Core Viewpoint - Mido Duo Group has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading and rapidly growing comprehensive service platform for cross-border e-commerce businesses [1] Group 1: Company Overview - Mido Duo Group provides digital marketing and operational support services to cross-border e-commerce enterprises, enabling them to sell Chinese-manufactured goods to overseas consumers [1] - The company is the fifth largest cross-border e-commerce service provider in mainland China based on projected revenue for 2024 [1] Group 2: Financial Performance - Revenue for Mido Duo Group from 2022 to 2024 is projected to be $65.17 million, $70.85 million, and $71.13 million respectively, with profits of $1.64 million, -$16.41 million, and -$0.163 million [1] - The gross profit for the same period is expected to be $5.182 million, $2.931 million, and $3.119 million, with gross margins of 8%, 4.1%, and 4.4% respectively [1] - In the first half of 2025, the company reported revenue of $55.78 million, up from $30.72 million in the same period the previous year, with a loss of $19.85 million [1] Group 3: Revenue Composition - The overseas marketing service is the core business line, generating $55.035 million in revenue in the first half of 2025, accounting for 98.7% of total revenue [2] - The overseas e-commerce operation and digital exhibition services contributed $35.2 thousand and $39.2 thousand respectively, making up 0.6% and 0.7% of total revenue [2] Group 4: Customer and Supplier Concentration - Mido Duo Group has a high customer concentration, with the top five clients accounting for 37.2% of revenue in the first half of 2025, down from 62.2% in 2022 [2] - The company relies heavily on a few suppliers, with the top five suppliers accounting for 96.5% of procurement, including Google and TikTok, which together represent 91.0% [2] - A significant reduction in Google's rebate rate from 8.9% to 3.2% has led to a 3.9 percentage point decline in gross margin, highlighting the impact of platform policy changes on profitability [2] Group 5: Shareholding Structure - Prior to the IPO, the chairman Ruan Weixing holds 41.27% of the issued share capital through RUANQi Holding, making him the controlling shareholder [3] - CEO Deng Hai holds 21.49% through INMI Holding, while Lu Xiaokun holds 5.39% through LUXK Holding [3]

Company Overview - Mido Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CCB International as the sole sponsor. The company is recognized as the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024 [1][3] - The company provides digital marketing and operational support services to cross-border e-commerce businesses, enabling clients to sell Chinese-made products to overseas consumers through major digital media platforms like Google, TikTok, Meta, and Amazon [3][4] Business Development - Mido Group has established a close partnership with Google since joining the Google Partner Program in 2015, becoming an elite partner ranked in the top 3% of partners in specific countries. The company has transformed its business model from a traditional cross-border trade intermediary to a digital advertising agency and further into a cross-border e-commerce service provider [3][4] - The company has expanded its operations significantly, assisting over 1,700 direct clients in promoting their brands and products across more than 20 countries in Europe, America, Asia, and Oceania [4] Financial Performance - The company reported revenues of $65.17 million, $70.85 million, $71.13 million, and $55.78 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7] - The gross profit for the same periods was $5.18 million, $2.93 million, $3.12 million, and $2.68 million [9] - The company recorded a net profit of $1.64 million in 2022, followed by losses of $16.41 million in 2023, $0.16 million in 2024, and $1.99 million in the six months ending June 30, 2025 [8] Industry Overview - The cross-border e-commerce industry in China is projected to reach a market size of $461.7 billion in 2024, with a compound annual growth rate (CAGR) of 15.1% expected from 2024 to 2029 [12] - The outbound marketing services industry is also experiencing significant growth, with a market size of $36.3 billion in 2024, anticipated to expand to $73.7 billion by 2029, reflecting a CAGR of 15.2% [12] - The demand for cross-border e-commerce marketing services is particularly strong, with the market size expected to reach $14.3 billion in 2024, growing at a CAGR of 22.1% from 2020 to 2024 [15]

Core Viewpoint - Mido Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CCB International as its sole sponsor, positioning itself as a leading and rapidly growing integrated service platform for cross-border e-commerce [1] Group 1: Company Overview - Mido Group is recognized as the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024, according to data from Zhi Shi Consulting [1] - The company develops digital solutions for enterprise clients, enabling them to sell Chinese-manufactured goods to overseas consumers through cross-border e-commerce [1] Group 2: Services Offered - Mido Group provides digital marketing and operational support services for cross-border e-commerce businesses [1] - The company's digital solutions allow enterprise clients to reach target overseas consumers via leading international digital media platforms, including but not limited to Google, TikTok, Meta, and Amazon [1]