New Stock News | Wise Accounting Hong Kong Stock IPO Prospectus Invalid

SATP Holding Inc. (referred to as Wise Accounting) submitted its Hong Kong IPO prospectus on March 7, which expired after 6 months on September 7. CITIC SEC was the exclusive sponsor when the document was submitted. As a bookkeeping and tax agent, Wise Accounting mainly provides SaaS-based solutions to small and medium-sized enterprise clients. When manual intervention is required in the solution delivery process, a team of financial and tax professionals can intervene at any time to provide support. Thanks to its commitment to establishing long-term relationships with small and medium-sized enterprise clients and the company's brand recognition in the industry, Wise Accounting achieved a customer retention rate of 80.0% in 2024, surpassing the industry average. According to the prospectus, based on data from Frost & Sullivan, Wise Accounting has been the largest provider of financial and tax solutions for small and medium-sized enterprises in China from 2021 to 2023 in terms of total revenue. The market where Wise Accounting operates is highly diversified and still in the early stages of digitization. In terms of revenue, Wise Accounting's market share in 2023 was 0.5%.