New stock news | Shengjing Netcom submitted an application to the Hong Kong Stock Exchange, ranking second among domestic market-oriented private equity funds.

According to the disclosure by the Hong Kong Stock Exchange on June 29, Beijing Shengjing Net Link Technology Service Co., Ltd. (referred to as Shengjing Net Link) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guosen (Hong Kong) being its exclusive sponsor. Company Overview According to the prospectus, Shengjing Net Link focuses on providing innovation services to enterprises in China's science and technology industry, aiming to become an industry leader and innovation driver. Its technology innovation services mainly include empowerment and incubation investment services, as well as private equity fund management services. Based on data from iResearch, in terms of managed assets, the company ranked 29th in China's domestic market-oriented private equity funds in 2025, placing it steadily in the second tier (with managed assets ranging from RMB 10 billion to 50 billion). The company adopts a dual-drive business model combining "empowerment and incubation investment services" with "fund management services". It provides a wide range of empowerment services to innovative enterprises, including training programs, consulting services, competitions, and boot camps. The company may also provide incubation investment using its own funds. In order to better serve science and technology innovation enterprises, the company also offers private equity investment management services to provide stronger financial support for their development. During the historical period, the company's revenue mainly came from empowerment and incubation investment business, as well as private equity fund management business. Revenue primarily generated from the empowerment and incubation investment business segment includes fees for providing training and consulting services to clients. Revenue generated from the private equity fund management business as the fund manager of managed funds includes fund management fees and performance-related fees. As of December 31, 2025, the company manages 125 private equity funds, including 70 parent funds and 55 direct investment funds. As of December 31, 2025, the total assets under management of the company amounted to RMB 12.7 billion, with assets under management of the parent funds at RMB 8.2 billion and assets under management of the direct investment funds at RMB 4.5 billion. Financial Information Revenue In the financial years of 2023, 2024, and 2025, the company achieved revenue of approximately RMB 106 million, RMB 77 million, and RMB 65 million, respectively. Net Profit In the financial years of 2023, 2024, and 2025, the company recorded annual net profits of approximately RMB 27 million, RMB 35 million, and RMB 52 million, respectively. Industry Overview The continuous expansion of China's science and technology service market is attributed to strong structural demand supported by policies for enterprises and ongoing digital and technological transformations. The emergence of "specialized, refined, characteristic, and novel" enterprises and "small giants" referring to small and medium enterprises specializing in production, focusing on niche markets, and with strong innovation capabilities has created an important and growing customer base. Prior to November 2025, the number of specialized, refined, and new enterprises increased from 40,000 in 2021 to 140,000, while the number of "small giants" increased from 5,000 to 18,000 during the same period. These innovation-oriented small and medium-sized enterprises increasingly rely on scientific and innovation services. In 2025, empowerment services accounted for 92.5% of segment revenue, followed by incubation investment services at 7.5%. Innovation entrepreneurship training and consultation remain core services in enterprise empowerment services, driving most of the revenue for science and technology service providers. The comprehensive service model is driving the expansion of China's empowerment and incubation investment service market, bringing enormous opportunities. By 2025, the market size had reached RMB 479 billion, driven by the growing demand for services supporting innovative start-ups, training, and corporate governance innovation. The service scope has evolved beyond basic infrastructure development to cover enterprise training, marketing support, and financial assistance. Despite short-term disruptions due to the pandemic in 2022, the overall market achieved a compound annual growth rate of 7.4% over the past five years, with growth expected to accelerate from 2025 onwards as more service providers enter the market and offer multi-dimensional support combining capital, expertise, and resources. China's private equity fund management business has shown stable growth, with the market size reaching RMB 342.2 billion in 2025. Despite short-term fluctuations due to the pandemic from 2022 to 2024, the segment achieved a compound annual growth rate of 3.6% from 2021 to 2025, driven by increasing investor interest in early-stage and small-scale investments, government support, and increased funding for innovative start-ups. Looking ahead, supported by a stable macroeconomic foundation, improved exit mechanisms post-registration system reform, and continued policy support, this segment is expected to maintain strong development momentum. By 2025, there were signs of market improvement, fund management companies resumed operations, and market recovery was evident. Fund management institutions play an increasingly important role in supporting start-ups to enter the public market and promoting the development of high-tech and frontier technology industries. These structural drivers lay the foundation for sustained long-term growth in the private equity fund management market. Board of Directors Information The board of directors consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. Shareholding Structure The company is jointly controlled by Mr. Peng and Ms. Liu through a unanimous action agreement, collectively holding approximately 46.22% of the voting rights of the company. Among them, Mr. Peng directly holds 35,119,410 shares of domestic shares, accounting for 35.12% of the company's issued shares; Ms. Liu directly holds 11,103,503 shares of domestic shares, accounting for 11.10% of the company's issued shares. The former investor, Qingshi Ruiying, holds 3,346,615 shares of domestic shares (approximately 3.35%), while Tianjin Shunhan holds 3,746,853 shares of domestic shares (approximately 3.75%). Other major shareholders include Ronghui Dingjia (3.55%), Shenzhen Fenxiang Investment (3.34%), Huaying Huajin (3.25%), Ronghui Dinglian (3.09%), Ronghui Dinghua (3.02%), etc. Intermediary Team Exclusive Sponsor: Guosen (Hong Kong) Financing Co., Ltd. Company Legal Advisor: Regarding Hong Kong law: Zhong Lun Law Firm; Regarding Chinese law: Zhong Lun Law Firm; Exclusive Sponsor Legal Advisor: Regarding Hong Kong law: Hoy Chan Solicitors; Regarding Chinese law: Grandall Law Firm; Auditor and Reporting Accountant: Yung Cheung (Hong Kong) Certified Public Accountants Co., Ltd.; Industry Consultant: Shanghai iResearch Market Consulting Co., Ltd.; Compliance Advisor: Guosen (Hong Kong) Financing Co., Ltd.