New stock news | Cross-border taxation leader Qingtian Full Tax Pass re-submitted its application to the Hong Kong Stock Exchange. The market penetration rate is approximately 7.5%.

According to the disclosure on June 5 by the Hong Kong Stock Exchange, Nanjing Qingtian Quanshui Tong Information Technology Co., Ltd. (referred to as Quanshui Tong) submitted an application to the Hong Kong Stock Exchange for listing on the main board, with Industrial and Commercial Bank International as its exclusive sponsor. The company had previously submitted an application for listing to the Hong Kong Stock Exchange on October 17, 2025. Company Profile Quanshui Tong is a Chinese cross-border enterprise digitalization service provider, dedicated to providing financial, tax, document management, and compliance solutions for cross-border enterprises engaged in import and export trade. Addressing core industry pain points such as lengthy business chains, compliance risks, and low data collaboration efficiency, the company utilizes advanced information technologies such as big data and AI to provide cross-border enterprises with comprehensive collaborative solutions covering business, finance, and tax. Through a modular product matrix, the company drives business data integration, including cross-border enterprise intelligent financial and tax solutions, document collaboration management, and cross-border enterprise risk control and compliance solutions. According to Frost & Sullivan data, in 2025, the company ranked first in the Chinese market for cross-border enterprise intelligent financial and tax solutions, with a market share of 1.6% (based on revenue), and second in the Chinese market for cross-border enterprise financial and tax digitalization solutions, with a market share of 1.1% (based on revenue). Since its establishment, Quanshui Tong has reached over 430,000 cross-border enterprises and cross-border e-commerce enterprises, including approximately 160,000 users, with over 2.2 million service sessions. It has become one of the leading companies providing cross-border digital solutions (based on customer base). In the past performance period, revenue from cross-border enterprises accounted for approximately 97.6%, 90.4%, and 90.5% of total revenue in 2023, 2024, and 2025, respectively. In 2025, the company had over 60,000 active users, with approximately 24,000 being paying customers. The company's business covers several provinces and cities including Jiangsu, Shanghai, Guangdong, Shandong, Shenzhen, Qingdao, and Chongqing, particularly in the Yangtze River Delta region where there are over 314,000 cross-border enterprises in China, as of December 31, 2025, the company's market penetration rate was approximately 7.5%. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 161 million, RMB 171 million, and RMB 176 million, respectively. Gross Profit In the fiscal years 2023, 2024, and 2025, the company's gross profits were RMB 134 million, RMB 120 million, and RMB 141 million, respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross margins of 83%, 70%, and 80.2% respectively. Quanshui Tong stated that the gross margin decreased from 83.0% in 2023 to 70.0% in 2024, mainly due to an increase in the cost of supporting hardware. In order to deliver customized comprehensive solutions to customers, the company occasionally provides mobile office terminals, invoice scanners, and data input devices as auxiliary or value-added services to customers at or below cost. Although this product strategy enhances the company's overall value proposition to customers, the increased cost of supporting hardware led to an increase in the company's overall revenue costs. The gross margin increased from 70.0% in 2024 to 80.2% in 2025, mainly due to an increase in revenue and a decrease in the cost of supporting hardware. Net Profit In the fiscal years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 153 million, RMB 47.598 million, and RMB 57.489 million, respectively. Industry Overview The market size of the Chinese industry for digital financial and tax solutions for cross-border enterprises grew from RMB 62.5 billion in 2020 to RMB 111.8 billion in 2025, at a compound annual growth rate of 12.3%. Looking ahead, due to upgrades in the tax system, rapid economic development, and favorable policies in the digital financial and tax solution market, it is expected that the industry will continue to grow, with the market size reaching RMB 193.6 billion by 2030. The industry chain for digital financial and tax solutions for cross-border enterprises includes upstream hardware and software providers. The midstream consists of providers of digital financial and tax solutions for cross-border enterprises, which can provide intelligent financial and tax solutions, electronic invoice management solutions, risk control and compliance solutions, etc. The downstream end-users include cross-border enterprises, financial institutions, and other institutions. It should be noted that downstream customers (such as financial institutions) need to purchase risk control and compliance solutions externally to help them make risk and compliance decisions. Market Size of the Chinese Industry for Digital Financial and Tax Solutions for Cross-border Enterprises The Chinese industry for digital financial and tax solutions for cross-border enterprises is a rapidly growing industry. The development of this industry is benefiting from China's expanding global trade, increasing outward investment, and increasingly complex international tax regulations. The market size grew from RMB 7.8 billion in 2020 to RMB 17.1 billion in 2025, at a compound annual growth rate of 17.0%. Looking ahead to 2030, it is expected that the industry will continue to grow, with the market size reaching RMB 35.2 billion. Board of Directors Information The Board of Directors consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors. Directors serve a term of three years and may be re-elected upon the expiration of their term. The Board of Directors is responsible for the general management and operation of the business. Equity Structure As of the most recent practical date, Ms. Xin controls approximately 78.17% of the issued share capital of the company, including (i) approximately 0.00001% held directly by her and (ii) approximately 78.17% held by Qingtian Entrepreneurial Investment, with Qingtian Entrepreneurial Investment being controlled by Qingtian Investments as its general partner. Qingtian Investments is approximately 99.01% owned by Ms. Xin, with the remaining equity held by former employees of Nanjing Qingtian Technology and independent third party Mr. Liu Biao. Intermediate Team Exclusive Sponsor: ICBC International Securities Limited Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP Company Legal Counsel: JT&N, Beijing JT&N Law Firm Sponsor Legal Counsel: Linklaters LLP, Beijing Law Firm of Tongshang Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Huabao Capital Limited