New Stock Preview | Sailing towards the Red Celebrity Economy + AIGC, can Inmyshow Digital Technology (600556.SH) unlock a new future by listing in both A and H markets?

Under the reshaping of traffic and globalization trend, the economy of internet celebrities is reaching a crucial turning point towards capitalization. In the development of China's internet, the gradual rise of the "internet celebrity economy" is closely related to the explosive growth of new media. In this context, the leading domestic red marketing head enterprise, Inmyshow Digital Technology (600556.SH), officially started the process of listing on the Hong Kong Stock Market in early 2026, aiming for the "A+H" dual listing model, with Deutsche Bank and Guotai Haitong as joint sponsors. The move to Hong Kong by this industry leader is not only a strategic decision to relieve its own performance pressure and seek new growth, but also affects the capitalization direction of the entire red marketing industry. The opportunities and challenges behind it influence investors' value perception. Objectively speaking, the dual listing is expected to drive the revaluation of Inmyshow Digital Technology and upgrade its liquidity. Market response shows that after submitting the Hong Kong stock application, the company's A shares achieved three consecutive limit-ups and received net capital inflows through the Shanghai-Hong Kong Stock Connect for several days, reflecting the capital market's expectations of its transformation. However, the price increase brought by the favorable news of going public in Hong Kong is only temporary, as the stock price of Inmyshow Digital Technology quickly returned to its original state once the hype faded. Declining revenue and growth concerns: It is understood that Inmyshow Digital Technology was established in 2009, and is the first mature red marketing solution platform enterprise in China. By the end of 2019, it had listed through a backdoor listing as "ST Wisdom Ball" and became the first A-share listed company in the new media industry. This attempt to enter the Hong Kong stock market is its first cross-market capital deployment after six years of listing. According to the prospectus, Inmyshow Digital Technology's core positioning is to build a bridge between advertisers and red persons (content creators), MCNs, and major third-party UGC platforms, to achieve efficient collaboration across multiple digital channels, marketing content dissemination, and commercial monetization. The company provides full-process red marketing services to advertisers through its self-developed WEIQ platform, covering red person selection and matching, marketing strategy formulation, content planning and creation, activity execution, and performance tracking evaluation, with business coverage on mainstream social media platforms such as Douyin, Weibo, and Xiaohongshu. Stable revenue sources are the core strength of Inmyshow Digital Technology. As of the end of September 2025, the red marketing solution platform of Inmyshow Digital Technology has served over 220,000 advertisers and provided services for approximately 3.6 million red person accounts in various vertical industries such as beauty and personal care, consumer electronics, automobiles, and food and beverages through major third-party UGC platforms in China. The company has collaborated with over 20,000 MCNs. From a revenue structure perspective, the red marketing solution platform business is the core source of revenue. In 2023, 2024, and the first nine months of 2025, this business contributed over 95% of the company's revenue. Additionally, another major business segment, the red person economy ecosystem innovation business, extends upstream and downstream through the red marketing solution platform, creating a commercial service portfolio represented by IMSOCIAL and TOPKLOUT. IMSOCIAL is a brand business line that identifies, develops, and manages qualified red persons and MCN partners, while TOPKLOUT focuses on red person value assessment, industry trends, and insights into the red person economy data.