On September 30, the China Securities Regulatory Commission (CSRC) issued a filing notice regarding the "full circulation" of domestic unlisted shares of BAIWANG CO Limited. According to the filing notice, 52 shareholders of BAIWANG CO (06657) plan to convert a total of 135,064,706 domestic unlisted shares into overseas listed shares for trading on the Hong Kong Stock Exchange. The company has 12 months from the date of this filing notice to complete the share conversion, and should it wish to continue beyond this period, updated filing materials must be submitted.

Recently, BAIWANG CO announced its interim results for the six months ended June 30, 2025, reporting revenue of RMB 348 million, representing a year-on-year increase of 23.45%. Gross profit reached RMB 162 million, up 46.84% year-on-year. Profit attributable to shareholders was RMB 3.717 million, compared to a loss attributable to shareholders of RMB 446 million in the same period last year, achieving a turnaround from loss to profit. Basic earnings per share stood at RMB 0.02.