Col Group Co.,Ltd. has recently submitted a listing application to the Hong Kong Stock Exchange. The company, which debuted on the Shenzhen Stock Exchange's ChiNext board in 2015, was the first digital publishing enterprise to list in the A-share market. As of the latest closing, its share price stood at 32.06 yuan, giving it a market capitalization of 23.4 billion yuan. A successful listing in Hong Kong would establish a dual-primary listing structure of A-shares and H-shares for the company.

Founded in 2000, Col Group is an AI-driven digital entertainment platform. Its core operations involve providing online literature content domestically and short-form drama series overseas, with the strategic goal of building a next-generation, full-industry-chain digital content ecosystem. According to its prospectus, the company reported revenues of 1.4 billion yuan and 1.159 billion yuan for 2023 and 2024, respectively. Gross profits for these years were 630 million yuan and 381 million yuan, while operating profits were 30.1 million yuan and a loss of 236 million yuan. Net profits were 89.98 million yuan in 2023 and a loss of 243 million yuan in 2024.

In the first nine months of 2025, Col Group generated revenue of 1.011 billion yuan and a gross profit of 347 million yuan. However, it recorded a significant operating loss of 459 million yuan and a net loss of 517 million yuan. This substantial loss was primarily attributed to a sharp 94% increase in sales and marketing expenses, which reached 660 million yuan compared to 341 million yuan in the same period the previous year.

Revenue breakdown for the first three quarters of 2025 shows that online literature and related businesses contributed 480 million yuan, accounting for 47.5% of total revenue. Revenue from short-form dramas and IP derivative businesses amounted to 474 million yuan, representing 46.9% of the total. The company forecasts that its net loss attributable to shareholders for the full year 2025 will be between 580 million and 700 million yuan. After adjusting for non-recurring items, the projected net loss is between 579 million and 700 million yuan.

Col Group stated that it is currently in a critical phase of expanding its overseas business scale. To maintain a competitive edge, the company has significantly increased its promotional investments. As these businesses are still in the investment phase, the associated costs are not yet fully covered by revenue, leading to the anticipated substantial loss for 2025. As of September 30, 2025, the company held cash and cash equivalents totaling 294 million yuan.

The board of directors includes Executive Directors Tong Zhilei and Xie Guangcai, Non-Executive Directors Zhang Fan and Dr. Lei Lin, and Independent Non-Executive Directors Ms. Lian Lian, Wang Chunren, Dr. Li Xiaodong, and Ms. Ni Hong.

The company's shareholding structure as of September 30, 2025, shows that controlling shareholder Tong Zhilei holds 11.97%. Shenzhen Litong Industrial Investment Fund Co., Ltd. holds 4.49%, and Shanghai Yuewen Information Technology Co., Ltd. also holds 4.49%. Xuan Yuan Private Fund Investment Management (Guangdong) Co., Ltd. - Xuan Yuan Yuan Ding No.6 Private Securities Investment Fund holds 1.72%. Other notable shareholders include Hong Kong Securities Clearing Company Ltd. (1.23%), Beijing Create Chestnut Information Technology Co., Ltd. (1.1%), and an Invesco Great Wall Fund managed account (1.0%). Tong Zhilei is the sole beneficiary of the Xuan Yuan Yuan Ding No.6 fund, and the parties have entered into a concerted action agreement. Shenzhen Litong Industrial Investment Fund Co., Ltd. is the controlling shareholder of Shanghai Yuewen Information Technology Co., Ltd.

In November 2025, Col Group received notifications from shareholders Shenzhen Litong and Shanghai Yuewen regarding the reduction of their shareholdings. Their combined stake in the company decreased from 8.98% to 6.991%. Each entity reduced its holding by 0.995 percentage points, resulting in a total reduction of 1.99 percentage points. Prior to this disposal, each held a 4.49% stake; following the sale, their respective holdings were reduced to 3.496%. Based on the current market valuation, the total proceeds from this share sale by Shenzhen Litong and Shanghai Yuewen exceeded 400 million yuan.