Ningbo Haishangxian Information Technology Co., Ltd. ("Haishangxian") has resubmitted its listing application to the Hong Kong Stock Exchange, aiming for a main board IPO with Sunny Fortune as the sole sponsor. This marks the company's renewed attempt after its initial application expired on June 12, 2024.
Frozen squid constitutes Haishangxian's primary self-operated seafood product. Notably, the company's valuation has surged approximately 109-fold over seven years and four months. Hangzhou Shunying, controlled by Xiaomi Group founder and CEO Lei Jun and others, holds a 10.66% stake in Haishangxian.
Founded in 2015, Haishangxian is a leading provider of digital solutions and services for China's marine fishing industry. Shortly after its establishment, the company launched its intelligent HSX APP, which has evolved into a data-driven digital B2B marine fisheries marketplace leveraging high-throughput satellite technology. The platform now boasts over 50,000 registered users as of August 31, 2025, offering real-time access to market trends, catch data, and maritime weather conditions, while serving as an integrated online-to-offline service hub for seafood B2B commerce, marine fuel supply, cold chain logistics, and auxiliary services.
China's marine fisheries industry continues steady growth, with total output projected to expand at a 2.9% CAGR, reaching approximately 40.2 million tons by 2029. The fragmented industry, dominated by small-scale and individual fisheries, faces challenges including information asymmetry, operational inefficiencies, resource wastage, and weak market responsiveness. Rising fuel costs and extended voyages have increased operational expenses, while limited cellular coverage at sea hampers real-time data access. Traditional port-side auctions restrict market participation, often resulting in delayed or inaccurate information that leads to overfishing or shortages. Inefficient logistics further compromise product freshness and competitiveness, making digital transformation critical for industry survival and growth.
Haishangxian initially provided seafood order matching services through its proprietary real-time algorithm on HSX APP, earning commissions on transaction values. In November 2023, the company shifted focus to self-operated seafood sales, particularly bulk orders, negotiating purchase prices directly with fishermen. Strategically located near Zhoushan Port—China's largest bonded fuel port and an oil trading hub—the company specializes in frozen squid, which accounts for 70% of Zhejiang province's squid production (China's highest yielding region).
Additionally, Haishangxian engages in wholesale marine fuel sales to domestic fishing vessels and provides integrated software solutions for vessel monitoring systems, along with IT support services including maritime bandwidth subleasing and platform maintenance. The company collaborates with government agencies and industry players to develop digital fishery management solutions.
Financial performance shows fluctuating revenues of RMB1.427 billion (2022), RMB914 million (2023), and RMB1.006 billion (2024), with consistent net profit growth from RMB34.1 million to RMB43.9 million over the same period. For the first eight months of 2025, revenue declined 7.66% year-on-year to RMB579 million, while profits skyrocketed 897.48% to RMB38.4 million. Seafood B2B commerce contributed 88.6% of total revenue, with squid sales representing 87.3% of self-operated seafood income.
Since its 2015 angel round (post-money valuation: RMB14 million), Haishangxian has completed six funding rounds, reaching a RMB1.53 billion valuation in its August 2022 Series D—a 109-fold increase. The current shareholder structure includes: - Founder and Chairman Ye Ning (28.15% direct and indirect holdings) - Wuhan Zall (18.21%, subsidiary of Zall Smart Commerce Group) - Hangzhou Shunying (10.66%, Lei Jun-affiliated) - Ningbo Rural Commercial Bank (4.9%)
Ye Ning, Xu Lihua (6.86%), and Wang Haiming (4.04%) collectively control approximately 47.7% through a concert party arrangement.