Core Viewpoint - Nanjing Qingtian Quansuitong Information Technology Co., Ltd. (Qingtian Quansuitong) has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the cross-border enterprise digital solutions market in China [1][4]. Company Overview - Qingtian Quansuitong is a leading provider of digital solutions for cross-border enterprises engaged in import and export trade, having served nearly 420,000 foreign trade export and cross-border e-commerce enterprises since its establishment in 2012 [4]. - The company has approximately 160,000 users and has conducted over 2 million service instances, establishing itself as a top player in the cross-border enterprise digital solutions sector based on its customer base [4]. - As of 2024, Qingtian Quansuitong has over 60,000 active users, with around 27,000 being paying customers, indicating a high customer retention and repurchase rate [4]. Market Position - In 2024, Qingtian Quansuitong ranks first in the cross-border enterprise intelligent tax solutions market in China with a market share of 1.7%, and second in the cross-border enterprise financial and tax digital solutions market with a market share of 1.2% [1][4]. - The company's market penetration rate is approximately 10% as of December 31, 2024, with significant coverage in key regions such as the Yangtze River Delta, which hosts over 280,000 cross-border enterprises in China [4]. Financial Performance - Qingtian Quansuitong's revenue increased from 119.58 million RMB in 2022 to 161.08 million RMB in 2023, and is projected to reach 171.38 million RMB in 2024 [5][7]. - The gross profit for the years 2022, 2023, and 2024 was 99.91 million RMB, 133.69 million RMB, and 120.02 million RMB respectively, with a decline in gross margin from 83.0% in 2023 to 70.0% in 2024 due to increased system integration costs [6][7]. - The company recorded a profit before tax of 58.17 million RMB in 2022, which increased to 158.21 million RMB in 2023, but dropped to 51.09 million RMB in 2024 [7].