代號: 2603 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 廈門吉宏科技股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xiamen Jihong Co., Ltd 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 : 67,910,000股H股 | | | --- | --- | | : 香港發售股份數目 6,791,000股H股（可予重新分配） | | | 國際發售股份數目 : 61,119,000股H股（可予重新分配） | | | 最高發售價 : | 每股H股10.68港元（另加1%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費，須於 | | | 申請時以 ...

Core Viewpoint - The company, Jihong Technology Co., Ltd., is preparing for an IPO in Hong Kong, driven by its dual business model of cross-border social e-commerce and paper packaging for fast-moving consumer goods, which presents both opportunities and challenges [1][2]. Business Overview - The company's main businesses include cross-border social e-commerce and paper packaging for fast-moving consumer goods. The e-commerce segment utilizes dynamic data analysis and a "goods find people" model to promote mainland Chinese products to global consumers through social media advertising [3][4]. - The paper packaging business offers a one-stop service for fast-moving consumer goods companies, covering the entire process from design to logistics, with a focus on environmentally friendly packaging [4]. Market Position - In terms of market positioning, the cross-border social e-commerce business focuses on the Asian market, while the paper packaging business targets the mainland Chinese fast-moving consumer goods market. By 2024, Jihong is projected to rank second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, and first in the mainland paper packaging market for fast-moving consumer goods [4]. Financial Performance - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with profits of RMB 172 million, RMB 332 million, and RMB 185 million [5]. - The cross-border social e-commerce business accounts for a significant portion of total revenue, with contributions of 57.8%, 63.6%, and 60.9% from 2022 to 2024, and a gross margin of 59.1%, 63.1%, and 60.5% during the same period. The paper packaging business shows stable growth with gross margins of 15.2%, 18.8%, and 17.9% [6]. Investment Value - Jihong possesses certain advantages in its industry, particularly in the application of AI technology and supply chain management within its cross-border social e-commerce business, which includes the self-developed Giikin system that enhances operational efficiency [7]. - The paper packaging business has established long-term partnerships with leading fast-moving consumer goods companies, holds a significant market share, and possesses numerous patents and software copyrights, indicating strong technical capabilities [8].