Data Intelligence Connect A-shares cancel order, switch to Hong Kong IPO after two years; BlueFocus Communication Group's divestment was previously questioned by the Shenzhen Stock Exchange.

Rui Finance Yan Minghui March 31, Beijing Shujuzhilian Technology Co., Ltd. (hereinafter referred to as “Shujuzhilian”) filed a listing application with the Main Board of the Hong Kong Stock Exchange. Huaxing Capital is the sole sponsor.

According to Rui Finance’s research, Shujuzhilian had previously applied to list on the ChiNext Market. At that time, the sponsor was Credit Suisse Securities. It received and responded to four rounds of inquiries from the Shenzhen Stock Exchange, but the company withdrew the application in July 2024, and the IPO was terminated.

Shujuzhilian was founded in 2008. The legal representative is Xiong Kun. Its registered capital is 135 million yuan. It is a comprehensive full-chain e-commerce operation service provider driven by product-and-performance marketing, providing e-commerce operations and marketing services such as brand e-commerce operations, channel distribution, product-and-performance marketing, and more for domestic and overseas brands.

Chairman, President, 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 as to 8.47% equity. Xiong Kun has the right to exercise 28.7% of the voting rights attached. Bluefocus holds 5.35%.

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

Bluefocus gradually disposed of 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 5.62 yuan per share, lower than the capital increase price of 8.02 yuan per share for new shareholders Wang Yanke and Guodiao Hongtai added in the same year from May to June. It was also lower than the transaction price of 9.61 yuan per share at which Shanghai Zanmeng transferred the shares held by Xiong Kun in September of the same year.

In response, the Shenzhen Stock Exchange required an explanation of the reasonableness of considering an “old-share discount” in the share pricing when five people including Deng Baojun acquired the shares, as well as the basis and reasonableness for determining a 30% discount (i.e., seven tenths).

Shujuzhilian responded that when five people including Deng Baojun acquired the shares of Shujuzhilian held by Bluefocus, they considered the “old-share discount.” The reasons were: differences in the origins of shares between new shares and old shares; differences in transaction terms; and that there are also precedent cases in which the transfer price of old shares was lower than the capital increase price in the same period or a period close to the same time. By referring to similar cases involving acquisitions by listed companies before and after the transaction with business assets similar to those of Shujuzhilian, the above pricing of old-share transfers by the company had a fair price-to-earnings multiple.

The performance of Shujuzhilian over the past three years has fluctuated. Revenue decreased from 1.593 billion yuan in 2023 to 1.379 billion yuan in 2024, mainly due to a decline in revenue from domestic e-commerce brand operations. Revenue increased from 1.379 billion yuan in 2024 to 1.608 billion yuan in 2025, mainly due to an increase in overseas e-commerce brand operations revenue. Profit during the year dropped from 80.485 million yuan in 2023 to only 9.168 million yuan in 2024. In 2025 it recovered to 43.399 million yuan, but it can still be less than 60% of the 2023 level.

Relevant companies: Bluefocus sz300058, Shujuzhilian