New stock preview | From traditional advertising to QR code marketing, how likely is Holy Fire Holdings to succeed in the Hong Kong Stock Exchange again?

In the spring of 2026, when the IPO gate of the Hong Kong stock market remained wide open, a QR code marketing service provider named Holy Fire Holdings once again stepped into the spotlight. It was recently revealed that the Hong Kong Stock Exchange official website has updated the prospectus of Holy Fire Holdings Group Limited (referred to as "Holy Fire Holdings"), marking the second attempt within a short period of half a month after the previous prospectus became invalid. So, what are the chances of success for Holy Fire Holdings in this re-filing? From traditional advertising to the transformation towards "one product, one code" According to the prospectus, Holy Fire Holdings was established in Guangzhou in 2013 and initially positioned itself as a traditional integrated marketing and advertising service provider. Over the past decade, the company has keenly captured the wave of digital transformation in the fast-moving consumer goods industry. In order to maintain competitiveness in the rapidly evolving market environment, Holy Fire Holdings has gradually enhanced its technological capabilities, continuously upgraded and enriched its integrated marketing and advertising service matrix, and aimed to seize more business opportunities in the intense market competition. In 2018, Holy Fire Holdings further expanded its service scope, shifting its strategic focus to marketing technology services, mainly providing solutions to clients through its proprietary "one product, one code" technology. The core logic of this technology is to bridge the interaction between offline and online, significantly improving marketing efficiency: consumers only need to scan the QR code on the product packaging to be directed to the brand's website, participate in promotional activities, or view product details. This process not only enhances user engagement significantly but more importantly, it enables brands to track user data through the backend for precise personalized marketing, thereby assisting clients in formulating data-driven marketing strategies. Holy Fire Holdings' marketing technology services mainly utilize its own system, embedding unique QR codes on product packaging and individual products. This "one product, one code" model turns each product into an independent traffic entry and data touchpoint. According to Frost & Sullivan data, based on revenue from related services in 2024, the company ranked fourth among QR code marketing solution providers in China, with a market share of approximately 1.8%. While being the "fourth in the industry" may seem prestigious, the 1.8% market share reveals the industry's extreme fragmentation and the lack of a dominant player. Advertisement services dominate, gross margin continues to be under pressure Through a deep analysis of Holy Fire Holdings' business landscape, it can be noted that its revenue structure is undergoing subtle changes, with a noticeable downward trend in profit... (translation cut off, please re-enable if need more)