Ranked first among China's interactive private domain operation solution providers and among the top three private domain operation solution providers.

Xiaoe Inc. officially submitted its prospectus to the Hong Kong Stock Exchange on August 22, 2025, seeking a main board listing with China International Capital Corporation serving as the sole sponsor.

Founded as early as 2015, Xiaoe Inc. is a product-driven SaaS solution provider specializing in private domain operations, empowering enterprises to build, operate and expand their decentralized e-commerce infrastructure.

Currently, Xiaoe Inc. has built three major modules through its cloud-based one-stop solution: e-commerce, digital marketing, and CRM, seamlessly integrating the entire lifecycle of private domain operations from traffic conversion to customer relationship management, from marketing to transaction facilitation into a unified system. By eliminating the inefficiencies and fragmentation of traditional tools, Xiaoe Inc. empowers enterprises to conduct product marketing and transactions in a scalable, data-driven and efficient manner.

From 2022 to 2024 and in the first half of this year, the gross merchandise value of transactions facilitated through Xiaoe Inc.'s one-stop solution reached 10.118 billion yuan, 15.232 billion yuan, 20.974 billion yuan, and 10.441 billion yuan respectively.

According to a report by CIC, based on 2024 revenue, Xiaoe Inc. ranks first among China's interactive private domain operation solution providers and among the top three private domain operation solution providers. It was also the fastest-growing among China's top five private domain operation solution providers during the track record period (2022 to 2024 and the first half of this year).

In its prospectus, Xiaoe Inc. pointed out that unlike sales-driven models that rely heavily on manual promotion and conversion, its business is fundamentally product-driven growth with inherent viral characteristics. Meanwhile, Xiaoe Inc. actively expands its diversified monetization model to capture additional revenue and increase customer unit prices—bundling version subscription fees with additional service fees linked to cloud resources consumed by customers. This pricing structure enables it to align revenue growth with customer revenue growth. As customers grow and deepen their use of Xiaoe Inc.'s solutions, the company will enjoy greater incremental value.

As of June 30, 2025, Xiaoe Inc. had 1,838 key customers. From 2022 to 2024 and in the first half of this year, the average revenue per key customer was 77,700 yuan, 102,600 yuan, 111,600 yuan, and 128,200 yuan respectively. During the same periods, key customers accounted for 7.1%, 19.3%, 29.9%, and 38.1% of revenue respectively.

Additionally, from 2022 to 2024 and in the first half of this year, Xiaoe Inc.'s net revenue retention rates were 115.9%, 128.4%, 117.0%, and 117.5% respectively.

Regarding financial performance, from 2022 to 2024, Xiaoe Inc.'s revenue was 299 million yuan, 415 million yuan, and 521 million yuan respectively, representing a compound annual growth rate of 32.0%. In the first half of this year, revenue increased 26.4% to 306 million yuan from 242 million yuan in the same period of 2024.

From 2022 to 2024 and in the first half of this year, Xiaoe Inc.'s gross profit margins were 54.3%, 72.3%, 74.8%, and 75.5% respectively.

Notably, Xiaoe Inc. achieved profitability in 2024, with adjusted net profit of 66 million yuan and an adjusted net profit margin of 12.7%. In the first half of this year, adjusted net profit increased 78.7% to 59 million yuan from 33 million yuan in the same period of 2024, with an adjusted net profit margin of 19.3%.

Since its establishment, Xiaoe Inc. has received investments from renowned institutions including Tencent, Gao Cheng Capital, Ximalaya, IDG Capital, Qiming Venture Partners, TAL Education Group, GGV Capital, LKK, Hillhouse Capital, and CICC.

Before the IPO, Tencent holds 16.82% of Xiaoe Inc.'s shares, making it the largest external investor. Gao Cheng Capital, Ximalaya, Qiming Venture Partners, and TAL Education Group each hold more than 5% of shares, also serving as major institutional investors.

After completing its Series D round in 2021, which was the final pre-IPO funding round, Xiaoe Inc. was valued at $650 million.

In its prospectus, Xiaoe Inc. stated that the net proceeds from the IPO will primarily be used to enhance R&D capabilities to further optimize and upgrade its one-stop software-as-a-service solution; strengthen direct sales and marketing capabilities; global expansion; strategic partnerships, investments and acquisitions; and for working capital and general corporate purposes.