Core Viewpoint - The company, Haipai Ke, a leading maternal and infant e-commerce platform in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization [1] Business Overview - Haipai Ke was founded in April 2015 by Zhao Chen, initially focusing on a B2B2C model for maternal and infant products, targeting second and third-tier cities in China [2] - The platform connects buyers directly with upstream sellers, allowing for direct shipping from suppliers to consumers [2] - In 2019, the company expanded into self-operated business, launching its own brand products and establishing a diverse product matrix, including children's snacks, dietary supplements, and basic fast-moving consumer goods [3] Financial Performance - For the fiscal year ending December 31, 2024, Haipai Ke's total transaction volume reached 11 billion RMB, with a market share of 10.1% in the low-tier market for maternal and infant products [4] - The company's revenue increased from 895.3 million RMB in 2022 to 1.066 billion RMB in 2023, primarily driven by growth in self-operated business [6][10] - However, despite revenue growth, the company reported losses of 56.5 million RMB in 2023 and 78.8 million RMB in 2024 [9][10] Revenue Breakdown - Revenue from digital platform business decreased from 353.975 million RMB in 2022 to 229.335 million RMB in 2024, while self-operated business revenue increased from 540.408 million RMB to 801.826 million RMB during the same period [7] - The majority of self-operated business revenue comes from maternal and infant products, accounting for nearly all of the self-operated revenue [8] Investment and Shareholding - The company has completed six rounds of financing prior to the IPO, with major investors including Shunwei Capital and Fosun International [12] - Zhao Chen, the founder, holds approximately 42.62% of the voting rights, making him the largest shareholder [13]