On June 24, 2026, Zixun Technology (Fujian) Co., Ltd. officially submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Guotai Haitong as the sole sponsor.

In the context of a noticeable slowdown in the pace of IPOs in the Hong Kong stock market, Zixun has knocked on the door of the capital market with a pragmatic attitude, backed by three consecutive years of positive operating profits and strong cash flow.

01

The leading pattern in the vertical track has already taken shape

Zixun Technology's financial performance is the most convincing backdrop of the entire prospectus.

Over the past three years, the company's revenue has grown from 299 million yuan in 2023 to 687 million yuan in 2025, with a compound annual growth rate of 51.7%; operating profit has jumped from 42.695 million yuan to 257 million yuan, with a compound annual growth rate of 145.4%; gross margin has steadily increased for three consecutive years, from 60.9% to 65.2%, all on a high-growth trajectory.

The cash flow aspect is also impressive. Zixun adopts a pure prepaid, non-refundable subscription model, where customers pay first and use later, forming a typical negative working capital structure, with customers advancing funds for the company's operations. In 2025, net cash flow from operating activities reached 364 million yuan, with a compound annual growth rate of 111.1%, far exceeding the book net profit, showing solid and powerful cash creation ability.

As of the end of 2025, the company held a total of 592 million yuan in structured deposits and wealth management products, with ample capital reserves and high financial health. Such cash flow quality is a real competitive advantage that many technology companies cannot match.

Zixun's core product is Ziniao Browser, a secure browser specially designed for cross-border e-commerce sellers. It is an asset management and e-commerce security operation tool, with core functions including cross-platform management, fine-grained permission control, and login control, helping sellers to "manage stores and accounts safely, centrally, and methodically".

The revenue structure in 2025 was as follows: Ziniao Browser: 578 million yuan, accounting for 84.1%; Zhanfu Browser (acquired in January 2024): 72.76 million yuan, accounting for 10.6%; E-commerce AI product LinkFox: 17.448 million yuan, accounting for 2.5%; others: remaining about 2.8%. In other words, the "old product" Ziniao Browser, launched in 2018, has contributed the absolute main body of revenue to date.

According to Frost & Sullivan data, Zixun ranks first in China's e-commerce security operation product market by revenue in 2025, with a market share of about 30.2%, a significant lead. The continuous growth of user scale confirms this market recognition: the number of Ziniao Browser subscribers increased from about 186,000 in 2023 to about 416,000 in 2025, more than doubling in two years; the cumulative number of independent stores served by the platform expanded from 3.249 million to 7.009 million, with the monthly average subscription renewal rate maintained above 90%, reflecting high user stickiness and product dependence. The operational data of over 7 million stores constitutes a data barrier that competitors find difficult to replicate quickly.

The company's product matrix has begun to take on a preliminary diversified shape. At the beginning of 2024, it completed the acquisition of Zhanfu Browser for 10.06 million yuan, entering the Southeast Asian cross-border e-commerce market. In 2025, Zhanfu contributed 72.76 million yuan in revenue, a year-on-year increase of 88.9%, becoming an effective market extension. Southeast Asia is one of the fastest-growing cross-border e-commerce markets globally, with local platforms like Shopee, Lazada, and TikTok Shop booming, and the demand for secure operation tools by cross-border sellers is increasing, highly matching Zixun's product capabilities. The prospectus lists "expanding global reach" as a core strategy, with part of the IPO proceeds to be specifically used for overseas market development and localized operations.

02

Explosive growth of AI business

If Ziniao Browser represents Zixun Technology's "present", then the e-commerce AI application product matrix centered on LinkFox represents the company's "future".

The current artificial intelligence industry is in a high-heat development cycle, with enterprises across the industry chain increasing their investment in AI research and development. However, the industry as a whole presents the status of "hot technology, cold landing": most manufacturers lack AI products that fit real business scenarios and can be standardized for market, and the commercialization realization path is not yet mature, with the profit model still being continuously explored and verified.

Focusing on the cross-border e-commerce SaaS track, LinkFox, as an AI product matrix deeply bound to the cross-border seller operation scenario, has embarked on a differentiated commercialization path.

LinkFox is an e-commerce AI application launched in 2023, with a clear positioning: not born for chatting, but for selling. Product selection analysis, content creation, product detail page management, promotion placement, sales review, it tries to use AI to improve efficiency in all aspects of e-commerce operations.

In the early stages of the product launch in 2023, the annual revenue was only 445,000 yuan. But by 2024, the number of subscribers had jumped from 11,700 to 39,500, a year-on-year increase of 238%; revenue soared to 17.448 million yuan, with a compound annual growth rate of 526% from 2023 to 2025.

The prospectus also disclosed a data point: As of May 31, 2026, users have completed more than 85 million AI-generated image requests through LinkFox, with 27.8 million in the first five months of 2026 alone, an 86.6% increase from the same period last year's 14.9 million requests. These data indicate that LinkFox is not just an AI narrative at the conceptual level, but has been used extensively and frequently in real operation scenarios.

Gross margin is also improving rapidly. The gross margin of e-commerce AI products has risen from 3.6% in 2023 to 26.3% in 2025. Although there is still a significant gap from Ziniao's 66.9% gross margin, considering that the AI business is still in a high-speed climbing period, the direction of this profit rate learning curve is correct.

Moreover, there is a natural chemical reaction between LinkFox and Ziniao. Ziniao Browser focuses on the underlying security of store accounts, while LinkFox focuses on full-link operation AI efficiency, forming a good flywheel effect. Ziniao holds customer relationships and usage scenarios of more than 7 million stores, which in itself is the most accurate AI product distribution channel. Conversely, after the AI capabilities of LinkFox are integrated, the irreplaceability of Ziniao as e-commerce infrastructure has been strengthened. The prospectus describes this relationship as a "complementary flywheel effect", which is not an empty slogan, but a strategic logic supported by actual data.

Zixun Technology's road to listing on the Hong Kong Stock Exchange is a microcosm of a vertical technology company rooted in industry going public in the capital market.

All data in this article are sourced from the prospectus submitted by Zixun Technology (Fujian) Co., Ltd. to the Hong Kong Stock Exchange and public reports, as of June 25, 2026. This article is for commercial analysis only and does not constitute investment advice.