SoftBank Vision Fund-backed Zaihui accelerates Hong Kong stocks: industry leader position remains solid, profitability challenges to be addressed

Zaihui Inc. has officially submitted a listing application to the Main Board of the Hong Kong Stock Exchange and is simultaneously advancing a dual listing plan on the Singapore Exchange. This AI-driven company, sponsored exclusively by Guotai Haitong, has built a comprehensive service system covering influencer matching, content marketing, online operations, private domain management, and data diagnostics, serving over 43,000 restaurant merchants across more than 110 cities nationwide.

According to a report by Zhuoshi Consulting, the size of China’s online restaurant operation and marketing service market is expected to reach hundreds of billions of yuan in 2024, with the top five companies holding only 3% of the market share. In this landscape, Zaihui maintains the leading position with a 0.7% market share, an AI-assisted content adoption rate of 80%, and over 70,000 influencers partnered. Notably, the company’s average customer revenue in the first three quarters of 2025 increased by 10.9% year-over-year, demonstrating strong market penetration.

Financial data shows significant improvement: from 2023 to the first nine months of 2025, revenue increased from 379 million yuan to 449 million yuan, a 25.87% increase year-over-year for the same period in 2025; net losses narrowed from 446 million yuan to 71 million yuan. However, gross profit margin decreased from 60.6% to 53.6%, mainly due to rising influencer costs and an increased proportion of low-margin businesses. The prospectus highlights that in the first three quarters of 2025, operating cash flow was a net outflow of 120 million yuan, putting short-term debt repayment pressures on the company.

In terms of ownership structure, SoftBank Vision Fund is the largest shareholder with a 20.73% stake, followed by well-known institutions such as Lightspeed China, Yunfeng Fund, and DCM. There has been a structural shift in technology investment: from the first three quarters of 2023 to 2025, R&D expenditure as a percentage of revenue decreased from 18.7% to 15.3%. The prospectus admits that strengthening core technological barriers remains necessary.

Industry risks are concentrated in three major areas: first, a cumulative loss of 750 million yuan over the past three years with an unclear timeline for profitability; second, the top five clients account for 21.3% of revenue in 2023 and 28.6% in the first three quarters of 2025, with supplier concentration increasing; third, the restaurant industry accounts for over 95% of revenue, with slow progress in business diversification. Market analysts point out that the company needs to make substantial progress in controlling influencer costs, optimizing business structure, and overcoming technological bottlenecks.