According to the HKEX disclosure on August 25, Sublime China Information Co., Ltd. (301299.SZ) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) acting as the sole sponsor. This marks the company's second attempt at a Hong Kong listing. Based on 2025 revenue figures from CIC Consulting, the company holds the second-largest position in China's commodity information services industry with a 12.4% market share, while the largest market player commands a 27.7% share in the same year.

Company Overview

As detailed in the prospectus, Sublime China Information is a provider of commodity information services in China, specializing in market data monitoring, price assessment, and market research analysis across multiple commodity categories. The company primarily delivers subscription-based commodity information services within China, covering energy commodities, basic raw materials, and agricultural by-products. Notably, the company concentrates on the energy commodity sector, which represents a distinct segment of China's broader commodity information services industry.

The company is dedicated to establishing the Sublime China Information Commodity Price Benchmark System (the "Sublime Price Benchmark"), creating a data-centric model that delivers professional information services tailored to the core needs of clients of various sizes across different economic cycles. This approach facilitates efficient decision-making in critical business scenarios such as commodity trading and pricing. According to CIC Consulting, based on 2025 revenue, the company ranks first in China's energy commodity segment of the commodity information services industry—covering crude oil, natural gas extraction products, chemical raw materials, and chemical products—with an approximate market share of 31.9%, underscoring its leading position in its core business.

Sublime China Information prioritizes comprehensiveness, timeliness, and continuity as its core standards, offering clients data support and decision-making solutions that enable digital upgrades and enhanced efficiency in their decision processes. Leveraging technologies such as big data and AI model algorithms, the company has developed a comprehensive digital service system for commodities spanning "data collection—intelligent analysis—decision support—ecosystem collaboration." The company delivers timely, objective, and continuous market data, industry updates, professional analysis, and price assessments, providing users with comprehensive commodity product services.

During the track record period, the company's operations covered 25 commodity industries, supported by over 120,000 global information sources, continuously building a scalable and structured data asset system. Through its proprietary data storage and classification framework, the company systematically categorizes all data into price data, supply-demand fundamental data, forecast data, index data, and other categories, establishing a data infrastructure that supports efficient market decision-making.

During the track record period, Sublime China Information's business segments included (i) information services, (ii) digital intelligence services, (iii) consulting services, and (iv) exhibition services. As of June 30, 2026, the company operated over 900 comprehensive and vertical industry research portals, covering approximately 1,200 commodity types, and published around 95 commodity industry indices. During the track record period, the company typically communicated with the market over 17,000 times daily, updating more than 35,000 market price-related data points. As of June 30, 2026, the company had accumulated over 6.8 million registered clients.

The company's primary clients include (1) commodity buyers, suppliers, and traders; (2) state-owned leading enterprises in the petroleum, petrochemical, gas, coal chemical, and new energy industries; (3) commodity futures exchanges; (4) terminal organic chemical raw material manufacturers; and (5) media and research institutions. During fiscal 2025 and the first six months of 2026, the company established partnerships with over 190 companies from the 2025 Fortune Global 500 list and their affiliates, as well as more than 260 companies from the 2025 Fortune China 500 list and their affiliates.

Financial Data

Revenue

For fiscal 2023, fiscal 2024, fiscal 2025, and the first six months of 2026, the company generated revenue of approximately RMB 284 million, RMB 294 million, RMB 356 million, and RMB 185 million, respectively.

Gross Profit and Gross Margin

During fiscal 2023, fiscal 2024, fiscal 2025, and the first six months of 2026, the company recorded gross profit of approximately RMB 170 million, RMB 193 million, RMB 223 million, and RMB 118 million, corresponding to gross margins of 59.9%, 65.6%, 62.7%, and 63.7%, respectively.

Profit for the Year/Period

During fiscal 2023, fiscal 2024, fiscal 2025, and the first six months of 2026, the company recorded profit for the year/period of approximately RMB 52.066 million, RMB 70.509 million, RMB 71.125 million, and RMB 41.292 million, respectively.

Industry Overview

The global commodity information services market has maintained steady growth, expanding from RMB 35.9 billion in 2021 to RMB 42.3 billion in 2025, representing a compound annual growth rate (CAGR) of 4.2%. From 2026 to 2030, the global market is projected to grow at a CAGR of 6.0%, reaching RMB 55.4 billion by 2030. In terms of regional distribution, the 2025 global market is primarily concentrated in mature markets, with the United States accounting for approximately 50.0% of the total market size, followed by the European Union at approximately 30.0%, while China holds a 5.9% share. As China's commodity information services industry continues to expand, its share of the global market is expected to increase gradually during the forecast period.

China's commodity information services market is demonstrating a trend of accelerated overall expansion and continuous structural optimization. Price assessment and market insights serve as the core foundational business, maintaining steady growth. Meanwhile, data intelligence services, as the primary growth driver of the industry, have rapidly advanced in recent years with the increasing application of new technologies, propelled by enterprise digital operations, risk management system development, and the promotion of intelligent decision-making applications. This segment is expected to maintain growth rates above the industry average over the next five years. The market size of China's commodity information services industry grew from RMB 2.0 billion in 2021 to RMB 2.5 billion in 2025, achieving a CAGR of 5.4%. From 2026 to 2030, the market is projected to grow rapidly at a CAGR of 11.4%, reaching RMB 4.0 billion by 2030. In 2025, the energy commodity segment of China's commodity information services market reached RMB 600 million, while the basic raw materials segment, the largest segment, reached RMB 1.4 billion, and the agricultural by-products segment reached RMB 500 million.

China has become the world's largest commodity importer, yet its commodity information services market holds a relatively limited global share. First, compared with the global commodity information services industry, China's sector has developed for less than three decades and remains in a phase of rapid growth and system building, still exploring and accumulating experience in establishing globally influential price benchmarks. Second, Chinese commodity information service providers primarily focus their business scope on the domestic market, with relatively limited international market presence and customer coverage. Third, mature markets in Europe and the United States have well-established willingness to pay for professional information services, whereas in China, the overall maturity of corporate recognition of the intrinsic value of professional information services and willingness to pay requires improvement, leaving room for increased market penetration.

Notably, recent years have seen continuous policy optimization in China that has advanced the process of data assetization. Additionally, driven by the dual objectives of safeguarding industrial security and promoting data compliance, upstream and downstream enterprises in the commodity supply chain are increasingly inclined to procure products and services from compliant local providers. This policy orientation is expected to support the long-term development of the domestic information services industry.

Board of Directors

The board currently comprises seven directors, including four executive directors and three independent non-executive directors.

Shareholding Structure

Mr. Jiang Hulin directly holds 24.21% of the shares and holds an additional 10.60% through Zibo Wangzhiyi, bringing his total shareholding to 34.81%. Other A-share shareholders collectively hold 65.19%. As of the latest practicable date, Mr. Jiang directly holds 91.74% of Zibo Wangzhiyi, and under the Securities and Futures Ordinance, Mr. Jiang is deemed to be interested in the shares held by Zibo Wangzhiyi. This is based on the total issued A-shares of 60,662,620 as of the latest practicable date.

Advisory Team

Sole Sponsor: China Ping An Capital (Hong Kong) Co., Limited

Company Legal Advisors: King & Wood Mallesons for Hong Kong law; Beijing King & Wood Mallesons for Chinese law; Beijing Dacheng Law Offices for data compliance under Chinese law

Sole Sponsor Legal Advisors: Deacons for Hong Kong law; Beijing Deheheng Law Firm for Chinese law

Auditor and Reporting Accountant: ShineWing (Hong Kong) CPA Limited

Industry Consultant: CIC Industry Consulting Co., Ltd.

Property Valuer: Shanghai Dongzhou Asset Valuation Co., Ltd.

Compliance Advisor: Hobo Capital Limited