New Stock News | Baiqiu Shangmei submits application to Hong Kong Stock Exchange to achieve a GMV of 39.7 billion Chinese yuan by 2025.

According to the disclosure on April 29 by the Hong Kong Stock Exchange, Shanghai Baiqiu Shangmei Technology Service Group Co., Ltd. (referred to as Baiqiu Shangmei) has submitted its application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its sole sponsor. The prospectus shows that Baiqiu Shangmei is a Chinese mid-to-high-end brand digital retail operation service provider. With integrated operational capabilities and services for mid-to-high-end brands, the company maintains industry leadership in GMV of e-commerce operation services, achieving a GMV of RMB 39.7 billion in 2025. According to Frost & Sullivan data, the company ranks second among comprehensive online retail operational service providers for Chinese brands, with a market share of approximately 2.7%. Baiqiu Shangmei has been deeply cultivating the online retail comprehensive operation service market for over 15 years, establishing a strong moat in sectors such as fashion, jewelry, sports outdoor, and beauty. It is one of the few enterprises in the industry that provides services to top brand merchants on all mainstream e-commerce platforms such as Tmall, Douyin, and JD. According to Frost & Sullivan data, focusing on serving overseas brands (i.e. brands whose global headquarters are located outside mainland China), the company holds a market share of 8.8%, ranking first. By the same measure, the company is also the largest DP operation service provider in China, with a market share of 4.6%. The company's solutions are provided in three forms of business: e-commerce operation services, brand marketing services, and product sales. With years of deep industry experience and relying on its independently developed end-to-end, multi-channel digital retail system Futail, the company provides comprehensive, high-standard, and efficient operational services to brand merchants to achieve their business goals, for which the company charges a service fee. At the same time, through continuous iteration of the system, industry insights, and the use of AI-powered tools, the company continuously enhances its multi-channel retail capabilities to better provide comprehensive services to brand merchants, helping them achieve continuous improvement in brand value and further improving the company's operational efficiency. In terms of finances, the company achieved revenues of approximately RMB 1.318 billion, RMB 1.419 billion, and RMB 1.587 billion in the years 2023, 2024, and 2025 respectively; during the same period, annual profits were approximately RMB 250 million, RMB 143 million, and RMB 214 million respectively.