New stock news | Meidodo Group Limited files application to Hong Kong Stock Exchange, becoming China's fifth largest cross-border e-commerce service provider.

According to the disclosure by the Hong Kong Stock Exchange on December 9th, Midodo Group Limited submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CIMB International as its sole sponsor. The prospectus shows that based on data from Ignite Consultancy, as of 2024, Midodo Group Limited is the fifth largest cross-border e-commerce service provider in China. The company's digital solutions enable enterprise clients to reach target overseas consumers through international leading digital media platforms including Google, TikTok, Meta, and Amazon. According to the prospectus, Midodo Group Limited is a leading and fast-growing comprehensive service platform that provides digital marketing and operational support services to cross-border e-commerce enterprises. The company develops digital solutions for enterprise clients, empowering them to sell Chinese-made products to overseas consumers through cross-border e-commerce. Midodo Group Limited joined the Google Partner Program in 2015, establishing a close partnership with Google and later becoming its elite partner. Elite partners are companies in the top 3% of the Google Partner Program in specific countries. The Google Partner Program is prevalent in over 60 countries and aims to promote Google's online advertising business with global Google partners like Midodo Group Limited. In 2017, Midodo Group Limited was appointed by Google as a partner in the Google AdWords reseller program in China. The company later established the Google Overseas Experience Center in Fuzhou, Fujian Province. Leveraging its partnership with Google, Midodo Group Limited successfully transformed its business model from a traditional cross-border trade intermediary to a digital advertising agency and further became a cross-border e-commerce service provider. Midodo Group Limited has long been dedicated to cross-border e-commerce digital marketing. In 2023, the company was invited to participate in the Google Overseas Summit held in Shenzhen, confirming its position as a leading cross-border e-commerce digital marketing company in China. In addition to Google, during the historical period, Midodo Group Limited also collaborated extensively with TikTok for Business. In 2024, the company became an official advertising agency for TikTok for Business. In 2025, TikTok for Business certified the company as an outstanding partner in the U.S. cross-border POP in 2024. In 2025, Midodo Group Limited became an official advertising agency for Amazon. During the historical period, the company successfully assisted over 1,700 direct clients in promoting their brands, services, or products to over 20 countries in Europe, the Americas, Asia, and Oceania. Since the historical period and up to the latest practicable date (November 30, 2025), the business operations of Midodo Group Limited have continued to expand. In terms of overseas marketing services, from July 1, 2025, to October 31, 2025, the company attracted 322 new clients, most of which are direct clients. In terms of overseas e-commerce operations, Midodo Group Limited has expanded its geographic coverage to include Indonesian clients. Financial Information Revenue For the financial years ended 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded revenues of USD 65.17 million, USD 70.85 million, USD 71.13 million, and USD 55.79 million, respectively. Losses for the Year/Period For the financial years ended 2022, 2023, 2024, and the six months ended June 30, 2025, the company reported profits of USD 1.641 million, losses of USD 16.413 million, losses of USD 0.163 million, and losses of USD 19.85 million, respectively. Gross Profit The company's gross profit for the years 2022, 2023, 2024, and the six months ended June 30, 2025, was USD 5.182 million, USD 2.931 million, USD 3.119 million, and USD 2.681 million, respectively. Industry Overview Chinese companies engaging in overseas business activities, including cross-border e-commerce, gaming, mobile applications, and other industries, are collectively referred to as China's outbound enterprises. Driven by the globalization trend of the CKH Holdings Chinese economy, the past decade has seen a significant increase in the trend of Chinese companies going abroad, with continued growth in overseas business. In 2024, China's total import and export of goods reached USD 6.2 trillion, a 3.8% increase over the previous year, and the total import and export of services reached USD 1.1 trillion, a 13.2% increase year-on-year. Against this backdrop, Chinese companies are becoming increasingly active in the global market, with their international presence and influence steadily growing. With the accelerated pace of international expansion, along with the continuous improvement of cross-border e-commerce platform ecosystems, diversification of the global supply chain, and favorable policy support, the industry is entering a new stage of expansion. By sales volume, China's cross-border e-commerce industry market size reached USD 461.7 billion in 2024, projected to reach USD 933.6 billion by 2029, with a compound annual growth rate of 15.1% from 2024 to 2029. In the field of Chinese outbound marketing services, with the acceleration of China's internationalization process, the continuous improvement of the cross-border e-commerce platform ecosystem, diversification of the global supply chain, and favorable policy environment, the outbound service industry has experienced significant growth. In 2024, nearly 700,000 Chinese companies engaged in import and export businesses, an 8.5% increase from the previous year, reaching a historical high and reflecting sustained demand for outbound services. In 2024, the market size of China's outbound marketing services industry reached USD 36.3 billion. With the continued growth of outbound enterprises and their marketing needs, the market is expected to expand to USD 73.7 billion by 2029, with a compound annual growth rate of 15.2% from 2024 to 2029. Among all downstream clients, the demand for outbound services from cross-border e-commerce is most significant. From 2020 to 2024, the market size of China's cross-border e-commerce marketing services steadily increased, accounting for about 40% of the overall outbound marketing services market and ranking first among various types of outbound enterprises. Over the next five years, cross-border e-commerce clients are expected to maintain the largest market share and lead industry growth. In 2024, the market size of China's cross-border e-commerce marketing services industry reached USD 14.3 billion, with a compound annual growth rate of 22.1% from 2020 to 2024. Driven by rising global demand and continuous iteration of digital marketing tools, the industry shows enormous growth potential. By 2029, the market is expected to expand to USD 30.5 billion, with a compound annual growth rate of 16.4% from 2024 to 2029, providing more growth opportunities for Chinese outbound enterprises. Board of Directors Information The board of directors of Midodo Group Limited consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the latest practicable date, Mr. Ruan Weixing holds approximately 41.27% of the total issued share capital of the company through his wholly-owned company RUANQi Holding. As Mr. Ruan is the ultimate beneficial owner of approximately 41.27% of the company's shares through RUANQi Holding, as of the date of this document, Mr. Ruan and RUANQi Holding are considered the controlling shareholders of the company. As of the latest practicable date, JUli Holding is owned by Mr. Chen Chen and Ms. Zhang Liping with 56% and 44%, respectively. MEWDD Holding is owned by Ms. Lin Xia, Mr. Wang Yong, Mr. Shen Hao, Ms. Zhang Shasha, and Ms. Chen Binbin with 35.3%, 28.05%, 17.65%, 17.65%, and 1.35%, respectively. Intermediary Team Sole Sponsor: CIMB International Financial Limited Chinese Legal Advisor: Han Kun Law Offices Legal Advisor to the Sole Sponsor: Guo Weiyen Law Firm, Beijing Dentons (Shanghai) Law Firm Auditors and Reporting Accountants: KPMG Certified Public Accountants Industry Consultant: Ignition Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: Zhi Fu Financing Co., Ltd.