IPO News | Zhuochuang News (301299.SZ) Second Filing Hong Kong Stock Exchange Ranks Second in China's Commodity Information Service Industry

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 25, Shandong Zhuochuang Information Co., Ltd. (abbreviation: Zhuochuang Information, 301299.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Ping An Securities (Hong Kong) is its sole sponsor. This is the second time the company has submitted a listing to the Hong Kong Stock Exchange. According to Insight Consulting, based on revenue in 2025, the company ranked second in China's commodity information service industry, with a market share of 12.4%, while the market share of the largest market participants in the same year was 27.7%.

Company profile

According to the prospectus, Zhuochuang Information is a commodity information service provider in China, focusing on market data monitoring, price evaluation, and market research and analysis of various categories of commodities. The company mainly provides subscription-based commodity information services in China. The service areas cover energy products, basic raw materials and agricultural and sideline products. Among them, the company focuses on the energy commodities sector, which is a branch of the overall commodity information service industry in China.

The company is committed to building a Shandong Zhuochuang Information Commodity Price Benchmark System (“Zhuochuang Price Benchmark”) to form a data-centered and specialized information service model to meet the core needs of customers of all sizes in different economic cycles and help customers achieve efficient decisions in key business scenarios such as commodity transaction pricing. According to Insight Consulting, according to 2025 revenue, the company ranked first in the field of energy products (including but not limited to crude oil, natural gas extraction products, chemical raw materials and chemical products) in China's commodity information service industry, with a market share of about 31.9%, thus highlighting its core business position in the industry.

With comprehensive, timely and continuous as the core standards, Zhuochuang Information provides customers with data support and decision solutions to help them digitally upgrade and improve the efficiency of the decision-making process. Relying on big data, artificial intelligence model algorithms and other technologies, the company has built a commodity digital service system covering “data collection - intelligent analysis - decision support - ecological collaboration”. The company outputs timely, objective and continuous market data, industry trends, professional analysis and price assessments to customers to provide users with a full range of commodity products and services. During the track record period, the company's business operations covered 25 commodity industries. Relying on more than 120,000 information sources around the world, it continued to accumulate and form a large-scale and structured data asset system. Through a self-developed data storage and classification framework, the company classified the full data system as price data, supply and demand fundamentals data, forecast data, index data, and other types of data, and built a data infrastructure to support efficient market decision-making.

During the track record period, Zhuochuang Information's business segments included (i) information services, (ii) digital intelligence services, (iii) consulting services, and (iv) exhibition services. As of June 30, 2026, the company operated more than 900 comprehensive and vertical industry research websites, covering about 1,200 commodities, and published about 95 commodity industry indices. During the track record period, the company usually communicated with the market more than 17,000 times a day and updated more than 35,000 pieces of data related to market prices.

As of June 30, 2026, the company has accumulated more than 6.8 million registered customers. The company's main customers include (1) commodity buyers, suppliers and traders; (2) leading state-owned enterprises in the petroleum, petrochemical, gas, coal chemical and new energy industries; (3) commodity futures exchanges; (4) terminal organic chemical raw material manufacturers; and (5) media and research institutes. In fiscal year 2025 and the first six months of 2026, the company has established cooperative relationships with more than 190 2025 Fortune 500 companies and their subsidiaries, and more than 260 2025 Fortune China 500 companies and their subsidiaries.

Financial data

revenue

In fiscal year 2023, fiscal year 2024, fiscal year 2025, and the first six months of 2026, the company achieved revenue of approximately RMB 284 million (RMB, same below), RMB 294 million, RMB 356 million, and RMB 185 million, respectively.

Gross profit and gross profit margin

In fiscal year 2023, fiscal year 2024, fiscal year 2025, and the first six months of 2026, the company recorded gross profit of approximately RMB 170 million, RMB 193 million, RMB 223 million, and RMB 118 million respectively, with corresponding gross margins of 59.9%, 65.6%, 62.7%, and 63.7% respectively.

Annual/period profit

In fiscal year 2023, fiscal year 2024, fiscal year 2025, and the first six months of 2026, the company recorded annual/period profit of approximately RMB 52.066 million, RMB 70,509,000, RMB 71.125 million, and RMB 41.292 million, respectively.

Industry Overview

The global commodity information service market continues to grow steadily, from RMB 35.9 billion in 2021 to RMB 42.3 billion in 2025, with a compound annual growth rate of 4.2%. The global market size is expected to grow at a compound annual growth rate of 6.0% from 2026 to 2030, reaching RMB 55.4 billion by 2030. As far as regional distribution is concerned, the global commodity information service market in 2025 is mainly concentrated in mature markets. Among them, the US accounts for about 50.0% of the total market size, followed by the European Union, which accounts for about 30.0%, while China accounts for 5.9% of the market. As China's commodity information service industry continues to expand, it is expected that China's share of the global market will gradually increase during the forecast period.

China's commodity information service market is showing an overall trend of accelerated expansion and continuous structural optimization. Price evaluation and market insight are the core basic business, and the overall growth trend has been steady. At the same time, data intelligence services are the main driving sector for industry growth. In recent years, with the continuous application of new technologies, they have rapidly improved, driven by the digital operation of enterprises, the construction of risk management systems, and the promotion of intelligent decision-making applications. It is expected that the next five years will remain higher than the overall growth rate of the industry. China's commodity information service market grew from RMB 2 billion in 2021 to RMB 2.5 billion in 2025, with a compound annual growth rate of 5.4%. It is estimated that from 2026 to 2030, the size of China's commodity information services market will rapidly grow to RMB 4 billion at a compound annual growth rate of 11.4%. In 2025, the energy commodities segment of China's commodity information service market reached RMB 600 million, while the basic raw materials segment, which is the largest segment of the market, reached RMB 1.4 billion, and the agricultural and sideline products segment reached RMB 500 million.

China has become the world's largest importer of commodities, yet its share of the global commodity information service market is still relatively limited. First, compared with the global commodity information service industry, China's industry has been developing for less than 30 years, is still in the stage of rapid growth and system construction, and is still in the stage of continuous exploration and accumulation in building a price benchmark with global influence; secondly, the business scope of Chinese commodity information service providers is mainly concentrated in the Chinese market, and the international market volume and customer coverage are relatively small; third, the willingness to pay for professional information services in mature European and American markets is relatively complete. In the Chinese market, the overall maturity of enterprises in the Chinese market of the intrinsic value of professional information services and their willingness to pay for professional information services needs to be improved. There is still room for improvement in market penetration. It is worth noting that in recent years, China's policy environment has continued to be optimized, driving the data capitalization process. In addition, under the guidance of maintaining industrial security and promoting data compliance, upstream and downstream enterprises in the commodity industry chain are increasingly inclined to purchase products and services from local providers that meet regulatory requirements. This policy orientation helps promote the long-term development of the domestic information service industry.

Board Information

The Board currently consists of seven directors, including four executive directors and three independent non-executive directors.

Shareholding structure

Mr. Jiang Hulin directly holds 24.21% of the shares and 10.60% of the shares through Zibo Network Wing, holding a total of 34.81% of the shares; other A-share shareholders hold a total of 65.19% of the shares.

As of the last practical date, Mr. Jiang directly held 91.74% of Zibo Network Wings, and according to the Securities and Futures Regulations, Mr. Jiang was deemed to have an interest in the shares held by Zibo Network Wings.

The calculation is based on the total number of A-shares issued as of the last practical date of 60,662,620 shares.

Intermediary team

Sole sponsor: China Ping An Capital (Hong Kong) Limited

Company Legal Advisors: Hong Kong Law: King & Wood Mallesons; Related Chinese Law: Beijing King & Wood Mallesons; Chinese Law Concerning Data Compliance: Beijing Dacheng Law Firm

Sole Sponsor Legal Adviser: Hong Kong Law: Recent Law Firms; Related to Chinese Law: Beijing Deheheng Law Firm

Auditor and reporting accountant: Xinyong Zhonghe (Hong Kong) Certified Public Accountants Limited

Industry Advisor: Insight Industry Consulting Co., Ltd.

Property Valuer: Shanghai Dongzhou Asset Appraisal Co., Ltd.

Compliance Advisor: Zibo Capital Co., Ltd.