Shuju Zhiliang shifts from the Growth Enterprise Market to a Hong Kong IPO: annual revenue of 1.6 billion yuan, BlueFocus holds a 5% stake

Rui Finance Yan Minghui March 31, Beijing Shujuzhilian Technology Co., Ltd. (hereinafter referred to as: Shujuzhilian) submitted a listing application to the main board of the Hong Kong Stock Exchange. Huaxing Capital is the sole sponsor.

According to Rui Finance’s research, Shujuzhilian previously applied for an IPO listing on the ChiNext board. At that time, the sponsor was Credit Suisse. The company had received and replied to four rounds of inquiries from the Shenzhen Stock Exchange, but in July 2024 the company withdrew its application, and the IPO was terminated.

Shujuzhilian was founded in 2008. Its legal representative is Xiong Kun, and its registered capital is RMB 135 million. It is a comprehensive full-chain e-commerce operation services provider driven by performance-and-effect marketing to drive sales, providing e-commerce operation and marketing services such as brand e-commerce operations, channel distribution, and performance-and-effect marketing to both domestic and international brands.

Chairman, General Manager, and CEO Xiong Kun holds 16.72% direct equity in Shujuzhilian. The employee shareholding platform Huaxin Lanchuang holds 11.98% equity, while Huaxin Lanchuang is held by Xiong Kun with 8.47% equity. Xiong Kun has the right to exercise 28.7% of the voting rights attached. BlueFocus holds 5.35% of the shares.

BlueFocus gradually liquidated the shares of Shujuzhilian it held during the reporting period. In August 2020, five people including Deng Baojun transferred the Shujuzhilian shares held by BlueFocus. The transaction price was RMB 5.62 per share, lower than the capital injection price of Wang Yanke and Guodiao Hongtai, newly added shareholders in May to June of that year, at RMB 8.02 per share, and also lower than the transaction price of RMB 9.61 per share at which Shanghai Zanmou transferred Xiong Kun’s holdings in September of that year.

In response, the Shenzhen Stock Exchange previously required the company to explain the reasonableness of considering an old-share discount when setting the share transfer price for the five transferees including Deng Baojun, as well as the basis and reasonableness for a 70% discount.

Xiong Kun, 49 years old, holds a master’s degree in biochemistry from Tianjin University. Before joining Shujuzhilian, Xiong Kun had served as Senior Vice President at a digital marketing institution under BlueFocus (300058). Xiong Kun joined Shujuzhilian in September 2015 as General Manager and Executive Director, and was appointed Chairman in August 2017.

Shujuzhilian’s performance over the past three years has fluctuated. Revenue decreased from RMB 1.59B in 2023 to RMB 1.38B in 2024, mainly due to a decline in revenue from domestic e-commerce brand operations; revenue increased from RMB 1.38B in 2024 to RMB 1.61B in 2025, mainly due to an increase in overseas e-commerce brand operations revenue. Profit during the year fell from RMB 80.49M in 2023 to only RMB 9.17M in 2024; in 2025 it rebounded to RMB 43.4M, but it still remains less than 60% of 2023.

As of end-2025, the company’s cash and cash equivalents were RMB 96.46M, down significantly from RMB 213 million at end-2024.

Relevant companies: BlueFocus sz300058, Shujuzhilian