Core Viewpoint - The company "Ningbo Haishangxian Information Technology Co., Ltd." is set to become the first seafood B2B company to go public in Hong Kong, having submitted its listing application to the Hong Kong Stock Exchange after a previous attempt in June 2024 [1][2]. Group 1: Company Overview - Established in 2015, the company is a leading digital service platform for marine fisheries in China, focusing on seafood B2B transactions, maritime communication, supply chain finance, and smart fueling services [2][3]. - The company has seen its valuation increase over 100 times in seven years, with significant backing from various institutional investors, including Shell plc and Alibaba-related entities [1][4][5]. Group 2: Financial Performance - Revenue figures for the company from 2022 to 2024 were 1.427 billion yuan, 914 million yuan, and 1.006 billion yuan, respectively, with corresponding gross profits of 74.55 million yuan, 71.8 million yuan, and 123 million yuan [2]. - In the first eight months of 2025, the company reported a revenue of 579 million yuan, a 7.7% decline year-on-year, but adjusted net profit surged to 45.2 million yuan, a staggering increase of 897.5% compared to the same period last year, largely due to non-recurring factors such as government subsidies [2]. Group 3: Business Structure and Client Concentration - The seafood B2B business accounts for over 80% of the company's revenue, with self-operated sales contributing 88.6% in the first eight months of 2025 [3]. - Client concentration has increased, with the top five clients accounting for 60.3% of revenue in the first eight months of 2025, up from 42.0% in 2022 [3]. Group 4: Funding and Shareholding - The company has completed multiple rounds of financing since its inception, with the latest D round in 2022 raising its post-money valuation to approximately 1.531 billion yuan [5]. - The founder holds 28.15% of the shares, while external shareholders include notable investors such as Zhuoer Zhili and various institutional investors, indicating strong capital support for the company's growth model [6].

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as "Haishangxian") is set to become the first seafood B2B company listed on the Hong Kong Stock Exchange, with a significant valuation increase and a diverse business model focused on seafood sales and services [2][4]. Company Overview - Haishangxian submitted its listing application to the Hong Kong Stock Exchange, with SUNNY FORTUNE as the sole sponsor [2]. - The company has achieved over a hundredfold increase in valuation within seven years, attracting major investments from Xiaomi and Alibaba [4][8]. Business Model and Operations - Founded by Ye Ning, Haishangxian initially focused on providing communication solutions for fishing vessels but has since transformed into a comprehensive seafood B2B trading platform through the HSX APP [5][6]. - The company has diversified its operations to include seafood sales, fuel sales, maritime communication, and supply chain management, with seafood B2B business accounting for 88.6% of revenue in the first eight months of 2025 [5][6]. Financial Performance - Haishangxian's revenue showed fluctuations, with figures of 1.427 billion, 914 million, and 1 billion yuan from 2022 to 2024, while profits increased from 34.12 million to 43.87 million yuan during the same period [7]. - In the first eight months of 2025, revenue was 579 million yuan, a 7.7% decrease from the previous year, but adjusted net profit surged by 897.5% to 45.2 million yuan, partly supported by government subsidies [7]. - Customer concentration has increased, with the top five customers contributing 60.3% of revenue in the first eight months of 2025, up from 42.0% in 2022 [7]. Investment and Shareholding - Haishangxian has completed six rounds of financing since its inception, with a valuation increase from 1.3999 million yuan in 2015 to approximately 1.531 billion yuan in 2022, marking a growth of about 109 times [8]. - Notable investors include entities linked to Xiaomi and Alibaba, with significant stakes held by external shareholders such as Zhuoer Zhili and Hangzhou Shunying [9][11].