New stock news | Kelpie Express submits listing application to Hong Kong Stock Exchange as China's second largest provider of professional general merchandise digital procurement solutions.

According to the disclosure by the Hong Kong Stock Exchange on April 28, CECO Technology Group Limited (hereinafter referred to as "CECO") submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. Company Introduction According to the prospectus, CECO is a leading provider of intelligent procurement solutions for general goods in multiple scenarios in China. Leveraging its years of experience in digital operations management, the company helps clients achieve cost reduction, increased efficiency, compliance, and transparency in complex procurement scenarios. The company primarily serves influential enterprises in China, including central state-owned enterprises, financial enterprises, Fortune 500 companies, top private enterprises, and government agencies. The company believes that the core challenge in enterprise procurement solutions lies in managing the complexity brought about by multiple organizations, rules, processes, and systems in procurement scenarios. Through long-term service to enterprise clients, the company has gradually developed systematic capabilities around complexity management, which has been solidified into the "Puyuan" intelligent operation system, forming a core barrier for the company and providing support for sustainable business expansion and high-quality operation. Based on these capabilities, the company has built a nationwide supply chain and fulfillment network covering office supplies, MRO products, marketing gifts, and employee welfare products. The company continues to enhance supply stability, delivery efficiency, service responsiveness, and promote online procurement processes, traceability of key nodes, and standardized management throughout the entire process. The company has achieved coordinated growth in business scale and operational quality. According to data from Frost & Sullivan, by 2025, based on GMV calculations, the company is the second-largest provider of digital procurement solutions for general goods in China. The company is a market leader in multiple key procurement scenarios - according to Frost & Sullivan data, based on the same benchmark, the company ranks first in office supplies and marketing gifts as well as employee welfare products fields, and third in the MRO products field. Financial Information Revenue The company recorded revenues of approximately RMB 13.307 billion, RMB 13.831 billion, and RMB 15.048 billion in the fiscal years 2023, 2024, and 2025, respectively. Net Profit The company recorded net profits of approximately RMB 401 million, RMB 322 million, and RMB 335 million in the fiscal years 2023, 2024, and 2025, respectively. Gross Profit The company recorded gross profits of approximately RMB 1.075 billion, RMB 1.067 billion, and RMB 1.115 billion in the fiscal years 2023, 2024, and 2025, respectively. Industry Overview From 2020 to 2025, the industry of digital procurement solutions for general goods in China experienced rapid growth, with market size reaching RMB 1.68 trillion based on GMV calculations in 2025, with a compound annual growth rate of 10.7%. Looking ahead, driven by the continuous development of digital procurement platforms and enterprise demand, the market is expected to maintain stable growth, reaching RMB 2.68 trillion based on GMV calculations by 2030, with a compound annual growth rate of 9.8% from 2025 to 2030. According to product category segmentation, driven by the convenience, transparency, and cost control advantages of digital procurement, the market for digital procurement solutions for office supplies, MRO products, marketing gifts, and employee welfare products is expected to reach RMB 601.7 billion, RMB 571.4 billion, and RMB 509.4 billion based on GMV calculations in 2025, with compound annual growth rates of 8.7%, 16.6%, and 7.8% from 2020 to 2025. By 2030, the market size for these product categories is projected to reach RMB 871.5 billion, RMB 1.08 trillion, and RMB 726.3 billion based on GMV calculations, with compound annual growth rates of 7.7%, 13.7%, and 7.4% starting from 2025. In 2025, the digital procurement penetration rates for MRO products markets in China and the United States were 9.7% and 15.9% respectively. The digital procurement penetration rate in China is still lower than that of the United States, indicating significant growth potential in the future. In 2025, leading companies in the industry of digital procurement solutions for general goods in the United States had average gross profit margins and net profit margins exceeding 30% and 6% respectively. Due to intense competition, the average profitability of the market in China for digital procurement solutions for general goods is weaker. As digitalization progresses and competitive landscape integrates, it is expected that leading companies in China will further enhance their profitability. Board of Directors and Executive Profiles The company's board of directors consists of seven members, including four executive directors and three independent non-executive directors. Shareholding Structure As of the most recent feasible date, Dr. Chen Huwen, Mr. Chen Huxiong, Ms. Chen Xueling, Morning Light Group, Keyi Investment, Jiekui Investment, and Shanghai M&G Stationery Inc. constitute the controlling shareholder group of the company. Among them: (i) Dr. Chen Huwen, Mr. Chen Huxiong, and Ms. Chen Xueling hold 38%, 38%, and 24% shares of Morning Light Group respectively; (ii) Morning Light Group, Dr. Chen Huwen, Mr. Chen Huxiong, Ms. Chen Xueling, Keyi Investment, and Jiekui Investment directly hold approximately 58.20%, 1.48%, 1.48%, 0.66%, 1.23%, and 1.22% shares of Shanghai M&G Stationery Inc. respectively. Dr. Chen Huwen is a general partner of Keyi Investment, holding approximately 79.33% of the partnership interests. Mr. Chen Huxiong is a general partner of Jiekui Investment, holding approximately 73.34% of the partnership interests; and (iii) Shanghai M&G Stationery Inc., Dr. Chen Huwen, Mr. Chen Huxiong, and Ms. Chen Xueling directly hold approximately 77.78%, 4.00%, 3.30%, and 1.50% of the company's shares. As of the most recent feasible date, the controlling shareholder group collectively holds approximately 86.58% of the company's shares. Advisory Team Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited Company Legal Advisor: JunHe LLP Auditor and Reporting Accountant: Ernst & Young Industry Advisor: Frost & Sullivan