Guohai Securities: China Online Plans to List in Hong Kong, Increasing Overseas Expansion Strategy to Open Growth Opportunities.

Guohai Securities research report pointed out that Chinese Online plans to go public in Hong Kong, intensifying its overseas expansion strategy to open up growth space. According to SensorTower's global short video app revenue data for November 2025, the company's two major overseas short video platforms, ReelShort and FlareFlow, both rank among the top 6 globally in market share. This listing may help the company broaden its financing channels to expand overseas short video supply and investment scale, drive rapid growth of the two platforms, enhance the overseas brand influence of Chinese Online, facilitate cross-border mergers and acquisitions, and expand overseas markets, effectively avoiding exchange costs and strengthening operational efficiency. The company is the first to launch an AI comic layout, with the play count of "Starting from the Womb for a Reversal" exceeding 1 billion as of November 2025, and the first AI 3D comic "Immortal Returning: Hand Dominating Humanity" album exceeding 64 million views. In terms of IP cultivation, the domestic summer box office of "The Legend of Luo Xiaohei 2" reached 533 million yuan, and it officially debuted in the United States, Canada, and other regions in September 2025, continuously expanding the influence of the IP. In addition, the overseas short video market is highly prosperous, with significant industry leading effects.