New stock news | Hysan Development will submit its application to the Hong Kong Stock Exchange. The company ranks first among independent green supply chain recycling service providers in China.

According to the disclosure of the Hong Kong Stock Exchange on April 24th, Shanghai Xiangxiang Intelligent Technology Co., Ltd. (Xiangxiang Shared) has submitted its listing application to the Hong Kong Stock Exchange, with Guoyuan International as the exclusive sponsor. Company Introduction Xiangxiang Shared is a global green supply chain intelligent recycling service platform. By developing self-researched intelligent recycling packaging solutions and digital recycling service systems, the company is building a globally leading green supply chain infrastructure platform. As of December 31, 2025, the service network covers nearly 30 countries and regions, and has deployed 26 Regional Distribution Centers (RDC) and over 8,500 upstream and downstream nodes (FDC). The company has served more than 2,700 enterprise clients in over 80 vertical industries, including over 30 Fortune Global 500 companies and more than 30 listed companies. According to Frost & Sullivan, the company's technological capabilities and market position in the global green supply chain intelligent recycling service sector are industry-leading. Among the top five peers in China, the company ranks first in revenue growth, with a compound annual growth rate of 33.8% from 2023 to 2025. By revenue, the company ranks first among independent green supply chain recycling service providers in China in 2025. Globalization is a key drive for the company's growth, and in 2023, 2024, and 2025, revenue from outside of China accounted for 44.4%, 53.0%, and 47.9% of total revenue respectively. According to Frost & Sullivan, as of December 31, 2025, the company ranks first in the industry globally and in China by the number of authorized invention patents. Revenue: In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 266 million, RMB 377 million, and RMB 476 million respectively. Profit: In the fiscal years 2023, 2024, and 2025, the company recorded losses of RMB 8.75 million, profits of RMB 15.77 million, and profits of RMB 32.18 million respectively. Gross Margin: In the fiscal years 2023, 2024, and 2025, the gross margins were 35.7%, 38.2%, and 37.9% respectively. Industry Overview: The global supply chain packaging solution market in 2025 was RMB 3,015.5 billion, with a compound annual growth rate of 3.1% from 2021 to 2025. It is expected that with the advancement of global environmental policies and the popularization of circular economy models, the market size of the global supply chain packaging solution industry will steadily grow to RMB 3,419.3 billion by 2030, with a compound annual growth rate of 2.5% from 2025 to 2030. From a regional perspective, the Asia-Pacific (excluding China) and Chinese markets are the two largest and most robust markets, with the Asia-Pacific (excluding China) market reaching RMB 1,052.4 billion in 2025, and the Chinese market reaching RMB 870.1 billion. It is expected that these two core markets will maintain compound annual growth rates of 3.3% and 2.9% respectively from 2025 to 2030. The global market growth engine for the next five years is expected to focus on the Asia-Pacific region. The size of the green supply chain recycling service market increased from RMB 315.2 billion in 2021 to RMB 406.2 billion in 2025, with a compound annual growth rate of 6.5% and a penetration rate of 11.8% to 13.5%. Looking ahead, the market size of green supply chain recycling services is expected to increase to RMB 633.7 billion by 2030, with a compound annual growth rate of 9.3% from 2025 to 2030, and a penetration rate of 18.5%. China is one of the main markets for supply chain packaging solutions. The market size of supply chain packaging solutions in China in 2025 was RMB 870.1 billion, and the compound annual growth rate from 2021 to 2025 was 4.0%. It is expected to reach RMB 1,002.2 billion by 2030, with a compound annual growth rate of 2.9% from 2025 to 2030. During this period, the penetration rate in the green supply chain recycling service market is expected to increase from 7.9% to 9.1%. While the overall market is growing, traditional supply chain packaging solutions are facing accelerated replacement by green supply chain recycling services. The green model, with its dual advantages of cost reduction and efficiency improvement, as well as low-carbon environmental protection, is gradually penetrating core areas. By 2025, the market size of China's green supply chain recycling services reached RMB 79.2 billion, with a compound annual growth rate of 7.9% from 2021 to 2025; it is expected to reach RMB 128.1 billion by 2030, with a compound annual growth rate of 10.1% from 2025 to 2030. During this period, the penetration rate is expected to rise to 12.8%. China is becoming one of the world's largest and fastest-growing markets for green supply chain recycling services, with the growth rate of the green supply chain recycling service market far exceeding that of the traditional packaging market. The market for green supply chain recycling services in China has tremendous growth potential and market penetration opportunities. From the perspective of specific industries, the liquid (food, chemicals, etc.) sector is showing strong growth momentum, with a market size of RMB 224.1 billion in 2025, and a compound annual growth rate of 7.2% from 2021 to 2025; it is expected to reach RMB 299.2 billion by 2030, with a compound annual growth rate of 6.0% from 2025 to 2030, leading the industry in terms of growth rate. Board of Directors Information The board of directors will consist of 11 directors, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors. According to the articles of association, directors are elected and appointed by the shareholders at the general meeting of shareholders, with a term of 3 years, and can be re-elected and re-appointed for subsequent terms. Ownership Structure Beijing Green Investment is a limited partnership established in China on November 30, 2016. China-US Green Fund Management (Beijing) Co., Ltd. (China-US Green Fund) is the sole general partner of Beijing Green Investment and holds approximately 1.00% of the partnership interests. China-US Green Fund is 88.00% owned by Green Dynamics Investment Management Co., Ltd. (Green Dynamics). Green Dynamics is owned by five shareholders, each holding less than 30.00% of the shares. Beijing Green Investment ultimately has approximately 45.64% ownership by the State-owned Assets Supervision and Administration Commission of the State Council. The remaining partnership interests of Beijing Green Investment are held by 14 limited partners, each holding less than 15.00% of the partnership interests. Lingzhong Longzhi is a limited partnership established in China on August 2, 2016. Shanghai Lingzhong Asset Management Co., Ltd. (Lingzhong Asset) is the sole general partner of Lingzhong Longzhi and holds approximately 0.01% of the partnership interests. Lingzhong Asset is owned 97.50% and 2.50% by Mr. Huang Yan and Mr. Li Yuguang respectively. Lingzhong Longzhi is held approximately 14.50% and 10.50% by Lingzhong Qingyan and Zhuhai Lingzhong Dingfeng Equity Investment Fund (Limited Partnership) (Lingzhong Dingfeng). Lingzhong Dingfeng is owned 99.98% and 0.02% by Mr. Huang Yan and Lingzhong Asset respectively. The remaining partnership interests of Lingzhong Longzhi are held by seven other limited partners, each holding less than 15.00% of the partnership interests. Lingzhong Xingchen is a limited partnership established in China on October 10, 2017. Lingzhong Asset is the sole general partner of Lingzhong Xingchen and holds approximately 0.02% of the partnership interests. Lingzhong Xingchen is held approximately 38.00%, 33.33%, and 28.65% by Yinji Development (Shanghai) Investment Holdings Co., Ltd. (Yinji Development), Ms. Zhang Xuefang, and Ms. Yuan Mingchun respectively. Yinji Development is owned approximately 75.88% and 24.12% by Shanghai Zhuoquan Enterprise Development Co., Ltd. (Shanghai Zhuoquan) and Shanghai Jinyu Trading Co., Ltd. (Shanghai Jinyu) respectively. Shanghai Zhuoquan is ultimately owned 70.00% and 30.00% by Mr. Liu Bowei and Mr. Yuan Yanshun. Shanghai Jinyu is wholly owned by Mr. Liu Bowei. Lingzhong Qingyan is a limited partnership established in China on July 31, 2018. Lingzhong Asset is the sole general partner of Lingzhong Qingyan and holds approximately 0.01% of the partnership interests. Lingzhong Qingyan is held approximately 9.20% and 2.80%, by Zhuhai Lingzhong Zhirui Investment Partnership (Limited Partnership) (Lingzhong Zhirui) and Lingzhong Dingfeng respectively. Lingzhong Zhirui is held 99.96% and 0.04% by Mr. Huang Yan and Lingzhong Asset respectively. Zhuhai Gonyi is a limited partnership established in China on April 6, 2021. Lingzhong Asset is the sole general partner of Zhuhai Gonyi and holds approximately 0.97% of the partnership interests. Mr. Huang Yan also holds approximately 21.36% of the partnership interests directly in Zhuhai Gonyi. The remaining partnership interests of Zhuhai Gonyi are held by five individual limited partners, each holding less than 30.00% of the partnership interests. Lingxiang Zhihang is a privately owned limited company registered in China on August 26, 2016. Lingxiang Zhihang is jointly owned by Mr. Huang Yan and Mr. Li Yuguang, with 90.00% and 10.00% ownership respectively. Era Boles, as a limited partnership established in China on April 20, 2023. Shenzhen Era Boles Entrepreneurship Investment Management Co., Ltd. (Era Boles Capital) is the sole general partner of Era Boles, holding 2.00% of the partnership interests. Era Boles Capital is held approximately 69.27% and 23.35% by Shenzhen Hanxin Asset Management Co., Ltd. (Shenzhen Hanxin) and Shenzhen Gongchuang Boles Management Partnership (Limited Partnership) (Gongchuang Boles). The remaining ownership interests of Era Boles Capital are ultimately held by five individuals, each holding less than 5.00%. Mr. Jiang Zhongjun is the sole general partner of Gongchuang Boles, holding approximately 0.65% of the partnership interests. Gongchuang Boles is 78.32% owned by Shenzhen Hanxin. The remaining partnership interests of Gongchuang Boles are held by 15 other individual limited partners, each holding less than 10.00%. Shenzhen Hanxin is 81.10% owned by Mr. Jiang Guoyun, and the remaining ownership interests of Shenzhen Hanxin are held by four other individual shareholders, each holding less than 20.00%. Era Boles is also held approximately 68.00%, 20.00%, and 10.00% by Xianju Economic Development Group Co., Ltd. (Xianju Development), Zhejiang Xianju County Industrial Fund Management Co., Ltd. (Xianju Fund), and Xianju County Industry Investment Development Group Co., Ltd. respectively. Xianju Development, Xianju Fund, and Xianju Industry are wholly owned by Zhejiang Xianju Development Holding Co., Ltd., and Zhejiang Xianju Development Holding Co., Ltd. is ultimately owned approximately 92.00% and 8.00% by the Xianju County State-owned Assets Work Center and the Zhejiang Department of Finance. Qipeng Venture was established as a limited partnership in China on July 12, 2016. Shanghai Qipeng Investment Management Co., Ltd. (Shanghai Qipeng) is the sole general partner of Qipeng Venture, holding approximately 2.55% of the partnership interests. Shanghai Qipeng is held approximately 90.91% and 9.10% by Mr. Li Huidi and Mr. Meng Guanghui respectively. Qipeng Venture is held approximately 17.83%, 14.86%, and 4.46% by Vision Energy Co., Ltd. (Vision Energy), Shanghai qirui investment management center (limited partnership) (Shanghai Qirui), and Mr. Li respectively. Vision Energy is 99.999% owned by EnvisionEnergyInternationalLimited. Shanghai Qirui is held approximately 85.71% and 14.29% by Mr. Li and Mr. Mao Jiayue respectively. The remaining partnership interests of Qipeng Venture are held by ten other individual limited partners, each holding less than 20.00%. Qipeng Yihao is a limited partnership established in China on November 3, 2018. Shanghai Qipeng is the sole general partner of Qipeng Yihao, holding approximately 9.01% of the partnership interests. Qipeng Yihao is held approximately 27.93% by Vision Energy. The remaining partnership interests of Qipeng Yihao are held by five other individual limited partners, each holding less than 30.00% of the partnership interests. Beijing Zhongnuo was established as a limited partnership in China on May 6, 2022. Beijing Zhongnuo Investment Fund Management Co., Ltd. (Zhongnuo Tongchuang) is the general partner of Beijing Zhongnuo, holding 0.71% of the partnership interests. Zhongnuo Tongchuang is held approximately 51.00%, 39.00%, and 10.00% by Tianjin Zhongnuo Tongchuang Management Consulting Co., Ltd. (Tianjin Zhongnuo), ZGC TEC LEASING Co., Ltd. (ZGC TEC LEASING, listed on the Stock Exchange of Hong Kong, stock code: 01601), and Beijing Centergate Technologies Collaborative Innovation Investment Fund Management Co., Ltd. The remaining partnership interests of Beijing Zhongnuo are held by three other limited partners, each holding less than 10.00%. Zhuhai Shenzhou was established as a limited partnership in China on May 25, 2017. Zhuhai Shenzhou is held approximately 99.93% and 0.07% by Lingzhong Dingfeng and its sole general partner, Shanghai Ruzhan Enterprise Management and Consulting Partnership (Limited Partnership) respectively. 7SeasVC was established as a private limited company in Hong Kong on August 6, 2015. 7SeasVC is 90.00% owned by 7SeasVentureCapital, L.P. According to the directors, the partners of 7SeasVentureCapital,L.P. hold no more than one-third of the equity. Supporting Team Exclusive Sponsor, Sponsor and Overall Coordinator: Guoyuan International Financing Co., Ltd. Company's Legal Advisor: For Hong Kong and US law: Wilson Sonsini Goodrich & Rosati; For Chinese law: Shanghai Jintiancheng Law Firm Legal Advisor of the Exclusive Sponsor: For Hong Kong and US law: Morgan Lewis; For Chinese law: Shanghai Chengming Law Firm Reporting Accountants: Ernst & Young Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch