New stock news | Zhejiang China Commodities City Group (600415.SH) has submitted an application to the Hong Kong Stock Exchange to become the world's largest international trade comprehensive service platform.

According to the disclosure of the Hong Kong Stock Exchange on May 29th, Zhejiang China Commodities City Group Co., Ltd. (referred to as Zhejiang China Commodities City Group, 600415.SH) submitted an application to list on the main board of the Hong Kong Stock Exchange, with HSBC and CITIC SEC as its joint sponsors. According to data from Zuo Shi Consulting, based on the total commodity transaction value in 2025, Zhejiang China Commodities City Group is the world's largest international trade comprehensive service platform; based on the number of market merchants in 2025, the company is also the world's largest wholesale market for small commodities. Company Profile The prospectus shows that Zhejiang China Commodities City Group is a global leader in international trade comprehensive services, providing an integrated trade service platform for global small and medium-sized enterprises. The company's core entity market, Yiwu Zhejiang China Commodities City Group, includes a huge market cluster including International Trade Mart Districts 1 to 5, Global Sources Center, Huangyuan Market, International Production Materials Market, and Binwang Market. As of December 31, 2025, the market has a rentable area of over 1.6 million square meters, with approximately 80,000 operating entities, bringing together 26 major categories and about 2.1 million single products. This forms the core of the Zhejiang China Commodities City Group's service ecosystem and is the fundamental source of the company's platform traffic and scale. With the company's market operation capabilities, Zhejiang China Commodities City Group has extended its services to the trade value chain. The company's business now covers digital trade services, warehousing services, trade-related financial services, domestic and cross-border trade, and new retail business, along with exhibition and conference services, hotel and catering services, and supporting facility development and sales. These businesses collectively support the development of an integrated trade ecosystem, integrating online and offline channels and promoting the circulation of goods in domestic and international trade flows. Zhejiang China Commodities City Group is headquartered in Yiwu City, Zhejiang Province, widely known as the world's "Capital of Small Commodities." Yiwu has long followed the development model of "prospering the city based on the market," aligning local industrial policies with the sustained prosperity of the small commodities market. As the builder and operator of the Yiwu market, the company benefits not only from the city's stable trading environment and unique policy support but also continues to contribute to and deeply engage in the region's long-term economic development. The company's business system consists of three core business segments: "commodity exhibition and trading ecosystem, trade service ecosystem, supporting service ecosystem," aiming to create value for the global circulation of small commodities by reducing trade costs, shortening trade chains, and improving trade efficiency. These three major business segments work closely together and mutually support each other, creating an integrated trade service cycle online and offline. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 11.281 billion, RMB 15.475 billion, and RMB 19.707 billion, respectively. Gross Profit and Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 2.975 billion, RMB 4.83 billion, and RMB 6.189 billion, with corresponding gross profit margins of 26.4%, 31.2%, and 31.4%, respectively. Net Profit In the fiscal years 2023, 2024, and 2025, the company recorded net profits of RMB 2.681 billion, RMB 3.078 billion, and RMB 4.216 billion, respectively. Industry Overview Despite the evolving international environment, international trade remains resilient and is expected to continue steady growth in the foreseeable future. By value, the global international trade market increased from RMB 12.23 trillion in 2020 to RMB 16.95 trillion in 2025, with a compound annual growth rate of 6.7%, and is projected to further increase to RMB 22.87 trillion by 2030, with a compound annual growth rate of 6.2%. In 2025, goods trade accounted for 84.9% of China's total international trade volume, while services trade accounted for the remaining 15.1%. By value, China's international trade increased from RMB 3.22 trillion in 2020 to RMB 4.55 trillion in 2025, with a compound annual growth rate of 7.1%, and is expected to further increase to RMB 6.21 trillion by 2030, with a compound annual growth rate of 6.4%. As a pillar of the global goods trade system, China accounts for approximately 30% of global manufacturing value-added, and has ranked first in manufacturing value-added for 16 consecutive years. In 2025, China was the world's largest exporter and the second-largest importer. China's goods exports reached RMB 27.0 trillion, accounting for 15.9% of global goods exports, while its goods imports reached RMB 18.5 trillion, accounting for 10.9% of global goods imports, highlighting its crucial role in global trade flow. China's international trade export value increased from RMB 17.9 trillion in 2020 to RMB 27.0 trillion in 2025 and is expected to reach RMB 36.6 trillion by 2030, while imports increased from RMB 14.3 trillion in 2020 to RMB 18.5 trillion in 2025, and are projected to reach RMB 25.5 trillion by 2030. China's goods exports are diversified, with a relatively low dependence on any single country or region. In 2025, China's goods exports were distributed among approximately 249 countries and regions, with no single export destination accounting for more than 15% of the total exports. This diversified export structure helps mitigate risks arising from economic fluctuations, changes in trade policies, and shifts in demand in any single country or region, enhancing the stability and resilience of China's foreign trade. Based on the total commodity transaction volume, the global international trade comprehensive service platform market increased from RMB 3.3 trillion in 2020 to RMB 7.1 trillion in 2025, with a compound annual growth rate of 16.2%, and is expected to further increase to RMB 12.4 trillion by 2030, with a compound annual growth rate of 12.0%. The penetration rate of international trade comprehensive service platforms in global international trade increased from 2.7% in 2020 to 4.2% in 2025, and is projected to further rise to 5.4% by 2030. Based on the total commodity transaction volume, the Chinese international trade comprehensive service platform market increased from RMB 1.6 trillion in 2020 to RMB 2.5 trillion in 2025, with a compound annual growth rate of 9.6%, and is expected to further increase to RMB 3.9 trillion by 2030, with a compound annual growth rate of 9.7%. The penetration rate of international trade comprehensive service platforms in China's international trade increased from 4.9% in 2020 to 5.5% in 2025, and is projected to further rise to 6.3% by 2030. Board of Directors Information The company's board of directors consists of 10 directors, including four executive directors, two non-executive directors, and four independent non-executive directors. Directors serve a term of three years and can be re-elected. Ownership Structure The Market Development Group holds a 56.37% stake in Zhejiang China Commodities City Group, while other A-share shareholders collectively hold a 43.63% stake. As of the last practicable date, the Market Development Group holds a 100% stake in Zhejiang China Commodities City Group. Therefore, the Market Development Group is considered to have an interest in the shares held by Zhejiang China Commodities City Group. As of the last practicable date, the Market Development Group holds an 88.57% stake owned by Yiwu State-owned Capital, while Yiwu State-owned Capital is controlled by Yiwu State-owned Assets Supervision and Administration Commission, each of which is defined as Chinese government agencies under the Listing Rules. Under Listing Rule 19A.14, Yiwu State-owned Capital and Yiwu State-owned Assets Supervision and Administration Commission should not be considered as controlling shareholders. Intermediaries Joint Sponsors: HSBC Corporate Finance (HongKong) Limited, CITIC SEC (Hong Kong) Limited Company Legal Advisor: Regarding Hong Kong and U.S. law: Gallant Y.T. Ho & Co.; Regarding Chinese law: Guo Hao Law Firm (Hangzhou); Regarding data compliance: Guo Hao Law Firm (Beijing); Regarding international sanction laws: Hokin Lo Wei International Law Firm Joint Sponsors' Legal Advisor: Regarding Hong Kong and U.S. law: Rajah & Tann LLP; Regarding Chinese law: King & Wood Mallesons Auditors and Reporting Accountants: Tiantai International Certified Public Accountants Limited Industry Consultant: Zuo Shi Corporate Management Consulting (Shanghai) Co., Ltd. Property Valuer: Jones Lang LaSalle Limited Compliance Advisor: MasTrend Capital Limited