New stock news | XETONG once again submits documents to the Hong Kong Stock Exchange and ranks first in China's interactive private domain operation solution provider.

According to the disclosure by the Hong Kong Stock Exchange on May 19, Xiaoe Inc. (hereinafter referred to as "Xiaoe Tong") has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on August 22, 2025. Company Overview According to the prospectus, Xiaoe Tong is a product-driven SaaS solution provider in the field of private domain operations, empowering enterprises to build, operate, and expand their decentralized e-commerce infrastructure. The company's cloud-based all-in-one solution includes e-commerce, digital marketing, and CRM modules, seamlessly integrating private domain operations from traffic conversion to customer relationship management and from marketing to transaction facilitation into a unified system. By eliminating the inefficiencies and fragmentation of traditional tools, Xiaoe Tong empowers enterprises to conduct product marketing and transactions in a scalable, data-driven, and efficient manner. Xiaoe Tong recognizes that AI will ultimately lead to a paradigm shift in the way businesses (particularly e-commerce businesses) operate, and is therefore fully embedding AI into its platform to help merchants optimize routine workflows and engage in higher levels of intelligence and customer interaction, allowing them to focus on strategic growth rather than manual execution. According to the Zhaoshi consulting report, based on earnings in 2025, Xiaoe Tong ranked first among interactive private domain operation solution providers in China, with a market share of 10.1%, and top three private domain operation solution providers with a market share of 4.4%. Based on the same data source, measured by revenue, Xiaoe Tong was also the fastest-growing among the top five private domain operation solution providers in China during the performance period. China's private domain operation market can be divided into interactive and traditional models. Interactive private domain operation refers to a two-way interactive user participation model aimed at achieving direct, real-time, and interactive communication between businesses and target users. For example, platform users can engage in activities such as live online training or product demonstrations through real-time video and audio, while also enabling viewers to participate in real-time voice chats and screen sharing. Traditional private domain solutions focus on one-way information dissemination and basic e-commerce tools, with limited ability to drive sustained user interaction. The rapid rise of short videos and interactive marketing platforms further changes consumer behavior and brand interaction strategies. Subsequently, the market has shifted towards interactive private domain models, focusing on real-time, data-driven consumer engagement and community building. Interactive private domain operation allows businesses to cultivate long-term customer relationships and drive repeat purchases without relying continuously on paid platform traffic, thus offering a more sustainable and effective alternative to traditional models. Xiaoe Tong's all-in-one solution enables enterprises to redirect traffic from various public domain platforms to their private domain effectively using configurable landing pages and other tools. Once potential consumers enter the private domain, the company's solution promotes customer relationship management and deeper interaction through interactive marketing features such as personalized messages, tiered membership programs, gamified promotions, and real-time communication. In the transaction execution process, Xiaoe Tong's solution provides efficient order processing and payment functions. In addition, advanced data analysis, behavioral tags, and automation features assist enterprises in tracking consumer behavior, optimizing marketing strategies, and continuously improving operations. Xiaoe Tong's closed-loop system enables merchants to efficiently convert traffic into highly engaged, loyal customers, enhancing the long-term value of private domain operations. Xiaoe Tong's intelligent resource scheduling system is built on public cloud infrastructure, supporting peak traffic of up to 270,000 requests per second, while the company's distributed architecture ensures high system availability. Xiaoe Tong's platform has been certified with ISO 27001 and China Information Security Level Protection Level 3. Furthermore, the company has embedded AI in its products to improve operational efficiency, reduce costs, and enhance user experience. Financial Information Revenue: For the fiscal years 2023, 2024, and 2025, the company's revenue was approximately 415 million yuan, 521 million yuan, and 608 million yuan, respectively. Annual Loss: For the fiscal years 2023, 2024, and 2025, the company's annual losses were approximately 37.048 million yuan, 15.083 million yuan, and 63.948 million yuan, respectively. Gross Profit For the fiscal years 2023, 2024, and 2025, the company's gross profits were approximately 3 billion yuan, 3.89 billion yuan, and 4.6 billion yuan, respectively. Industry Overview Business operation solutions are cloud-based digital solutions related to marketing and sales, usually including core functional modules such as e-commerce, digital marketing, and CRM. With the advantages of cloud-based solutions over on-premises software, such as flexible payment, rapid deployment, scalability, and ease of access, China's business operation solutions market is rapidly growing. By revenue, the size of China's business operation solutions market is expected to reach 27.7 billion yuan in 2025 and is forecasted to reach 46 billion yuan by 2030, with a compound annual growth rate of 10.7%. As a new channel for marketing and customer relationship management, China's private domain operation solutions market has significant growth potential. With many businesses focusing on and investing in their private domains, the market size of private domain operation solutions is expected to reach 13.7 billion yuan in 2025 and is projected to reach 25.3 billion yuan by 2030, with a compound annual growth rate of 13.0%. Interactive private domain operation solutions provide brands and enterprises with the tools and operational support required to establish and manage interactive operations within the WeChat ecosystem. The size of China's interactive private domain operation solutions market (by revenue) is projected to grow from 3.1 billion yuan in 2020 to 6 billion yuan in 2025, with a compound annual growth rate of 14.2%. With the continued digitization transformation, the shift of public domain traffic to private domain traffic, and the increasing penetration rate of interactive marketing, the market size is expected to reach 13 billion yuan by 2030, with a compound annual growth rate of 16.6% from 2025 to 2030. The TAM (Total Addressable Market) of China's interactive private domain operation solutions industry is expected to increase from 154.7 billion yuan in 2025 to 185.9 billion yuan by 2030 (assuming full penetration). The penetration rate refers to the proportion of enterprises within the industry that adopt interactive private domain operation solutions. Board of Directors' Information The Board of Directors will consist of seven directors, including four executive directors and three independent non-executive directors. The functions and responsibilities of the Board of Directors include convening shareholder meetings, executing resolutions passed at shareholder meetings, determining business and investment plans, formulating annual financial budgets and accounts, devising profit distribution plans, and exercising other powers, functions, and responsibilities conferred by the organization's articles of association. Equity Structure As of the last practical date, Mr. Bao, the founder, controlling shareholder, and ultimate controller of Xiaoe Tong, collectively controls 44.66% of the total voting rights at the company's shareholders' meeting, including: (1) 19.34% held by Bagbao Holding Limited controlled by Mr. Bao, and (2) 25.32% held by Xiaoe Tech Holding Limited, a platform owned by employees controlled by Mr. Bao. Mr. Bao is the ultimate controller of the company, and along with other major shareholders, will continue to be a group of controlling shareholders. As of the last practical date, Bagbao Holding Limited is a holding company, with Bagbao I (BVI) Limited holding 95% and Bagbao Limited holding 5% equity. Bagbao I (BVI) Limited is held by the Bagbao I Trust (i.e., Mr. Bao's family trust), with Mr. Bao as the settlor of the trust. As of the last practical date, the beneficiaries of the trust are Bagbao Limited. Bagbao Holding Limited's voting rights are controlled by Mr. Bao. Bagbao Limited is a limited company established in the British Virgin Islands on January 25, 2021, and has been wholly-owned by Mr. Bao since its establishment. The shares of Bagbao Holding Limited are ultimately controlled by Mr. Bao. Intermediary Team Exclusive Sponsor: China International Finance Hong Kong Securities Limited Legal Advisors for the Company: Baker McKenzie, Beijing Tongshang Law Firm, Harney Westwood & Riegels Legal Advisors for the Exclusive Sponsor: Jingtian & Gongcheng Law Firm, King & Wood Mallesons Auditors and Reporting Accountants: EY Industry Consultant: Zhaoshi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Advisor: Jiabo Capital Limited