Group 1 - The company Suishoubo has filed for an IPO on the Hong Kong Stock Exchange, reflecting the ambition of small live streaming SaaS enterprises to break through in a competitive landscape [2][4] - Suishoubo's revenue has shown consistent growth, with figures of RMB 45.1 million, RMB 50.7 million, and RMB 98.9 million for the fiscal years 2022, 2023, and 2024 respectively, indicating a year-on-year increase [22][23] - The company faces challenges such as high customer concentration and low market share, with only 1% of the enterprise live streaming SaaS market in China, ranking tenth in the industry [20][33] Group 2 - Suishoubo's primary business segments include entertainment and social network live streaming, precision marketing, and new retail, with the entertainment segment contributing nearly 70% of total SaaS solution revenue in 2024 [21][20] - The company has a small workforce of 56 employees, with significant operational costs, including RMB 34.1 million spent on online marketing solutions in 2024 [35][36] - Suishoubo's financial management has raised concerns due to substantial advances to related parties and clients, totaling RMB 3.7 million in 2023, which has led to questions about its business independence [37][42]