2025年12月2日，中国证监会国际合作司发布关于白鸽在线（厦门）数字科技股份有限公司境外发行上 市及境内未上市股份"全流通"备案通知书(国合函[2025]2149号)。 根据备案事项，白鸽在线可发行不超过4505万股境外上市普通股、11名股东拟将所持合计约1.18亿股境 内未上市股份转为境外上市份，并在香港联合交易所上市流通。 | 序号 | 股东名称 | 申请全流通股数 | | --- | --- | --- | | | | (股) | | 1 | 新希望投资集团有限公司 | 39,854,000 | | 2 | 厦门富国豪财务管理有限公司 | 14,917,200 | | 3 | 格波(厦门)企业管理有限公司 | 14,650,800 | | 4 | 厦门汇成领跃科技有限公司 | 10,652,800 | | 5 | 厦门白鸽同创股权投资合伙企业(有限合伙) | 10,507,800 | | 6 | 厦门市美桐陆期股权投资合伙企业(有限合伙) | 9,926,000 | | 7 | 厦门与锦同行投资合伙企业(有限合伙) | 7,575,704 | | 8 | 嘉兴缅邈股权投资合伙企业(有限合伙) | 5, ...

Group 1 - The core viewpoint of the article is that Baige Online (Xiamen) Digital Technology Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Minyin Capital and Bank of China International Asia as joint sponsors [1] - The company operates in the insurtech sector, providing technology-enabled insurance intermediary services to various partners, including financial institutions, enterprises, and government entities [1] - Baige Online primarily generates revenue through scenario insurance, offering insurance transaction services, precision marketing, digital solutions, and TPA services [1] Group 2 - According to Zhi Shi Consulting, there are over 100 participants in China's scenario insurance market [1] - Based on total premiums in 2024, the company ranks 11th in the internet insurance intermediary sector, 5th in the scenario internet insurance intermediary sector in China, and 1st in the third-party scenario internet insurance intermediary sector, holding a market share of 3.4% [1]

Core Viewpoint - Bai Ge Online (Xiamen) Digital Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed in February 2025, despite facing ongoing losses and reliance on major clients [1][2]. Company Overview - Established in 2015, Bai Ge Online is an insurtech company providing technology-enabled insurance intermediary services to partners and insurance companies, focusing on scenario-based insurance [5]. - The company ranks 11th in China's internet insurance intermediary market and 1st in the third-party scenario internet insurance intermediary market, with a market share of 3.4% [5]. Revenue Sources - Bai Ge Online's revenue primarily comes from insurance transaction services, precision marketing, digital solutions, and TPA (Third Party Administration) services, with insurance transaction services being the main source [5][6]. - The company collaborates with over 70 major insurance companies to design customized insurance products [5]. Financial Performance - Revenue figures for the years 2022 to 2025 show a growth trend: 405 million, 660 million, 914 million, and 467 million yuan respectively, with a year-on-year growth of 63.1% in 2023 and 38.5% in 2024 [8]. - Despite revenue growth, net losses have increased, with figures of 25.075 million, 17.18 million, 27.712 million, and 18.679 million yuan, indicating a growing profitability pressure [8]. Client Dependency - A significant portion of Bai Ge Online's revenue is derived from a small number of clients, with the top five clients contributing 55.3%, 69.0%, 77.2%, and 59.3% of total revenue during the reporting period [9]. Investment and Ownership - Since its inception, Bai Ge Online has completed five rounds of financing, raising nearly 145 million yuan, with notable investments from New Hope Holdings [11][12]. - As of August 25, 2025, the founder holds approximately 55.58% of the voting rights, while New Hope Holdings retains a 13.87% stake [12].

Core Viewpoint - White Dove Online (Xiamen) Digital Technology Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant revenue growth but also an alarming increase in net losses, raising concerns for investors [1] Business Model and Operations - The company focuses on technology-enabled insurance intermediary services, providing insurance transaction services, precision marketing, digital solutions, and TPA services to partners across various sectors including finance, enterprises, and government [2] Financial Data Analysis - Revenue Growth: Total revenue increased from 404,524 thousand yuan in 2022 to 914,181 thousand yuan in 2024, with a 63.1% increase from 2022 to 2023 and a 38.5% increase from 2023 to 2024 [7] - Revenue Composition: Insurance transaction services dominate revenue, accounting for 81.2% in 2023, while precision marketing and TPA services have lower and fluctuating contributions [4][6] Losses and Profitability - Net Losses: The company reported net losses of 25,075 thousand yuan in 2022, 17,180 thousand yuan in 2023, and 27,712 thousand yuan in 2024, with a worsening net loss rate of -4.0% in the first five months of 2025 [5][8] - Cost Structure: Increased R&D and sales expenses have contributed to the widening losses, with R&D spending rising by 500.0% in early 2025 compared to the same period in 2024 [8] Market Position and Competition - Competitive Landscape: White Dove Online ranks 11th among internet insurance intermediaries in China, with a market share of 3.4%, but faces intense competition requiring continuous enhancement of its competitive edge [10] Client Dependency and Risks - Client Concentration: A significant portion of revenue comes from a small number of clients, with the top five clients contributing 55.3% to 77.2% of total revenue from 2022 to early 2025, indicating high dependency risks [14] - Supplier Relationships: The company maintains stable relationships with suppliers, but needs to optimize supplier management to ensure service quality [14] Management and Governance - Experienced Leadership: The board and senior management possess extensive experience in insurance, finance, and investment, providing strong support for the company's development [15]