Guangzhou Ruoyuchen Technology Co., Ltd. announced on October 7 that it recently received the overseas issuance and listing filing notice issued by the China Securities Regulatory Commission. The company plans to issue up to 63.1267 million ordinary shares overseas and list on the Main Board of the Hong Kong Stock Exchange. The filing is valid for 12 months from the date the notice was issued. Ruoyuchen was founded in Guangzhou in May 2011, starting with e-commerce agency operations, and listed on the Main Board of the Shenzhen Stock Exchange on September 25, 2020. It previously submitted prospectuses to the Hong Kong Stock Exchange on September 19, 2025 and April 27, 2026. Completing this filing means the company has achieved a key regulatory milestone in its push toward a dual A-share and H-share capital platform. Over the past two years, the company has shifted its business structure from operating on behalf of brands to building its own brands. In 2025, it achieved operating revenue of 3.432 billion yuan, up 94.35 percent year on year, net profit attributable to shareholders of the listed company of 194 million yuan, up 84.03 percent, and non-GAAP net profit of 189 million yuan, up 78.43 percent. Among these, its own brands achieved operating revenue of 1.813 billion yuan in 2025, up 261.94 percent year on year, accounting for 52.83 percent of the company's total revenue and becoming the largest source of income. Zhanjia achieved operating revenue of 1.069 billion yuan, up 120.8 percent, and Feicui revenue reached 696 million yuan. From 2023 to 2025, own-brand revenue rose from 263 million yuan to 1.813 billion yuan, and its share of total revenue increased from 19.28 percent to 52.83 percent, exceeding half for the first time. Its average gross margin was about 70 percent, significantly higher than the 36.7 percent for agency operations and 46.2 percent for brand management.
Guangzhou Ruoyuchen Information TecCompleted CSRC overseas listing filing for a Hong Kong Main Board IPO, advancing its dual A+H capital platform.
