Group 1 - ShanH Technology Limited, based in Anji County, Huzhou, Zhejiang, has submitted its IPO application to the Hong Kong Stock Exchange after two previous failed attempts in February and September 2024 [3] - The company specializes in providing recycling services for consumer electronics, focusing on trade-in programs for used mobile phones and other electronic products [5][6] - According to Frost & Sullivan, ShanH Technology is the third-largest mobile phone recycling service provider in China, with a market share of approximately 1.3% in both the total transaction value of recycled and sold used mobile phones [5] Group 2 - The company has developed two core brands: "ShanH Recycling" and "ShanH Quality Products," primarily sourcing used electronics through trade-in transactions at online and offline stores [6] - Revenue is mainly generated from sales of second-hand electronic products through the "ShanH Quality Products" online platform and third-party e-commerce platforms [6] - Financial performance shows revenues of RMB 750 million, RMB 919 million, RMB 1.16 billion, RMB 1.30 billion, and RMB 809 million for the years 2021 to 2025 (first half) respectively, with corresponding net losses [12][13] Group 3 - The shareholder structure prior to the IPO indicates that Liu Jianyi holds 31.71% through ShanHuiShou BVI, with other significant shareholders including MGY Wisdom BVI and Xiaomi [8][9] - The board of directors consists of eight members, including four executive directors and three independent non-executive directors, with Liu Jianyi serving as the chairman and CEO [11] - The IPO's intermediary team includes QianKe Capital as the sole sponsor and KPMG as the auditor [13]